Launching a New Venture - Desklib

This report discusses launching a new venture, identifying target markets, competitive analysis, tangible and intangible resources, promotional activities, and legal forms. It provides a credible proposal for launching a new venture. The subject is Business, and there is no specific course code, course name, or college/university mentioned.

LAUNCHING A NEW
VENTURE

Table of Contents
INTRODUCTION ..........................................................................................................................4
TASK 1............................................................................................................................................4
Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis....................................................................................................................4
Determining the specific tangible & intangible resources which would be required for the
launch of a new venture..............................................................................................................6
Produce a credible proposal to launch a new venture.................................................................7
TASK 2............................................................................................................................................8
P4 Assess skills and capabilities required to launch a new venture and how they are acquired
and developed..............................................................................................................................8
TASK 3............................................................................................................................................9
P5 Explain different promotional activities and channels that support launch and justify
choice..........................................................................................................................................9
P6 Develop an appropriate promotional activity plan for both launch and pre-launch............10
Task 4.............................................................................................................................................12
P7 Produce an itemised monthly cash budget for the pre-launch phase of the venture and the
first 12–18 months following the launch..................................................................................12
P8 Applicable legal form for the venture..................................................................................13
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
New business idea is that kind of ideas which is innovative in nature that makes
achievement of growth of particular business in more effective manner. They also makes
contribution done towards welfare of society by uplifting living standards of an individual within
an organization. These business faces lot of challenges like improper business plan and its
execution, lack of skilled workforce, lack of financial management and many others. New
venture or business makes opportunities developed within the country. New venture are those
business entities within which shareholders is required to invest in business. New business
opportunities consist of having appropriate growth strategies by gaining the trust of shareholders
and using good technology in the business. The business venture that is been taken within the
report is Company is Virgo Foods offers food and beverages to celebrities and sports person in
UK market. Further the report covers about specific target market, competitive analysis, tangible
and intangible resources for launching such products. Further in this report promotional
strategies reading the product launch is been covered in more effective manner. Then in the ends
appropriate legal form for the venture is been explained.
TASK 1
Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis.
The business which is going to be launch as a new venture is about the healthy beverages
& foods for those customers who are highly health conscious such as celebrates and sports
person. The products would be sold under the banner of “Virgo Foods” which are made up of
high protein, carbohydrate, and are less spicy,comprising of organic items or raw material. The
organic items are included with an aim of providing healthy food and maintaining a proper
health. The business also offers beverages which is highly effective in developing sound immune
system of celebrities and sports persons(KARTINI and CALLISTA, 2021).
Vision
The main focus of Virgo Foods is to offer healthy food to the customers at an affordable
price made up of chemical free ingredients.
Objective
 To offer high quality of food & beverages through processing with organic items.

 To attain higher customer attention with eatables as well as via services. To achieve huge brand recognition within the target market.
Target market
It is important for each venture to target their consumers to whom the manufactured
foods or beverages are going to be offered. In relation to Virgo Foods, the main target market
are those consumers who are highly health conscious and maintains their fitness at priority. The
major target customers for Virgo Foods are celebrities & the sports person who are focused
towards the maintenance of their health and their immune system so to have healthy body
structure.
Competitive Analysis
It is important for every venture to identify their competitors & their strategical actions
upon Virgo Foods. In relation to UK market, there is a presence of huge competitors in against of
Virgo Foods within the industry. The main aim of each company is to generate high revenues
and attracting more customers with a competitive advantage.
Porter's Five Force Analysis
The porter's five force model is being utilised to evaluate the competitors impact upon the
business of Virgo Foods. There are five different factors that can create impact upon the new
venture which are mentioned below:
Threat of new entrance: This force comprises of evaluating how new companies has an
entry in the industry and creates an impact upon the existing businesses. In relation to Food &
Beverages sector, it is highly essential for the new businesses to develop a strong brand image as
well as offering preferred products. For Virgo Foods, they could minimise the threat of new
entrance by developing their brand image through their organic food & beverages for healthy
body (Mian, Klofsten and Lamine, 2021).
Threat of substitute goods: This force consists of threat from the items that possess
identical features or characteristics of the product. In relation to the food & beverages sector,
many businesses offers identical items which can be copied easily and becomes hard to identify
the original one. Hence, Virgo Foods carries a high level of threat of substitute goods. Therefore
the business could implement attractive promotional strategies where they can make customers
aware for their offerings & about the advantages of their food items or beverages.

