Defining the 4Ps of Growth and Their Impact on Growth and Their Benefits

Defining the 4Ps of Growth and Their Impact on Growth and Their Benefits

Planning, process, prioritization, and pace (4Ps) significantly impact the growth of a business. The information in this paper discusses how the four impact a company’s growth, their benefits, and how they can be leveraged for the proposed business. The discussion posits that the four positively impact the proposed car wash business, Excel Carwash Inc.

Defining the 4Ps of Growth and Their Impact on Growth

Planning refers to setting pre-determined goals that a business wishes to achieve after a specified period. The process is the procedure and actions that will be undertaken to attain the planned goals. Prioritization refers to selecting various options for attaining planned goals among competing options (Mansoori & Lackeus, 2020). Finally, pace refers to the urgency with which the planned actions are implemented.

The 4Ps defined above impact the growth of a business. According to Hess (2011), planning determines the amount of growth that can be attained and is done before embarking on the growth process. Processes influence growth in the amounts, time, and order in which they are introduced, while prioritization impacts growth by focusing on specific critical areas. Finally, the pace of growth helps in proactively focusing the growth.

Benefits of the 4Ps

Planning has the benefits of ensuring enough resources for the intended growth and ascertaining whether the intended growth is worthwhile. Processes have the benefits of ensuring that growth is introduced in sufficient amounts and that no process is undertaken at the wrong time. Prioritization, conversely, ensures that business growth takes advantage of opportunities in the market and resources are directed into critical areas (Georgiev, 2021). Lastly, the pace of growth has the benefit of proactive management of a business, and the future can be predicted precisely.

In conclusion, the proposed car wash business, Excel Carwash Inc., will leverage planning, processes, prioritization, and pace to grow effectively. While utilizing the 4Ps, the business is expected to reap the above advantages and attain sustained growth.

References

Georgiev, M. (2021). Organisation’s business planning and strategic decisions. Vilnius University Open Series, 20-27.

Hess, E. D., (2011). Growing an Entrepreneurial Business: Concepts & Cases. Stanford University Press.

Mansoori, Y., & Lackeus, M. (2020). Comparing effectuation to discovery-driven planning, prescriptive entrepreneurship, business planning, lean startup, and design thinking. Small Business Economics, 54(3), 791-818.

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We discussed the impact planning, process, prioritization, and pace (the 4 P’s) can have on a growing business. In our third assignment, we will differentiate between them, highlighting specific ways these concepts will benefit your chosen business.

Defining the 4Ps of Growth and Their Impact on Growth and Their Benefits

Instructions:

 Adding to your paper in Unit 2, consider your text, along with the additional resources provided this week. Then, answer the following two questions.

1. Based on cited research, differentiate between planning, process, prioritization and pace. How do the 4 P’s impact growth?
2. Consider your business that is the focal point of this course. Describe two benefits for each of the 4 P’s of growth. How will you leverage these benefits for your business?