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Planning for Growth Assignment - Food & Food Restaurant

   

Added on  2020-10-22

15 Pages4487 Words313 Views
Planning for Growth

Table of ContentsINTRODUCTION...........................................................................................................................3TASK1.............................................................................................................................................3P1. Analysis of key considerations for evaluating growth opportunities....................................3P2. Evaluation of Growth Opportunities by Applying Ansoff's Growth Matrix........................5TASK 2............................................................................................................................................6P3. Potential Sources of Funding with Their Advantages and Disadvantages...........................6TASK 3............................................................................................................................................8P4 Designing of Business Plan for Growth of Organisation.......................................................8TASK 4..........................................................................................................................................10P5. Succession and Exit Plan for Small Business with Advantages and Disadvantages..........10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONPlanning for growth is also known as strategic business activity that beginnings withidentifying current ability of an organisation and enables to determine trading operations that arenecessary for advancement in respond to change that occur in marketing environment(Abolhasani and et. al., 2016). It is a process of making plan after identifying current marketscenario for future growth and success. This report is based on a Food & Food Restaurant whichis a new fast food restaurant. This restaurant is deals with all types of fast food, beverage, softdrinks, frozen juice etc. This assignment will discuss about different growth opportunities that acompany strive to achieve by entering into a contract with Mobile Food and Drink Concession inLondon. This report will also evaluate different factors that SME's need to consider achievegrowth current market opportunities. Apart from this, sources of funds with their advantage anddisadvantage is discuss. At last, exit and succession option for small business will also discuss.

TASK1P1. Analysis of key considerations for evaluating growth opportunitiesFood & Food Restaurant is a medium size venture firm in UK that offers all types of foodand beverages products. Being a food sector company have broad scope of opportunities forgrowth and expansion by introducing new food item. As per current market trends, people aremore health conscious. It give advantage to introduce healthy food for customers for futuregrowth and enhancing brand image.With this view restaurant is thinking to launch a complete range of food items which arealso suitable for health conscious customers. Thus, new product of restaurant is expected tosupport in establishing brand image and opportunities to earn profit from their customers. It isimportant to identify micro and macro business environment that provide opportunities to Food& Food Restaurant.Porters Generic Model Porter suggested four key strategies that are adopted by a firm to gain competitiveadvantage (Allmendinger and Haughton, 2014). This model will helps to Food & FoodRestaurant for develop their business process and beat their rivals. It is based on fourinterconnected concepts. Which are as follows:-Cost Leadership: This strategy of Porter's Generic model is focuses on minimise the costand gain more profit. A firm is set a low cost manufacturer in company who produce goods byoptimum utilisation of available resources and buy raw material and other resources frompotential suppliers. Food & Food Restaurant use this technique to minimise cost of production.Differentiation: In this strategy, firm try to make innovative product with superiorquality, usefulness and more beneficial for customers. When Food & Food Restaurant make aninnovative food product for their consumers then it will helps to gain competitive advantage.This process requires creative thinking, research and development, capability and innovation tomake premium product (Bunker, 2015). Focus: This strategy is based on focusing on market segmentation for identifying needsof customers to make product. There are two components of this strategy:-Cost Focus: Important objective of this variant is achieving cost benefits and controllingcost of production by analysing different cost behaviours in its niche target people. Hererestaurant try to offer their product at lowest possible price to potential customers.

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