Skills and Qualities for Launching a New Venture

Launching a New
Venture
Table of Contents

INTRODUCTION.................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Explain new venture identifying specific target markets and undertaking competitive analysis...3
P2 Examine the physical & non-physical resources that require for launch of new venture..............4
P3 Prepare a proposal of the new product of new venture.................................................................5
TASK 2.................................................................................................................................................6
P4 Analyse the skills and qualities needed to launch a new venture..................................................6
TASK 3.................................................................................................................................................7
P5 Discuss various promotional activities & channels that will support the launch...........................7
P6 Briefly describe the plan for pre-launch & launch of the new product.........................................8
TASK 4.................................................................................................................................................8
P7 Prepare a monthly cash budget for pre-launch phase of venture...................................................8
P8 Provide an appropriate legal form for venture and why it has been selected..............................11
CONCLUSION...................................................................................................................................13
REFERENCES....................................................................................................................................14
Books & Journal:.............................................................................................................................14

INTRODUCTION
In this computer world menu business in and on action taken place motive of running
the distance as well as earning profit at higher level. Stroke Grow, a new venture has been
launched by the entrepreneur headquartered in UK. The company provides products such as
kid’s clothes and garments baby food and many more. The new innovative product, which is
also known as frumpy drinks, which is a healthy drink for babies and kids. This report
includes identification of specific target market, tangible and intangible resources, skills and
capabilities, promotional activities and channels, promotional activity plan for launch and
pre-launch and monthly cash budget for the pre-launch. It is important to be aware of in
ocean so that all the goals and objectives as well as vision of the company is achieved within
a period of time.
TASK 1
P1 Explain new venture identifying specific target markets and undertaking competitive
analysis
Stroke Grow, a new enterprise in UK, and is being new option for shopping in
relation with kids as well as babies. Mostly healthy drinks are being need for the address for
teenagers of the elder people. But the specified entity has been able to provide an innovative
product with the help of which kids and babies will remain healthy and fit and drink named
as frumpy drinks has been launched by them. With this trending and emerging market of
retailing sector it is important to target specific market so that products is being used by the
customers in proper manner (Goldenstein, 2019).
Target Market
In relation with stroke grow, chosen entity focus on those customers mostly which
wish to buy the babies product or kids food and beverages. Further, analysis and
characteristics of target market has been explained below-
 Behavioural factors- This is the most effective of selecting the target market because
customers and market behaviour attraction sales process and brand Goodwill at
deeper level. So, the given entity focuses on expanding the market as well as growth
share by merging up with the adopting with the trending and emerging trends as well
as requirements (Younger, 2020).
 Psychological factors- These are also to be conducted as important factors as because
market is being divided on the basis of preferences, requirements, values, culture etc.
In relation with the given enterprise which is Stroke Grow targets and focuses on

middle as well as income group of people and also provide them varieties of
alternatives and options for shopping products.
Competitors Analysis
Competition is also essential part of business because it triggers new changes and
businesses to provide better services as well as products to their customers. Competitive
analysis assists new ventures to understand the markets difference and effectively established
positive relationship with forces that affect the business growth. So, Porter Five Forces
Framework has been used for the computer analysis and is explained below
Threats of substitutes- These are to be considered as those products which satisfy me
total satisfaction of customers as compared to their adopted product from the same brand or
other brands. Range of substitute depends upon the characteristics and value of the product
within the market. In context to Stroke Grow, they also have substitute of other products such
as Mother-care also provide babies food and other services at affordable rate. So, it is
important for company to focus on their new products that customers are attracted at larger
scale (McGee, 2019).
Threats of New entry- With new changing time and emerging market many new
businesses enter into the same business with motive of providing the same products and
services but with some different rates and additional changes entry of new businesses and
their degree is high when there are no rules of government, few suppliers, less resources and
sources for the need and wants etc. In relevance with chosen enterprise, degree of new
entrant is moderate as because there are very few companies and businesses which deals in
baby products as well as kids as compared to other businesses (Rahman, 2019).
Bargaining power of Buyer- It is often seen that buyers are important for new
venture as because they buy the products as well as materials and as enterprises is new;
the bargaining power of buyer is low so that they are able to maximize their profit and
sales revenue in this competitive era.
Bargaining power of suppliers- Vendors are also crucial part of the market because
they are the path or sources through which corporation is able to access the raw materials and
other resources for their products or services and also they help companies to supply their
product to the end consumer. Bargaining power of suppliers in relation with using entity is
basically because they are the new ventures in market and it took time to establish
relationship with the suppliers.
Competition Rivalry- Competition in between the FMCG sector is high, which is a
big challenge for the new venture, Stroke Grow.