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Launching a new business venture INTRODUCTION

   

Added on  2021-01-01

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Launching a newbusiness venture

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Investigation of new venture for identifying specific target market......................................1P2 Specific tangible and intangible resources.............................................................................2TASK 2............................................................................................................................................3P3 Credible proposal to launch a new venture............................................................................3P4 Skills and capabilities that are essential for launching a new venture and development atthe same time...............................................................................................................................4TASK 3............................................................................................................................................5P5 Various promotional activities and channels that are essential for launching a new venture5P6 Appropriate promotional activities for launch and pre – launch...........................................6TASK 4............................................................................................................................................7P7 Monthly cash budget..............................................................................................................7P8 Suitable legal form for the venture to elucidate why it has been chosen...............................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONAs per the changes in course of time, firms are getting emerge so as to implementsuccessfully in market areas. Due to globalisation, small firms get a chance to expand theirfunctional and operational areas to grow over marketplace. In UK, there are several smallbusiness entities are being opened in order to provide innovative products to people at lowerrates. Beside this, technological advancement also supports in improving quality of work life; itresults attaining and retaining customers for long term period. While launching any new venture,entrepreneurs are required to consider several factors like – planning, operating time, start upcapital and team size; through which all working activities will be performed in well beingmanner (Datta, Mukherjee and Jessup, 2015). The present assignment is based upon Turn aTable cafe which is established in local streets of London so as to provide fast food services topeople. On the other hand, the report will be describe identification of target market in which afirm is going to be expand. Readers will also come to know about intangible and tangibleresources. A cash budget will be prepared for pre-launching of business. TASK 1P1 Investigation of new venture for identifying specific target marketThe mentioned enterprise, Turn a Table cafe is a newly established venture in UK with anaim to deliver effective and delicious fast food services to people. Its attractive and innovativeinterior is enough able to attain and retain customers towards it. Inside the cafe people feel piece,there is place where they can easily spend time with friends, release stress level and readingnovels with a sipping of coffee and other beverages. Before launching their business, Turn aTable cafe recognise interest of local communities of Queens street and after that prepare actionplans. Fusilli pasta and cafe Mocha are the special offerings of the restaurant, additionally otherproducts of Tum a Table cafe are – breakfast pizza, avocado toast & Poached eggs, garlic bread,oatmeals, pizza, burger, chocolate shots etc. There is also a gaming zone where individuals andkids enjoy games if they want, but for this management takes extra charges. Thus, it can be said that Turn a table cafe has come up with variety of new ideas andinnovations by making experiments in food recipes with a motive to deliver best fast food andbeverages to people. The unique nature of service helps the firm to attract more and more peoplefrom target market and increase sales at the same time (Ghimire and et. al., 2015). Following are1

the elements which should be considered while launching any venture in target market, such arestated as under: - Identification of target market – Its a procedure through which entrepreneurs can assessmost profitable areas so as to launch their products and services at there. Basically, segmentationof target markets are based upon several elements like – age, gender, interest, values, level ofeducation and income level of people. Sometimes, it is quite difficult for business owners toevaluate all these aspects and provides products accordingly. Although, the target market of Turna table cafe and restaurant is focused on adults, kids, teenagers as well a families; andaccordingly there has seen set different different sections which people can avail as per theircomfort zone. Apart from this, the restaurant is also tend towards middle class people as they caneasily enjoy all food services at reasonable prices. Competitive analysis – It is one of the indispensable factor which should be taken intoaccount by entrepreneurs on ore before introducing their new business. Competitive analysisenables people recognise all those internal and external components which has a vast impact onfirm's sales and working activities (Ke and et. al., 2015). Turn a table cafe has many largecompetitors which have great brand value, i.e. Cafe coffee day, Starbucks etc.; usuallycustomers' prefer to go those places which have strong market goodwill. Thus it is essential forthe mentioned restaurant to provide much qualitative and effective food items which are able toattain wide range of customers. P2 Specific tangible and intangible resourcesTurn a Table cafe offers best varieties of coffee in local streets of London; Queen Streetis place where vast amount of people comes everyday. To make their firm more effective andefficient, management uses high quality of food ingredients which are involved to make coffee.The small business buys coffee beans from African countries. Apart from this, certain resourcesalso have to be needed for entire maintenance of operations in cited restaurant, such as - Tangible resources – It involves physical resources, i.e. equipments, plants, machineries,furniture, vehicles, inventory and human resources that can be touched and feel.(Tangible Vs. Intangible Resources, 2017) Turn a table cafe uses innovative machinerieswhich gives fast production; it results delivering process also be fast. Apart from this,furniture of the restaurant is designed by considering space at premium; colour of the2

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