(Solution) Planning for Growth - Assignment
Added on 2020-12-29
15 Pages4431 Words50 Views
Entrepreneurship
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Planning for Growth
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1............................................................................................................................................1P2............................................................................................................................................4TASK 2............................................................................................................................................6P3............................................................................................................................................6TASK 3............................................................................................................................................8P4: ..........................................................................................................................................8TASK 4............................................................................................................................................9P5............................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONPlanning is a very important part for overall growth as well as development of theorganisation. Planning is mandatory, be it small or big organisation, without a effective planning,the aims as well as objectives that an organisation wants to achieve may not be fulfilled. R.LMaynard Limited is a construction company, majorly operates in UK and nearby countries, thecompany is engaged in the business of providing construction services to its clients, in the formof executing Construction contracts. The company is planning to bid for a construction projectwith a value of around 3,00,000 Pound, out of which company will be incurring 20,000 poundout of its cash reserves. The current report will try to throw some light on the the workings ofSME and how effective planning and procedure can lead to better growth. A systematic BusinessPlan will be made for the same, that will lead to development of business opportunities for theorganisation.TASK 1P1There are various aspects that needs to be considered for the purpose of making a growthplan. The company has been growing substantial and therefore the management of theorganisation has been able to see a need for proper plan that will take the firm to a path of growthand development. It has been observed that the main reason behind inefficient growth of SME sector withinUK is lack of Funds and financial support. Thus for effectively managing their business, theyhave to come up with right kind of planning of various factors that do have a direct impact on theoverall working of the organisation in longer run (Barnett, 2017).Porter's generic strategy:Porter's generic strategy describes that how a company can achieve competitiveadvantage within the marketplace. Porter describes four kinds of strategies that can be used bycompanies of all sizes to achieve a competitive edge over rivalry and for formulating strategiesto expand their business over period of time. It is considered as an effective analytical tool whichcan help an organisation in implementing suitable plans and strategies in order to achievecompetitive advantage in market. Porter Generic strategy consists of fours types which aredescribed in brief as under:
Cost Leadership: Under this kind of strategy the organisation will try to capture marketshare through offering services at a price which is quite competitive than other players.This can be achieved by reducing the cost of providing construction services andachieving cost efficiency in the longer run. Differentiation: The differentiation strategy means the company will have a different andunique product or service then its competitors, which will make the organisation'sreputation in the market over longer period of time. In order to achieve differentiation, anorganisation will have to incur heavy expenditure on market research and innovation todeliver high quality products or services over period of time (Blackburn, Hart andWainwright, 2013).Cost Focus: Under this, the organisation will try to focus on its cost structure and willaim at providing services at an affordable prices to clients. The focus of managementunder this kind of strategy is on cost and this can enhance the growth of business overperiod of time. An organisation can achieve huge success in the particular segment if themanagers have sufficient knowledge about the market fluctuations and needs of targetedpeople.Differentiation Focus: Under this strategy, The management of R.L Maynard Limitedwill try to focus on niche market along with maintaining cost competitiveness anduniqueness in products as well as services. This strategy requires that there should bebrand loyalty of firm within clients. Then only client will give orders to the company,because the expenses on marketing can not be much by the organisation as it have to keepits cost at low level for achieving cost efficiency in an effective way (Denton, Forsythand MacLennan, 2017).The company can choose the cost differentiation strategy while delivering effectiveservices to its customers like providing material that is going to be used in the construction.contract will be provided by the company to its clients at very affordable prices that will makethe organisation competitive enough against its competitors in an efficient way. PEST analysis: -It is used by various companies to identify factors that can affect the business and theenvironment of the market where the business is running. It include political, economical, social,
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