Planning for Growth INTRODUCTION 2 TASK 13 P1 Key considerations for evaluating growth opportunities 3 P2. Identification of growth opportunities 3 P3 Key considerations for evaluating growth opportun
Added on -2020-07-23
Identification of growth opportunities by the use of Ansoff's growth matrix 4 TASK 27 P3 Potential sources of funding and their advantages and disadvantages 7 TASK 39 P4 Designing business plan for growth of organisation 9 P5. In this process, manager of this firm needs to analyse current situation of marketplace, demand of customers as well as opportunities through which it can attain set target (Li, Mobin and Keyser, 2016). In this process, manager of this firm needs to analyse current
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Planning for Growth
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................3P1. Key considerations for evaluating the growth opportunities...........................................3P2. Identification of growth opportunities by the use of Ansoff's growth matrix.................4TASK 2............................................................................................................................................7P3 Potential sources of funding and their advantages and disadvantages..............................7TASK 3............................................................................................................................................9P4 Designing business plan for growth of organisation.........................................................9P5. Exit and succession option for small business...............................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13INTRODUCTIONEvery business organisations need to plan all operational activities in a proper manner. Itplays an important role in increasing growth and success of business in a given period ofinterval. Therefore, management of a company is required to determine all factors present inbusiness environment which impact on operations. It will help in making good plan whichincludes strategies, policies and all activities through which goals and objectives of an
association can be accomplished. Further for attaining growth and success of a business, digitaltechnology also plays a vital role (Barbour and Deakin, 2012). In this context, a report has beenprepared on Hotpoint Company of UK. This firm deals in manufacturing sector and serveselectronic appliances for domestic purpose like refrigerator, fridge, cooler and more. Currently,it wants to expand business in international market by adopting digital technology in workingsystem. Therefore, this assignment recommends a business plan for achieving such goal ofcompany. In addition to this, application of Ansoff's growth matrix for promoting products ofenterprise also TASK 1P1. Key considerations for evaluating the growth opportunitiesHotpoint is a manufacturing firm of UK which serves best quality of electronic homeappliances in UK and European countries. Due to increase in competition, sales performance ofthis firm decreasing at high rate. So, it needs to makes modification in business production andmanufacture new products having latest features. Therefore, current aim of this firm is to servenew commodities at marketplace and expand business at international level. In this process,manager of this firm needs to analyse current situation of marketplace, demand of customers aswell as opportunities through which it can attain set target (Li, Mobin and Keyser, 2016). Bydetermining these phases in a proper way, for further procedure superiors of firm are required toformulate an appropriate planning. It would help in taking proper decision as well as developingstrong strategies and policies. For attaining good success this company needs to implementdigital technology. Digitalising the business is helpful for all type enterprises especially technicalfirms to produce innovative and creative products. Therefore, it plays an important role indeveloping small sectors and moving their entities on international level. Along with this, forcreating modification, a firm needs to made a proper discussion with employees and informthem what changes will be going on in working system so that they can prepare themselves forthe same. Some major growth opportunities available in marketplace for Hotpoint Company byimplementing digital technology are:-Competitive advantage: An organisation has various departments which performsdifferent-different roles in improving performance of business (Grover, Bokalo and Greenway,2014). Therefore, in this context, introducing digital technology in working system aids thesedivisions to carry out their operations in an effective way. Operational management gets benefits
in utilising resources in a proper manner. While production department gets chance tomanufacture good products as per requirement of customers. In the same manner, marketingsector uses digitalisation for promoting products or services of association in a large marketplaceeasily. Thus, all these things show that digitalisation helps in improving overall performance of acompany. It further aid firms like Hotpoint to grab more attention of customers and convincethem to buy its commodities. It would in attaining competition in a large manner. New products and services: By using latest technologies and its services helps a firm inmaking good connection with customers. Through this, such enterprises can understand need anddesire of people as well as can take their feedback also about services delivered by them. Theseprocesses aid industries to make modification in business structure and serves new products asper requirement of consumers (Hough and et. al., 2010). In addition to this, introducing newtechniques in working system, provide opportunities to workers in developing knowledge andlearns something new. P2. Identification of growth opportunities by the use of Ansoff's growth matrix
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