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Planning for Growth TABLE OF CONTENTS INTRODUCTION 3 TASK 13 P1. Key considerations for growth opportunities

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Critical evaluation of such options with suitable recommendations 19 CONCLUSION 19 REFERENCES 21 INTRODUCTION Planning is the foremost component for firm which needs to be done by higher authority so as to get all activities performed in a systematic way. Key considerations for growth opportunities andjustification regarding such context Many options are identified which are associated with the growth. Apart from this, there are many options related with opportunities of growth for Essence Drink which are mentioned as beneath: Competitive advantage: It is essential for an organisation

Planning for Growth TABLE OF CONTENTS INTRODUCTION 3 TASK 13 P1. Key considerations for growth opportunities

   Added on 2020-07-22

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Planning for Growth
Planning for Growth TABLE OF CONTENTS INTRODUCTION 3 TASK 13 P1. Key considerations for growth opportunities_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Key considerations for growth opportunities and justification regarding such context...3P2. Opportunities for growth by analysing Ansoff Matrix.....................................................5M1. Options for growth using a range of analytical framework............................................8D1. Critically evaluating specific pathways for the growth by taking various risks inconsideration...........................................................................................................................9TASK 2..........................................................................................................................................10P3. Potential sources of funding with drawbacks and advantages.......................................10Friends and family – This is one of the less complex process through which funds can beraised to start a business. Under this process no legal formalities are required and hencearrangement of cash can be done anytime. It has an advantage of all time availability but samehas a drawback too. There are chances when borrower finds it difficult to repay the amount inthe assured time. It directly affects the bond which is shared among the parties involved..12M2. Adaptation of suitable sources of funding....................................................................12D2. Critically evaluating potential sources of funding.........................................................12TASK 3..........................................................................................................................................13P4. Business plan for growth................................................................................................13M3. Formulation of suitable business plan for growth and securing investment.................17D3. Knowledge about business plan related with accomplishment of business objectives.18TASK 4..........................................................................................................................................18P5. Exit and succession option for small business...............................................................18D4. Critical evaluation of such options with suitable recommendations.............................19CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................21
Planning for Growth TABLE OF CONTENTS INTRODUCTION 3 TASK 13 P1. Key considerations for growth opportunities_2
INTRODUCTIONPlanning is the foremost component for firm which needs to be done by higher authorityso as to get all activities performed in a systematic way. Growth and success of company are alsoassociated with planning of management (Wynn, 2017). Present report is based on Diageo whichis a soft drink firm and famous for their qualitative goods and services. They are going tointroduce a new product i.e. Essence Drink which is a flavoured lassi (Diageo, 2017). Thisassignment is going to describe various factors which are needed to be taken into underconsideration because this will help to cater growth opportunities to enterprise.It is required forthe employer to determine many sources of funding to acquire finance appropriately.Furthermore, this provides some success as well as exit options which will be utilized bysuperiors of firm effectively and efficiently.TASK 1P1. Key considerations for growth opportunities and justification regarding such contextMany options are identified which are associated with the growth. Thus, it is fundamentalfor an organisation to determine these alternatives adequately so that they will take someappropriate actions (Albert, 2017). As a result, they will enlarge their business in an effectiveway. Apart from this, there are many options related with opportunities of growth for EssenceDrink which are mentioned as beneath:Competitive advantage: It is considered as the foremost option which is related togrowth. If any firm wants to grow and develop at marketplace then, it is essential to takebenefits from rivals. For the above stated purpose, company has to present themselvesdistinctively as compared to others. Essence Drink is operating their business at a smallscale and providing various kinds of flavour drinks to people. They are selling flavouredlassi to their customers which is the core competency for their business. As a result, theywill compete with their competitors in present competitive world (Tian, Ge and Li, 2017).Analyse external environment: It is required for any kind of firm to examine extrinsiccomponents as this will assist them in their success and growth. For this, manager willconduct PESTEL analysis and will determine opportunities for growth in the market. Incontext of Essence Drink, they need to conduct exterior evaluation. Therefore, they will
Planning for Growth TABLE OF CONTENTS INTRODUCTION 3 TASK 13 P1. Key considerations for growth opportunities_3
