Write approximately 1,250-1,500 words explaining the company's growth strategy, as well as product development and competitive strategy.
Since the entrepreneurship idea is a service targeted at young professionals, as opposed to a product, also explain the service's competitive strategy.
Competitive Business and Growth Strategy
How is the company going to compete in the market?
Briefly introduce the reader to the industry context of the business. This section should be brief and highlight the main facts and developments.
Present the current status and prospects for the industry in which the proposed business will operate.
• Where does the business intend to position itself in the industry environment (e.g. the value chain), and why have you chosen this position?
• Business model: Will the business compete on price, service, quality, convenience, new features and benefits, by targeting a very specific area of the market (niche), etc? How is this difference compelling to the target customer/buyer and/or to other key stakeholders?
• Protection: outline any intellectual property strategy or otherwise explain how the business will acquire and protect market share.
• Growth: How do you envision upscaling from your first target segment(s) to additional ones?
• Are there any strategic challenges posed by the industry, and how does the company intend to address them?
• Describe briefly any competing products, new entrants or exits, regulatory issues, trends or new developments that could affect the business either positively or negatively.
Describe the nature and extent of any design and development work and the time and money required before your product or service becomes marketable.
Design and development might be the engineering work necessary to convert a laboratory prototype to a finished product; the design of special tooling; the work of an industrial designer to make a product more attractive and sellable; or the identification and organization of employees, equipment, and special techniques, such as equipment, new computer software, and skills required for computerized credit checking, to implement a service business.
• Describe the current status of each product or service and explain what remains to be done to make it marketable.
• Describe briefly the competence or expertise that your company has or will require to complete this development.
• List any customers or end-users that are participating in the development, design, and/or testing of the product or service. Indicate results to date or when results are expected.
• Outline the budgeted costs of development work, including labour. materials, fees and so on.
• Identify any major anticipated design and development risks and define approaches to their solution.
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1. Growth Strategy
strategic goal is to have a nation-wide presence within five years, and the company plans to use a combination of company-operated branches and franchising to achieve this goal. Since goDining is a niche business primarily targeting young professionals, we’ll launch our operations in Oxford before spreading our branch network to other young people-friendly cities such as Nottingham, Bristol, Coventry and Cardiff within the next few years. Our goal is to focus on cities with populations ranging from 150,000 to 500,000 in the early years before moving to cities with larger populations (Mendelsohn, 2013). This will give the business an opportunity to grow its brand organically.
The ultimate goal of goDining is to have a wide network of branches throughout the UK, and to achieve this, the company will expand to different cities over the next five years. The main conditions for choosing a city will be suitability for young professionals and population size with low populated cities being preferred in the first few years before moving to cities with bigger populations later. This growth strategy will ensure that goDining perfects its processes...
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