Analysis of Research Papers

This assignment requires you to carefully read and analyze a set of research papers from diverse fields. Topics covered include advancements in perovskite solar cells, optical properties of materials, the therapeutic potential of quinazoline derivatives, ethical consumption in the food industry, and academic entrepreneurship. You will need to summarize key findings, identify research gaps, and draw connections between different papers.

Launching a new
business venture

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain a new venture identifying new target market and competitive analysis...................1
P2 Tangible and intangible resources required to launch a new venture....................................3
TASK 2............................................................................................................................................3
P3 Produce a credible proposal to launch a new venture............................................................3
P4 Skills and capabilities require to launch a new venture.........................................................4
TASK 3............................................................................................................................................5
P5 Different promotional activities and channels ......................................................................5
P6 Develop an appropriate promotional activities plan..............................................................7
TASK 4............................................................................................................................................8
P7 Itemised cash budget for the company...................................................................................8
P8 An appropriate legal form the venture stating....................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Globalisation has put a great impact on small scale industries by providing them chance
to expand their business activities so as to grow in markets. In order to gain high competitive
edge, small businesses are formed into new ventures and introduce innovative products and
services. Due to technological advancement, organisations are focused on improving the quality
of 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 and
operations systematically. In the given assignment, Royal fast food services is a chosen
organisation which established to gain higher profitability and sales. Apart from this, the report
will define that business owners should consider several factors while implementing any
business venture. A business plan will also proposed as it will support in managing all tasks and
activities in a systematic manner. Furthermore, an entrepreneur
TASK 1
P1 Explain a new venture identifying new target market and competitive analysis
Although products might appeal to a wide range of people, it doesn't make sense to
market to everyone. Due to enhancement of globalisation, most of business organisations invest
in order to expand their business and get high competitive edge. The present scenario describes
that 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 factors
of 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 for
introducing 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 all
businesses to provide all things to all customers. In modern era, people have their different
preferences, 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 or
costs. 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 to
recognise a specific target market in which it will operate. It is assumed that members of target
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market have common characteristics and needs. The target market of Royal fast food service
restaurant is 18 to 35 age group persons as mostly these people have capability to spend more
and more amount on food items. However, identification of target market is one of the best thing
for every small business entity as it allows advertising, promotions and pricing in order to appeal
directly to target audiences. It can be done by using surveys, interviews and focus groups. In
which surveys are conduct via emails, papers and web-based services like – Survey Monkey and
Zoomerang whereas focus groups refer get feedbacks from a small group of people through
Q&A sessions.
Competitive analysis: - It consists with a analysis of external rivals or competitors of the
company. By measuring the strength and weaknesses of their competition, Royal fast food
services 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 policies
accordingly. In order to gather information about competitors, managers can go through on
google, 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 where
the need of improvements (Eberhart, 2012). This assists to solidify firm's position at marketplace
and increases opportunity to gain market share.
Strategy of market analysis: - In order to assess a market various measures must taken
into consideration such as -
 Find out the major competitors.
 Strength and weaknesses of rivals
 Businesses strategies of competitors.
 Market structure and outlook
 Similar products.
 Location of doing business.
Therefore, to retain firm's competitiveness and remaining successful it is essential for
managers to assess all those areas where to invest. It can be done by proper planning and
strategic development.
P2 Tangible and intangible resources required to launch a new venture
Resource allocation is one of the significant task for every business organisation as it
allows to demonstrate all the available resources for different purpose. While launching any
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business venture, resources assists to make schedule of all business activities and attaining its
goals and objectives (Evers and O’Gorman, 2011). Along with this, it is also supportive in
formulating an effective strategic planning which emphasised on optimal utilisation of available
resources and get high cutting edge.
