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Assignment Briefs 10-03-2024

LO1 Analyse the key factors that SMEs should consider when evaluating growth opportunities

Assignment Brief

Unit 53: Planning for Growth

Unit Number and Title

Unit 53: Planning for Growth

Assignment Title

Planning for Growth

 

 

The submission is in the form of a strategic management plan report. This should be written in a concise, formal business style using 1.5 spacing and a font size of 12. You are required to make use of headings, paragraphs, and subsections as appropriate and ensure that the report is justified and aligned. All work must be supported with research and referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. The recommended word limit is 4,000–4,500 words, although you will not be penalized for exceeding the total word limit.

Unit Learning Outcomes

LO1 Analyse the key factors that SMEs should consider when evaluating growth opportunities

LO2 Evaluate the various methods through which organisations access funding and when to use different types of funding.

LO3 Create a business plan to communicate a growth strategy in a business to the relevant stakeholders.

LO4 Assess the various ways that a small business owner can exit the business and the implications of each option

 

Scenario

You are working as the Junior Business Development Manager at Sam`s Chicken,  British Fast Food retail chain. Sam’s Chicken started its operation in 1990, with its first restaurant opened in Wealdstone, Harrow.

It has expanded to 15 outlets nationwide, though its main presence is in London. Sam`s Chicken offers a variety of chicken-based menu items, including wings, drumsticks, and fillets, as well as sides such as fries, onion rings, and coleslaw. The chain`s menu also includes burgers, wraps, and salads for customers looking for alternative options.

Sam’s chicken would like to expand further. Asia and Africa are attractive markets for fried chicken. As the Junior Business Development Manager at Sam’s Chicken, you are required to examine the growth opportunities for Sam’s Chicken in any one of the Asian or African countries of your choice. You are asked to research and present a report.

Linking competitive advantage with opportunities for growth, analyse the key factors that Sam Chicken should consider. Evaluate these opportunities by applying Ansoff’s Matrix or Porters.

Using Pestle analysis AND the Product life cycle, critically evaluate the opportunities for growth to establish an understanding of the competitive advantage at Sam’s Chicken. You should justify at least 2 options and pathways each with identified risks and how they can be mitigated (Benefits and Drawbacks).

Critically evaluate at least three potential sources of funding available to Sam’s Chicken e.g., venture capital, angel investors, and Loans and provide advantages and disadvantages linked to each source. Present a justified argument for the recommended source(s) stating how Sam’s Chicken would benefit from it.  

Develop a comprehensive and in-depth business plan for growth and investment, setting out strategic objectives and strategies to meet Sam’s Chicken stakeholder needs and expectations.

Business owners need to have plans on how to exit the business if the strategic situation arises. Provide a critical evaluation of possible exit or succession options for Sam’s Chicken, with justified recommendations to support effective exit or succession. You should assess and compare the benefits, and drawbacks of the exit or succession i.e., selling or floating the business, valuing, going into administration, or declaring bankruptcy.

Assignment Guidelines

a) Submit a soft copy to Turnitin on the submission date. Use a normal script with a proper font size of 12.

b) Attach the front sheet of this assignment brief to your work for assignment submission with signatures on the statement of authenticity.

c) Assignments submitted after the deadline will not be accepted unless the Extenuating Circumstances Form is submitted with third-party evidence.

d) Collusion and Plagiarism must be avoided. Collusion and Plagiarism must be avoided. (For further details please refer to Academic Misconduct Policy and Procedure, Plagiarism Handbook, all available on Moodle)

e) Start each answer on a new page and pages should be numbered. Highlight each question clearly.

f) Include a Bibliography at the end of the assignment and use the Harvard referencing system.

g) All work should be comprehensively referenced, and all sources must be fully. acknowledged, such as books and journals, websites (include the date of visit) etc.

h) To pass you need to address all the LOs and meet all the Pass (Ps) criteria within the LO.

i) To get merit, you need to address the characteristics of Pass and achieve M1, M2, M3 and M4

j) To get a distinction, you need to address the characteristics of Pass, Merit and achieve D1-4.

Recommended Resources

Textbooks

JOHNSON, G. et al (2019) Exploring Strategy: Text and Cases.12th Ed Harlow: Pearson.

KIM, W. C. and MAUBORGNE, R. (2015) Blue Ocean Strategy. Expanded Ed.

Boston: Harvard Business Review Press.

ROTHAERMEL, F. (2018) Strategic Management. 4th Ed. Maidenhead: McGraw-Hill.

Websites

www.businessballs.com

Business Balls

Strategy and innovation

(General reference)

www.businesscasetudies.co.uk             

Business Case Studies                                               

Case studies                                                

Strategy

(Resources)

www.corporatefinanceinstitute.com      Corporate Finance Institute

                                                               Resources

                                                               Knowledge

                                                               Strategy

                                                               (General reference)

 

www.strategy-business.com                  Strategy and Business

                                                               Strategy

                                                               (General reference)

Learning Outcomes and Assessment Criteria

Pass

Merit

Distinction

LO1 Analyse the key factors that SMEs should consider when evaluating growth opportunities

D1 Justify specific options and pathways for growth, taking into account the risks of each option and how they can be mitigated.

