You are on page 1of 34

PLANNING FOR GROWTH

1
Table of Contents
Introduction ..................................................................................................................................... 3

LO1 Analyze the key considerations SMEs should consider when evaluating growth
opportunities. .................................................................................................................................. 4

Analysis of the key consideration involved in the growth opportunities and its justification within
the organizational context. (P1) ...................................................................................................... 4

Evaluation of opportunities for growth of the business using Ansoff’s growth vector matrix (P2)
....................................................................................................................................................... 10

LO2: Assess the various methods through which organizations access funding and when to use
different types of funding.............................................................................................................. 13

P3: Assessment of the potential funding sources available to the business and discussing the
drawbacks and benefits of each source ......................................................................................... 13

LO3: Develop a business plan (including financials) and communicate how you intend scaling
up a business ................................................................................................................................. 17

P4: Designing of a business plan that includes the business growth using the strategic objectives
and financial information .............................................................................................................. 17

LO4: Assess the various ways a small business owner can exit the business and the implications
of each option. ............................................................................................................................... 27

P5: Assessment of succession or exit options for the small business while explaining the
drawbacks and benefits of each of the available options .............................................................. 27

Conclusion .................................................................................................................................... 32

References ..................................................................................................................................... 33

2
Introduction

Entrepreneurship phenomenon is not solemnly dependent on the isolation as it involves various

factors. The growth of the SMEindustry is mainly dependent on the certain environmental

conditions as well as economic factors input. This report mainly focuses on the growth factors

involved to run the SME business successfully. A business firm namely Rebellion Developments

has been considered into account to analyze the market growth. The development and growth of

the entrepreneurship business consider the analysis of the macro and micro factors like the

greater mobility of capitals, economic and financial factors limited to the liabilities, tax

incentives and low taxes, good banking with easyavailability of the credits, lower labour costs,

political biases and many others. These factors will be discussed ina very brief manner such that

the company will be able to focuson the main areas of its development.

3
LO1 Analyze the key considerations SMEs should consider when evaluating growth

opportunities.

Analysis of the key consideration involved in the growth opportunities and its justification

within the organizational context. (P1)

Gaining competitiveadvantageis considered as a key foundation for the business growth. This

includes an individualfirm’s capabilities, core competencies and available and existing resources.

The main routes of growth options involved in the business process have been discussed in the

below framework.

SWOT of Rebellion Developments

Strengths Weaknesses

 The well establishedgame designer company  Not much effective to adopt new technology
established in the UKbyhaving customers more with immediate effect
than 10 million
 Having a strong reputation in Market
 Partnership in the value chain acts as potential
franchising for expanding the business across
the globe.
Opportunities Threats

 Exploiting the digital platform and technology  The threat of tough competition from Rubicon
helps in generating desired growth also Genomics and Swift Biosciences
expands the network.
 Collaboration also helps in achieving desired
business growth.
 Vertical and horizontal integration will make
the organization to gain support from the
investors.
Table 1: SWOT of Rebellion Developments
4
(Source: Created by the Researcher)

Above SWOT analysis justifies that organisational growth mainly dependable on its internal

environment.

PESTLE of Rebellion Developments

Competitive advantage can be linked with the growth opportunities while analyzing the business

firms external and internal environment analysis. Toanalyze the Rebellion Developments

Limited’s external environment, the PESTEL framework can be applied.

Political Factor:

Rebellion developments are mainly affected by the UK's political decisions. The fluctuation in

the government and the changing tax rates are politically affecting factors for the organization.

Economic Factor:

Debt and equity are considered as the two major sources of financing for the business.

Government grants to the fiancé also considered as one of the aspects of business funding option.

An incentive available in order to locate particular communities and to encourage the activities

of the particular industry is another available option. From the above combination of source

helps the Rebellion Developments Limited’s business firm to gain funds in case of emergency.

The GDP growth in the company is also one of the factors impacting the growth of the business.

Social Factor:

Socio-cultural factors also find outs the customer’s interests in the particular geographic areas.

The newly introduced and adapted practices must suit the new geographic market and product.

5
Larger organizations like Rebellion Developments Limited’s can also choose another business

entirely to acquire and achieve diversification. In order to introduce the diversification for

gaining market growth of the respectivebusiness, it is important to establish a brilliant supply

chain.

Technology Factor:

Technology change and growth of mobile devices and the internethave brought changes in the

generated revenue of Rebellion Developments Limited’s. Technical and economic factors also

state the organization's capabilities and available resource that in turn raises the organizational

performance.

