Millars General Store: Planning for Growth Strategy Report

This report provides a comprehensive analysis of Millars General Store, an organic food retailer, focusing on its growth strategies. The report begins with an analysis of the company's competitive advantages using Porter's Five Forces, highlighting its unique product offerings and market position. It then explores the opportunities available to the business through a PESTLE analysis, considering political, economic, social, technological, legal, and environmental factors. The report then uses Ansoff's Growth Vector Matrix to evaluate potential growth strategies, recommending a product development strategy for introducing a new combo package. The report also examines the risks associated with this strategy and suggests mitigation measures. Finally, it discusses different sources of finance for expansion and includes a business plan for scaling up the business. The report provides a detailed assessment of the company's current position and offers strategic recommendations for future growth, with a focus on leveraging its strengths and capitalizing on market opportunities.

Planning for growth

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Analysing the competitive advantage of the business.................................................................3
Analysing the opportunities available to the business.................................................................4
Ansoff’s Growth Vector Matrix...................................................................................................6
Evaluation of different sources of finance...................................................................................8
Recommendation.......................................................................................................................10
TASK 2 .........................................................................................................................................11
Business Plan.............................................................................................................................11
SUMMARY...................................................................................................................................11
CONCLUSION..............................................................................................................................19
REFERENCES................................................................................................................................1

INTRODUCTION
Planning for growth is a strategic business activity which is used by the
businesses to plan and track growth of the business. It helps in proper planning and
allocation of limited resources with respect to growth opportunity. In this report, Millars
General Store Organic Lovely Foods Deli, is taken as an organization. It is a super
market chain that sell all food related products. It's products are organic and high quality
and also specializes in gluten free and vegan free products. The reason for selecting
this store is that it is looking to offer their product in an combo package in the market, by
introducing some of new product line in organization. This report covers the key
competitive advantage and opportunities available to the business and risk associated
with it. It also includes different sources of finance that can be used by business in its
expansion process and at last the formulation of business plan for scaling up the
business.
TASK 1
Analysing the competitive advantage of the business
To understand the competitiveness of the business, Porter's five forces is an
essential tool that can be used. It helps in understanding the factors that may affect the
profitability of the business and the factors over which competitive advantage can be
taken.
Competitive rivalry(Low): It refers to the level of competition in the market and number
of competitors available. Highly competitive market reduces the power and pushes
companies to lower its prices (Bruijl, 2018). Millars General store has major competition
from other small retail stores like Londis, Giddy grocers etc. providing similar products
but the new combo product that the company is introducing can give it a competitive
advantage over its competitors because of its uniqueness.
Threat of new entrants (Moderate): It refers to the force of new competitors in a
market. The lesser the time and money competitor requires to enter the market, the
more it is likely to weaken the position of the business. For establishing a small
business, the threat of new entrant is moderate for the Millars General store, as to
enter the market the amount of investment required is not so high and the regulation to

comply with are not much. So, Millars General store can currently take the competitive
advantage until competitor with similar product comes up.
Bargaining power of buyers(Less): This refers to the drive that enhances the power
of the buyer's in relation to price and quality. Millars General store is already having
huge customer base and it is the first to introduce the product with a combination of
organic chocolates, cookies and energy drinks (Shokeen, 2016). So, customers will be
having less power to drive the price of the product.
Bargaining power of suppliers(Less): This force refers to the power that suppliers
have with respect to the price and quality of the material required to produce the
product, larger the number of suppliers, lesser will be the bargaining power and visa-
versa. It is also affected by the uniqueness of the product supplied by the supplier.
Since, Millars General store is producing organic products and the material required to
make the product is easily available as there are large number of suppliers providing the
required quality material so, bargaining power of suppliers is less.
Threat of substitute products (Low): It refers to the similar products that are available
in the market which customers can switch to in place of a company's product (Sesar
and et.al, 2018). If there are no substitutes available then company can increase the
price of its products which will help in increasing the revenue and profitability. The
introduction of new combo product by Millars General store will be having less threat of
substitution as it is a combination of organic chocolates, cookies and energy drinks with
a different packaging style which will make the product the only product in the market
with no or less substitution which will help in taking competitive advantage.
From the above, it can be said that Millars General store can grab the
competitive advantage over its competitors with the introduction of its new combo
product to its existing market which will help in increasing its profitability and overall
customer base.
Analysing the opportunities available to the business
To identify the opportunities, it is essential to identify the environmental factors
that may impact the business which can be taken as an opportunity for the business
growth. So, for analysing the opportunities available to the business Pestle analysis is
used. The detailed analysis of Pestle is done below to give a clear understanding.

