Ding SIng Growth, Innovation and Leadership - Case Study Example

DINGSING GRОWTH, INNОVАTIОN АND LЕАDЕRSHIР by Name Code + Course Instructor Institution of Affiliation City, State Date Ding Sing Grоwth, Innоvаtiоn and Lеаdеrshiр Introduction This paper seeks to provide comprehensive information on the overall growth of Ding Sing and the strategies that have been implemented to foster growth of its business. In addition, this paper explains the need for innovation and leadership towards the realization of success in Ding Sing operations. Overview Ding Sing is a limited company that sells different food commodities. The company falls under the partnership category. Ding Sing is an Asian supermarket which has its location on the corner of Nelson Street and the Fairfax Street in the Centre of Bristol City. The supermarket sells Asians snacks, frozen foods, noodles Chinese ingredients, sauce and fresh vegetables. The supermarket sells steam buns and milk tea which produced on site. The supermarket was established in September 2014. The company targets international students of Asian origin especially those who come from Hong Kong and China. The owner of the supermarket chain is Mr. Simon Chung. The owner gave information regarding the performance of the Ding Sing Supermarket. Ding Sing has been in operation for three years, and it is fostering towards the increase in the number of customers. The company has been able to employ three employees (Hamburg and O'Brien, 2014). Growth Ding Sing is a company that is experiencing limited growth. The company is trying to be stable in the profits that they are making. The level of outcome is still low which makes the expansion of the business to be small. The company is, however, making plans to expand and have more shops. Small businesses like Ding Sing can grow their business by pursuing some avenues. The most common practices that can be used in the improvement of business include incremental in character. All the three company researched (Ding Sing, Sandy and Farm sites) have the same type of growth though they have been operating for different lengths of time. When the Wickerman growth process is considered, all the business fall under the financial category (Hamburg and O'Brien, 2014). The company has tried to increase their profits by basing all their growth on the activities that help them to growth instead of the growth areas. Problems of the firm. Ding Sing is facing challenges in its bid for expansion. The company has been facing problems with finances since the banks are unwilling to lend money to small businesses like Ding Sing. The company has been facing problems with competitors. The city of Bristol has some restaurants which sell Asian foods which are giving stiff competition to Ding Sing. According to the model designed by Churchill and Lewis, the Ding Sing business falls under stage two which is the survival stage. The growth strategies to overcome the financial and competition include: Market Penetration The leadership of Ding Sing sees it fit to penetrate further in the market for then to overcome the competition problem. This means that the supermarket needs to increase its market share index by creating products that appeal more to the customers while at the same time attracting new people. The supermarket has established that lowering prices of the products that they sell will help the leadership of the firm to increase the market share index and minimize competition. Market Expansion This means that Ding Sing will sell its products in a new market. This means that the management will have to hire more employees who will help to drive the agenda of the supermarket and come up with innovative ideas that will make the presence of Ding Sing be felt in the new market. The new market may have little or no competition, and it may help to increase profits. Product Expansion Ding Sing will have to expand its product line and add new features which will increase sell and profits. The product development means that new products that the competitors do have, but are appealing to customers will be included in the products that are the mart sells. Diversification Ding will sell new products to new markets. Innovative plans will have to be put in place in new markets. The leadership and creative team will have to be carried out a market analysis to determine which products sell quickly in the new market will thus determine whether the consumers in the new market will like the new products. Innovation Innovation refers to the process of creating more ideas and products. Innovation is tailored to meet the needs of the customers while ensuring that the company is maximizing profits. Innovation is a major component of growth. Ding Sing believes change means creating new ideas, products, and services. It is also the process in which the staff work to increase output. From the definition, the company sees innovation in two phases; product innovation and processes innovation. According to the growth strategies, innovation involves improvement of the design and the product while process innovation includes the development of the products and the services offered by the company (Yasin et al., 2014). Growth strategies have influenced promotion forums as an innovation. The company needs to invest more in innovation to foster growth. The innovation of the firm can be classified as radical innovation. The company is trying to come up with strategies that can help the business to grow. Ding Sing is using innovation as a competitive strategy. The new product promotion and market expansion strategies that are being employed by the company are evident that the business is working towards surviving in the market. The new procedures that are being used by the company are contributing towards the continued profits that the supermarket has been experiencing (Yasin et al., 2014). The size of the business matters a lot to Ding Sing. Expansion of the firm will need more human resources and more expenditure to the owner of the enterprise. Ding Sing has tried to go through some innovation for the past three years of operations. Most of the changes though