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Unit 42– Planning for Growth Opportunities

   

Added on  2021-02-19

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Unit 42– Planning for Growth

Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3P 1. Evaluation of key growth opportunities..........................................................................3P 2. Ansoff’s growth vector matrix........................................................................................4LO 2.................................................................................................................................................4P 3. Assessment of various sources of funding......................................................................4LO 3.................................................................................................................................................6P 4. Designing a business plan..............................................................................................6LO 4...............................................................................................................................................11P 5. Exit plan for small business..........................................................................................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONGrowth planning is a strategical business plan which helps in enabling business owner toexpand their business to the completely new market in order to earn greater revenue and profits.This helps organization to allocate various limited resources in order to adapt to various externaland internal environmental factors. This study will highlight and evaluate the growth possibility of the company with thehelp of impelling tools such as PESTLE, SWOT and Ansoff matrix. This helps in effectivelydemonstrating the competitive advantage of the organization for future growth and success.Furthermore, this study also evaluate various methods to raise funds for smooth functioning ofthe business. This report will also develop a business plan for scaling up the organization. It willalso include an exit plan for the small business with valid recommendations. Unicorn company is a retail company store in Unite Kingdom. It mainly deals in widerange retail products such as grocery, clothing, toys, home appliances, etc. LO 1P 1. Evaluation of key growth opportunities.Unicorn company mainly deals in various products such as clothing, groceries, homeappliances, toys, etc. It has wide scope all across UK and is planning to expand its business tothe new sector by targeting complete new market (Li, Mobin and Keyser, 2015). It focuses onexpanding its business to various different sectors to attain competitive advantage in the marketfor long term success and development. The company will focus on expanding its business bydelivering online services to its end customers. Unicorn company has wide range of resourcesavailable to them which gives them a competitive advantage. It also has core competencies suchas effective communication, teamwork, effective problem solving skills, organized, stresstolerance, work standards, effective decision making skills, etc. in order to reach greater heights.The company has wide various market opportunities in order to grow and expand their businessat a higher level. There are several factors which affect the efficiency of the company which mainlycomprises of political, social, technological, legal, economic and environmental factors whichhampers the performance and productivity of the Unicorn company.

The company will develop effective organizational structure in order to perform all thethe activities in an efficient manner (Denton, Forsyth and MacLennan, 2017). It also focuses ondeveloping new range of products to make the goods available at a large scale. Growth opportunities helps in improving the quality of the employees to the full potentialwhich in turn results in high operational growth. Integration of new and advanced technologyhelps in attainment of high level of market by effectively understanding the various businessfactors. Reviewing the goals and objectives of the business helps in attaining higher market sharein various international markets.P 2. Ansoff’s growth vector matrix.It is an effective growth matrix that helps business in developing and growing business innew sector by delivering effective services and new range of products to the potential customers.This matrix focuses on present and potential market and products of the company. It helps inseeing various potential growth opportunities for the business (Ansoff Matrix. 2019). This helpsin penetrating the growth markets which helps in turn results in high performance. This helpscompany to attain higher market share using effective growth strategies. Market penetration: This is an effective strategy where organization focuses on to sellthe existing range of goods in a present market. The organization will focus on growing itsmarket share by selling more goods and services to the existing market. This will lead to highersales, revenue and market share of the company. Market development: Market development is a plan of action which focuses on targetingnew market by selling existing range of products to the prospective customers (Gurcaylilar-Yenidogan and Aksoy, 2018). It is an effective strategy for small business enterprise where theycan expand their business to the completely new market which helps in catering higher customerbase and market share. This helps in developing new distribution channels to reach endcustomers. Product development:It is an effective strategy where the organization focuses ondeveloping wide range of products in order to deliver the goods in an existing established market(Dawes, 2018). The company focuses on developing new range of products which helps inattracting large customer base in an existing market. Diversification: This strategy focuses on diversifying the company by developing newrange of products and selling them to the completely new market where the organization does

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