Launching A New Venture

Launching A New Venture

Contents
INTRODUCTION...............................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Specific target market and competitive analysis...........................................................................3
P2 Specific tangible and intangible resource that would be required for the launch of a new venture
...........................................................................................................................................................4
TASK 2.................................................................................................................................................5
P3 Credible proposal to launch a new venture...................................................................................5
P4 Skills and capabilities required to launch a new venture and how they are acquired or develop. .6
TASK 3.................................................................................................................................................7
P5 Different promotional activities and channels that will support the launch..................................7
P6 an appropriate promotional activities plan for both launch and pre-launch..................................8
TASK 4.................................................................................................................................................8
P7 Itemised monthly can budget for the pre-launch phase of the venture and the first 12-18 months
preceding launch................................................................................................................................8
P8 An appropriate legal form for the venture stating why it has been chosen....................................9
CONCLUSION..................................................................................................................................10
REFERENCES..................................................................................................................................11

INTRODUCTION
As per current scenario, launching a new venture is one of the effective activity in which
number of people starts their new business in market place with the purpose of attaining
better success. It directly contributes in improving economic growth of the nation. Mainly,
people who wants to established their business start with small level with more effective and
creative ideas. By this they easily invite number of customers towards the quality products
and services at market place (Datta, Mukherjee and Jessup, 2015). Along with this, people
can be innovator, who comes in market with innovative ideas to develop their business in
effective manner. With the help of this, he/she easily set their activities by introducing their
effective services. Furthermore, it also helps in enhancing positive economic growth by
determining various job and employment to local people. In this context, small business also
plays their vital role in increasing the chances of attaining better success at market place. For
capturing larger market share, small business also expands their business in new areas by
assessing entire factors and using advanced technologies. This will aid in enhancing
profitability level at market place. Present report based on Walky Talky café and restaurant,
which is new venture which serve innovative services to its customers as per their need. They
established their new venture in UK. This report discussed about specific tangible and
intangible resources which may leads in launching a new business. Along with this, skills and
capabilities are also mentioned which required for launching new business in market.
TASK 1
P1 Specific target market and competitive analysis
In UK market, number of people start their new business with the aim of attaining better
success. In which they like to establishes their own business. In this most of people in whole
population of UK start their business for attain more profits. It also contributes on enhancing
economic growth of the nation in effective manner. By this people also improve their living
standard and set their own status. Thus, this assignment discussed about new venture which
deal in food sectors and the name is Walky Talky café and restaurant. This business comes in
market with new and innovative ideas which may lead in inviting number of customers
towards the services. In this context there serve verity of food services to UK people in order
to attain profits in effective manner. Along with this, it is important for selected café to assess
all the factors of market before taking decision which mat leads in overall performance level
of the firm at market place (Ghimire and et. al., 2015). With the help of this, company easily
capture customer’s attention and attain competitive advantage. This will enhance their
productivity level. Thus there are some major factors which is identify the new business
before establishing their operational activities in market are as follows:
 Determine the specific target market: This factor is more important for new venture
to assess it effectively. By analysing this, firm easily improve their performance level
as compare to its rivals. As Walky Talky café and restaurant is a new venture, they
related with food sector in which they evaluate target market to established their
business in effective manner. As UK population likes to spend money and time in
food café and restaurants so in which firm serve their quality food services. They also
target various tourist as they visit various places in UK. By this café easily cover
almost areas by delivering their services as per customer’s needs. With the help of this
selected firm maximize their profitability level and positive image as well.

 Competitive analysis: It is another major factors which is important for Walky Talky
café and restaurant to determine before setting their business in market place. By this
they easily evaluate competitor’s strategies in effective manner by which they
improve their performance level at market place. As Costa coffee, Starbucks are the
biggest competitors of selected café. Thus, it is important for company to analyse
their strength and weakness at market (Ke and et. al., 2015). With the help of this they
serve their services accordingly and also tries to retaining customers for long period
of time by providing them better services at affordable price. In this various strategies
are there which may leads company to easily evaluate the competitors such as their
products price, place, market structure and many more. With the help of this firm
easily established their strong place at market place.
Both factors are effective which may lead in analysing the target market and
competitors in effective manner. It helps in improving overall performance level of Walky
Talky café and restaurant at market place.
P2 Specific tangible and intangible resource that would be required for the launch of a new
venture
Every new business required tangible and intangible resources at the time of establishing
their business in market place. Both play their vital role in enhancing overall performance
level of the business as compare to its rivals. In context of Walky Talky, they also used these
resources for enhancing their productivity level. Both are as follows:
 Tangible resources: It is one of the important aspect for business organization in
which firm attain better ways to enhance their profitability level. By using this type of
resources Walky Talky easily improve their productivity level at market place. It
includes various outlets, building, land and many more by which firm serve their
services to its customers in appropriate manner. Along with this, all these also
contribute in inviting as well as attracting larger number of visitors and customers
towards its services in which company easily attain better results. By this, they also
capture customer’s attention towards their services by adding better food services
within their product line. This will help in capturing larger marker share from its
rivals by establishing their competitive place in market.
 Intangible resources: It is also an effective and important resource which used by
company to enhance their profitability level at market place. This element is not
visible in nature but put their positive impact on company activities. By this customer
get attracted and influence to consume its products and services. It includes various
elements such as trademark, patent, copyrights and so on all these helps in increasing
profitability level of the company. By using all these Walky Talky make their specific
and attractive image at market place which help in creating strong customers base. It
directly contributes in overall success of the company in competitive market place
(Tangible Vs. Intangible Resources, 2017). Basically, all these elements are used in
making specific brand in market by which number of customers are influence and
attract as well.
Hence, both are play important role in establishing new business in market. With the
help of these firm enhance their customers base and at the same time also attain better
success. Furthermore, it also contributes in capturing larger market share from its rivals.