in small cases have been radical enabling the company to stay in business and make profits. The supermarket has tried to integrate strategy and innovations (Wakkee et al., 2015). The interplay between strategy and innovation helps to provide insight for the supermarket before it can be able to expand. The reaction of the shoppers is different when they come to the supermarket and find new adjustments that are meant to attract their attention. Innovation at Ding Sing requires that more attention is given to the input of the shoppers. The shoppers at Ding Sing contribute to the change indirectly. Implication of Growth Strategies and Recommendations Ding Sing has come up with some strategies to foster growth. These plans are based on improving the products and expanding the market. These strategies will promote technological advancement in the business which will encourage economic growth. Furthermore, the growth strategies will result in innovative forms of competition for Ding Sing which will see the company access new markets and delivery of new products and services which will attract new customers. Hence, Ding Sing will be able to create and commercialize innovative products, services, and processes. The growth strategies foster liberalization of services at Ding Sing which results in stronger innovative strategies at Ding Sing. Innovation will thus lead to the growth of the market structure of Ding Sing and expand its activities significantly. Leadership Ding Sing is a business that as developed through a partnership. The company is a private limited company. The Ding Sing labor fall in the human skills category where the managers of the enterprise can work with people. The leaders and the employees are sensitive to the emotional and motivational needs of other people (Hayton, 2015). It is important for the management to have skills since they work and interact with individuals with different personalities. The leaders at Ding Sing have both managerial and leadership traits. The leaders plan and budget their expenditure so that they can be able to increase profits by keeping spending. The managers control problems, and when they occur, they solve them quickly and organize the staff. The supermarket falls under a stage two of leadership which is survival. The management directly controls the employees (Franco and Matos, 2015). The cash plans limit any growth plans. The company needs to better their communication skills through social judgment skills. They need to formulate real customers’ relation through excellent communication skills. The owners will be able to motivate the team instead of controlling them which help them to help the organization to achieve its objectives. Essential leadership techniques continue to baffle the leaders of the supermarket. Use of real leadership styles and technology are necessary to drive Ding Sing to another level of performance. The supermarket seems to have leadership that is afraid to expand their supermarket chain to other new locations. Leadership in the supermarket requires a good organization which will help the supermarket to grow (Lee, 2014). Growth in a supermarket requires that the management merges its leadership with innovation. These two factors need to be integrated into the process of making decisions for the supermarket chain. Understanding the growth patterns will influence good management and good decision making in the business. The management needs to communicate their decisions with their employees who help to drive the agenda of the supermarket towards the achievement of the goals of the firm. The success of the business depends on the style of leadership that is used in the enterprise. The leadership has a one to one encounter with the employees. The management should thus make tough decisions that would drive change and charisma in the company. The management has been able to use communication channels (Jona-Evans et al., 2015). The direction in the management is also an excellent tool that Ding Sing requires to expand and grow. The management needs that honesty and reliability should be part of the operations of the business. Implication of Growth Strategies and Recommendations The strategies of growth will mean that the leadership of Ding Sing will have to hire more employees to handle the new branches that the company plans to open. These strategies will mean that there will be a change team leadership. The strategies will thus result in the changing the cultural norms of the workplace. Working in collaboration with the available resources will enable leadership growth within Ding Sing which will result in success factor. Conclusion Business requires growth, innovation and real leadership for it to continue growing exponentially. Ding Sing is a small business with a limited number of employees. The growth patterns of the company are low which means that the firm needs new strategies to help it to survive in the competitive market. Innovation is also an important part of a business that helps the company to grow. Innovation attracts potential customers to the firm. Finally, leadership is another component of the enterprise that is essential for the growth of the industry. Real leadership means that the company can grow since the output and decisions from the management foster positive growth. Small and mid-sized businesses require real leadership, innovation and positive growth for them to survive in a competitive market. List of References Franco, M. and Matos, P.G., 2015. Leadership styles in SMEs: a mixed-method approach. International Entrepreneurship and Management Journal, 11(2), pp.425-451. Hamburg, I. and O'Brien, E., 2014. Using strategic learning for achieving growth in SMEs. Journal of information technology and application in education, 3(2), pp.77-83. Hayton, J., 2015. Leadership and Management Skills in SMEs. Warwick Business School. Lee, N., 2014. What holds back high-growth firms? Evidence from UK SMEs. Small Business Economics, 43(1), pp.183-195. Wakkee, I., Van Der Veen, M. and Eurlings, W., 2015. Effective growth paths for SMEs. The Journal of Entrepreneurship, 24(2), pp.169-185. Read More