Bargaining power of customers: This is related with having a price bargaining power in
the hands of customers. Higher customer ratio leads to high bargaining power in the hands of
buyers as they are in large number and can demand company to make the changes in price. But
in relation to food & beverages, the buyers can pay high prices for the quality foods & beverages
especially for those which are made from organic items. So, Virgo Foods the bargaining power
with the customers leads to minimum but with the same the company is required to offer high
quality of items(Kacperczyk and Rocha, 2021).
Bargaining power of suppliers: Suppliers in this industry performs the vital role which
is ultimately related to the success and growth of the business. In relation to Virgo Foods, the
company is able to manage its suppliers through developing sound relationship with them &
offering them certain facilities or supporting feedback for Virgo Foods. There are only few
companies who offers organic food & beverage to the market so the suppliers does not carries
high bargaining power.
Competitive rivalry: This comprises of competitors number & their impacts on the
business. The competitors for Virgo Foods are Findus Group, Brakes Group, & similar firms
who are caring high sales in relation to offering their food & beverages to UK market. It is
important for Virgo Foods to sustain their competitive advantage within the industry through
offering high quality food & beverages to their target customers at affordable prices.
Determining the specific tangible & intangible resources which would be required for the launch of a new
venture
The resources are categorized as the most essential factor in order to launch a new
venture. It is important for each business to manage their required resources in a manner that
would assist company in utilising the resources to attain higher profit from them. In relation to
Virgo Foods, the business is required below mentioned tangible as well as intangible resources
for its operations as well as success.
Tangible resources: The tangible resources are those that can be touched & seen. In
relation to Virgo Foods, the essential tangible resources comprises of land, furniture, food
processing equipments, staff, refrigerator and other supporting resources that helps them in
offering better organic food & beverage(Daniel, 2021).
Intangible resources: The intangible resources cannot be touched or seen but generates high
value to the firm. The most essential intangible resource for Virgo Foods is their goodwill, patent,

trademark which assist in attracting more customers because goodwill creates a good brand image of the
company in the market and in the minds of customers.
Produce a credible proposal to launch a new venture
The credible business proposal plan for Virgo Foods to launch a new venture is mentioned below:
Executive summary This is a small venture offering organic healthy food & beverages to
celebrities and sports person in UK. Virgo Foods would offer different
kind of food items that is purely processed through organic items that
is helpful in enhancing the immunity system as well as overall
health(Shi. and Weber, 2021).
Company description Vision
To offer organic food & beverages to celebrities & sports persons
along with attaining a sound competitive advantage in the industry.
Mission
To attain higher customer satisfaction through offering organic food
items at affordable prices & to aware customers for healthy foods.
Market analysis It is hard for Virgo Foods to evaluate their external climate as this
contains large amount of investment in order to acquire organic raw
material as well as setup a complete business. PESTEL framework
could be applied to identify the effect from external business
environment on Virgo Foods.
Benchmarking All the rules & regulations of the business is being established by the
CEO of the company. The employees are invited to share their views
and opinions for good ideas & advices which leads to the growth of
business. It also assists in maintaining the sound relationship among
the workers as well as senior authority so that they would attain high
brand reputation within the market.
Financial projection In relation to Virgo Foods, they are asked to maintain their financials
in proper manner which can be done by appointing a finance expert
who will handle the accounting affairs related to the business. There
are numerous financial resources that could be used by Virgo Foods in

