Analysis of Research Papers
Added on 2020-06-06
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Launching a newbusiness venture
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explain a new venture identifying new target market and competitive analysis...................1P2 Tangible and intangible resources required to launch a new venture....................................3TASK 2............................................................................................................................................3P3 Produce a credible proposal to launch a new venture............................................................3P4 Skills and capabilities require to launch a new venture.........................................................4TASK 3............................................................................................................................................5P5 Different promotional activities and channels ......................................................................5P6 Develop an appropriate promotional activities plan..............................................................7TASK 4............................................................................................................................................8P7 Itemised cash budget for the company...................................................................................8P8 An appropriate legal form the venture stating....................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONGlobalisation has put a great impact on small scale industries by providing them chanceto expand their business activities so as to grow in markets. In order to gain high competitiveedge, small businesses are formed into new ventures and introduce innovative products andservices. Due to technological advancement, organisations are focused on improving the qualityof their products and services so as to attain and retain more customers for long term period(Douglas, 2013). Along with this, entrepreneurs have to involve certain factors, like – team size,start up capital, planning and operating time etc. it will contribute in performing all activities andoperations systematically. In the given assignment, Royal fast food services is a chosenorganisation which established to gain higher profitability and sales. Apart from this, the reportwill define that business owners should consider several factors while implementing anybusiness venture. A business plan will also proposed as it will support in managing all tasks andactivities in a systematic manner. Furthermore, an entrepreneur TASK 1P1 Explain a new venture identifying new target market and competitive analysisAlthough products might appeal to a wide range of people, it doesn't make sense tomarket to everyone. Due to enhancement of globalisation, most of business organisations investin order to expand their business and get high competitive edge. The present scenario describesthat Royal fast food services is a new start up business that deals in food and beverage items.Thus, to attract customers and increase market share, firms are required to analyse certain factorsof external market for maintaining cooperative effectiveness. Identification of specific target market: - It is a process in which marketers or entrepreneurs determine the most profitable areas forintroducing their products and services. Target market segmentation is based upon age,disposable income of people and level of education. Generally, it is too difficult for allbusinesses to provide all things to all customers. In modern era, people have their differentpreferences, taste and prices according to area or region in which they live. For example-individuals who have low income level will prefer to consume products which have low range orcosts. Whereas, higher disposable income people prefer to branded or luxurious products(Wilson and Post, 2013). In this relation, while opening a new venture entrepreneurs have torecognise a specific target market in which it will operate. It is assumed that members of target1
market have common characteristics and needs. The target market of Royal fast food servicerestaurant is 18 to 35 age group persons as mostly these people have capability to spend moreand more amount on food items. However, identification of target market is one of the best thingfor every small business entity as it allows advertising, promotions and pricing in order to appealdirectly to target audiences. It can be done by using surveys, interviews and focus groups. Inwhich surveys are conduct via emails, papers and web-based services like – Survey Monkey andZoomerang whereas focus groups refer get feedbacks from a small group of people throughQ&A sessions. Competitive analysis: - It consists with a analysis of external rivals or competitors of thecompany. By measuring the strength and weaknesses of their competition, Royal fast foodservices can prepare a plan how to give competitive advantage to company. As a new venture,the firm needs to carefully analyse its local and national competitors and then set pricing policiesaccordingly. In order to gather information about competitors, managers can go through ongoogle, visits site of the firm, marketing materials and local newspaper articles. Afterwards,compile the overall information and then assess the areas where firm have advantages and wherethe need of improvements (Eberhart, 2012). This assists to solidify firm's position at marketplaceand increases opportunity to gain market share. Strategy of market analysis: - In order to assess a market various measures must takeninto consideration such as - Find out the major competitors. Strength and weaknesses of rivals Businesses strategies of competitors. Market structure and outlookSimilar products. Location of doing business. Therefore, to retain firm's competitiveness and remaining successful it is essential formanagers to assess all those areas where to invest. It can be done by proper planning andstrategic development. P2 Tangible and intangible resources required to launch a new ventureResource allocation is one of the significant task for every business organisation as itallows to demonstrate all the available resources for different purpose. While launching any2
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