Launching a New Venture Assignment

Launching a New Venture

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1: Identification of specific target markets and competitive analysis..................................3
P2: Specific tangible and intangible resources that required for a new venture....................5
TASK 2............................................................................................................................................6
P3: Formulation of credible proposal to launch a new venture..............................................6
P4: Skills and capabilities required to launch a new venture.................................................7
TASK 3............................................................................................................................................8
P5: Determination of promotional activities and channels for launching new venture.........8
P6: Formulation of appropriate promotional activities plan for both launch and pre-launch
................................................................................................................................................9
TASK 4............................................................................................................................................9
P7: Monthly cash budget for the pre and after launch phase.................................................9
P8: An appropriate legal form for the venture......................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
An individual having adequate resources may decide to start a new venture in order to
fulfil needs and requirements of customers and earn maximum profits within shorter period
of time. Along with the resources, an individual should also require to have an effective skills
and capabilities to deal with challenges and problems that may come in the process of
execution of business activities. This makes an individual a good entrepreneur. The present
assignment report is based on the Delicious Dishqo Restaurant, a new venture which is going
to start in London Market in United Kingdom. The project includes identification of target
market and competitive analysis along with the tangible and intangible resources required in
launching a new venture (Burns, 2017). Different skills and promotional activities which
support new venture in achieving growth and success are also discussed under this report.
The project also summarises the development of promotional plan before launching new
venture along with the cash budget. Other aspects are also discussed under this report with
the context of Delicious Dishqo Restaurant.
TASK 1
P1: Identification of specific target markets and competitive analysis
Delicious Dishqo is a restaurant which is going to launch in London Market with
multiple cuisines. Such restaurant has serving large number of dishes and services with an
objective of attracting large number of customers across worldwide. Thai, Spanish, Chinese,
Indian etc. are some dishes which are going to be served by restaurant. The ideas of starting
new venture come in the mind of entrepreneur after carefully analysing the market and
preferences of the customers. It has been find out from the information collected from
research that mostly customers are willing to visit restaurant with a motive of enjoying foods
of different nations at one place. It has been also identified from the research that London is
the perfect place for launching a new restaurant as London is considered as most popular
tourist destination which attracts large number of customers every year. It will bring
beneficial for restaurant which increases the chances of sustaining in market for longer period
of time (Ettlie and Rosenthal, 2012).

An entrepreneur start a restaurant with helps of partners in order to get adequate
support from them related with resources, ideas and innovation etc. Delicious Dishqo has
acquired approx. 1500 square feet near London Eye on lease of 5 years with the purpose of
operating business operations on continuous basis without facing any hindrances. As a
partnership firm, large amount of funds can easily arranged from different sources such as
own capital and bank loans which around £340000 to 349560.
Objectives
 To achieve huge customer strength
 To capture large market share
 To generate huge profits
 To attain strong brand image in market
Mission: “To offer quality and healthy food products which helps in maximising the level of
satisfaction of customers”.
Target market
It is essential for entrepreneur to first analyse the market environment before decide to
exist in market. It helps them in identifying in advance about the challenges and opportunities
on the basis of which an effective plans and strategies are formulated (Fernhaber and Li,
2013). As it is important to analyse the trends and customer’s taste and preferences on the
basis of which all departments are given suitable direction. The market is divided or
segmented on the basis of Demographic, Geographic and Psycho-graphic.
Demographic: Such segmentation is classified on the basis of gender, culture,
religion, age, income level etc. It will help management of Delicious Dishqo to make an
effective decisions and plans after analysing such factors. For example, Young generation
preferred more to visit restaurants with their friends with an expectation of getting food
products of different nations. Therefore, it must require for management to focus on
attracting them more (Johne, 2018).
Geographic: Such segmentation is classified on the basis of location. It helps
entrepreneur make decision regarding locating restaurant where they get maximum crowd.
For example, London is an appropriate place where the large number of visitors are arrived
due to which the restaurant can get maximum number of customers.