order to meet their working capital as well as establish their business.
TASK 2
P4 Assess skills and capabilities required to launch a new venture and how they are acquired and
developed
Skills and capabilities need to launch a Virgo food in UK
Launch a new venture is not an easy task because it is not done by faint hearted people.
To operate a new venture, individual need a strong sense and some specific skills and capabilities
that helps them to become successful. In terms of launch a new venture i.e. Virgo foods several
skills and capabilities are presented that are acquired and developed to launch new venture that
are presented below:
Capability of having curious and creative mind- It is one of the essential skill that an
individual need to launch a new venture. By having creative mind, person generate more
ideas and thoughts related to open new venture that fulfil customer demands so that high
amount of profits are generated. This skill helps in developing the product within company
in such a manner that attracts number of customer mind(Eniola, Oyedele and Adeyeye,
2021).
Communication skills- To launch a new venture communication is very important because due
to this an individual who launch new venture develop network with investors who invest
money in the business. This skill also includes the listening and taking constructive
criticism.
Effective marketing skill- To start a new business, a lot of marketing is important. An
individual have successful marketer to attracts the clients attraction so that business would
be grow to the high extent. This skill is more important to understand the needs of
customers, promote the offerings of venture and listen the issues and views of customers
related to product. Hence, marketing skill is highly capable to launch a new business.
Effective time management capability- To launch a new venture, time management is very
crucial because it helps in completing the targets according to the to-do list. This skill is
acquired by the entrepreneur who launch a Virgo foods by developing schedule and time
management plan so that every decided activity could perform on time in effective and
efficient manner.

TASK 3
P5 Explain different promotional activities and channels that support launch and justify choice
Promotional activity defines as those activities in which efforts are made by an
organisation to communicate and interact with the potential customers. The main purpose of
promotional activities are inform customers about products, price etc. and pursuade customers to
purchase the offering. Promotional channel refer to activity or method for the placement of
company advertising such as internet advertising, television, radio etc. Therefore to launch a
new venture several promotional activities and channels are presented below:
Promotional activities
 Personal selling- It is a face to face communication process that was done between
customer and company sales representative. In terms of Virgo Foods, this promotional
activity is highly suitable because it is a new venture. To sell product personally helps
firm to understand the customer views on products and their likes and dislikes easily.
This helps in gaining profitable results within marketplace.
 Publicity- It is a type of non- personal type of promotion that is used to build positive
attitude of customers towards an organisation. In terms of Virgo Foods, this tool is used
to developed the brand image within market so that new venture gain high growth in
competitive market and sustain for a longer time period(Yoo, Lyytinen and Berente,
2021).
From above information it is evaluated that Virgo foods adopts the personal selling
because it is a new venture. To personally sell the products and services to customers develops
loyal customers and also attract more buyers towards stores. By personal selling activity
company also enjoy long term survival because customers are impressed towards this activities.
It is so because due to this they share their reviews about products to company easily.
Promotional channel
 Social media marketing- It is an effective channel that is used by companies to attract or
retain customers within company. In terms of Virgo foods, they adopts the use of
facebook, Instagram to promote their vegan products to customers. This tool develops
brand image in market and also create awareness of product towards customer mind.
 Interactive screens, POS terminals- It is a kind of digital media promotional tool that
replace standard outdoor advertising. It is done so because it allows customers to closely

linked with company products using message or e-mails. In terms of Virgo foods,
manager adopts this tool for launch a new venture in market where they message or e-
mail interested customers related to vegan range of foods.
From above promotional channels, Virgo foods adopts the use of social media marketing
channel because in today's era people spend most of their time on using social media. By using
this an individual personally connect with customers and deliver the new launch of venture to
customers easily. This attract lots of customers towards firm and helps in gaining more profitable
outcomes.
P6 Develop an appropriate promotional activity plan for both launch and pre-launch
Marketing efforts is been refereed to as that important impact which makes organizations
development and success possible. These are those tasks which is been developed within an
organization in order to develop awareness over goods and services through which talent is been
promoted with competitiveness within market. The sales director of Virgo foods has to be
involved within variety of marketing operations in relation to opening and closing of business
venture(Prashantham, 2021).
Launch promotion: These are those product which is been launched within the market and
customers is required to use it. They are likely to use the product and requires to take chance but
it is required for organization to observe weather the organization makes promotion done. In this
sales is been reduced which makes launching with promoting that is been done by Virgo foods
and has been discussed as
Sales promotion this is one of the most important part and direct promotion is required to be
done that makes organization provide pouches with benefits rewards, discounts to its customers.
This makes attracting of customer done which increases customers percentage. Regarding this
Virgo food is also planing to provide membership with special offer on its visit that can be made
possible when customers visits the store twice.
Pre launch: This is one of the most affective part as it is focused upon maintaining image of
the product before it is been launched. Pre launch is considered to be an effective medium for an
organization regarding the spread of information for goods and services which an organization is
willing to offer. Such outspread leads over brand promotion and product publicity within the
market leading towards customer attraction. In context of Vigro Food the manager of income is
required to take proper measures regarding promotional activities. This helpful in uplifting sales

