Launching A New Venture : Assignment
Added on 2020-07-23
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Launching A New Venture
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 New venture identify specific target market and undertaking competitive analysis.............1P2 Specific tangible and intangible resources that would be required for the launch of a newventure.........................................................................................................................................2TASK 2............................................................................................................................................3P3 Credible proposal to launch a new venture............................................................................3P4 Skills and capabilities required to launch a new venture and how they are acquired ordeveloped....................................................................................................................................5TASK 3............................................................................................................................................6P5 Different promotional activities and channels that will support the launch and justify theirchoice..........................................................................................................................................6P6 Appropriate promotional activities plan for both launch and pre-launch..............................7TASK 4............................................................................................................................................9P7 Monthly cash budget for the pre-launch phase of the venture and the first 12–18 monthspreceding launch.........................................................................................................................9P8 Appropriate legal form for the venture stating why it has been chosen..............................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONAs per today's business environment, to start a new business it is important forentrepreneur having proper knowledge about all the market trends and situation. For attainingbetter success, entrepreneur set as well as develop new and innovative ideas for launching a newventure in order to attain positive outcomes. Along with this, at the time of starting a newbusiness entrepreneurs face various issues and problems towards market trends, competition,growth and culture (Datta, Mukherjee and Jessup, 2015). All the factors that are mentionedabove may have a negative impact on an organisation so it is important that company considerthese elements in order to run their business in an effective manner. With the help of this, newfirm easily enhance their profitability level at market place. In this assignment we have to selectTasty Treat cafe, is a new business venture at UK. Present report is based on various resourceswhich required at the time of launching a new business. Along with this, different skills andcapabilities are also analyse in this report which may aid in attaining positive outcomes. Inaddition of this, various mediums of promotion are also discussed in this project which leads increating positive brand image at market place. At the last, cash budget is made by company toanalysis their actual performance. TASK 1P1 New venture identify specific target market and undertaking competitive analysisIn UK market number of people start their new venture with the purpose of attainingbetter growth level. Basically, half of the population wants to run their business for gatheringlarger number of profitability. Along with this, globalisation is also an important term whichprovide number of opportunities to small and new venture to develop in new market place forattaining higher growth level. In this context, Tasty Treat cafe start their new business in foodand beverage sector in which they serve variety of food services to their customers in order toattain their satisfaction. Along with this, it is also important for business organization toeffectively analysis as well as examine all the factors that largely impact its operationalactivities. With the help of this they easily grab customers attention and at the same time alsoachieve larger marker share (Ghimire and et. al., 2015). By analysing all factors, firm improvetheir positive performance level with the purpose of attaining competitive advantages. As a new business, Tasty Treat come in market with new and innovative ideas andservices in which they serve variety of dishes to its customers for grabbing their attention and1
interest as well. With the help of this they create string customer base within their businesswhich may leads in increasing profitability level at market place. Along with this, there are someeffective elements which evaluate by business to attain set goals and objectives in appropriateway. All these are as follows:Identifying particular target market: It is one of the important element which used bycompany to determine the target market in order to generate larger profits. Basically themain of all the business organization is to enhance their marker share by attaining bettersuccess at market place (Ke and et. al., 2015). In this context, Tasty Treat should identifythe specific target market for producing as well as manufacturing quality goods adservices as per customers demand which may leads in attaining better profitability level.In this context, the main target of selected cafe on adults, family and teenagers who arelikes to spend their time on restaurant and also eats variety of food items. Along with this,they also examine customers taste and preferences to invite as well as attract largenumber of customers towards the cafe and its services. This will aid in attaining bettersuccess in new market place. Along with this, Tasty Treat also target middle class peoplein which they provide their quality food services at affordable price which may leads inattaining better results. Competitive analysis: It is an essential element which used by number of companiesbefore launching a new venture. In this they should analysis all the market trends andanother factors in order to determine their positive and negative impact on businessoperations. In addition of this, number of competitors are exist in market who operate aswell as sell their same products and commodities at affordable price. In this Starbucks isone of them which is biggest and popular brand in UK. As they serve quality services tocustomers. In this for established their their positive brand image Tasty Treat have toanalysis competition at market lace to enhance their USP in appropriate way.P2 Specific tangible and intangible resources that would be required for the launch of a newventureTasty Treat cafe is new venture in UK market in which they offer quality services to itscustomers as per their taste and preferences. Along with this they also better as well as qualityfeatures within their product line in order to manufacture best coffee to its customers (Ke and et.al., 2015). For this they company import coffee beans form another countries to make taste2
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