easily formulate strategies as well as policies for their business. This will help them totake benefits from their contenders.New product development: With assistance of this, organisation will enlarge their marketand product. This will provide development and advancement to the firm. Primarily, it isessential for the manager to identify all stages which are associated with NDP. Thus, theycan easily examine life cycle of products and services. If Essence Drink introduces anynew goods in the market then, this will aid them to capture attention of numerous peopleand along with this, they will compete with their rivals in marketplace (Dong and et. al.,2017).Collaboration: If an association is going to increase their operational activities then theyhave to collaborate with others. For this, there are numerous options accessible for themand will include joint venture, merger, strategic alliance, acquisition and many more.These all will help to provide growth and development to the firm. Therefore, EssenceDrink will select an option of merger so that they can manage all their operationalactivities in an effective manner. Along with this, it will lead at marketplace that wouldhelp them in improvisation of their profits. Henceforth, all above mentioned options are required to be taken into under considerationby an organisation because this will assist them in their growth as well as in advancement.Additionally, chances of profits will get enhanced. There are many methodologies or techniquesthat will be utilized by the manager to examine opportunities at marketplace. In which, best andadequate tool is known as Ansoff Matrix which is utilizing by superior of Essence Drink. As aresult, they will improve their market share and in addition, acquire growth and success (Zhouand et. al., 2017). Key considerations for evaluating growth opportunities are discussed belowalong with their justification:Self – Analysis – It is a process through which an individual gets to know about the areas forself-development. By identifying the strength and weaknesses of self a person can decide on howto plan for future projects keeping in mind own capacities.Market research – Under this an investigation of the surrounding is conducted so thatopportunities and treats are identified as it helps in reducing the impact for an enterprise.
Planning for Growth TABLE OF CONTENTS INTRODUCTION 3 TASK 13 P1. Key considerations for growth opportunities_4
Different tools can be used to recognise what measures can be adopted at work place to reach atthe most appropriate option for firm.Risk assessment – When a change in external or internal market take place it is not necessarythat always a favourable result is achieved. In case of high degree of risk involved riskassessment assist in recognising the measures that can be taken against the same. It helps inmaintaining stability at work place.BCG MatrixIt is framework that is developed by Boston Consulting Group for evaluating strategicposition for business brand portfolio and potential. There are four elements of business brandwhich are described below:Dogs- This has low growth rate and market share and does not consume large cash. Question Marks- They consume more cash but have low market share and products havehigh growth rate in market. Stars- There is high market share and high growth market.Cash Cows- There is high market share and low growth market.Thus after analysing all above elements of BCG matrix, it is recommended toorganisation to apply star as it has high market share and usage of cash is more. Thus, it caneasily generate more cash from market.P2. Opportunities for growth by analysing Ansoff MatrixNumber of activities in small organisations are increasing on continuous basis. They needto manage their revenues in an effective way and for this, it is necessary for them to expand theiroperational activities. This will aid them to compete with their competitors in the presentcompetitive world. Apart from this, they will manage their organisational structure as this willassist them to grab opportunities which are accessible for at marketplace and provide growth(Mobin, Li and Komaki, 2017).
Planning for Growth TABLE OF CONTENTS INTRODUCTION 3 TASK 13 P1. Key considerations for growth opportunities_5
It has been determined that if association wants enhancement then, it is needed for themto take entry in new marketplace or they will improve their level of operations. Furthermore,they will increase item’s number in the current market or will target any new group of clients.Manager of Essence Drink has to comprehend it and they will implement Ansoff Matrix in theirbusiness. It will aid them in profit improvisation and in addition, they will survive in themarketplace for longer period of time. With assistance of this matrix, superiors will examinemarket and as a result, they will develop their firm in an effective and efficient manner(Thornley, 2017). Therefore, Ansoff Matrix will be stated as below (Ansoff Matrix – The growth shareMatrix of Ansoff, 2017):Market Penetration: As indicated by this, firm will take entry in the new marketplace.Along with this, they will alter their goods and services to provide more creative items totheir existing clients. Thus, it is essential for the employer of company to comprehendthis aspect in an appropriate way and enter into market with entire energy level. As aresult, they will do all things effectively and accomplish coveted objectives withinrequisite period of time. Essence Drink is doing their business at a small scale. If firm isgoing to enhance their number of items then it is required for them to improve customerbase. Thus, through the same, they will easily gain high profits and will lead at market inwide manner. Market Development: If any kind of company wants to enlarge their business then it isrequisite for them to develop their market. It is needed for the employer to identify theirkey area which will help them to attain maximum market share. To deal with adversecircumstances, they will formulate some strategies for the firm. It is not easy for anassociation to improve their market. For this, it is important to do work appropriatelythrough developing some targets and goals. Moreover, employer has to find out risingmarket of nation and take adequate steps to enter into this. Thus, if Essence Drink wantsto gain high profits then, it is important for them to improve their operational activitieseffectively as well as efficiently. In this relation, they identify that India is an emergingmarketplace which will help the organisation in their growth and success (Wolf andFloyd, 2017).
Planning for Growth TABLE OF CONTENTS INTRODUCTION 3 TASK 13 P1. Key considerations for growth opportunities_6

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