Stages of Business development Research Paper Example | Topics and Well Written Essays - 750 words

Stages of Business development - Research Paper Example DISCUSSION Stage 1: Existence -This stage can be duly considered as the initial phase of a business wherein a new thought or an idea is developed for starting up a new enterprise. This stage includes various aspects such as emerging challenges of market acceptance, creating a distinctive business focus and sourcing of capital to enter into diverse markets among others. In relation to this particular stage, businesses may often face a problem concerning gaining greater satisfaction level of customers as well as delivering end products. Businesses or establishment in the existence stage thrive for raising customer acceptance and amplifying business reputation. Companies like Samsung Electronics Co., Ltd. and Apple Inc. are planning to launch new products or appliances for the customers in future. This can be duly considered as a new business idea which may provide with lot of valuable inputs to the overall mobile and telephony industry by a certain degree (Churchill and Lewis, â€Å"T he Five Stages of Small Business Growth†). Thus, Samsung and Apple can fit into this stage. Stage 2: Survival -This stage is mainly applicable for those businesses that have been able to survive in this competitive landscape. In this stage, a particular company actually takes the higher leap of development as well as growth in the competitive market in full motion. This phase provides a business with numerous opportunities in terms of earning significant profits and also creating a positive image in front of the customers. For instance, nutrition based company i.e. The Kellogg Company had achieved considerable amount of growth and is still surviving in this competitive landscape. This might be owing to the reason of offering better product quality and cheaper product price among others (Churchill and Lewis, â€Å"The Five Stages of Small Business Growth†). Thus, Kellogg’s can fit into this stage. Stage 3: Success- It is a particular stage wherein every business s trives to attain. In this phase, a business becomes quite mature and acquires a powerful position in the market. This stage eventually makes a business to attain a favorable position in front of the consumers with regard to goodwill and brand image. For instance, companies like Cadbury and Nestle S.A. have established themselves as premier chocolate varieties resulting in gaining greater success in this competitive business setting (Churchill and Lewis, â€Å"The Five Stages of Small Business Growth†). Thus, Cadbury and Nestle can fit into this stage. Stage 4: Take-off -In this particular stage, a company looks forward to enter into new business dimensions with prime objective of increasing its profitability and brand image and thus endeavors to achieve a take-off position. Considering, this particular stage, a new market segment or a portion of an existing establishment ensures to achieve growth and profit by implementing effectual marketing strategies (Sullivan 1-40). For e xample, the company i.e. Frito-Lay is undergoing its expansion stage as the company is introducing new variances in the flavor of its flagship product i.e. Potato Chips. By introducing new flavors in its product, the company wants to cater to huge figure of consumers and also to achieve higher growth rate in the global business markets (Churchill and Lewis, â€Å"The Five Stages of Small Business Growth†). Thus, Frito-Lay can fit into this stage. Stage 5: Resource maturity - It is a particul