Following are the main resources required to open a new business venture: -
Tangible resources – These resources are visible and can be used for direct measurement
of monetary resources, like – financial and material. Tangible resources entails with fixed and
current assets that have long run benefits for the firm. Along with this, the book value of these
assets can be measured by conventional accounting methods and the value is affected in the
balance sheet of business organisations (Sebastiani, Montagnini and Dalli, 2013). For example –
plant, machinery, land, stocks, bank deposits other capital goods, debtors etc. Many business
organisations focus on holdings of intangible resources, like – infrastructure and machinery in
order to improve functional areas and operations criteria. Tangible resources entails the value
that can be evaluated financially through analysing the ongoing market value of the company.
With respect to the new product, the tangible resources available for the company would be all
the machineries and equipments which the firm would be using in order to develop their food
items. Further, the land on which their outlet would be situated along with infrastructure of
organisation would all be treated as tangible resource.
Intangible resources – On the other hand, intangible resources are also necessary as it is
a variety of those assets that must identified, such as- patents, trademarks, trade secrets,
contracts, networks, company reputation and brand value. These resources, in terms of the new
product, would be all the kinds of patents and trademarks which the company would be
registering its offerings with. Furthermore, all the contracts with suppliers or other entities with
respect to the new offering would be its intangible asset.
TASK 2
P3 Produce a credible proposal to launch a new venture
When a start up has introduced in market, entrepreneurs need to ensure that it will be able
to penetrate in market or not. In this relation, organisations have to plan marketing strategies
Proposal of a new business venture: - Executive summary – Foremost stage of business plan entails a brief summary of the
firm and outline its vision, mission, values, standards, organisational cultural and policies
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etc. The vision statement of Royal fast food service restaurant is to provide qualitative
food items by having a delicious taste; its aim is to become popular among customers.
The company is planning to launch a new venture which is regarding food and beverage. Identify products and services – Afterwards, business organisations have to determine
the products and services in which they will invested (Dutta, Li and Merenda, 2011). It
also involves to improve the quality of products and services of the firm in order to meet
customers' need and demands. As per its new business, the company would be dealing in
range of food and beverage items, such as, regional cuisine and effective regional
beverages. Along with this, there are different services which would be provided by the
company such as take-away and home delivery which allows users to have ease and
convenience. Develop a marketing strategy – Formulation of an effective marketing strategy helps
organisations to grab better opportunities from market. In this relation, several marketing
strategies would be implemented by the firm. To attain this, 7Ps would be used. Thus, as
for product, the company would be using differentiation strategy and the company would
be using penetration pricing strategy. As for place, company outlets would be used by the
firm. Moreover, for promotion, for its new products, along with traditional marketing, the
firm would be opting out for social media marketing as well.
 Set up financial plan – At last, firms need to create an effective financial plan which
defines the amount that will spend on all business activities and tasks. In this, a budget is
formed which provides information about cash inflows and outflows of the company. The
company is planning to invest around £50,000 in this new venture, that would cover its
fixed as well as variable costs.
P4 Skills and capabilities require to launch a new venture
Several skills and capabilities must require
Thus, there are many skills are needed in order to run a business entity in an effective manner at
market place. If starting a business unit, management must ensure about everything from serving
customers to managing accounts. Financial management – Managing cash flows is most of the most important headache
while running a business unit. Finance is the backbone of every business organisation,
some associations may go fail due to run out of capital; it results they are not able to pay
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to their suppliers as well as employees (Wood, 2011). Thus, supplies get reduced as the
firm have nothing to sell whereas employees tend to leave the organisation to find
another employment opportunities. Decision making skills – Apart from managing finance, it is essential for entrepreneurs to
take effective decisions so as to do all tasks and activities in the best possible manner.
Decision making capabilities assists Royal fast food service restaurant to grab better
opportunities from market and gaining higher cutting edge. Strategic business planning skills – Every cooperate association follows a specific plan
in order to attain its strategic goals and objectives. But creating and executing strategic
change or plan is one of the imperative skill that all business requires. Thus, an
entrepreneur have skill, i.e. how to conduct a skill audit as well as write a business plan.
In this relation, they also have to think strategically so as to improve the performance
level of the firm. Applying an effective strategy assists to accomplish long term goals
which can meet long term objectives. Marketing and customer relationship skills – A real marketing helps to improves the
brand image of the firm and get customers' know about the products and services. Good
knowledge of marketing supports to understand needs and wants of customers' in order to
attain higher level of satisfaction from target market (Baum, Frese and Baron, 2014).