Legal Factors:

This organizationhas been registered in the UK company act 2006.As Rebellion Developments

Limited’s operates globally, it is utmost important for an organization to look after the political

and legal factors involved in respective countries. It states the government’s intervention in the

economy.

Environmental factors:

Rebellion Developments Limited’s is so cautious about the environmentand also certified under

ISO 2000 and 14001.

Analyzing these above factors will help the organization to bring innovation in production

marketing procedures.

6
Figure 1: PESTLEAnalysis

(Source: Kim Moore, 2018)

Porter’s Five Forces of Rebellion Developments

In order toachieve the core competencies, the generic strategy namely porter’sthe five-force

model will be considered into account. Below figure depicts some of the key basic areas

involved in the model to achieve the competitive advantage. Rebellion Developments Limited’s

needs to follow all of the strategies in order to achieve business growth compared to other

competitors.

7
Figure 2: Porters five force model

(Source: Kim Moore, 2018)

The threat of Buyers:

Threat of buyers has been seen due to raising of competitors in the existing and new market.

The threat of Suppliers:

Bargaining power of suppliers is the major threat for the organization. This, in turn,impacts the

companies finance while raising the price of manufacturing parts.

The threat of new entrants:

In the existing market threat of new entrants is a major affecting factor for business growth.

8
The threat of substitute products

Substitution of products and services by the new entrants is another threat for the organization.

Rivalry Firms:

In the UK, gaming companies are grooming in a faster rate. In order to compete with these

growing companies, the Rebellion needs to update the technology and its marketingstrategy.

Competitive advantage:

In order to increase the market share, the business firm ofRebellion Developments Limited must

attract the new customers into business compared to its competitors. The existing customers of

the companies are the school going children’s and the teenagers. The potential investors can

fulfil the extra funding needs of the organisation in order to produce more gaming devices.

Utilising this opportunity will make the business firm to generate desired revenue for the

organisation.

Growth options:

In order to achieve the business objective successfully the Rebellion Developments Limited’s

needs to bring innovation tothe gaming platforms. Smartphone needs to be chosen as a platform

to run the games,andAndroid enabled needs to be givenpriority. Online games are needed to be

soldata reasonable price such that more customers will be taken under the business. As the

purchase of the products rises,it will drag more investors into the business. Thrilling children’s

fictions and horrors books are more sold in all areas of the globe. The Rebellion Developments

Limited needs to produce more volumes inthe market. In the next two months of the time, more

volumes of books and games need to be produced using the existing funds. It is highly

9
recommended for the business firm to utilize the overdraft facility arrangements available to the

bank. It has been seen that the company has an overdraft facility arrangements of 20 million

pounds in its account. This amount has never been utilised previously, hence it is highly

recommended for the company to utilise it right now for expansion of business growth.

Collaboration:

Diversification needs to bring in the product designing based on the consumer’s preferences

(Engelet al. 2017). Though there are, risks exist in the diversification process, while adopting the

costs carefully will deliver the desired benefits. The business can be expanded while selecting

the options like joint ventures, partnerships and acquisition and merger. This is the organisation

can follow one of the best possible marketing strategiesto create more shared decisions. Possible

management can be established through the process of partnership. Resolving staff issues can be

one of the clear advantage factors in the joint venture process. Successful Corporation will

deliver more resources, large skills, shares managerial loads and enhances the bigger pool of

contacts.

Evaluation of opportunities for growth of the business using Ansoff’s growth vector

matrix(P2)

In the case of running a business or expanding, it on globally the options like is best returns from

the considerable investments will be considered into account. In this regard for the business

name, Rebellion Developments Limited’s development and growth the Ansoff matrix

strategywill be analyzed. As per the comment of Kim Moore (2018), Ansoff matrix is a great

tool that helps in determining the business growth strategy,and it is known as a market/product

grid.This tool shows four of the growth options while matching up the new and existing products

10
with the new or existing marketing plotting it in the matrix. This matrix also helps in

highlighting the associated risks involved in the business opportunities. Ansoff matrix is can also

define as a marketing tool that examines the existing markets and products of the organization

and also shows the products that need to be entered into the current market based on its current

trend. The growth strategies of Ansoff matrix Strategy tool has been classified into its four main

categories that are illustrated below and depicted in the shown picture.