Political factors (Medium): This factor refers to the extent to which government
policies can impact the business or industry as whole. It includes government policies,
political stability, industry regulations, taxation policies, global trade agreements etc.
The decision by the UK to leave European Union will lead to the change in government
regulations will be impact the entire retail industry (Aithal, 2017). Profits of the Millars
General store will be affected because government taxation on goods will affect the
price of the product as cost of material and labour will also increase which will
consequently affect the customer base.
Economic factors (Less): This factor is completely dependent upon the economic
performance of the country which has a direct impact on the business and its
profitability. It includes change in exchange rate, globalization, economic growth,
disposable income of consumers, economic growth etc. These factors adversely affects
the retail industry but for Millars General store, the major factor that would have been
the change in rate of interest on financing but the company is funding its capital
requirement from its business so this factor will not affect it. So, the above economic
factors will be having less or no impact on Millars General store business.
Social factor (High): This factor refers to the consumer's taste and preferences, needs,
attitude, buying habit, lifestyle factors, educational level etc. Currently in UK, people are
more conscious about the health so they are demanding healthy and organic products
(Anatolie, 2019). These factors changes continuously which affects the retail industry.
So, with the introduction of new organic combo product will meet the customer needs
and can be used in different occasions such weddings, birthday gifts or any other
special occasions. Hence, Millars General store can take competitive advantage of this
factor.
Technological factors (High): It refers to the changes taking place with respect to the
technological advancement. In UK supermarket, the demand for innovation is very high,
especially in case of supermarket so as to provide best possible services to the
customers and increase the customer satisfaction level (Sadgrove, 2016). Entire retail
industry needs to implement relevant technologies in its store that makes it attractive to
the customers. Also, customers are interested in knowing the technology used in the
production. So, Millars General Store will be highly impacted by the this factor.

Legal factor (Low): This factors includes all the rules, regulations and other legal laws
that are required to be followed. Any change in the law will impact the business
operation. It includes labour laws, health and safety regulation etc. and if company do
not abide by any of these laws then it may lead to closure of the business. Millars
General Store has complied with all laws, specially the health and safety law as all its
products are freshly produced in-house. So, currently legal factors will have less impact
on the Millars General Store.
Environmental factor (Low): It refers to the influence of surrounding environment on
the industry. Nowadays, consumers are more aware about the environmental damage
caused by the business operations because of which government and consumers are
putting pressure on the businesses to implement strategies that will reduce its negative
impact (Çitilci and Akbalık, 2020). Businesses are working towards its CSR activities to
as their contribution towards society and environment. This factor will have very less
impact on the business of Millars General Store as it is using technology that will not
help in reducing the environmental damage and also reduces waste.
Ansoff’s Growth Vector Matrix
It is a tool used by organizations to analyse and plan its strategies for growth. It
was developed by H. Igor Ansoff. It has four strategies that can be used to expand. The
result of Ansoff matrix is a series of suggested growth strategy that can give
organizations a direction. A detail discussion is given below.
Market Penetration: In this strategy, firms tries to achieve growth with existing product
in the current market segment. The aim of this strategy is to increase its market share. It
can be done in many ways such as decreasing the price to attract more customers,
increasing promotion and distribution or acquiring the same competitor in the market
place (Murdock, 2017). It is the least risky as it leverages the existing resources and in
the growing market, maintaining the market share results in growth. But this strategy
has limits and once the market reaches the point of saturation then the firm needs to
apply another strategy to continue its growth.
Market Development: In this strategy, firms enters the new market segment with
existing product. In this new market refers to new locations, customer segments, etc.
The development of new market is a good strategy if the firm has core competencies