Therefore, marketing is a fundamental skill that must have in an entrepreneur; it always
buck the trends and tend to generate higher revenues rather than competitors. On the
other hand, business owners also have knowledge of managing good customer
relationship by providing them reasonable and qualitative products. Communication skills – Effectively communication is a skill that successful
entrepreneurs dominates to staff members, customers and directors. In order to do day to
day business activities, people have to interact with several individuals, thus they need to
use right words in the proper manner. It increases the chances of recipient of business
discussion by understanding all the aspects.
 Problem solving skills – In this over dynamic environment, several problems and issues
are being occurred while performing all business activities and tasks. This can affect the
nature of organisational cultural and working operations as well. Problem solving skills
involves application of logic and prudent use of resources (Evers and O’Gorman, 2011).
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Thereby, if an entrepreneur has efficient problem solving skills thus he or she will easily
manage all operations in a systematic manner.
TASK 3
P5 Different promotional activities and channels
Promotion is one of the best form that is used by small business units so as to arrive
target audiences by delivering a specific message to meet organisational objectives. In other
words, it consists with a set of actions that communicate the product or a brand to its end users. It
supports people to get aware as well as influence to purchase the product and service. To
promote itself, Royal fast food service restaurant conduct a marketing campaign to appeal target
audiences and build loyalty among them. Along with this, British Government also provides
funds to small businesses as they can expand their market areas by promoting themselves.
Following are the main promotional activities and channels can be used by Royal fast food
service restaurant: - Advertising – Effective and clear advertisements plays a significant role in improving
brand value of the firm. Advertising assists a firm to reach large group of target audiences
by conveying their message to customers. Along with this, advertisements can be done by
televisions, radio, newspapers, magazines; in this modern era, different types of web
advertisements are also developed (Wilson and Post, 2013). Sales promotion – The main motive of sales promotions is to stimulate sales and
purchasing. It is a potential of sales and benefiting the firm by providing new and
innovative products so as to gain high competitive edge. Direct marketing – It targets prospectus and customers; direct marketing can be done by
internal and e-mail marketing so as to reach large group of customers. Along with this,
direct marketing is becoming successful as now these days people are using internet
rapidly. Firms which are involved in direct marketing make one way communication with
customers regrading special promotion, product announcements and order confirmations.
 Personal selling – It consists with one to one communication among customers and
company. In personal selling, companies believes to sell personally its products and
services to customers. It improves public relations as direct contact resolves all issues and
bias of target audiences (Sebastiani, Montagnini and Dalli, 2013). In addition, personal
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selling is known as one of the expensive forms of promotion and considered as effective
marketing strategy because it develops and creates customers buyer relationship.
Online marketing channels Social media channels – In present scenario, billion of people are using social media
channels; it gives a vast reach of customers to business entities and increasing sales
rapidly,
 Pop – ups advertisements - Flash messages and pop up advertisement is a leading way
of promotion. It has very great and psychological impact on customers' eye. Flash
messages comes and goes when people are concentrating on further things and have a
long lasting affect on sales.
P6 Develop an appropriate promotional activities plan
Promotion assists Royal fast food service restaurant in terms of increasing popularity as
well as brand value of goods. In this relation, firm has to make better planning before launching
its products at marketplace. Their plan must considered all promotional activities so as to attain
and retain customers for long time of span (Paudel, Xiao and Yan, 2015).
There are described certain pre- promotional activities while introducing their product, it
consider certain factors like - Product analysis – It entails firm should know about their products which it will offered
to target audiences. They need to carefully analyse those products in which it needs to
invest carefully. For instance – Royal fast food services understand the future growth of
their products and how they are beneficial for firm. Market analysis – It can be done by analysing internal and external environment of the
firm which has a huge impact on sales and profitability of the company. They should
analysis market size, type of products, types of target market and competitors to which it
will deals with. In addition, market analysis evaluate those factors which can affect
decision making capabilities of firm. Financial base – If a firm has strong finance base then it will easily attain its goals and
objectives in a certain time period. Small scale business entities should prepare a budget
in which the amount that will spend on all activities is clearly mentioned. Along with
this, bank loans, credits, angel investors etc. so as to better performance of all aspects.