Figure 3: Ansoff’s growth vector matrix

(Source: Kim Moore, 2018)

Market penetration

Based on the market penetration, the Rebellion Developments Limited has needed to sell more of

its products to its existing customers. In order to do this business needs to find some of the

innovation strategies to increase the customer's loyalty as well need to focus on growing the

customer lifetime values. The order process for the Rebellion Developments Limited’s can be

11
improved while making it easier for the customers while extending the business hours and also

making some of the adjustments to improve the offerings via long-term appeals.

Market development

In order to make market development, it is important for Rebellion Developments Limited is to

attract new customers towards the existing products. New customers need to be identifiedby

geographic locations and are based on the entirely new demographic areas. New campaigns need

to be established such that different sales channels will attract all categoriesof customers.

Product development

Product development is also one of the main tasks involved in the business growth. Bringing new

variations and creating new products for the existing and new customers will enhance the

business growth. It is very important for Rebellion Developments Limited’s to look after the

aesthetic appeal and improvement of the products in all possible ways. As stated byNason and

Wiklund (2018),the new development will be influenced by the customer’s feedback.

Diversification

Diversification strategy considers the highest risk strategy,and that involves selling new products

to the new markets. It is very important for Rebellion Developments Limited is to hire a good

strategic manager and marketing consultant to look after the diversification move. Dmitrievaet

al.(2017) stated that diversification would work well in case the market is already well

established and gained brand positioning in the market.

12
LO2: Assess the various methods through which organizations access funding and when to

use different types of funding

P3: Assessment of the potential funding sources available to the business and discussing the

drawbacks and benefits of each source

Financing is an important factor invested in the business to expand it or to establish the new

business (Cohenand Munshi, 2017). There are several sources can be available to consider while

looking after the start-up finance. Whetherthe organisation has opted for the angel investor, bank

loan, business incubator or government grant, each of the available funding sources has its

advantages and drawbacks. These factors certainly evaluate the business performance. Below

typical sources of funding are illustrated with respective drawbacks and advantages.

I. Venture capital

Venture capitalists are the investors those who put a considerable amount of money in the

exchange of equity in the business. They get returns when the running business firm acquired by

another company or goes to the public. A venture capitalist is all about generating a huge amount

of money and only invests in such businesses that have potential good returns from

theinvestments (Clarket al. 2017). Venture capital also helps the technology-driven business as if

Rebellion Developments Limited has to raise the fund. Venture capitalists help in case of

carrying out the higher risk projects through taking charge of equity position (Pesonen, 2017).

They focus on major interventions and needs a large amount of financing in order to establish in

the market.Venture capitalists offer mentorship and expertise to developthe business. They also

provide the potential amount of funding.Venture capital funding also gives the business firm

immediate credibility and also opens the door for the wide network of future partners and

13
investors.A large chunk of business will be needed to give up due to a significant amount of

provided funding.

II. Bank Loans

Bank loans are consideredas popular sources of funding for all circumstances. In order

toadoptthe bank loan, it is utmost important to go for available options like the rate of

interests.This is one of the easily available funding sources for all kind of business.Based on

thecompanies need several funding options are available like, the funding options and the

process is very quick in nature in case the organisation meets the criteria. There is no need of

giving up the business control in this funding source. A lot of documentationis required. This

process is time-consuming and much tiring. The money needs to be paid back to the bank

whether the business is failed or successfuland failing of repayment will lead to loss of the

assets.

III. Small Business administration Loans

This mainly involves funding from the devoted government administrations in order to assist the

business to be successful. It helps the basic relationship between the borrowers and lenders.

Increased chances of obtaining any banks loan in case these loansare managed properly. Strictly

needed to follow the qualifications if the guidelines.

IV. Angel investors

Angel investors are thepersonnel who provide funding in exchange for the equity shares of the

business. They offer valuable guidance and advice as they are into the same industry. There are

flexible business terms. To some extent, there is a force to give up the control over the business

14
V. Crowdfunding

Crowdfunding is a process of taking a smallnumber of capitals from the set of people via the

internet source. Thiscan be donethrough word out the business using social platform with the

goal to attractinvestors that are more new. There is a potential for expanding the business

througha pool of investors who can raise funds. It requires dedication and time before realising

the results.

Payback method

Following this process, the company has chosen the time frame of two years in order to gain the

invested original amount. The cash flow statement has been recoveredwithin the given period.

