Launching a New Venture: Target Market, Competitive Analysis, Resources, and Promotional Activities

Launching a new venture
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Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Explain a new venture identifying target market and competitive analysis...........................3
P2 Determine tangible and intangible resources required for venture........................................4
P3 Proposal to launch a new venture...........................................................................................5
P4 Skills and capabilities to launch new venture.........................................................................5
P5 Different promotional activities and channels to launch........................................................6
P6 Develop promotional plan for launch and pre launch............................................................7
P7 Estimated monthly cash budget of 12- 18 months.................................................................7
P8 Suggest appropriate legal form for venture............................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
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INTRODUCTION
In present era of technological advancement, there are many new start ups which is
emerging in market. It has enabled in providing new products and services to people in order to
fulfil their needs. Along with it, their lifestyle is changed and these new businesses are giving
competition. Moreover, Covid 19 has provided opportunity for implementing new ideas to start a
business. Through that, new services are offered to people. there are several social enterprises
which are being established in it (Aslam, and Hasnu, 2016).
the report will explain about a new venture of and competitive analysis of it. also, what
tangible and intangible resources are required in it. besides that, how new business will be
launched along with skills and capabilities required for it. Furthermore, promotional activity and
plan will be mentioned in report. at last legal venture of business is discussed.
P1 Explain a new venture identifying target market and competitive analysis
A business idea “Medcare” of offering online nursing services is started in which
customers will be given various nursing services like mental health, physical therapy, wound
care, catheter care etc. here, patient can avail service through an App. on that they have to
register themselves and their requirement. So, on basis of that services will be provided to them.
For that target customers will be identified via doing market research. Thus, the venture will
target old age people of age 60- 90 who are not able to get nursing care services. it represents a
social enterprise as Medcare provide health care services to people. the purpose is to serve
society (Cao, 2018).
Threat of new entrants
New entrants in this industry bring the innovation, new ways in doing the things brings
the pressure to the existing Medcare through the various strategies that is lowering the price,
reduction in cost, give the new value preposition to their customers. For these before starting the
Medcare has to take all the challenges in these competitive markets (Trinkle, 2019).
Bargaining power of suppliers
As all the care homes in this industry gives the opportunity to provide physical nursing
services they are also in the position of dominance that decrease the margin for them. Overall
high supplier of raw material will impact the overall profitability of the care homes. It can be
reduced by having the efficient supply chains with the several suppliers.
Bargaining power of buyers
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