(Solution) Planning for Growth Opportunities Analysis : Assignment
Added on 2021-01-01
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Planning for Growth
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Analyse key considerations for evaluating growth opportunities and justify......................1P2. Opportunities for growth applying Ansoff’s growth vector matrix......................................4TASK 2............................................................................................................................................6P3. Potential funding sources for businesses with benefits and drawbacks................................6TASK 3............................................................................................................................................7P4. Business plan for growth that includes financial information and strategic objectives forscaling up a business...................................................................................................................7TASK 4............................................................................................................................................8P5. Assess exit or succession options for a small business with the benefits and drawbacks....8CONCLUSION................................................................................................................................8REFERENCES .............................................................................................................................10
INTRODUCTIONEvery organization plans for the growth of the business which needs a strategic planningwith that it can attain its goals and objectives. A small firm also seeks to grab the opportunities togrow more and attain its aim. In order to explorea company should be attentive to identity theopportunities that can give it hike with strategic planning which leads towards a direction ofsuccess. Thus, this report is based on the planning and growth these are the two essential factorswhich maximizes the profit. In this report, “The Social Scoop” is a digital advertising andmarketing company which is bidding for Alcohol Social Marketing Campaign to acquire thecontract. The report covers key considerations for growth, Ansoff's growth vector matrix,funding sources, business plan and exit or succession options (Allmendinger and Haughton,2012). TASK 1P1. Analyse key considerations for evaluating growth opportunities and justifyA business should aware about the growth opportunities but to grab these possibilities itneeds to evaluates its strength and weaknesses because these are prime sources that assist toexplore a company. The Social Scoop wanted to grab the bid but first it needs to embrace itsinternal resource which help to fulfil the requirements. There are some key considerations whichneeded to be evaluate the growth opportunities that are mentioned as below - Resources – The Social Scoop needed to evaluate its resources that it has the sufficientfunds, staff and machinery which aid to accomplish the task. The Social Scoop would requirethe computer systems to design the campaign, programmers, software and funds that are neededto pay the programmers who are putting efforts for alcohol social media campaign. Capabilities – Firm needs to enhance the capabilities which accelerates the process suchas the finance which is used to invest on the paid platforms to encourage the social mediacampaign, programmers who will design the graphics and content to support the campaigneffectively. All of these will be utilize to enhance the abilities of the campaign (Berger andBerger, 2011). furthermore, the firm should also analyse the competition in the market to preparethe strategies to gain the competition advantage. 1
There are some models which are needed to evaluate for small businesses growth andone of them is a Porter's generic strategy and other is PEST which is used to analyse the externalmarket. Porter's Generic StrategyPorter's generic strategy model was introduced by Michael Porter which focused onbroad segment and narrow segment of the target marketplace (Blackburn, Hart and Wainwright,2013). This model analyses the situation to sustain in the competitive advantage for long run. (Source : Porter's Model of Generic Strategies, 2018)As shown in the above picture, firm can target the two markets as either the broad ornarrow. In order to understand the complete scenario to gain the competitive advantage the costand differentiation can be follow in such manner - Cost leadership – The cost is targetted to the broad segment by keeping the low pricesof the products and services. Customer always look for the affordable prices and The SocialScoop can hold low prices as much as it is possible to get the contract from the Alcohol Socialmedia campaign and various others (Denton, Forsyth and MacLennan, 2017). Differentiation – In this strategy, 'The Social Scoop' is concentrated on the broad sectionthrough making their product unique from the rivals. The firm can differentiate their product2Illustration1: Porter's Model of Generic Strategies
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