Launching A New Venture

This report discusses the specific target market, competitive analysis, tangible and intangible resources required for launching a new venture. It also provides a credible proposal for the launch, skills and capabilities required, and different promotional activities and channels to support the launch.

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.

TASK 2
P3 Credible proposal to launch a new venture
Walky Talky Cafe and Restaurant wants to establish their new business in United
Kingdom and for this it is essential to make a proposal so that they can give better results.
This will enable them in providing good information related to their food served in the café
(Ke and et. al., 2015). Thus, Walky Talky has prepared a proposal that is assisting them in
attaining their set goals and objectives and these are mentioned below:
Executive
summary
Walky Talky Cafe and restaurant is giving variety of choices in their food
items along with some good pastries, pancakes, baked cookies etc.,
Although they are working on small scale but by providing beverages
according to customer's needs they are enhancing their brand image.
Company
Description
Company has opened their ventures in Elizabeth Street and is built in 3000
square feet. This place was owned by the owner 1 year back and as they are
generating more funds; this is enabling them in expanding their business in
other areas as well.
Market Analysis There are different market strategies which company can use for their
enhancement therefore, Walky Talky has adopted certain factors which is
helping them in doing so. SWOT and PESTEL is assisting them in
knowing their strengths and weaknesses.
Marketing
strategy
Walky Talky Cafe and Restaurant is applying various methods like
marketing mix, 7Ps and this is helping them in giving better services and
facilities to its customers. Other than this, for promoting their company
they are using different methods like internet, social media etc.,
Financial
Projection
In order to run a business in a proper manner it is essential that
organisation have sufficient amount of money so that they can make
changes according to the current market situations. The approximation
fund that was decided by Walky Talky Cafe and Restaurant is around
£2,05,300 to £3,00,100. Along with this, they are merging with many other
companies and stakeholders etc.,
Benchmarks It is a concept that was adopted by most of the organisation for making
comparison between the strategies applied by different firms. This is
helping them in working according to the needs and wants of customers.
As a result, a growth in market shares and value can be seen. Therefore,

Walky Talky Cafe and Restaurant is gaining superior position in market
area.
P4 Skills and capabilities required to launch a new venture and how they are acquired or
develop
Proper skills and capabilities are important for launching a new venture because it helps
in taking effective decision towards the business and its services. Without this, nobody can
not able to run their business at market place (Ke and et. al., 2016). Along with this, effective
knowledge and skills about the market and customers, helps in establishing better business.
This will aid in setting positive brand image by which number of customers are attracted and
consume its services in effective manner. In this context, Brexit also consider as an important
factor in which number of opportunities are raised for new business. By this new venture
easily established their business at market place and capture customer’s attention.
Furthermore, there are some effective skills and capabilities which is important for each and
every people to having at the time of launching their new business in market place. All these
are as follows:
 Effective management of financial resources: Sufficient funds are the important
need of every new venture at the time of established their business at market place.
Without this they are fails in executing their activities in effective manner. For this
manager implement various strategies to make their performance effective. Along
with this, they also prepare an effective financial plan to improve their performance
level.
 Better communication: It is one of the important skill which is essential for a
manager to improve their business performance. If they effectively communicate with
their customers, then they easily understand their needs and also influence them. With
the help of this they create strong customers base which aid in attaining better results.
In this Walky Talky manager effectively communicate with their clients towards the
services which may leads in enhancing profitability level of the company at market
place.
 Marketing and customer’s services: For attaining better results, it is important for
manager about customers demand and preferences. With the help of this firm easily
make their business successful in market place. In context of Walky Talky, they also
serve their services to number of customers as per their demand which make them
successful at market as compare to its rivals. Along with this, they also formulate
various marketing strategies to influence customers to visit café and satisfy their
needs.
 Management of time: It is one of the important skill of people in which they
effectively know about managing time. For attain better results, manager is
responsible for making an effective plan in which all the activities set as per specific
time period. With the help of this firm can easily enhance their performance level.
Along with this, time management largely contribute in overall success because it
helps in determining the right place of the products (Khan and et. al., 2015). It also
helps business organization to attain their target and at the same time also enhance
their productivity level at market place.

 Project management: It is one of the important capability by which manager of the
company make effective project and maintain appropriately. In this they execute
entire activities which may leads in accomplishing targets in appropriate time frame.
With the help of this new venture easily established their positive brand image in front
of customers. Along with this, it is and effective by which manager easily understand
customers’ taste and preferences (Koirala and et. al., 2016). This will provide better
support to management to take right decision about the products and services of the
café.
All these are required at the time of launching new venture at market place by which
Walky Talky easily attain larger market share from its rivals and attain better success.
TASK 3
P5 Different promotional activities and channels that will support the launch
In today’s competitive market, promotion play vital role by using this business promote
their services in front of customers. With the help of this business create public awareness
which may leads in enhancing brand image of the company at market place. In this context,
Walky Talky also use effective promotional activities in order to increase their overall sales.
With the help of this, firm make their process more effective which may lead in attaining
better success at market place. Along with this, government also provide better support to
new business organization to develop in market place. Thus there are some promotional
activities which used by Walky Talky within their business in order to serve their services in
front of customers. All these can be understood by following points:
 Personal selling: This type of promotion is an effective activity in which business
organization easily understand customers’ needs by communicating with them. In this
manager use face to face interaction with the services users. This will help in
motivating them to consume company products and services as per their demand.
 Online marketing: As per today’s time every body use social media and online
platform to sell and purchase services dye to their busy schedule. In this, people didn’t
have time to go stores and buy products. Thus companies take better advantages by
using online marketing in which they offer their services through various sites to their
customers. Along with this, it also helps in increasing customers demand and
company sales as well. It also called as internet marketing by which firm easily sell
their services at wide range.
 Publicity: It is also an another part of promotion in which firm promote their services
through media and other elements by which they enhance their brand image in
customer’s mind. This will aid in providing better information to customers to get
aware about products quality and features.
 Direct marketing: In this company use phone, email and many more sites to promote
their services in front of customers in order to influence them to buy. It helps in
increasing overall sales of the company at market place.
 Advertisement: It is considering as an important marketing tool in which firm easily
sponsored their products through various aspects (Kuratko and Hoskinson, 2016).
With the help of this company create customers base by attracting them and also
attain better satisfaction level. It directly contributes in enhancing profitability level.