(Stachowiak-Kudłaand Kudła, 2017)

Net present value method

Net present value method has been used to determine the profitability of the organization.While

summing the capital costs, annual cash flow and initial investment, this is derived.

15
(Stachowiak-Kudłaand Kudła, 2017)

Financial needs of the business varyby the size and type of the business firm. Processing of the

business of Rebellion Developments Limited’s isusuallya capital incentive in nature that requires

a large amount of capital to run the firm.Retail business generally requires less capital to run the

business firm (Stachowiak-Kudłaand Kudła, 2017). Based on the organisational context venture

capital and business incubators are considered as the potential source of funding for the

development of Rebellion Developments Limited’s. Business incubatorsfocus on the high tech

sectors like the chosen organisation by providingsupport at various stages of the

development.Local economic development incubators also help in various areas like

revitalisation, job creation, sharing and hosting ofthe services.Incubators also invite future

business operations and share the premises of other fledgeling companies. Logistical,

administrative and thetechnicalresourcescan be sharedwiththe other groups. The business

receives this kind of support will operate within the sectors of industrial technology, multimedia

and information technology.

16
LO3: Develop a business plan (including financials) and communicate how you intend

scaling up a business

P4: Designing of a business plan that includes the business growth using the strategic

objectives and financial information

Executive summary

Rebellion Developments Limited is one of the most popular video game developing companies

in British (rebellion.com, 2018). It releasesvarious series of multiple games and also published

comic books. It serves its products all over the worldwide. 300 employees are workingunder the

company and subsidiaries of the companies include rebellion Liverpool, Abaddon books,

Solarise books and rebellion Warwick.

1.1 Mission statement:

To measure the business growth while looking after the business market share, turnover, sales

and profits gained by the enterprise.

1.2 keys to achieving success

To focus on the business growth while identifying the possible opportunities for market growth

and also ensures the sustainability of the enterprise

2. Company and financing

2.1 Company summary

17
Rebellion Developments Limited is one of the most popular video game developing companies

in British (rebellion.com, 2018). It releases various series of multiple games and also published

comic books. It serves its products all over the worldwide.

2.2 Management team

300 employees are working under the company,anda subsidiary of the companies includes

rebellion Liverpool, Abaddon books, Solarise books and rebellion Warwick.

2.3 Expansion cost summary

Rebellion Developments Limited has a high sales volume and the narrow margin of stocks. As

stated by Klaggeet al.(2017), a combination of profits and sales in a balanced way will measure

the business growth. Cash flowis neededduringthe phase of designinga business plan. Timing is

one of the critical factors involved in the business growth. Rebellion Developments Limited firm

must reconsider the production process timing as compared withthe orders. Additional staffing,

outsourcing certain tasks, refining equipment and production process are considered into account

for making the business growth. It is utmost important for the Rebellion Developments Limited

firm to increase its marketing share for achievingthe desired growth of the firm.

Start-up expenses

legal requirements £1000

Renovation for premises £40000

Buying equipment £4000

Others £1000

18
Total start-up expenses £56000

Start-up expenses

Cash £70000

current assets £11000

Long-term assets £60000

Total assets £1370000

Total requirements £190000

Table 2: Required financing

(Source: Self-developed)

2.4 facilities and location

Before designing the business plan, it is utmost important to consolidate the existing

performance of the running business firm. It is also important to reconsider the existing customer

base as it will underpin the business growth.

Product and services

Various kind of innovative games is needed to be introduced to the market with running 3D and

4D technologies as it attracts more children’s. Rebellion Developments Limited has very good

credit ratings. This, in turn, helps the organisation to gain more economic support from the end

of the inside and outside investors.

Sourcing

19
Marketing’s strategy of Rebellion Developments Limited needs to be strengthening. Marketing

campaigns and online marketing helps needs to be taken to promote the designed products.

Customers and market research helps the organisation to found out the potential environment

where the possible growth can be established.

Table 2: Companies shareholders

(Source: rebellion.com, 2018)

4. Situational analysis:

4.1 External environment analysis

Political factor:

In order to make the business growth, it is utmost important for an organization to a look after

the untapped demand for the products of the customers. It is also important for an organization to

look after the business can be able to support these demands of the customers.

Economic factors:

20
In the UKtax burdens are much higher,and the banks are providing much higher interest loans.

As a medium scale industry, it is important for the organization to aware of the interest rates

before proceeding for loans.

Technological factors:

As the company is into technology-based game developing in nature, it is very important for it

toodevelops and adopts the technology.

