Planning for Growth - Foodie Flavor Assignment
Added on 2021-02-22
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PLANNING FORGROWTH
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Analysis and justification of key considerations for evaluating growth opportunities..........1P2 Evaluation of growth opportunities using Ansoff's growth matrix .......................................4TASK 2............................................................................................................................................5P3 Assessment of sources of funding along with advantages and disadvantages.......................5TASK 3............................................................................................................................................6P4 Business plan for growth including financial information and strategic objectives forscaling up a business...................................................................................................................6TASK 4............................................................................................................................................9P5: Succession and exit plan for small business with its advantages and disadvantages...........9CONCLSUION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONPlanning is defined as the process of advance thinking so that future actions and activitiescan be performed efficiently. This will benefits a firm in achieving their desired aims andobjectives in a timely manner. Planning for growth include those factors that helps in analyzingmarket so that high success and profits can be earned (Xheneti and Bartlett, 2012). This report iswritten in context with Foodie Flavor which is a small organisation operating in England, UK.This company is planning to grow their business and concerned activities in other region of UKby entering contract service with Birchwood community school. This report will mention detailinformation about Porter's generic force, PESTLE and Ansoff's matrix so that market can beanalyzed properly. Beside this, different sources of funds are mentioned along with anappropriate business plan so that desired growth can be achieved. At last, different exit andsuccession options are mentioned for company so that future issues can be tacked in a propermanner. TASK 1P1 Analysis and justification of key considerations for evaluating growth opportunitiesFoodie Flavor is a small sized company operating in England, UK which offers organicfood to their customers without compromising with the taste. Company wants to expand theirbusiness by increasing their product line. As people in UK are health conscious and they areaware about the harmful effects of Junk food, organic food of Foodie Flavor can gain widesuccess. Key considerations related with the evaluation of growth opportunities are discussedbelow: Porter's generic strategyPorter's generic strategies is defined to those tactics through which a business firm canacquire high competitive advantage over competitors in terms of growth and success. As per thisframework, there are four strategies that can be used by an organisation to achieve upper edgeover the rivals so that essential strategies for growth can be prepared properly (Ward, 2016). Incontext with Foodie Flavor, these strategies are listed below: Cost leadership:In this strategy, a firm sold its high quality products in less price so thathigh sales and revenues can be earned. Foodie Flavour can use this strategy by lowering1
the price of their products so that high sales can be achieved in comparison with rivalcompanies. Differentiation:As per this strategy, to achieve desired growth an organisation is neededto offer unique products to their customers so that market shares can be hiked. To use thisstrategy, Foodie Flavour will be needed to innovate new ideas and carry out properresearch so that unique dish according to customer's demand can be given. Cost focus: Under this strategy, an organisation is needed to emphasize on current marketand offer their products at less rates than rivals. This strategy will help Foodie Flavour inattracting large customer base so that high revenues can be earned (Moseley, 2013). Differentiation focus: According to this strategy, in order to achieve high success a firmmust offer unique services or products to their clients. This will help them indifferentiating their product from rivals. Foodie Flavor can take the help of this strategyto gain high sales and market shares along with increment in loyal customers. Foodie Flavor is going to enter a contract with the Birchwood community school so thatcatering services can be provided to the students. This will allow the company to attain highsuccess in UK market along with maintaining high brand reputation. In this context, theconcerned restaurant can use differentiation focus strategy so that goals and objectives of firmcan be attained in a desired manner. In this strategy, unique and healthy drinks or foods will begiven to customers. This will help the firm in enhancing their customer base in a considerablemanner. PESTLE analysisPolitical factor: These factors are related with tax rates, trade tariffs and stability ofgovernment. Governmental policies in UK are stable and tax rates are also low due to which itwill be beneficial for Foodie Flavor to operate in England and other UK markets. Economic factor: These aspects are concerned with the GDP, growth rate, income andfinancial status of people living in a country. People in UK earns good wages due to which theyprefer to spend on eating tasty food. This factor is positive in context with Foodie Flavor andrestaurant can earn high success and profits by operating in UK (Mahmoudi and et. al., 2013). Social factor: It involves attitude, behavior, lifestyle and opinion of people living in aparticular area. UK is an open minded country where people are highly health conscious and2
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