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Planning for Growth Assignment - Unicorn

   

Added on  2020-10-05

17 Pages4550 Words140 Views
Planning for Growth

Table of ContentsINTRODUCTION...........................................................................................................................3P1 Presenting growth opportunities for Nisa .............................................................................3P2. Presenting opportunities for growth using Ansoff's Growth Vector Matrix.........................4P3. Different sources of funding available to a business with its pros and cons........................6P4 Business plan for Nisa...........................................................................................................8P5. Exit and succession options for small business with its drawback and benefits..................8CONCLUSION................................................................................................................................9

INTRODUCTIONBoth planning and growth are two important aspects to run a successful business. Thepresent report deals with Unicorn, which is a small retailer store in UK and wants to expand itsbusiness through online store to attract more number of customers. The company provides thebest quality of products to its customers with low and affordable price. It focuses on the basickey considerations, which is necessary for evaluating growth opportunities. The report alsoevaluates opportunities by applying Ansoff's vector matrix. It assesses potential source offunding, which is available to Unicorn with its advantages and disadvantages. The report alsopresents a plan for growth that includes the financial information and strategic objectives forscaling up business. The present report assesses exit or succession options for small businesswith its benefits and drawbacks. P1 Presenting growth opportunities for Unicorn Unicorn is a small company of UK, which has 70 employees in its store. It offers numberof products and groceries at such a low level of price. The company's main objective is to servethe best quality of services and products as compared to its rivals. Recently, the company islooking forward to expand its business through online mode. To expand the business, it is necessary to analyze the key factors that affect growth andplanning. Sales plan, market coordination, financial viability, pricing strategies, product andservice planning are the key points that affect its growth and these factors are discussed below:Competitive Advantage: it is the most important key consideration that affects theenvironment of Unicorn (Bridge and Dodds, 2018). Identification of targeted audience innearby areas will help to determine whether the business will be successful in future ornot. Unicorn provides its entire product in the best quality at affordable price ascompared to its competitors. To increase its competition among companies, it isnecessary to deliver products or services to customers at low cost. Finance or Financial Viability: It is another most important factor that affects growthopportunities of a company. It is quite difficult to determine what financial resources areavailable for the business. Analyzes the revenue from last financial year and determinewhether the business will earn profit or loss if it will exceed in future. This key tool willhelp to identify the future planning of business and if the business gives positive result

then it is necessary to add new products in it. That is why, Unicorn added new productsin its store.Marketing Coordination: A business will be successful in future if it has good marketcoordination. Whenever the new product is introduced by a company, it is necessary tolet people know about them and it will be done through promotional activities and goodmarket communication (Hollander, 2018).Sales Plans and Channel: if the business is ready to expand then sales plan and channelof distribution is another factor that affects the growth of business. The sales team ofUnicorn is quite efficient and always tries to complete needs and demands of theircustomers. A good channel of distribution will help to reach wide number of people andto run a business in positive direction, choose a right person who will monitoring thesales team because this is the most important factor that affects the entire system of acompany.Legal Aspects: For proper planning and growth, it is necessary to follow all rules andregulations. This legal aspect will somehow damage the image of a company, if notfollowed properly (Olesen and Carter, 2018). Whenever owner hires new employees forvacant positions, it is necessary to know the legal laws or rules. In the context ofUnicorn, it always follows all legal aspects and even submits taxes during billing. To runa business in right direction, it is necessary to know all the legal rules, terms andconditions related to business.P2. Presenting opportunities for growth using Ansoff's Growth Vector MatrixMarket penetration:It is the most important and first quadrant of Ansoff's matrix.Unicorn uses this vector matrix in order to sell more number of products to their existingcustomers. This factor helps to increase the customer base and improve the process ofpromotions. This strategy helps to reach wide number of people by using various loyaltyschemes and Unicorn already offer its product at low and reasonable prices to their customers ascompared to its rivals. Through market penetration, Unicorn develops new marketing strategy byoffering coupon to their VIP customers and provide discount facilities on some regular productsto increase its sale.Product development: This method is used to increase the sales and maximizes profit.This strategy is helpful in creating new products and then sells it to present customers. Unicorn

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