Launching A New Venture - Desklib
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Added on 2020-11-23
Launching A New Venture - Desklib
Added on 2020-11-23
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Launching a New Venture
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Investigate and explain a new venture identifying specific target markets and undertakingcompetitive analysis....................................................................................................................1P2 Specific tangible and intangible resources for new venture.................................................2TASK 2............................................................................................................................................3P3 A credible proposal to launch a new venture........................................................................3P4 Assess the skills and capabilities required to launch a new venture......................................4TASK 3............................................................................................................................................6P5 Different promotional activities used for launching new Cafe. ............................................6P6 Develop an appropriate promotional activities plan for both launch and pre-launch............6TASK 4............................................................................................................................................7P7 Monthly cash budget for the pre-launch phase......................................................................7P8 Appropriate legal form for the venture................................................................................10CONCLUSION..............................................................................................................................11REFRENCES.................................................................................................................................12.......................................................................................................................................................12
INTRODUCTIONLaunching a new venture at market is considered as the toughest work for theentrepreneur as it requires lots of proficiency and capability to deal with uncertain situation andproblems. In addition to this, every entrepreneur requires several in built skills that helps inattaining targeted customers and business goals (Launching a new venture, 2018). This report isbased on the Locus cafe; which is small cafe in United Kingdom. Locus cafe offers special typesof coffees, shakes, bakery product, bottle drinks at its stores. This report is going to discuss aboutlaunch of new venture and its targeted market segment. Along with this, requirement of tangibleand intangible resources in the small business which will help the firm in its establishment.Further several skills and capabilities of the entrepreneur will going to be describe in theassignment in order to understand its importance and how they can be developed according tothe need of the business. TASK 1P1 Investigate and explain a new venture identifying specific target markets and undertakingcompetitive analysisLocus cafe is the small cafe which provides coffee, speciality espresso drinks, food items,bakery products, special shakes, bottled drinks etc. to its customers. In addition to this, locus cafealso provides its services such as home delivery, catering and personalised baking at customersplace. Major motive of this cafe is to provide best services to its customers with high quality oftaste. With its new unique idea products, this cafe is grabbing attention of customers in UnitedKingdom. Target market: Locus cafe is offering its products and services on the basis ofrequirement of customers. Manager of this cafe has majorly targeted youth as its targetcustomers (Bijker and et. al., 2012). According to scenario of United Kingdom, culture of thiscountry believes in enjoying their life. In relation with this, its youth is targeted for achieving itsgoals and objectives as they are surrounded with their friends and prefers to go out with them. Competitive analysis: It is considered as the evaluation of marketing plan in order toidentify the uniqueness of products and services. Competitive analysis emphasize on
understanding the strategies of competitors, various strategies opted by them to overcome similarproblems, strengths and weakness of their products etc. Porters five forces analysis:Porters five force model is effective tool for every industry to evaluate competition levelof an organisation at market place. In context to Locus cafe, it manager have used this model toidentify the current position of the firm. This model is based on five essential factors and theseare evaluated as below: Competitive rivalry: Competitive rivalry of this cafe is high as there are many popularCafe's in the united Kingdom which are also offering the unique products in their own way.Manager of Locus Cafe should provide quality services to its customers in order to attaintargeted market (Burns, 2017). Bargaining power of buyers: In relation with the cafe, bargaining power of its customeris always high as it is a new cafe and according to the demand of customers prices of productsmay vary. Products offered by locus cafe are unique but still its customers may prefer to choosealready existing cafe. Manager of this cafe should enhance their quality level in order to achievethe targeted customer. Bargaining power of supplier: Bargaining power of supplier is high for this cafe as it isnew in market have any limited number of suppliers for the particular coffee beans. In relation tothis, its manager should build positive relationship with the suppliers in order to buy raw beansfrom them.Threats of substitutes: In this, threat of substitute product is moderate as coffee of thiscafe is unique for the customers as well as other competitors. According to its uniqueness incoffee flavours, substitute products will consume time in manageing Threats of new entrants: Threat of new entrants is low as its tough for new entrants tobuild their brand name in this sector (Caselli and Negri, 2018). As per the current marketscenario, food industry requires lots of research and experience to establish their products andservices in effective manner. This reflects that threat of new entrant is low for Locus Cafe. P2 Specific tangible and intangible resources for new venture.Every new venture requires lots of resources to establish their business in effectivemanner. In relation to start new cafe its manger is required specify the availability of resources
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