Launching A New Venture

Launching A New Venture
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.................................................................................................................................................3
P2.................................................................................................................................................5
P3.................................................................................................................................................6
TASK 2............................................................................................................................................7
P4.................................................................................................................................................7
TASK 3............................................................................................................................................8
P5.................................................................................................................................................8
P6.................................................................................................................................................9
TASK 4..........................................................................................................................................10
P7...............................................................................................................................................10
P8...............................................................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
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INTRODUCTION
In current times, there are various ventures which are developed into marketplace and are
involved in different industry with an intent to gain profitability. So, a person having effective
competencies as well as skills for managing and operating business in smoother way, then new
venture launching will provide profitable results. Moreover, an individual launch its venture at
any location whether into regional or global marketplace. The main intent of business
establishment is to accomplish the customer requirements into its targeted industry (Bachmann
and et. al., 2020). This report is based upon a Delish-on-the-go restaurant that is going to
introduce within UK marketplace. The topics discussed in this report are identification of
particular target market as well as competitive analysis, determination of tangible and intangible
resources and proposal to introduce new business. Moreover, skills and capabilities required to
launch a new venture as well as effective promotional activity are described. Apart from this,
monthly cash budget and legal form for initiating new venture are also discussed in this report.
TASK 1
P1.
Delish-on-the-go restaurant is a new venture that plan to introduce into the market of
London with various cuisines. They provided healthy and tasty food items of numerous countries
with intent to grab the attention of numerous consumers across the world. Such as Chinese,
Spanish and many others are few cuisines name that can be provided through restaurant. The key
preferred areas for initiating a new venture is London as it have huge number of audiences and
high crowd that can enhance its revenue and possibilities of making new business successful. By
performing investigation, this has been identified that various audiences likes to come at those
restaurants in which it may get several countries dishes. Thus, this becomes effective ideas to
provide various countries dishes within a single location that is in London marketplace.
Entrepreneur of respective restaurant perform analysis as well as assessment of
marketplace so that they can able to determine the targeted audiences (Domurath and et. al.,
2020). After deciding it, the manager of Delish-on-the-go restaurant plan and formulate
strategies for grabbing the attention of audiences effectively and efficiently, for instance, they
develop its promotional as well as advertisement strategies as per targeted customers. Moreover,
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Few powerful elements are assess as well as analyses through respective restaurant in order to
attain its goals in more effective manner. So, some are discussed below:
Determining particular target market: Target market is considered as the identification of
consumer groups from target market in which firm is planning to provide their products. Market
identification assists a firm to determine consumer groups who represent similar kind of features
like gender, location, taste, lifestyle and many more (Dulovits and Tewelu, 2020). Before
introducing new venture that is Delish-on-the-go restaurant into London, UK, its owner has to
determine the potential customers. Respective restaurant target markets are categorised based
upon: Demographics: This kind of segmentation is depends upon gender, religion, income level
and others that impact the practices of business very much. So, it is needed to evaluate
them in effectual way and consequently make decisions and plan of action for grabbing
the attention of more customers towards restaurants. Such as families and teenager are
more interested to visit in such type of restaurant where it can have various dishes of
different countries. Thus, strategies have to be developing for them. Behavioural: This kind of segmentation is depends upon decision, behaviours and usages.
Such as, at present times, teenagers behaviour is to try something new so it has been
analysed that they may have keen interest towards varieties of dishes which can be
provided through Delish-on-the-go restaurant. So, based upon which food items have
been marketed. Psycho-graphic: This kind of segmentation depends upon personality as well as lifestyle
of person. Such as person of high income group are very much preferred to visit to
restaurant for getting taste of various countries dishes.
Competitive analysis: Initiating a new business is not a simple task as there are huge
competitors available within marketplace what are operating their ventures since many years. So,
competition is very much higher mainly into food sector in which huge number of small
restaurants are there who are running same kind of business and may provide a hard competition
to new venture (Fisher, 2020). Thus, for sustaining into competitive marketplace, effective
strategies are needed to be used through Delish-on-the-go restaurant owner. So, this helps them
to take decisions related to initiating new restaurant into London marketplace and to attain large
consumers but beside this, there are various competitors like Liman restaurant, the Led Bury and
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