Launching a New Venture - Foodies Point

Added on - 22 Jul 2020

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Launching a NewVenture
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Identification of target market and understanding competitive analysis...........................1P2 Tangible and intangible resources required for new venture............................................2TASK 2............................................................................................................................................3P3 Business proposal to start new venture.............................................................................3P4 Assessment of skills and capabilities needed to launch new venture...............................5TASK 3............................................................................................................................................6P5 Promotional activities to support launch of venture..........................................................6P6 Development of promotional activities plan for launch and pre launch of venture..........7TASK 4............................................................................................................................................8P7 Itemised cash budget for business.....................................................................................8P8 Appropriate legal form for venture setting........................................................................9CONCLUSION.............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONGlobalisation highly influence small scale industries by giving them chance of businessexpansion so as to attain growth in market.Setting up a new business amid rapid alterations andincreased competition is full of challenges.Firm introduce innovative goods and services inorder to gain competitive edge over competitors(Baum, Frese and Baron, 2014).Before settingup a new venture, it is very essential for an individual to consider various factors such asavailability of resources, location, target market, skills, manpower etc. Apart from all this, themain thing that is required for starting any business is a unique idea or concept which helps firmin attaining success and growth and distinguish it from its rivals.Foodies Point is a new start upventure which deals in fast food & beverages. The innovative idea behind launching thisbusiness is to serve pizza to customers with customized toppings. This report includesdetermination of resources required to launch a new venture and development of a credibleproposal. Assessment of skills and capabilities as well as promotional activities are defined thatsupports in introducing new business. Apart from this, cash budget is prepared for pre launchphase and appropriate legal form for venture is choose in this project.TASK 1P1 Identification of target market and understanding competitive analysisThere are different factors which affect business and it is essential to perform task as perrequirement of customer. Restaurant is the sector which is associated with food which is verydemanding sector.Identification of target market is very essential for every business organisationas it helps firm knowing about their needs and requirements.There are many policies whichmanagement of Foodies Point has to change due to change in business environment. Foodindustry is the sector where competition is very huge and hence it essential that company has todo perform activities which provide edge over other competitors. It is essential that company hasto perform activities which help them to compete with external parties.Identification of specific target marketThere are many restaurants which are essential to perform business and there are differentthings which has to be taken care by entrepreneur before starting business.For effective productand service marketing, it is very essential to tailor sales and marketing efforts in order toparticularly reach the population segment that will more likely to buy that product or service. Itis very crucial for firm to first clearly identify the target market so that efforts, funds and1
resources can be more efficiently spent.These days pizza is very famous among young and eldergenerations. These days restaurants are dealing in pizza segment and serving varieties of pizza,but sometimes there are different demand of customer. In this case company fails to satisfycustomer(Douglas, 2013). So to resolve this issue Foodies Point is coming with customisedtopping over pizza base. They get this idea so older people can also enjoy pizza as per theirchoice. This idea can be implemented in better way as customer can choice topping as per theirchoice. Target customer of Foodies Point is 20-45 year individuals.This age level is chosenbecause there is a craze in people in age from 20 to 30, and after that the target is also exceedfrom 30 to 45 because people in this age makes choice due to some office meetings, etc. in therestaurants.Competitive analysisThese days scope of restaurant is increasing but at the same time competition is alsoincreasing.In food industry, high competition is exist in market and there are many firmavailable in market that offers fast food and beverages.Therefore, it is very essential for foodiespoint to properly analyse competition that exist in market place and get proper understandingabout its rivals.So it is essential to perform activities after analysing all related factor. To makebusiness growing and competitive factor has to be considered. Analysing of competitors policiescan be done through different sources which are useful and effective too(Dutta, Li and Merenda,2011).Market analysisBefore entering into new market or launching a new venture, it is very essential to doproper market analysis. It is a qualitative and quantitative assessment of market. The main aimbehind doing this analysis is to identify market attractiveness and to get proper understandingregarding its evolving threats and opportunities as they relate to weaknesses and strengths ofcompany.Foodies Point come with concept of customised topping after analysing market.Through investigation of market their will be possibilities that management has to frame policieseffectively and then use of various techniques to overcome it. There are different competitors inindustry, where to set up business, complementary services to be offered, etc. can be identifiedthrough market analysis.PESTLE Analysis:2
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