Planning for Growth Assignment - "Technocrazy Software"
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. Evaluate the opportunities for growth applying Ansoff’s growth vector matrix..................4TASK 2............................................................................................................................................6P3. Assess the potential sources of funding available to businesses with benefits anddrawbacks....................................................................................................................................6TASK 3............................................................................................................................................7P4. Design a business plan for growth that includes financial information and strategicobjectives.....................................................................................................................................7TASK 4............................................................................................................................................9P5. Assess exit or succession options for a small business explaining the benefits anddrawbacks....................................................................................................................................9CONCLUSION.............................................................................................................................10REFERENCES .............................................................................................................................11
INTRODUCTIONPlanning is essential for a business because its supports to grab the growth opportunities.A firm should develop an effective strategy in order to run a business with certain objectives andgoals. If a company wanted to achieve these targets, then it should prepare strategic plan whichaid to assist in growth. "Technocrazy Software" is a small company and develops software andapps for various organization. Thus, it is planning to grow in the marketplace and that's why it isbidding for Blood Tracking System project of NHS South West – Acutes to grab the growthopportunities (Eddleston and et. al., 2013). The report covers the key considerations and growthopportunities for a business. It also comprises of Ansoff's growth matrix, funding sources,business plan along with exit and succession options of a business. TASK 1P1. Analyse key considerations for evaluating growth opportunities and justify. "Technocrazy Software" is a small software and app development company and it isrenowned name in its field. After working so hard and getting prodigy experience it is planningto seek the opportunities in the market that can enhance its business and reputation as well. As itis a small firm that's why it should analyse some key factors which can support it for the growth.These key considerations are mentioned below - Resources – "Technocrazy Software" is seeking for the growth opportunities so it shouldanalyse its resources such as funds, machinery, equipment and human resources. As it biddingup to come under the contract of NHS South West – Acutes to develop a Blood TrackingSystem through which they can track the sources who can donate their blood when needed. Foran example, it keeps tracking the blood banks, employees, patients and other people who arewilling to donate their blood for a noble cause (Keough, 2015). Core competences – "Technocrazy Software" is working on Blood Tracking Systemwhich is its own kind of distinct project. There is less competition in the market because this isan innovation which is adopt by a few companies or hospitals to track a medium of blood.Although there are several other competitors exists in the market who are working in the samefield but it is about NHS which provides free of cost treatment to the people. It is also workingfor human well being and that's why "Technocrazy Software" is putting effort to develop more1
effective app. So that it can give a better service to the needy ones without facing any issues asthe other apps are doing. Porter's generic strategies It has three strategies that can be applied on any size of an organization. "TechnocrazySoftware" can adopt any of these three strategies that are focused on broad and niche market toattain the customers attention (Moseley, 2013). These strategies are given below - Cost leadership – The core purpose of the cost is to gain the competitive advantagewhich can be attain through increasing sales of the product. It can be achieved in two ways suchas reducing the prices in order to increase the profit but charging an average price from thecustomers. On the other hand, it can use to increase the market share through selling an app onthe lowest price. In this situation the firm is still making a profit because of the reduced cost ofthe product. "Technocrazy Software" can opt any of these cost leadership strategies to target abroad segment of market where it can earn profit and increase the revenue. Differentiation – In this strategy "Technocrazy Software" seeks to make its software andapps unique in some instance. Differentiation is concentrated on making a product discreet fromother with some special attributes which are valued by the customers and company itself."Technocrazy Software" can identify the needs of its clients so that it can provide them a bettersolution of their problems. The customer can pay the premium price for fulfilling theirrequirements and render an app according to their needs (Chapin, 2012). Focus – This strategy is used to emphasize on niche market segment to gain thecompetitive advantage. "Technocrazy Software" is pivoted on the narrow marketplace in whichthe company can provide the products on the basis of two variables such as the cost advantageand differentiation. The company can adopt one of the two aspect through which it can gain theprofit in the targetted market area. For an example, "Technocrazy Software" can develop BloodTracking System with a special feature that use to track the sources of blood through GPS(Global Positioning System) and it also stores their information for the future use. It's customersare the hospitals and other institution which are working for the human well being such as NHS.So it will be help for such organization and because of these attributes in the tracking system itcan also serve the best to the target customers. 2
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