required (Chereau and Meschi, 2018). However, this strategy is more risky as it requires
lot of capital investment for entering new market.
Product development: In this strategy, firms develop new products for its existing
market segments. This strategy requires extensive research and development for
expansion of product range. It is also risky like market development because it involves
investing large amount in developing new product and additionally, if the product fails it
will affect the brand value of the firm.
Diversification: In this, firms grows by introducing its new products in the new market.
The firms usually adopts this strategy only when it is financially strong (Forrester and
et.al , 2019). This strategy requires extensive market research for both product and
market to be successful. In this case, both product and market segment is new so the
amount of investment will be huge thereby increasing the risk.
After analysing all the four strategies, it can inferred that Millars General Store
Organic Lovely Foods Deli should implement product development strategy for
introducing its new combo package as the company already have great knowledge
about the existing market which will enable it to provide innovative solution to meet the
needs and also its innovative way of packaging will help in reducing packaging cost and
maximizing its profits. It requires lot of investment which is the only risk factor for the
company may face. So, company needs to be financially strong to implement this
strategy.
Risk associated with product development strategy and measures to mitigate the
risk
The one of the major risk associated with product development is the change in
customers taste, preferences and desire even before the completion of the process, that
is, customers no longer have the desire to have that product. This strategy requires
huge cost even if the new product is successful, company has to face some expenses
before the new product can bring significant revenue. Another risk factor is competition,
as competitors are striving hard to bring new products in the market so Millars General
Store needs to be innovative. Next is if the product fails, then company has to absorb all
the investment without any return and may required to borrow to meet the expenditure
(Johnston Kevin, 2019). Despite of having number of risk it is important to note that

companies adopt this strategy by undertaking all the measures that can be used in
mitigating the risk. First is shortening the time span of product development so that
products can be introduced in the market while they are still in demand or before
customer tastes and needs changes. Second is setting the benchmark which will help in
measuring the progress while creating product and each benchmark should be having
quality component in it. Third is the new product should be innovative and differentiating
from its competitors which will help in reducing the competition. So, all these steps can
be taken by the Millars General Store to overcome the risk associated with the product
development strategy.
Evaluation of different sources of finance
There are different sources of finance that can be used by the organizations to
meets their financial needs are stated below.
Bank loan: It is the amount of money that is borrowed from bank for a specified period
of time with an agreement of repayment (Bank loans. 2019). Many businesses use bank
loan as a source of finance. The repayment amount depends upon the size and
duration of the loan and the prevailing rate of interest.
Pros:
 The rate of interest is fixed for the term which let the borrower know the amount
of repayment throughout the term of the loan.
 Loan can be tied to the assets for which amount is borrowed. Timely repayment of loan can improve the business credit score.
Cons:
 The bank may not provide entire amount based on business financial situation.
 Default in repayment may lead to seizing of collateral security or fall in credit
score.
 It also charges certain amount if amount of loan is required to be repaid before
the end of the term.
Owner's Fund: The most effective way of financing the business is the owner's funds
as it is provided by the owner of the business (Benczúr, Karagiannis and Kvedaras,
2017). It also includes profits of the business that can be reinvested.
Pros:

 It reduces time spent on finding different sources of funding.
 Personal financing don't require can payback and payment of any interest. It will help in prioritizing business expenditure and helps in avoiding excessive
spending.
Cons:
 It may cause financial crisis over the family in difficult times.
 If the business fails, it may lose all the personal belongings or left with no money.
 It may also affect the personal relations if borrowed money from relatives.
Venture capital: It is one of the sources of financing in which investors invest in start up
companies or small businesses that are having potential for long term growth (Chen
James, 2019). This capital comes from well off investors, investment banks and other
financial institution. It can be in the monetary form or any managerial expertise.
Pros:
 It is helpful in building connections in the business community.
 No need to repay the amount if business fails. It provides guidance and valuable insights which can be beneficial for the
business.
Cons:
 In return for investment, it requires stake in the equity of the company.
 It is a long and complicated process as VC analyse the detail plan before
providing investment.
 Some VC requires high return on investment within 3 to 5 years which may
cause stress to the borrower.
Equity financing: It is a process in which funds are raised through sale of shares.
Companies mostly uses this method to meet their short term needs such as bills
payment or any other expenditure (Banton Caroline, 2019). It can also be used in long
term needs for the expanding the business. By selling shares, company sells the
ownership of the company in return of cash.
Pros:
 It is a permanent source of finance and can only be repaid at time of winding up
of business and it reduces burden.

 No obligation to pay dividend as amount is not fixed and company can pay no
dividend or less dividend as it wishes. No need to have good credit score as companies with poor track record finds it
difficult to get funds so equity financing is the best way to gather funds.
Cons:
 It is little complicated as it requires to comply with statutory requirements.
 It is a high cost of funding because investors expects higher rate of return.
 No benefit of tax shield as dividend distributed are not tax deductible expense.
So, after analysing the various sources of funding it can be said that Millars
General store lovely food Deli should use owner's fund as a source of financing as this
will not create any liability over the business as business profit are reinvested in the
same business. It can be used for longer duration without any need for repayment. Also,
the financial position of the business is good to meet its funding needs, it will also not
consume time in getting the funds.
Recommendation
 Millars General store should conduct extensive market research that will help in
identifying the market needs, trends, preferences, taste before introducing the
new product.
 It should market its products based on its benefits and its uniqueness as
compared to its competitors.
 Different marketing and promotion and distribution techniques should be used to
make the product available to all the target customer base.
 The company should provide sample of its product to the customers to try it
before buying and also ask for feedback on how to improve its products.
 It should attract its customers based on the USP of the product and should
highlight it in it's every promotional activity.

TASK 2
Business Plan
SUMMARY
Millars General store lovely food Deli is a supermarket chain used to offer variety
of Health-conscious food, seasonal produce, vegan-friendly products & other staples. Is
looking to offer their product in an combo package in the market, by introducing some of
new product line in organization. Combo package will includes organic chocolates,
organic cookies and organic energy drink. All the goods of Millars General store combo
will be just packaged in a primary packaging for as initial packaging and after that all the
good will be packaged together in secondary packaging. Applying this will help
company in reducing packaging cost of company and maximizing profit margin of
company. Also, it will help Millars General store in selling product in large number as
compare to past. All the three new product of the company will be introduce in the name
of organization and will be promoted in the name of organization and brand value of an
organization.
OBJECTIVE
To increase the sell and revenue of company by 20 and 15 percent receptively in
coming 1 year by the way of launching company products in combo.
SWOT
Swot analysis is a study undertaken by an organization to identify the internal
position of a company by knowing the strength and weaknesses of a company. Also
swot analysis helps the company in knowing different opportunities and threat present in
the market.

Strength
Goodwill: Millars General store is able to maintain a good goodwill in the market
with the help of good quality of product being offered by company in a market. This
eventually help company in variety of different marketing activity of company and also
help company in maintaining and retaining the customer for longer period of time.
Financial Position: Millars General store is also having good financial position
in the market due to successful operation of business in past. This eventually help the
company in getting sufficient resources to invest and procure new assets in an
organization or to dealt with many different difficult situation in future.
Weakness
Profit margin: As Millars General store used to dealt in heavily competitive
market, organization used to offer the product of company at minimum profit to be
competitive in the market. This strategy of company used to impact the revenue of
company in long run of a business.
Outdated Technology: It has been also seen that Millars General store uses
outdated technology to carry out the operation of the business. This eventually used to
has very negative impact on the efficiency of a business in long run.
Opportunity
New Technology: Millars General store can use a updated technology to
manufacture new product in an market. As needs and wants of customer in the market
generally used to change on regular basis. Using new technology to develop customer
friendly product will eventually help the company in satisfying customer need
successfully. As company is having good financial position, company can easily procure