 

D2 Devise potential sources of funding, with a justified argument for the adoption of a particular source or combination of sources, based on organisational needs.

 

D3 Present a coherent and in-depth business plan that demonstrates. knowledge and understanding of how to formulate, apply and achieve business. objectives successfully.

 

D4 Provide a critical evaluation of exit or succession options for a small business, with justified recommendations to support effective exit or succession.

P1 Analyse key considerations for evaluating growth opportunities in an organisational context.

P2 Evaluate the opportunities for growth, applying an appropriate management tool.

M1 Critically evaluate the options for growth, using a range of analytical frameworks to demonstrate the understanding of competitive advantage in an organisational context.

LO2 Assess the various methods through which organisations access funding and when to use. different types of funding.

P3 Assess the potential sources of funding available to businesses, in given organisational contexts, addressing the benefits and drawbacks of each source.

M2 Critically evaluate potential sources of funding for the adoption of an appropriate source/s of funding for a given organisational context.

LO3 Develop a business plan to communicate a growth strategy in a business to the relevant stakeholders

P4 Design a business plan for organisational growth that includes financial information and strategic objectives for a business.

M3 Develop an appropriate and detailed business plan for growth and securing investment, setting out strategic objectives and strategies to meet stakeholder needs and expectations.

LO4 Assess the various ways that a small business. the owner can exit the business and the implications of each option.

P5 Assess exit or succession options for a small business, addressing the benefits and drawbacks of each option.

M4 Compare exit or succession options for a small business to make valid recommendations.

Sample Answer - Plagiarised

Introduction

Sam`s Chicken, established in 1990 and based in Harrow, has successfully expanded to 15 outlets across the UK, with a significant presence in London. With its diverse menu focused on chicken-based items and complementary offerings, the company is well-positioned to explore international markets for further growth. This report will analyse the key factors Sam`s Chicken should consider when evaluating growth opportunities, particularly in the Asian market, using Ansoff’s Matrix as a strategic framework.

Key Factors to Consider for Growth

  1. Market Research and Consumer Preferences
    Understanding local consumer preferences is crucial. Each country in Asia has unique tastes and cultural influences that can affect the acceptance of Western fast food. For instance, in countries like India, dietary restrictions due to cultural or religious beliefs may require modifications to the menu. Conducting thorough market research to identify regional preferences can help tailor offerings and marketing strategies.

  2. Competitive Landscape
    An analysis of local competitors is essential. Established fast-food chains and local eateries may already have strong market presence. Understanding their strengths, weaknesses, and market strategies will help Sam`s Chicken position itself effectively. This involves assessing pricing strategies, product offerings, and customer engagement practices.

  3. Regulatory Environment
    Each Asian country has its own set of regulations regarding food safety, business operations, and franchising. Navigating these regulations is critical for successful market entry. Compliance with local laws and standards will help avoid legal issues and ensure smooth operations.

  4. Supply Chain and Logistics
    Establishing a reliable supply chain is vital for sourcing quality ingredients and managing costs. Understanding local supply chains, potential partnerships with local suppliers, and logistics will facilitate effective operations. This may also include considerations for distribution channels to ensure timely delivery and service efficiency.

  5. Brand Positioning and Marketing Strategy
    Effective brand positioning tailored to the target market is necessary for successful penetration. Sam`s Chicken must develop a marketing strategy that resonates with local customers, utilising local influencers, social media, and community engagement initiatives to build brand awareness.

  6. Financial Considerations
    Evaluating the financial implications of expansion is crucial. This includes understanding the initial investment required, ongoing operational costs, and potential return on investment (ROI). A thorough financial analysis will support informed decision-making regarding market entry and scaling operations.

Application of Ansoff’s Matrix

Ansoff’s Matrix provides a framework for assessing growth opportunities by considering market penetration, market development, product development, and diversification. Below is an evaluation of potential growth strategies for Sam`s Chicken in an Asian country, such as India.

  1. Market Penetration
    This strategy involves increasing market share within existing markets. For Sam`s Chicken, this could mean enhancing marketing efforts in regions where it already has a presence or improving customer engagement to encourage repeat visits. This approach is lower risk and focuses on maximising the current market.

  2. Market Development
    Expanding into new geographic markets within Asia, such as tier-2 cities in India, aligns with this strategy. This may involve opening new outlets in these cities or targeting new customer segments, such as health-conscious consumers with tailored menu options.

  3. Product Development
    Introducing new products tailored to local tastes can attract a broader customer base. For instance, Sam`s Chicken could offer regional variations of its menu items, such as spicy chicken wings or vegetarian options, to cater to local dietary preferences and expand its appeal.

  4. Diversification
    Although this strategy carries higher risk, Sam`s Chicken could explore related ventures, such as partnerships with local food delivery services or introducing a line of packaged sauces. This would allow the brand to tap into new revenue streams while leveraging its existing brand equity.

Continued....
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