Understanding of What is Required to Launch a New Venture Successfully

Understanding of What
is Required to Launch
a New Venture
Successfully

Table of Contents
INTRODUCTION...........................................................................................................................1
MAINBODY....................................................................................................................................1
P1. Define the new business and classify target markets and market competition.....................1
P2 explain the physical and intangible resources of the new coffee shop..................................2
P3 Establish and prepare a proposal for the new coffee shop venture........................................4
M1. Apply a range of methods and techniques for competitive analysis to justify how to
achieve competitive advantage...................................................................................................5
M2. Deliberate the strength and weakness of new coffee shop..................................................6
TASK 2............................................................................................................................................7
P4 syntheses the various ability and capabilities needed for launching new coffee shop..........7
M3. Identify the various skills and competency needed for launching coffee shop..................8
TASK 3............................................................................................................................................9
P5 Different promotional activities and channels that will support launch of the venture and
justify it.......................................................................................................................................9
P6 create a proper advertisement programmer of the new coffeholic shop..............................10
M4. Demonstrate an appropriate advertising function for pre-launch and launch...................11
TASK 4..........................................................................................................................................13
P7 Produce an itemized monthly cash budget for pre-launch phase of the venture and first 12-
18 months preceding launch of venture....................................................................................13
P8. Suggest a proper legal form for the venture stating why it has been chosen......................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
A new entrepreneur in their first approach to start a new venture they explore and analyse the
market and identify the right area where their business can last longer (Scarborough 2011). And
also creates employment for others. Planning is a resource for launching a new one to achieve a
defined goal such as detailed strategy, planning, mapping and implementation of the business
plan. When someone launches their new venture anywhere in the home market or global market,
its primary goal is to create a new venture, catering to the needs and desires of the customers in
their centralized area. The new venture launch for this appointment is Coffee shop name as the
Coffeholic, which will be launched in the Hounslow Central Underground station market. The
components mentioned in this report are targeted market analysis, competition analysis and
selected resources of related cafes. At the same time, it describes the skills and abilities required
to work in relevant Coffee shop and how to develop them, including promotional activities and
the budget clarification and support of the Coffee Cafe Town.
MAINBODY
P1. Define the new business and classify target markets and market competition
Coffeholic is a new Coffee shop that will open its business in Hounslow Central Underground
station, United Kingdom. For attracting customers towards the Coffeholic have a number of
services such as setting up a low library for book lovers, in which they can place a variety of
novels, which open the indoor games area for children and adults. Following part also discuss the
business plan of Coffeholic. They are planning to build some activities related to live concert and
poetry etc. (Shirokova and et.al., 2021). The size of the business is small with less than 30
employees. Hounslow Central Underground station has a large share of small businesses and
98% of the total café there. The business associates of the respective coffee shop has conducted
market evaluations and tests where they are planning for launching their coffee shop in which
they classify their possible and interested clients. After developing a strategy for the Coffeholic
Plan to determine the managers of potential customers and attract them effectively and
efficiently, they prepare their promotions for it and
Advertising strategies cover their target audience. As mentioned below, these are some of the
powerful content and elements that the relevant that coffeholic
Assess and determine to achieve their goals and objectives as best as possible: -
1

Identify the specific target market: -
Indicates the identity of the target market group and Focus on the market customers where the
company offers its products. The purpose of identifying the target market before starting your
business in Hounslow Central Underground station is to help the company identify the group of
customers, which includes characteristics such as age, position, gender, income, taste and
preference, lifestyle. Through this the Cofeeholic will be launched to identify its target audience.
Target market for Coffeholic
Men and women are fond of reading books with ship of coffee and upper-income people,
children and 45-year-olds who are interested so spent their time and read books. Related cafes
also focus on business class people who want to discuss in their meetings or cafes (Klute-Wenig
and Refflinghaus, 2020).When analysed by the relevant company they get to know the coffee
culture of Hounslow Central Underground station and under the people they want to spend their
time in the cafe so that the coffee cafe city plans its strategy Accordingly.
Revenue-based buyers include average-income customers and low-income customers for eaters.
Coffeholic thinks about the needs and demands of each customer.
Competitive Analysis: -
Competitive analysis is an important part of creating business plans. At this the cooffeholic
recognise their rivalries and and assess their its tactics and to formulate strategies by recognising
their strengths and weaker point that are concerning with to its the products and services that
they are offering. By competitor analysis that compare the strengths and weaknesses, identify
their market opportunity and the risks and develop strategies to achieve success in the target
market. Coffeholic conducts competition analysis before starting their business in Hounslow
Central Underground station so that they can appreciate their clients and identify the strengths
and weaknesses of competitors. It has found that at Hounslow there are many numbers of coffee
cafes in Hounslow Central Underground station, so the competition for the city of coffee cafes in
the relevant market is high (Proksch and et. al., 2021). By evaluating this, relevant cafes can plan
and create proper tactics that will assist them to continue and operate their coffee shop in the
elected market effectively and efficiently.
P2 explain the physical and intangible resources of the new coffee shop
Establishing and running a business requires a lot of things, some of which can only be
experienced by customers and providers, while others are clearly visible to customers or
2