(solved) Planning for Growth | Assignment

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Planning for Growth
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Evaluate growth opportunities...............................................................................................1P2 Evaluate opportunities of growth by implementing Ansoff's growth vector matrix.............2TASK 2............................................................................................................................................4P3 Potential sources of funding available for enterprise and its merits and demerits.................4TASK 3............................................................................................................................................6P4 Design a business plan for its growth....................................................................................6TASK 4............................................................................................................................................8P5 Succession option for small enterprises and is advantages and disadvantages.....................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONPlanning is an main part for each organisation as it play a very vital role in the success aswell as growth of business functions. It will help in determining of factors along with thatformulate policies as per market conditions(Planning for growth,2017). Using these policieswhich are formulated by organisation will help in achieving objectives. Adopting of latesttechnologies, it will gave huge influence on business operations and innovative or creative ideasamong the employees. Hungry bites catering services provide food and catering services in UK.Main aim of this company is to make plan as well as implement the latest technologies in foodsystem so as to deliver fast and an ideal manner for the growth of business operations. In thisassignment, it includes the organisation is having growth opportunities by implementingadvanced technology. Different sources of funds which are used within business and also itsmerits and demerits. Along with this it also cover the business plan of the company.TASK 1P1 Evaluate growth opportunitiesHungry bites catering services is an company which provides various fast food serviceswithin marketplace of UK. It will help in meeting the competitive advantages as well as grabbingthe market. Company will help in attracting higher numbers of customers towards theirorganisation as it will increase the firms sales and profits. It will also give chances in growth ofbusiness operations in various others areas. It will help in developing of new dishes as percustomer taste and preferences by using latest marketing techniques. Some of main growthopportunities which are available for Hungry bites catering services by implementing latestdigital technology are given below:Competitive benefits:Organisation management are executing plans for implementinglatest technologies within workplace(Li, Mobin and Keyser, 2016). Every divisions aregetting benefits by using advanced technology at a time of performing enterprisesfunctions. Production department is getting an opportunity to enhance their dishes of fastfood as per customers preferences and taste. Marketing divisions are using advancedstrategies for promoting their products by using social media and internet as it cover largenumber of peoples within market. Likewise, others department like as employees andoperational, human resource are also getting many benefits by implementing advanced1
technology in food processes and distribution system. It will help in giving their betterperformance or productivity as compared to their competitors which will aid in meetingof competitive advantages.New services and goods:By implementing advanced technology it will help inimproving workers performance and making better relationship with customers. It willassist in understanding new modern trends of fast foods dishes in market as well asbuyers taste and preferences. It will also help in knowing customers demands anddeveloping of new dishes of fast food as per buyers taste. Making the employees morecreative and innovative will help in developing workers innovative skills and ideas whichaid in identifying of new ways of delivering services and goods.Collaboration: Their are having huge growth opportunity which are available in the formof merger, acquisition, joint venture, strategic alliance etc. It help in operating enterprisefunctions properly with other company portraying strong goodwill and recognition oforganisation within marketplace(MacLeod, 2013). It enables the access of advancedtechnology in the process of food and distribution system of Hungry bites cateringservices that aid in carrying out proper manufacturing and distribution method of foodsproducts.P2 Evaluate opportunities of growth by implementing Ansoff's growth vector matrixTheir are having several growth opportunity which are available forHungry bitescatering services by implementing advanced technologies at a time of performing businessoperations. Firm is having an opportunity of growth within marketplace, diversification of theirfast foods dishes, services and so on. It will help in overall growth in business operations indifferent locations(Pallagst, 2010). It will help in achieving results effectively. Ansoof's matrixis explained in detail below:Market penetration:It is very essential strategy of growth which is secure from othertechniques. It include the process of selling of existing fast food dishes within market inwhich firms is already achieving its business operations. More focus is given onincreasing their market share by adopting effective techniques in market also enhancecustomers value. Hungry bites catering services is an small business which providescatering services of fast food in a marketplace of United Kingdom. This tactics of marketpenetration is adopted by them for distributing various kinds of fast food dishes among2
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