new technology. Millars General store will be buying new resources to increase the
product line in the market.
Expansion: Organization also can expand their business by opening new
branches of store in the nation or in another nation as well to improve customer base of
company (Yue and Peng, 2018).
Threat
Competition: Millars General store used to dealt in heavily competitive market.
As there are many big companies like Tesco, Asda and Sainsbury which also used to
dealt in the same market and used to offer way better product line to the consumer in
the market.
Legal policy: There are many different laws and regulation which has to followed
by all the organization. This eventually used to impact the efficiency of business in the
long run of business.
PESTLE ANALYSIS
PESTLE analysis is a framework or tool used to analyse and monitor the macro-
environmental factors that may have a profound impact on an organisation's
performance.
Political factor: This factor is at positive side for Millars General store, as there
is good sort of political stability in UK. This eventually help the company in staying with
the same organizational policy for longer period of time. Also as organization used to
offer organic product it used to get good support from political party. As political party in
UK used to promote healthy food.

Economical Factor: This factor is also at the positive side, as inflation rate and
interest rate in UK is in the favourable side which used to help the company in getting
financial resource at their comfort. Also, it help the company in planning different future
activity efficiently in the organization (Phadermrod, Crowder, and Wills, 2019).
Social factor: This factor is not that favourable for Millars General store, as need
and preference of customer in the market used to change on the regular basis. This
eventually get difficult for organization to develop the product which can satisfy need of
consumer of all the consumer in the market. As expanding business on regular basis is
difficult for small business.
Technology factor: This factor is not that favourable, as technology used to
change on regular basis and it get difficult for organization to choose the best
technology to carry out the different operation of the business.
Environment factor: This factor also used to create the variety of issue for the
organization. To overcome the same organization uses the environmental friendly
packaging to package the product of the company in the market. Also, has installed filter
chimney at production centre of organization.
Legal Factor: This factor is also not on the favourable side, as there are many
regulation such as minimum wage rate and employment policy which has to be compile
by organization. This sometime used to impact the efficiency of performance in an
organization.
STP
Segmentation: Segmentation is the process in which organization used to
segment customer in different group on the basis of some Millars General store will be

segmenting the customer on the basis of customer feedback and on the basis of age
group of customer. This will be done by organization by taking help of third party
organization, who used to have good amount of customer data in the market (Corban
and et.al., 2019).
Targeting: Millars General store will be targeting the customer base with the
age group of 11-40 years. As this is the age group in which the demand of cookies,
chocolates and energy drink are most as compare to the other segmented group.
Organization will also look to target 40-50 year age group customer in the market. As
this group customer also used to consume this sort of product.
Positioning: Millars General store will be positioning the product of company by
the way of using combination of marketing tool. Company will be using social media
marketing as a primary tool to promote the product of company in segment of 11-40
years customer. Also organization will be using newspaper advertisement and media
advertisement to position company product in the market.
COMPETITOR ANALYSIS
Basis MILLARS
GENERAL STORE
LONDIS GIDDY
GROCER
Product line Millars General store
is specialized in
selling organic
product in the
market. As
organization used to
Londis generally
used to offer own
branded groceries in
the market. Product
line of company is
good enough to
Giddy Grocer, has
less number of
product in their
product line. As they
are specialized in
produce, cheeses,

offer variety of
different type of
organic product for
consumer in the
market.
attract the customer. breads and wine.
Pricing Screaming pricing
method is generally
used by Millars
General store at the
time of introducing
new product.
Penetration pricing
method is the
method which is
used by Londis.
Giddy grocer also
uses screaming
pricing method as a
primary pricing
method to sell their
product in the
market.
Marketing Millars General store
generally uses local
marketing tool to
promote the product
of company in the
market. They invest
very heavily in the
marketing activity of
an organization.
Londis generally do
not invest that
heavily toward the
marketing activity of
an organization.
They only take help
of personal referral
as a marketing tool.
Giddy grocer uses
the combination of
marketing tool to
promote the product
of company in the
market.
MARKETING MIX

