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Launching a New Venture: Formulation of a New Venture

   

Added on  2020-12-29

15 Pages4761 Words204 Views
Launching a NewVenture

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Identification of specific target market and competitive analysis........................................1P2 Specific tangible and intangible resources that required for a new venture..........................3TASK 2............................................................................................................................................4P3 Formulation of credible proposal to launch a new venture....................................................4P4: Skills and capabilities required to launch a new venture......................................................5TASK 3............................................................................................................................................6P5: Determination of promotional activities and channels for launching a new venture...........6P6: Formulation of appropriate promotional activities plan for both launch and pre-launch.....7TASK 4............................................................................................................................................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13

INTRODUCTIONThe expansion of an organisation in the global market depends on the innovative ideaformulated by the entrepreneur that will attract the customers in the market all over the world.The innovation can be constructed with the help of conducting a proper research in the marketplace where the business is going to acquire the market. It lead to create the products accordingto the demand and preference of the customers in the market according to the policies, rules andregulations of the market and pricing strategies. The business environment consists of verycomplex nature and factors that affect the business activities and they are political and economicconditions, technology advancement, etc. The report is based on launching a new venture ofMagic Bakers in the market of Romania after tasting the success in the market of UK. Thecompany produces bakery items like cakes, pastries, fruit chocolate, etc. The present report willexplain the targeted market, evaluation of present competition, tangible and intangible resources,reliable proposal to present the new venture, required skills and abilities in the entrepreneur, cashflow and legal norms of various ventures in the market. TASK 1P1: Identification of specific target market and competitive analysisNew venture idea Magic Bakers is successfully established in UK and is producing bakery items on thehuge demand of the customers and now the entrepreneurs is planning to expand its businessventure in the market of Romania as it is analysed that the market is considered good for thebakery products. The selected city in Romania to launch the first outlet is Bucharest as it is thelargest city of the country. It will help the venture to attract the large amount of customers andwill help the venture to attain sustainability in the market (Caselli and Negri, 2018). To acquire a new market an entrepreneur is required to have a effective team that willassist in gathering required information and resources for the successful expansion of thebusiness venture. To conduct the expansion procedure in the successful manner the entrepreneurchoose partnership to rule the market as, partnership will reduce the risk on the single person andwill provide assistance in setting business in effective manner. The entrepreneur has planned tobuy 1000 sq.ft in the city for a lease of 5 years to function their business activity in more1

smoothly manner. The business venture will require a lot of fund wh9ich will be arranged by theentrepreneur with the help of banking sector (Duggal and Sassoon, 2015). Objectives: these objectives are set by the entrepreneur with the consent of it partners andSMART objectives are defined as follows:Specific: Capturing the market share in the Bucharest to attain immense sustainability inthe market for a long period of time.Measurable: Achieving 60% market share of 60% Achievable:It can be accomplished by supplying best quality of wide range of bakeryitems.Relevancy: It will help in assisting the business venture presence in the market ofRomania. Time Bound: It will take around 5 months to build the market and to analyse the Targeted market:The sustainability and profitability in the market rely on the number of customers of thebusiness venture in the market. To achieve this a proper market research is required to beconstructed to determine the future sales and the evaluation of revenues generated by the magicbakers in the new market. The population of Bucharest is analysed on the basis of geographic,demographic and psycho-graphic conditions. As, the company will be producing bakery itmesso, they have selected geographic segmentation because large population is their to buy theproducts. Geographic: This segment defines the population on the basis of the area where theylive. Magic Bakers is targeting the customers base in Bucharest to attain the market share. Thenumber of people in the country will increase the sustainability and will allow the company togain competitive advantage (Gerasymenko, Clercq and Sapienza, 2015). Demographic: the population is divided on the basis of age, gender, religion, etc. this isclearly defined from the demographic segment that the people prefer to buy bakery products ofgreat quality and different varieties. Thus, the needs and demands of the different customers arecategorised by the magic bakers with their wide range of bakery items. 2

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