Launching a New Business Venture Assignment - Foodies Corner
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Added on 2020-10-22
Launching a New Business Venture Assignment - Foodies Corner
Added on 2020-10-22
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LAUNCHING A NEWBUSINESS VENTURE
INTRODUCTION The process through which any business wishes to expand its product or services in otherforeign country with an aim of capturing large market share known as Globalisation. With thehelp of this, firm can gain high competitive advantage over their rivals. The impact ofGlobalization can be viewed on every single business (Baum, Frese and Baron, 2014).Launching a new business venture means when an entrepreneur aims at earning adequate anountof profits in return of fulfing diverse needs and desire of consumer. The chosen organization forthis report is Foodies Corner which is UK based new business venture, mainly deals in sellinglarge variety of healthy foods. The main purpose of this report is to undertake all crucial aspectsthat needs to be taken into account by entrepreneur for successfully launching new businessventure. It covers determining target market, competitive analysis, different channels ofpromotion, producing yearly budget, identification of tangible and intangible resources, skillsrequired for setting up new business and lastly select appropriate legal form of new businessventure. TASK 1P1 Identify specific target market and undertaking competitive analysis For successfully launching a new business venture there are various factors that need tobe taken into consideration such as target market, competitive analysis, market analysis etc. Inmodern era, demand for fast food is growing rapidly in every country. Considering the growingdemand of fast food in UK, it has been examined that if any one is launching new businessventure in fast food sector in United Kingdom than as a result it will save both money & timewhile empowering entrepreneur that he/she has made profitable decision. It a sector where thereare large number of opportunities present only one can know how to exploit it effectively. At thesame time, there is strong competition prevailing in this industry. Since our venture is new so theentrepreneur needs to first determine its target market, do competitive and market analysis. Identification of target market:-“Deliver your message to the consumer who want andneed what you want to offer”. This will take business to go through step by stepprocedure of determining its target market (Douglas, 2013). It encompasses identifyingthe reason why customer would want to buy new company's product or services,segmentation of overall market and then lastly research about market. In the given case,Foodies Corner is going to launch veg mix fruit kebab which is a kind of healthy dish as1
made up of organic fruits and vegetables. Today people are becoming very particularabout their health. Taking the advantage of this, Foodies Corner has decided to create aunique dish which is a combination of both fruit and kebab i.e. veg mix fruit kebab. It canbe consume by people of any age group. Since it is a healthy dish as made up of fruitsand organic vegetable. But they mainly focus on targetting consumer of age rangesbetween 20-45 year. Competitive Analysis:- It is consider as a critical part of company's marketing plan. Withthe help of this, entrepreneur can easily determine what are the core factors that makestheir product different from that of competitor's one (Dutta, Li and Merenda, 2011).Thus, what attributes entrepreneur needs to taken into account while attracting largenumber of customer. Foodies Corner is gaining high competitive advantage for serving afirst ever combination of veg mix fruit kebab. Though the venture is new but still theyhave some rivals who are giving them strong competition. So the respective firm isrequire to formulate plans and strategies accordingly. Market Analysis:- It aims to identify market attractiveness both in current and futuretime period. Business analyse future market attractiveness by knowing evolving threatsand opportunities related to it. Since the company is going to introduce veg mix fruitkebab, they need to investigate all possible opportunities concerned with it and tries toexploit in best optimal manner. There are distinct competitors that are available in marketand serving similar sort of products. Thus, before launching its venture one needs tothoroughly examine all related aspects properly. P2 Determine tangible and intangible resources required for launching new business venture Every business has different types of assets and resources some are visible while someare not. Resources are crucial for carrying out all business activities and operation in an effectivemanner. Classification of resources are discussed below:-1.Tangible Resources: Such type of resources can be seen or touched such as land,building, machinery, equipment, inventory etc. These kind of assets are usually owned bybusiness and own monetary value & is materially present. In addition to that, value ofsuch assets reduce over the time period (Evers and O’Gorman, 2011). Since FoodiesCorner is a new business venture, so its tangible resources mainly covers attractivefurniture, equipments for preparing food, land which is easily accessible to all, sort of2
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