Hence, all these are important and appropriate by which firm easily invite number of
customers towards the products. By using online marketing, Walky Talky easily reach their
customers and attain competitive advantage at market place. It also defines various
opportunities in which fir expand their business. This will contribute in establishing positive
brand image.
P6 an appropriate promotional activities plan for both launch and pre-launch
For attaining positive brand image, each and every business organization use
promotional activities by which they easily established their positive image at market place.
In context of Walky Talky Café and Restaurant they also use better promotional activities to
promote their services in market place. With the help of this, they easily offer their products
to target customers as per their demand (Paradkar, Knight and Hansen, 2015). Along with
this firm also consider this before and after launching their products. This will aid in
enhancing their growth level and at the same time also capture larger market share from its
rivals. Therefor there are some appropriate activities which help company before launching
their products are as follows:
 Analysis of products: It is one of the important activity for business organization to
effectively understand their products qualities and features by which they easily
enhance their product quality before launching it in market place.
 Market analysis: For attaining better position at market place, it is important for
Walky Talky to analysis market trends and competitor’s strategies before launching
their products. This will help in improving brand image as compare to its rivals.
 Financial resources analysis: Prepare an effective budget is one of the important
responsibility of manager before introducing the products. This will help in
determining the requirement of financial resources. Effective analysis of financial
resources helps in reducing the chances of arising issues and obstacles at the time of
lancing products in market.
Activities of promotion for launching products in market:
 Positioning: Under this phase, Walky Talky introduce their product in market place
in order to set their competitive place in UK market.
 Brand development: For attaining better growth it is important for Walky Talky Café
to develop their brane image at market. In this they serve their unique and hygienic
food and beverage. Along with this, firm also tries to promote their label with its
products to make their brand image more popular. By this number of customers get
attracted and consume its services.
 Public relation: In this Walky Talky use various social media for interacting with
number of customers. With the help of this firm easily promote their unique and
quality services in front of customers in order to maintain better relation.
TASK 4
P7 Itemised monthly can budget for the pre-launch phase of the venture and the first 12-18
months preceding launch
Preparing budget is one of the important activity for every new business organization
by which company easily maintain their performance level. Basically it is considered as a
financial plan that cover cost, assets, liabilities and so on. With the help of this company

effectively execute their activities in appropriate time frame (Liao and et. al., 2016). It also
helps business organization to take final decision in order to attaining positive results. For
better understanding, cash flow statement of Walky Talky Cafe and Restaurant are as
follows:
Cash flow Statement
Cash budget for the year
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year
Beginning cash balance 36000 44100 42800 40350 37500
Budgeted cash receipts 12400 1900 1900 1800 1900
Total cash available 48400 46000 44700 42150 39400
Cash distributed
Direct material 1400 1700 1950 1800 2000
Direct labour 1200 400 950 650 950
Overhead 900 900 800 900 800
Selling and distribution 800 200 650 1300 900
Total cost use 4300 3200 4350 4650 4650
Cash surplus/ deficit 44100 42800 40350 37500 34750
P8 An appropriate legal form for the venture stating why it has been chosen
It is important for every type of business organisation to follow all the legal term and
application to maintain their brand image at market place. In context of Walky Talky Café
and Restaurant, they also responsible to follow all the laws and act to run their business
smoothly. As a sole proprietorship, business activities are executing by single owner in which
he/she take all kind of decisions and improve their profitability level (Pan and et. al., 2016).
In this context there are some effective laws which follow by Walky Talky Café are as
follows:

 Equal job opportunities: For making better as well as discrimination free
environment, company have to follow this law in which they responsible for
providing equal opportunities to workers. In the firm does not discriminate workers as
per their colour, region and so on. With the help of this healthy and positive work
environment get maintain in effective manner.
 Workers compensation: It is one of the effective law which is made by government to
provide better compensation and other benefits to employees as per their capabilities.
With the help of this, workers effectively perform their duties. If company fails in
following the same than they reduce their productivity and also responsible for legal
penalty.
CONCLUSION
From the above mentioned report, it can be concluded that it is important for every
new venture to assess all the factors of marketing before setting new and innovative business.
With the help of this firm can easily improve their performance level. This will aid in making
a successful business at market place as compare to its rivals. In addition of this, various
promotional activities are also play vital role in promoting company products and services in
front of customers. With the help of this company increase public awareness towards the new
products and services. It leads in increasing the chances of attaining better success at market
place by establishing positive image. Furthermore, tangible and intangible resources are also
contributing in enhancing productivity level of the company at market place by which firm
can capture larger marker share.

REFERENCES
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boost the fill factor of planar perovskite solar cells. Advanced Materials. 28(26).
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Perovskite Solar Cells Achieving Power Conversion Efficiencies up to 6.22%.
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Pan, J. and et. al., 2016. Surface plasmon-enhanced quantum dot light-emitting diodes by
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Online
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