logo

Assignment on Launching a New Venture

   

Added on  2020-06-04

14 Pages5182 Words57 Views
 | 
 | 
 | 
Launching a New Venture
Assignment on Launching a New Venture_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Determining target market for new venture and undertaking competitive analysis..............1P2 Identification of tangible and intangible resources required to launch new venture.............2TASK 2............................................................................................................................................3P3 Development of credible proposal to start a new venture......................................................3P4 Assessment of capabilities and skills required to launch a venture.......................................4TASK 3............................................................................................................................................5P5 Various promotional channels and activities that will support in launching new venture....5P6 Development of promotional activities plan for pre launch and launch of new venture.......6TASK 4............................................................................................................................................7P7 Development of monthly itemised cash budget ....................................................................7P8 Suggested appropriate legal form of Venture........................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
Assignment on Launching a New Venture_2

INTRODUCTIONGlobalization is one of the major factor that highly affect small scale businesses byadministering them chance of expansion. In order to attain high market growth, a companyintroduce innovative products and services. This provides competitive edge to firm over its rivals(Baum, Frese and Baron, 2014). Launching new venture emphasizes on overcoming commonobstacles which are facing by entrepreneurs in start up. Booker Tea is a new venture whichoffers variety of tea, coffee and other beverages. Innovative idea behind this start up is to servefusion tea to customers with 2 or 3 flavours. This report includes explanation of new venture,determination of target market and tangible as well as intangible resources that are needed tostart a business. Along with this, a credible proposal is developed and required skills areassessed. Moreover, promotional activities plan is formulated for pre launch and launch of newventure. At last, itemised monthly budget is produced and an appropriate legal form of venture issuggested in this project. TASK 1P1 Determining target market for new venture and undertaking competitive analysisBusiness and its activities are influenced by various factors from which customers areone of them. So, it is necessary to consider taste & preferences of customers and develop productaccordingly. Tea is an aromatic beverage which is prepared by pouring boiling water over leavesof camellia sinensis. There are various types of teas available in market such as astringentflavour, slightly bitter, Chinese green, cool tea etc. Booker Tea is the chosen new venture whichis set up in United Kingdom. Firm offers variety of innovative fusion teas with 2 or 3 flavours.Along with this, it also provides coffee and other beverages with some snacks. Variants of teaincludes nutty, sweet, floral, salty, fruity etc. In competitive business environment of UK, thereare various policies made by government which needs to be followed by management of BookerTea. High competition is prevailing in beverages sector market so, it is necessary to analysemarket trends on regular basis and consider preferences of customers while producing product. Itis also required by firm to perform such activities which assists in competing with rivals andmaintaining position in market (Douglas, 2013). Determination of specific target market:An entrepreneur requires to first analyse market and select target audience before settingup a new venture. Tea is very popular beverage among people and is intake by around 75% of1
Assignment on Launching a New Venture_3

population. It is more consumed by elder and younger generations. As there is any change takesplace in market, needs and preferences of consumers also change. Now a days, different varietyof teas are available in market which people like to drink more. But, sometimes customers wantto have such kind of tea which is different from available one. This change in demand ofconsumers needs to be fulfilled by company. So, Booker Tea emphasize on needs of people andoffer fusion tea to people with some flavours in order to satisfy them. The reason behindimplementing this idea is to offer consumers a completely new flavour of tea which satisfiestheir needs. The target customers of Booker Tea are individuals who aged between 22 to 80years (Dutta, Li and Merenda, 2011). Competitive analysis:In present business environment, there is high competition exist in beverage sectormarket. As the scope of business increases, competition also increases. So, firms needs to assessall those factors which influence performance of company. In order to grow and maintainsustainability in market, firm needs to do its competitive analysis. It assists Booker Tea inattaining its set targets and objectives. Strategies and policies of competitors are also needs tokeep in view. It assists in formulating effective plans that provides competitive advantage to firmin market of United Kingdom. Market Analysis:After doing proper market analysis, Bookers Tea come with the concept of fusion teawith 2 or more flavours. This assessment of market assists management of firm in framingeffective policies and strategies that facilitates in performing smooth operations of business.Market assessment helps in determining competitors, their strategies, pricing policies as well asneeds and preferences of customers. Identification of such factors assists Booker Tea insatisfying customers in more better way. P2 Identification of tangible and intangible resources required to launch new ventureBefore starting any business, some resources are required which supports in attaininggoals and objectives of company. There are various sources by the use of which firm can attainhigh growth and success in market place. Some tangible and intangible resources are required byBooker Tea at the time of starting their new venture (Evers and O’Gorman, 2011). These aredefined below:2
Assignment on Launching a New Venture_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Skills and Capabilities for Launching a New Venture
|17
|5235
|57

Report on Target Market and Competitive Analyses for New Venture
|15
|5173
|40

Launching a New Venture: Cafe Kulture
|15
|4363
|36

Launching a New Venture
|19
|5338
|44

Launching a New Venture in the Cafe Industry
|14
|4697
|92

Launching a New Venture: An Introduction
|16
|3867
|86