Launching a New Venture- Assignment
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Added on 2020-10-22
Launching a New Venture- Assignment
Added on 2020-10-22
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Launching a NewVenture
INTRODUCTIONEvery organisation always tried to enter at international market with an objective ofachieving huge market share as well as profitability. For this, a successful entrepreneurs firstmake an appropriate market research of such nation where they decide to reach their newlybusiness. It assist them in identifying the products and services which are more in demand. Thedecision of entering into new market may faces difficulties to sustain due to influencing factorsexist in business environment which are fluctuated on frequent basis. The present assignment isbased on new venture named as "7th Heaven" which is a bakery shop opened by a successfulentrepreneur in Germany. It is engaged in manufacturing and selling wide range of bakeryproducts such as pancakes, cookies, pastries etc. Organic chocolate is one of the famous bakeryitem in their offering list which assist them in capturing the needs of health conscious customers.The project discusses the specific target market along with an appropriate competitive analysis.Types of resources needed to start a new venture and formulation of credible proposal are alsobriefly discussed under this report. The project also summarises skills and capabilities, CashBudget, promotional activities. TASK 1P1: Identification of specific target market and competitive analysis"7th Heaven" is newly established venture which is decided to enter into Germany marketwith wide range of bakery products such as pancakes, cookies, pastries, organic chocolates etc. Itmainly targeted health conscious people who prefer to consume less sugar and high nutritionproducts. An entrepreneur decides to locate its newly venture business in Berlin city of Germanydue to having huge number population which indirectly supports in achieving huge customerstrength and profitability. While making research on the needs and requirements of people inGermany, it has been identified that they took quality and healthy products as main priority overprice of products. It also came to know through collecting information from online sources thatGermany customers have begun to opt for organic chocolate which contains cocoa content thantraditional milk chocolates and also provides lower sugar levels with no artificial colours.Therefore, to capture their needs and preferences, an entrepreneur decided to start new Bakeryshop in which they start to provide organic chocolate in order to achieve high sustainabilitywithin shorter period of time (Baron and Tang, 2011). 1
An entrepreneur begun to start a new bakery shop in partnership with their trustablepartners who are their college mates as well. This will bring an advantage in form of getting newand innovative ideas to promote its new venture by bringing an appropriate amount of capital toinvest. "7th Heaven" has acquired approx. 1500 square feet land in Berlin city on lease of 5 yearswith an expectation of sustaining in market without facing any disturbance from external factors."7th Heaven" is formed in partnership thus have sufficient capital to run and operate businessmore smoothly. It has been estimated that approx. £340000 needed to be invest in establishment.Objectives: SMART Objectives need to be prepared which are given as under:Specific: The new venture has target to hire skilled and experienced marketing manager topromote their business in new markets,Measurable: There is need of 4 marketing members which are required to be engage inpromotional activities.Attainable: Imposing advertisements on social media platforms and official company's websiteto recruit marketing employees.Relevant: Adding marketing team in business operation build good image of company in newmarket.Time-based: Need to be hire marketing members within two months.Mission:Its mission statement of company is that “to fulfil the needs and requirements of healthconscious customers by offering tasty and healthy bakery products at discounted prices”.Target market:Before entering into new market, an entrepreneur first research about the taste andpreferences of customers and on the basis of decide to change in their current offerings so as toachieve huge customer strengths. Therefore, customers are the main whose interest and buyingbehaviour can decide the plans and strategies of entrepreneur in establishment of new business(The baked products market in Germany, 2018). It has been identified from the online researchthat the bakery shops which offers bakery items with proper packaging at discounted prices willeasily attracts the interest and buying behaviour of targeted people. To make division ofpopulation on the basis of their common taste and preferences, the market has been segmentedon the basis Geographic, Demographic, Psycho-graphic and Behavioural. Bakery shop is2
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