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Planning for Growth InTRODUCTION: Key considerations and considerations

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Added on  2020-10-22

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PLANNING FOR GROWTH INTRODUCTION 1 TASK 11 P1 Key considerations for evaluating growth opportunities 1 P2 Evaluate growth opportunity by applying Ansoffs-matrix model 5 TASK 26 P3 Different sources of funding for organisation6 TASK 38 P4 Prepare a business plan8 TASK 413 P5 Assess succession or exit options for small enterprises and its merits and demerits 13 CONCLUSION 14 REFERENCES 15 INTRODUCTION Planning plays important role in medium and small sized business organisation

Planning for Growth InTRODUCTION: Key considerations and considerations

   Added on 2020-10-22

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PLANNING FOR GROWTH
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Key considerations for evaluating growth opportunities.......................................................1P2 Evaluate growth opportunity by applying Ansoffs-matrix model.........................................5TASK 2............................................................................................................................................6P3 Different sources of funding for organisation........................................................................6TASK 3............................................................................................................................................8P4 Prepare a business plan..........................................................................................................8TASK 4..........................................................................................................................................13P5 Assess succession or exit options for small enterprises and its merits and demerits...........13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
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INTRODUCTIONPlanning plays important role in medium and small sized business organisation forachieving growth and success in future time frame. An entrepreneur have large number ofopportunities which can be capitalised through conducting a detailed assessment of theenvironment and conducting business activities accordingly (Planning for growth, 2017). Presentassignment is based on Trio Marketing, it is small scale company which provide marketingconsultancy services to different organisation. In the present scenario, firm is making bid fortaking government contract that is SOL-Marketing. In this, company has design framework andmanagement has made plan to contribute £250,000. This help entrepreneur to establishappropriate position in market by involving firm in government proposal. This report specifieskey considerations and Ansoff matrix which will benefit managers to examine opportunities ofgrowth. Different potential sources are asses by entrepreneur to have sufficient funds fordesigning adequate business plan. Besides this, exit and succession options are identified byentrepreneur to make appropriate decisions for effective business development and growth.TASK 1P1 Key considerations for evaluating growth opportunitiesBusiness environment is changing which helps organisation to utilise marketopportunities and make success for longer time. For this, entrepreneur require to have completeknowledge about internal capabilities and pitfalls to make decisions to utilise marketopportunities. Porter's generic strategies are used by entrepreneur of Trio Marketing toacknowledge competitive analysis to position firm superior than rival firms. Along this, PESTLEanalysis is another technique which helps businessperson to acknowledge external situations todesign system accordingly (Brinckmann, Grichnik and Kapsa, 2010). Competitive analysis:This is strategic management tool which is used bybusinesspersons to asses strengths and weaknesses of potential and current rival firms. Alongthis, opportunities and threats are also identified to adopt appropriate tactics that is defensive oroffensive. There are different types of threat identified which include raw material shortage, newregulations, changing and variations in consumer taste and economic downturns. For this it isnecessary for entrepreneur of Trio Marketing to construct framework which define strategies andits implementation in system to compete with rival businesses operating in the same segment.1
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Besides this, they even monitor performance of firm to make appropriate adjustments andchanges in system to conduct activities in respect to market. Porters Generic Strategies: This model was developed by Michael Porter which defineplan of action that helps entrepreneur to establish competitive advantage to compete with rivalfirms. There are different strategies which are cost leadership, differentiation, cost focus anddifferentiation focus which companies can use to compete and position itself superior than rivalfirms. It is essential that small and medium firms to utilise resources efficiently (Burton, 2010).For this, management of Trio Marketing have two options that are either to provide services atlower amount or distinct them from competitor to attract clients easily. Hence, these are differentstrategies which are described below:Illustration 1: Porter's Generic Model(Source: Porter's Generic Model, 2017)Cost leadership:This strategy define entrepreneur design system and implementadvanced technologies to reduce cost of items and services, thereby provide products tocustomers at appropriate rates. This help company to attract large number of people to enhancetheir sales volume and revenue (Chapin, 2012). For example, Trio Marketing can use this tacticwhich is to use appropriate tools and software that are HubSpot, MailChimp, Yesware, Optimove2
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