Assignment on Launching a New Venture (pdf)

Launching a New Venture

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1) Background to your venture idea, including market research undertaken, support data and
statistics, competitor analysis and identifying the target market............................................1
2) Resources required for setting up the business, including human, financial and physical 3
3) Identifying skills and capabilities required for the business and how they will be acquired
for future operations...............................................................................................................4
4) Financial capital and considerations for starting up a lean business. The principles that will
be applied................................................................................................................................5
5) Promotional activities and pricing strategies.....................................................................6
6) Identity of an appropriate business promotional message/name /logo for the business....7
7) 12 month budget for the launch of the business.................................................................8
8) Appropriate legal structure for the business.....................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Business is a speculation or enterprise under which something is risked in hope of
earning profit. Business venture refers to new business that is mainly formed with expectation as
well as plan to gain the profit. For develop a new business, there is a need to have the proper
skills and capabilities. This present report is based on new business i.e. Chuck & Chick that is
small cafe in United Kingdom. It provides the different kinds of fast food items and drinks such
as Chicken Burger, Melted cheese nachos, sausage rolls, coffee, bottle drinks, shakes etc. This
report will be discuss about the skills and capabilities needed for business and also for conduct
the future operations (Antolín-López and et. al., 2015). There will be study about necessary
resources which will help in set up a new business venture effectively. Pricing strategies and
promotional activities will be discuss here.
TASK
1) Background to your venture idea, including market research undertaken, support data and
statistics, competitor analysis and identifying the target market
Chuck & Chick is a new small size cafe in United Kingdom and it provides fast food
items as well as drinks to its consumers. This restaurant is also give home delivery, personalised
baking services at the place of customers. The main objective of this restaurant is to provide
better quality of food services with high taste.
Market research refers to an organised effort to collect the information regarding
customers or target market. It is an helpful or most necessary component in set up a new
business. Before set up a new business, Chuck & Chick conduct an investigation to know about
the current market trends, existing competitors, taste and preferences of consumers etc.
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On the basis of this graph, there are two platforms like online and offline. In this present
time period, there is a trend of online platforms that making inroads in all over the world. Food-
delivery market is mindset set of dramatic channel migration. The online delivery platforms
growth by 25% per year from year 2015 to 2018. Until 2020, it will be taper off 14.9% per year.
So, the growth opportunities for online food business is high (Burns, 2017).
Target market refers to group of consumers which like to purchase the services and
products. Chuck & Chick is small size cafe and it provide the food items on the basis of needs
and preferences of consumers in United Kingdom. The main target market of this company is
youngsters because they like fast food more and enjoy with it.
Competitive analysis- It refers to an assessment of weaknesses and strengths of current
as well as potential competitors. An analysis gives defensive and offensive strategic context to
determine the better opportunities and threats. For the competitive analysis, Chuck & Chick uses
the Porter's Five Force Model. It is a kind of framework that is mainly uses to analysing the
competition of business. On the other hand, it is analysis tool that uses mainly the five industry
forces in order to identify competition intensity in industry and profit level. With the help of this
model, Chuck & Chick can determine its current position in market of United Kingdom. The
Five Forces of this factor mention below:
Competitive rivalry- Under this, the competitive strategy with the effective competitors
will provide the competitive edge over other firms. In the fast food industry, competition is high
because there are several existing cafe in United Kingdom which provide unique services. So, for
compete with customers, it is necessary for Chuck & Chick to develop effective strategy and also
provide better quality of unique food items (Curley and Formica, 2013).
Bargaining power of Suppliers- Under this, bargaining power of the suppliers is high
because this Cafe is new at market with limited number of the suppliers. In addition to this, it is
necessary for manager of Chuck & Chick to develop the positive relationship with its suppliers
to purchase the better quality of materials to provide better food items.
Bargaining power of Customers- As Chuck & Chick is small size and new cafe in
market of United Kingdom, so the bargaining power of consumers is high. The products
provided through this cafe is better but still people may prefer existing Cafe.
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