logo

Planning for Growth of Unicorn Grocery : Assignment

   

Added on  2020-06-03

15 Pages4723 Words42 Views
Planning for Growth

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Analysis of key considerations for growth............................................................................1P2 Evaluation of opportunities with the help of Ansoff matrix..................................................2TASK 2............................................................................................................................................5P3 Potential sources of funding along with their benefits and drawback...................................5TASK 3............................................................................................................................................7P4 Design a business plan for growth ........................................................................................7TASK 4............................................................................................................................................9P5 Assessment of exit and succession plan for a business along with their merits and demerits.....................................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTIONGrowth in business is referred as broadening and magnification in operations of aenterprise (Planning for growth, 2017). It is a primary goal of a business to enlarge theiroperations in the economy so as to attain higher level of profitability. The enlargement ofoperations can be done by achieving economies of scale for a small enterprise. It is essential for abusiness to systematically plan growth activities so that they can be carried out in an idealmanner. The business before planning conducts thorough analysis of the market so that itsposition in market can be identified. This assignment takes into consideration the working ofUnicorn Grocery. This is a small business operating within economy of United Kingdom. Thisassignment aims to identify the growth opportunities in market. Various sources through whichfunding can be availed will be discussed in the report. Also, development of business plan willbe carried out that will define the ways in which business operations can be escalated. TASK 1Unicorn Grocery is a grocery store located in London. This retail outlet was establishedin the year 1996. The number of people working with this retailer are 70. It is a small enterprisewhich caters the needs of people in organic foods and drinks along with household, grocery andbody-care items. The revenue attained by this small scale enterprise were recorded at 7 millioneuros. This award winning retailer has been successful in carrying out its objective and nowlooking for opportunities as well as approaches in the market to enlarge their operations so thatthey will be able to serve a large market. P1. Analysis of key considerations for growthIt is essential for a business to analyse the external and internal business factors so that anenterprise will be able to formulate a strategy to carry out business (Pallagst, 2010). It is definedto me the measures which are to be undertaken by a business to expand its operations affectingoverall position in the market. Unicorn grocery is a small scale retailer and definitely aims toinitiate growth measures for a business. It is crucial to plan these activities so that crucialactivities are allotted with time and resources to ensure that they are carried out in ideal manner.The major strategies which can be adopted by a business are as follows:In-depth competitive analysis: The first major strategy which can be adopted by abusiness carry out an examination of the important factors in the operating market. This analysis1

will help in identifying the areas in which other retailers struggle. The sectors in which rivals arenot able to perform well must be emphasised to create a distinct brand image of the company.The catering of products and services which are not offered by the major rivals will help inadvancing among the same and generate better revenue for business (Valler, Phelps and Wood,2012). Incorporation of digitalisation in business: This is another major strategy which can beemployed by a business. The preference of digital platforms in small business is comparativelylower. The common ways through which technology is introduced is development of onlineshopping portal and business's website can be updated as well. This feature will equip a businesswith competitive advantage over its rivals. Customer/ Market Research: It is essential for a business to conduct market research ona regular basis. This research will help a business in gathering information about customer'sbuying habits, age, education, trends and preferences. The thorough understanding of persona ofconsumers assist a business in planning its long term future endeavours. It will also aid abusiness in anticipating the future demands and circumstances of business. Aggressive recruitment and retention strategy: Employees provide a definition to theorganisation. A competent workforce ensures favourable future for a business and vice versa(Wu, 2015). This feature defines the importance of employees for a small business. Therefore, itis essential for a business to employ aggressive recruitment and retention practices so that abusiness will be able to build a workforce that helps a business in attaining its objectives. Whenplanning for long-term, a business must make sure they are critically examined and managementis sure to carry that forward accompanied a capable and loyal workforce. Another reason whichsupports this consideration is that employees help a business in attaining superior position in themarket which is difficult to be imitated by rivals. Value Proposition: This is among the most crucial features which set an enterprise apartfrom its rivals. An enterprise should always emphasise on providing value goods and services tothe customer. This will ensure that they are satisfied with offering of enterprise and will remainloyal with the same. Value proposition will help in enhancing brand value for the business.Consideration will help a business when planning for growth and works as marketing message topeople. 2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Planning for Growth TABLE OF CONTENTS INTRODUCTION
|18
|5021
|260

Unit 29 Managing and Running a Small Business - Assignment
|15
|3040
|257

Small Business Managing and Running a Small Business INTROUCTION 3 TASK 13 P1 Main considerations of small business
|18
|4798
|214

Managing Successful Business Project : Unicorn Grocery
|20
|4702
|49

Managing and Running a Small Business: Sample Assignment
|18
|5280
|315

Entrepreneurial Marketing: Features, Issues, and Contrasts
|9
|2449
|61