Planning for Growth
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Added on 2020-10-05
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Guildford Tyre Company is a small scale industrycompany and it is necessary for them to plan strategies in effective manner so that they grab market opportunities in effective manner.In this case, managements of small business have to develop and design effective business plans and strategy so that they analysis market in effective manner and get benefits and advantages. Guildford Tyre Company is a small scale industrycompany and it is necessary for them to plan strategies in effective manner so that they analysis market in effective manner and get benefits and advantages
Planning for Growth
Added on 2020-10-05
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1.Evaluating growth opportunities and considerations within an organisational context....3P2.Evaluate the opportunities for growth applying Ansoff's growth vector matrix...............6TASK 2............................................................................................................................................8P3.Assess potential sources of funding available to businesses and discuss benefits anddrawback of each source........................................................................................................8TASK 3 .........................................................................................................................................11P4. Design business plan for growth which include financial information and strategicobjectives for scaling up a business......................................................................................11TASK 4 .........................................................................................................................................17P5.Assess exit or succession options for a small business expanding the benefits anddrawback of each option.......................................................................................................17CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................20
INTRODUCTIONIn the current business environment, growth is necessary for each and every organisationto sustain in marketplace. It can be possible if a management of a company do effective planningto attain organisation goal and objective (Barbour and Deakin, 2012). When an organisationplan to grow or expand their business in national or international market, they have to planvarious things accordingly such as resources, funds, investors, products and so on. A companycan plan a growth in any type such as expanding business in national and international market,introducing new technology, design new products and services and many more. An organisationselected for this assignments is Guildford Tyre Company which is a private limited companyincorporated on 29 June 1976. There are various type of products and services they are offeringsuch as air conditioning, batteries, brakes, vehicles diagnostics, exhausts, repairing ofmechanical, mobile tyre fitting and wheel alignment. Topics covered in this assignment areevaluation of growth opportunities, various methods by which organisation access funds anddevelopment of business plan. Along-with this, it include different ways thorough which a smallbusiness owner can exit their business. TASK 1P1.Evaluating growth opportunities and considerations within an organisational contextFor small business enterprise, it is difficult to grab appropriate marketing and expandingopportunities in effective manner (Brinckmann, Grichnik and Kapsa, 2010). In this case,managements of small business have to develop and design effective business plans and strategyso that they analysis market in effective manner and get benefits and advantages. Guildford TyreCompany is a small scale business with approx 51 to 200 employees. It is necessary for them toplan strategies in effective manner so that they grab market opportunities in effective manner.For organisation growth and success there are certain factors which are explain below:- Competitive advantages:-It refers to the situation which allow an organisation or country to produce ormanufacture products and services of similar value at a low price in desirable fashion.Guildford Tyre Company is a small scale company and it is duty of their manager to designeffective planning strategy so that they gain competitive advantage in effective manner. To get
higher competitive advantage, respective company follow some strategies which are explainbelow:- Competitive advantage as a foundation of growthTo get competitive advantage as a foundation of growth such as resource, capabilities andcore competences Guildford Tyre Company use Porter's Generic strategy model, which isdescribe below:For every business it is necessary to evaluate and analysis their market positions andvalues in an industry. By which they can make changes and innovation easily in their planningand strategies. Guildford Tyre Company use Porter's Generic strategy model to analysis marketand values in appropriate manner by using its four generic strategies- Cost leadership-It is one of the most important strategy which help a company to createeffective position in target market by offering products at low price (Burton, 2010).Guildford Tyre Company use respective method to analysis market and their targetaudience through which they able to know requirement and demand of product, whererespective company want to expand. In according to this company decide the price ofproducts which can be sale as low price but product and services is of good quality sothat they attract customers in new market. Differentiation leadership- In this products and services offer by company is of uniquefeature which attract audience in huge numbers. When Guildford Tyre Company willfollow this, they design products and services which have unique feature and technologywhich attract customers in new target market. If respective company do innovation indesign of tyres and other products which influence and encourage customers to purchase.Cost focus- In this company target niche market audience and offer them products andservice at lowest price (Chapin, 2012). In this, company analyse market and demand ofcustomers and then develop products which is low in price but fulfil need and demand ofaudiences in effective manner. Guildford Tyre Company will conduct market analysisand evaluation and then design their products according to requirement and offer thatproduct at low price. In this they focus on particular market and then design theirproducts accordingly. Differentiation focus- According to this a company design products and services withunique feature and by taking consideration of a particular target market. It means
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