4.2 Competition analysis

In the recent year, Rebellion technology limited has gained revenue of 12 million and also stood

as first game developer among its revelries. This company has a competitive advantage and also

has promised developments in the NGS analysis. The involved software’s are updated and

applying new technology in case of game development.

5. Strategic objectives

 To Identify all necessary actions in order to optimise the value of the running business

 To Structure the deals in order to minimise the tax payables on the sales

 Draw robust conditions and contracts for the sales

 To Make agree on the process and the expected timing for its sale

6. Marketing and sales

6.1 positioning

21
In order toachievepositioning in the global and local market more customers have planned to

attract towards the latest designing of games. This company has well established as a gaming

application developer in the UK.

Pricing

In case of pricing strategy, this company offers a reasonable price for each gaming application

and devices.

7. Distribution

At present this company has mainly operated in the European countries. This company is also

planning to distribute its services and products to other Asian countries.

Promotion

Social media like facebook, twitter and E-commerce technology has been used for product and

service promotion.

8. Financial plan:

8.1 sales forecast:

22
8.2) Personnel plan:

8.3) Break-even analysis:

8.4: Projected profit and loss:

23
8.5: Cash flow:

24
25
8.6 Balance sheet:

26
LO4: Assess the various ways a small business owner can exit the business and the

implications of each option.

P5: Assessment of succession or exit options for the small business while explaining the

drawbacks and benefits of each of the available options

Exit Strategies: success and failure

The exit strategy is sucha kind of strategy that is implemented in the small businesses. There are

variouskinds of exit strategies available to the small business owners are a liquidation, selling the

business, family succession, bankruptcy and putting the company to the public. Selection of exit

strategy is very important as it can affect the investors and value ofthe owners. Possible exit

strategies havebeen represented in the following diagram.

Figure 4: Possible exit strategies

(Source: Vogl, 2018)

Among theall-possiblestrategies,the best exit strategy is that one best matches with the small

businesses professional goals and owners personnel.

27
I. Liquidation

This strategyis known as sell all the assets or closes up the business firm. Forthe small business

that is mainly depending on the single individual performance, liquidation is the only options. In

this situation,sometimescan be spent for retooled the business such that it couldbe operated with

other personnel. The firm will be made available to someone who can buy it.

 Simplicity

 Based on thesales of assets the business can be wounded up very quickly

 This exitstrategy has lowest returns on investments to the owners.

 The only money available from the liquidity sales is from the assets disposal like land,

inventory and equipment.

 Second-hand business assets values for the invested items will be very low.

 Creditors will claim the funds from the soleasset values

II. Liquidation over time

In this strategy, the owners of the business extract all kind of the profits out of the existing

business overtime before closing and selling the business. Before winding the business large

dividends and salariesare drawn over some years.

 Cash withdrawal can be maximised on an ongoing basis for the personal use.

 Profit extraction over time reduces the growth potential as well as sales value

 Shareholders escalation will rise unless everyoneiscompensated similarly

III. Family succession

The dream of the small business owners is to ensure the family gets living ensures.

28
 The family successors can do smooth transitions

 Keeps advisory capacity

 Family members may not possessthe same skills to run the business firm successfully.

IV. Selling the business

Stakeholders ofthe organisation like managers or current employees are willing to buy the

business.

 Business can be able to thrive the employees

 Long-term buyouts arranged by the employees can increase the loyaltyand also motivates

the staff workers to work hard

 Employee-owner may not be the suitable candidate to take over the business

 Clients also may not be able to prove the new management

V. Taking the company to the public

Selling the business to the open market is one of themost followed business exit strategy. At any

certain point of time when the owners areready, to retire can put the business for sales at a

particular price.

 Profitable business gets attracted soon and sold atan attractive price

 Goodwill and assets are incorporated with the business value for sales while maximising

the returns to the owners.

 Finding the buyers as per the owner demand is very difficultand follows the longer

process in the open market.

29
 Business can be very difficult to value atthe open business and selling price

cangetlowered as expected.

VI: bankruptcy

Bankruptcy is one of the toughest conditions for the small business. It is an extreme

conditionthat uses the legal methods to close the business.

 Selling eth business at this point will reduce further fund loss

 It is very tough to find the buyers or investors after the company filed for bankruptcy.