of the organization's product that is required to be pre launched by them. Further these activities
has been discussed as follows:
Advertisement: In this advertisement is been done through using of pamphlets, bulletins,
catalogues, and magazine which makes an organization attain better place within market. Vigro
food make uses it for making marketing done in more effective manner which makes promotion
within the products done in more effective way(Roy, and Duraipandian, 2021).
Social Media: This is another important aspects which makes promotion of product possible
before the launching of it. In relation to Vigro foods social media platforms like facebook,
Instagram,YouTube and Twitter plays very effective role towards spreading awareness of
products to customers of various segments. These kinds of platforms makes business to be
uplifted in more effective and makes it reach to customers in more effective manner.
Task 4
P7 Produce an itemised monthly cash budget for the pre-launch phase of the venture and the first
12–18 months following the launch.
Cash budget is that kind of budget which helps in identifying cash revenue and profit
generated through new product over particular time period. This makes supervision produced
over budget which helps in liquidity of the organization. Cash budget for Vigro foods is

P8 Applicable legal form for the venture
It is essential for the business organisation to experience about the legal framework and
follow all the composition that assist them to function in effectual manner. For making
operations done in more effective within business environment makes legal structure developed
in more effective manner. Appropriate legal structure makes proper guidance provided in
relation to all rules and regulations with proper framework used within a country for making
such business organization operate with effectiveness(Radu-Lefebvre, 2021). Through this
various kinds of ascents is been covered which makes registration, memorandum of association
and article of association formed in more affective way. Also these legal structure deal with
patents and copyrights which makes authenticity of product maintained in more effective
manner. Also thee structure makes company, contract and employment used which helps in
making new organization operate in legal manner. Also through these laws all kind of trade
agreements is been formed as per legal patterns. Company Act of 2006 is one of the most
important legislation that is been used by an organization like Vigro foods in order to establish
itself by making registration done as per the legal rules which is been mentioned within the
legislation. The benefit of registry under Companies Act or as follows:

Separate legal entity: Registering an organization within the Companies Act helps in
making business separate legal entity. This makes an organization shown different owners and
then there is a unreal person in the name of law(Sewaid, Garcia-Cestona and Silaghi, 2021 ).
Liability of owner: Founder members and other stakeholders is not liable as they are been
operated from the organization even when organization liquidation is done.
Personal assets and liability: Registering as a business also allows organization over using
this resources in correct manner for its functions allowing easy engage within the market that
reduces liability by making long-term retention developed.
From the benefits that has been mentioned above in order to start business in the from of the
organization. Its is been observed that Vigro foods is been conducted over research that makes
business identified which helps in making operations performed in more effective manner by
making working more smooth in nature.
CONCLUSION
From the above report it can be marked out that new business is that kind of entity which is
been used for making new organizational venture developed. Further these business venture that
has been taken is Vigro foods which is established within UK. In this report target market as well
as competition is to be faced by new ventures. In this report discussion is done on the basis of
contingency plan that will help to minimise the race. Promotion is considered to be one of the
most affective function within marketing which is required to be identified over pre-launching
and promotions activities. This makes customers attraction possible through attaining suitability
within business. The last part of report covers about discussion in relation over legal need which
business organization should be aware with advantages of such perspective.

REFERENCES
Books and Journals
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Vietnamese students. Entrepreneurial Business and Economics Review .9 (1). pp.169-
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Eniola, A.A., Oyedele, O. and Adeyeye, M.M., 2021. Entrepreneurial Education as a mediation
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