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Certain Promotional Activities which are essential while launching a product are
mentioned below: - Strategic positioning – After introducing any product and service, business organisations
are required to analyse their strategic position in capital market and then develop plans
and positions accordingly (Paradkar, Knight and Hansen, 2015). It also consider
assessment of competitors marketing strategy and then take better decisions. Brand development – Royal fast food service also have to improve its market presence
by booming up the brand. In this sense, the firm has entered into producing low fats and
organic products as people also prefer such kind of products. Web presence – Business organisations can also take various websites so as to attain and
retain large group of customers. Small business unit can also acquire online delivery
system for fast servicing.
 Digital PR and partnering – Companies should also try acquire its market presence
through digital tools, like social media or blogger sites. It supports to boost up the
popularity of the firm and facilities to expand business in other areas also.
Below is the time plan for the company to carry out all these activities: -
ACTIVITIES DESCRIPTION TIME REQUIRED
PRODUCT ANALYSIS
In this activity, product would
be analysed on the basis of
their effectiveness in the
market according to market
needs.
1 MONTH
MARKET ANALYSIS
This would require the
organisation to analyse the
overall market and all the
external factors like
competitors, marketplace,
political scenario, etc.
2 MONTHS
FINANCIAL BASE
PLANNING
All the necessary finances and
capital required to set up this
3 WEEKS
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venture is planned in this
stage.
STRATEGIC POSITIONING
Strategic positioning of their
products and services would
be determined and necessary
steps would be taken to
enhance the same.
1 MONTH
BRAND DEVELOMENT
This would require the firm in
developing a nice perception
of their brand through
introducing effective features.
3 MONTHS
WEB PRESENCE
Social Media marketing would
be performed along with
activities like Search Engine
Optimisation to boost this
presence
2 WEEKS
DIGITAL PR AND
PARTNERING
Partnering through digital
brands and social media would
be performed in this stage
2 MONTHS
TASK 4
P7 Itemised cash budget for the company
Jan – may
Year 2013 Jan Feb Mar April May
Food Sales 37,820 38,147 40,103 42,060 43,038
Beverage Sales 18,650 13,650 14,349 15,049 15,399
GROSS SALES 56,470 51,797 54,453 57,109 58,437
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Cost of Sales
Food 14,525 12,589 13,234 13,880 14,202
Beverage 6,515 3,412 3,587 3,762 3,850
TOTAL COST OF SALES 21,040 16,001 16,821 17,642 18,052
GROSS PROFIT 35,430 35,796 37,631 39,467 40,385
General and Administrative
Employee Salaries 14,118 12,949 13,613 14,277 14,609
Management Salaries 3,400 3,400 3,400 3,400 3,400
Employer Taxes/Benefits (15% Wages) 2,102 1,962 2,042 2,121 2,161
Workers Compensation (6% Wages) 1,051 981 1,021 1,061 1,081
Advertising 800 800 800 800 800
Bookkeeping 150 150 150 150 150
Credit Card Charges (1%) 565 518 545 571 584
Insurance 250 250 250 250 250
Legal and Professional Fees 100 100 100 100 100
Misc. Other 250 250 250 250 250
Office Supplies 175 175 175 175 175
Rent 3,200 3,200 3,200 3,200 3,200
Repair and Maintenance 300 300 300 300 300
Small Equipment 200 200 200 200 200
Telephone [phone]
Garbage 200 200 200 200 200
Utilities 1,200 1,200 1,200 1,200 1,200
Total Gen. and Admin. (Fixed) 28,210 26,785 27,595 28,405 28,810
NET PROFIT OR LOSS 7,220 9,011 10,036 11,062 11,575
SBA Loan 3,582 3,582 3,582 3,582 3,582
Cash Flow After Financing 3,638 5,429 6,454 7,480 7,993
Draw 4,000 4,000 4,000 4,000 4,000
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Net Cash Flow (362) 1,429 2,454 3,480 3,993
Accumulated Cash Flow 1,066 3,521 7,000 10,993