Product: Millars General store will be offering one main product in the name of
combo product. This product will include three new sub product of company
(Aderounmu and Adepoju, 2019). All of this three product of company will be on the
organic side, as company is specialized in offering organic product in the market. All of
this product will be manufacture with the help of updated technology and organization
will make sure that good level of quality is maintained at the time of developing new
product in an organization.
Prices: Millars General store will be using screaming pricing strategy as a
primary pricing strategy to sell the product of the company in the market. In this strategy
company will be keeping the price of combo at lower rate at initial stage to attract the
eye of customer and will raise the price of the product after some time.
Promotion: Millars General store will be promoting the product of company by
the way of using combination of promotional platform to promote product of company.
Millars General store will be using combination of both social media marketing and
media advertisement as a promotional platform to promote the product of company in
the market.
Place: Millars General store will be introducing new product of company in the
local market of London with the help of company own store. After seeing the result of
new product, company will be considering option of indirect distribution as well.
Packaging: Company will be packaging all the three product of company in the
primary packaging. For cookies and chocolates company will be using recycle wrapper
to package the product at primary stage and for energy drink company will be using

can. After that company will be packaging all of these three product together with the
help of secondary packaging.
People: Millars General store will be hiring new and multi skill employee in an
organization to overcome the different issue or difficulty which will be created by new
technology.
Physical Evidence: Company will be using the brand name and logo to promote
the product of company in the market. This will help the consumer in differentiating the
product of company with other company product (Stead and Hastings, 2018).
BUDGET
Particulars Cost
Advertising activities ( using print media
and social media )
$ 50,000
Human resource $ 15,000
Packaging and labelling $ 20,000
Production cost $ 40,000
Supply chain management $ 25,000
Total $ 150000
CONTROLLING
To control different activity of an organization, Millars General store will be using
two type of controlling technique. First technique will be direct supervision and
observation, in which quality team of organization will look at the different operation of

business on a regular basis and try to overcome the different issue faced in carrying out
that operation. Another technique which will be used by organization will be break even
Analysis, in this technique organization will be ascertaining the break even point of
organization beforehand itself and will target to achieve the same as first priority (Serrat,
2017).
MONITORING
Millars General store will be monitoring the performance of business on the
basis of the benchmarking tool, in this tool organization will be setting the predetermine
standard which need to be achieved by the organization beforehand itself. On the basis
of same organization will be comparing the actual performance of business with the
already setup standard and will try to find out deviation in between them. In the end will
take different decision to minimize the gape of deviation.
Millars General store will also be using balancing scorecard as a monitoring tool
to monitor different activity of organization. In this technique organization will be
maintaining the scorecard and will compare the scorecard of two time interval to decide
the further step in an organization.
CONCLUSION
From above analysis, it can be summarized that planning is essential for growth
and expansion of the business. Different tools can be used such as Pestle analysis and
Porter's five forces model to identify the competitive advantage and opportunities
associated with the growth of the business. The Ansoff's growth matrix has been used
to identify the strategy that best fits the requirement and also identifying the source of
finance that can be used by Millars General store lovely food Deli, in its business
expansion plan based on its current financial situation. Also recommended actions that
can be taken undertaken to achieve success. At last, a business plan is developed
which is a practical application of the report prepared. Millars General store lovely food

Deli, has grabbed the market opportunity by introducing the combo product which is
combination of chocolate, cookies, and energy drink, all organic that can give a
competitive advantage over its competitors.

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