The key reasons for business failure

Theowners of the business need to know with what kind of property an individual needs to exit

from the business. Theowner walks away with the management control, money or with the

intellectual property. Passing thebusiness to thesuccessorsare having the greatest advantage for

the business firm as there is no such major changes will be drawn in the operations and

investments (Wanget al. 2017). Thesuccessors are the family members,andit reduces the third

party involvement. It also gives involvement of the owners in case of requirements as an advisor.

It gives proper involvement in influencingthebusiness. Selling the business to the owners is also

another best possible method of exit strategy a company can go through. However, there will be

no relation with the owners once it is sold to the employs or managerswiththe owner (Sunand

Govind, 2017). It also causes thrive forthe employees for an organisation. These sales of the

business aredescribed as a failure of theentrepreneur.

Recommendation

30
The following steps are recommended to follow while implementing the successful exit strategy

for the small business.

 Valuing the business for today

 Position the business for sale

 Establish agreeablepost-sales requirements

 Negotiating and locating the right buyers

 Preparing for post-sale strategy

31
Conclusion

This report mainly focuses on the development and growth of the SME business strategies.

Several techniques of growth opportunities and appraisal options havebeen introduced for the

business growth via making a collaboration. This study also analysed various sources of

investmentsthatattract the SMEinvestors. Various kinds of exit options and their implementation

techniques also studied. This study concludes that every business needs to make informed

decisions whilechoosingthe routes of growth. Potential risks andthe rewards involved in the

growth havebeen described in very brief manner. Ansoff growth vector is one of the best

possible tool used to make the businessgrowth of the chosen organisation namely Rebellion

Developments Limited.

32
References

Clark, R., Reed, J. and Sunderland, T.C.H., 2017. Bridging funding gaps for climate and

sustainable development: Pitfalls, progress and potential (Vol. 2).CIFOR.

Cohen, S.K. and Munshi, N.V., 2017. Innovation search dynamics in new domains: an

exploratory study of academic founders' search for funding in the biotechnology

industry.Technological Forecasting and Social Change, 120, pp.130-143.

Dmitrieva, D., Ilinova, A. and Kraslawski, A., 2017. Strategic management of the potash

industry in Russia.Resources Policy, 52, pp.81-89.

Engel, A., Browning, T.R. and Reich, Y., 2017. Designing products for adaptability: insights

from four industrial cases.Decision Sciences, 48(5), pp.875-917.

Kim Moore (2018) Use the Ansoff Matrix for Evaluating Growth Opportunities [accessed from

https://www.kgmoore.co.uk/strategy-tools-use-the-ansoff-matrix-for-evaluating-growth-

opportunities/ retrieved on 23rd may 2018]

Klagge, B., Martin, R. and Sunley, P., 2017. The spatial structure of the financial system and the

funding of regional business: a comparison of Britain and Germany.Handbook on the

Geographies of Money and Finance.Cheltenham: Edward Elgar, pp.125-155.

mindtools.com (2018) Porter's Five Forces Understanding Competitive Forces to Maximize

Profitability [accessed from https://www.mindtools.com/pages/article/newTMC_08.htm

retrieved on 23rd may 2018]

Nason, R.S. and Wiklund, J., 2018. An assessment of resource-based theorizing on firm growth

and suggestions for the future.Journal of Management, 44(1), pp.32-60.

33
Pesonen, M., 2017.Impacts of public funding on firm performance-A case study on the sources

of public business funding.

rebellion.com (2018) About Rebellion [accessed from https://rebellion.com/about-us retrieved on

23rd may 2018]

Song, J., Sun, Y. and Jin, L., 2017. PESTEL analysis of the development of the waste-to-energy

incineration industry in China.Renewable and Sustainable Energy Reviews, 80, pp.276-289.

Stachowiak-Kudła, M. and Kudła, J., 2017. Financial regulations and the diversification of

funding sources in higher education institutions: selected European experiences. Studies in

Higher Education, 42(9), pp.1718-1735.

Sun, W. and Govind, R., 2017. Geographic diversification, product diversification, and firm cash

flow volatility: the moderating effect of firm dynamic capability. Journal of Strategic Marketing,

pp.1-22.

Vogl, J.D., 2018. Implementing Product Diversification Strategies for Small and Medium Retail

Businesses' Sustainability.

Wang, Z., Fung, R.Y., Li, Y.L. and Pu, Y., 2017. An integrated decision-making approach for

designing and selecting product concepts based on QFD and cumulative prospect

theory. International Journal of Production Research, pp.1-16.

34