Average Daily Sales / 22 days 2,567 2,354 2,475 2,596 2,656
June – Dec
June July Aug Sept Oct Nov Dec YTD 2013
43,527 44,016 44,505 43,038 41,570 35,213 37,658 4,90,694
15,574 15,749 15,924 15,399 14,874 12,600 13,475 1,80,694
59,101 59,765 60,429 58,437 56,445 47,812 51,132 6,71,388
-
14,364 14,525 14,687 14,202 13,718 11,620 12,427 1,63,973
3,894 3,937 3,981 3,850 3,719 3,150 3,369 47,026
18,257 18,463 18,668 18,052 17,437 14,770 15,796 2,10,999
-
40,844 41,303 41,762 40,385 39,008 33,042 35,337 4,60,389
- - - - - - - -
14,775 14,941 15,107 14,609 14,111 11,953 12,783 1,67,847
3,400 3,400 3,400 3,400 3,400 3,400 3,400 40,800
2,181 2,201 2,221 2,161 2,101 1,842 1,942 25,038
1,091 1,100 1,110 1,081 1,051 921 971 12,519
800 800 800 800 800 800 800 9,600
150 150 150 150 150 150 150 1,800
591 598 604 584 564 478 511 6,714
250 250 250 250 250 250 250 3,000
100 100 100 100 100 100 100 1,200
250 250 250 250 250 250 250 3,000
175 175 175 175 175 175 175 2,100
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3,200 3,200 3,200 3,200 3,200 3,200 3,200 38,400
300 300 300 300 300 300 300 3,600
200 200 200 200 200 200 200 2,400
150 150 150 150 150 150 150 1,800
200 200 200 200 200 200 200 2,400
1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400
29,013 29,215 29,418 28,810 28,203 25,570 26,582 3,36,617
-
11,831 12,087 12,344 11,575 10,805 7,472 8,754 1,23,771
3,582 3,582 3,582 3,582 3,582 3,582 3,582 42,984
8,249 8,505 8,762 7,993 7,223 3,890 5,172 80,787
4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000
4,249 4,505 4,762 3,993 3,223 (110) 1,172 32,787
15,242 19,747 24,509 28,501 31,725 31,615 32,787
2,686 2,717 2,747 2,656 2,566 2,173 2,324
The following cash budget states the working of start-up throughout the year.
P8 An appropriate legal form the venture stating
It is fundamental for every business organisation to formulate its legal structure so as to
perform all activities and tasks ethically.
Partnership – The Royal fast food service is a partnership business in which 5 people
have invested their capital. Basically, partnership is legal form of business operation in which
more than two people share profits and management (Pan and et. al., 2016). These individuals
also takes responsibility to manage working activities and operations; they are also liable for
profits and losses a business generates. Along with this, there are three types of general
partnership, limited partnership and joint venture. In which, Royal fast food services is formed in
general partnership; which consists that each partner has equal roles and liabilities. In addition,
all partners are involved in order to do business operations.
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Thus, partnership is the best form to start a business venture because any individual does
not have enough capital as they can began their own business. In partnership, partners pool their
resources so as to provide fund for the company's start up. On the other hand, sometimes partners
split their profits, in case if payouts are not sync in with each partners' contribution within the
venture.
CONCLUSION
From the above mentioned report, it get concluded that small businesses plays an
imperative role in growth and success of an economy. It assists to provide job opportunities to
people in order to improve their living standard. The report stated that business owners should
recognise target market in which they will serve products; it assist firms to accomplish their
goals and objectives in a certain time period. Along with this, tangible and intangible are the two
types of resources which are required to launch a new business ventures. In addition, financial
management, communication skills, problem skills etc. are the main skills which are required to
have an entrepreneur as he or she can perform all tasks effectively.
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