Launching a New Venture

Launching a New Venture

Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Explain new venture and identify specific target markets and undertake competitive
analysis...................................................................................................................................4
P2 Tangible and intangible resources which required by chosen company for launching new
venture....................................................................................................................................5
P3 Produce a credible proposal to launch a new venture.......................................................5
M2 Discuss the strengths and weaknesses of the new venture and determine areas of risk.. 7
D1 Develop a detailed proposal that demonstrates critical analysis and reflection of the
competitive environment with supporting contingency planning to minimise risk...............7
TASK 2............................................................................................................................................8
P4 Skills and capabilities required to launch a new venture and how they are acquired or
developed................................................................................................................................8
M3 Range of skills and capabilities required for the launch and a critical assessment of how
might they be acquired...........................................................................................................9
D2 Critically discuss supporting costs and timescales required for developing skills of a
launch team.............................................................................................................................9
TASK 3............................................................................................................................................9
P5 Explain different promotional activities and channels that will support the launch and
justify their choice..................................................................................................................9
P6 Develop an appropriate promotional activities plan for both launch and pre-launch.....10
M4 Evaluate an appropriate promotional activities plan for both launch and pre-launch.. .12
D3 Critically evaluate the different promotional activities to support justifications...........12
TASK 4..........................................................................................................................................13
P7 Produce an itemised monthly cash budget for pre-launch phase of the venture and first 12-
18 months preceding launch of venture................................................................................13
P8 Suggest an appropriate legal form for the venture stating why it has been chosen........17
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20

INTRODUCTION
Launching a new business is defined as a process which requires conducting of proper
market analysis in order to know whether the new business will sustain in market or not. Several
entrepreneurs small or big start from opening a new shop or restaurant in market. The present
business venture is healthy food shop. This shop is opened in Manchester and there is
requirement of grabbing customer attention in order to increase the market share. In the
following report, there is explanation about target market and competitive analysis of this new
business. There is information regarding both tangible and intangible resources which are used in
this venture and there is introduction about assessing of various skills and capabilities for new
business venture. there are various promotional activities for the new shop which are explained
in this file.
TASK 1
P1 Explain new venture and identify specific target markets and undertake competitive analysis
A new healthy shop in Manchester is the business idea for an entrepreneur. This will be an
effective business venture as there are various opportunities in the food industry nowadays.
Healthy shop will be providing fat free and less oily food and other items to people. As people
are more prone towards eating healthy diet and food, this shop is opened. There will be e a
soothing music provided in the premises of his shop which will help in relaxing the customers.
There are various factors which are associated with an effective market research and these are
explained below –
 Identify target market - this is known as various potential customers which are required in
order to increase sales and profit of this new healthy shop. The target market for this shop
is people who are more health conscious and need of balanced diet.
 Competitive analysis - it is known as the development of various strategies and plants
that are helpful for conducting a successful business in market. This healthy shop has to
analyse the market and evaluate what are the strategies used by competitors in order to
sustain in market for longer period. There is used for competition in the food and
restaurant industry, so this shop owner will have to to apply strong marketing strategies
to gain interest of customers.

P2 Tangible and intangible resources which required by chosen company for launching new
venture
Resources are the most important factor which are required in managing a successful
business venture. There are basically two types of resources that are tangible and intangible
resources. In context of this healthy shop, tangible resources are our customers and clients of the
new shop. Intangible resources are those which do not have any physical presence and these
include having a trademark or copyright or patent right. The resources are required by the heathy
shop to do good business in effective manner within market. A good business venture is one
which is using the resources properly. There is managing of proper work within the new healthy
shop and customers will be provided with standard and quality food items. These resources in
reference to the new healthy shop are explained below-
 Intangible resources are the asset or resources that do not have any physical presence or
form. The healthy shop must be having any trademark, patent right, franchise rights,
copyrights in order to conduct business in market. Resources in this shop include
providing good and pleasant surroundings to people, providing standard food, live music
 Tangible resources are the assets which are present in physical manner. This consists of
having a good infrastructure, machinery, land, furniture. In reference to the healthy shop,
a good ambience and architecture of shop is required for attracting the customers.
M1 apply methods and techniques for competitive advantage and achieving competitive
advantage
The method which can be used by healthy shop is to provide attractive offers to customers. This
shop is able to manage the competitive advantage within market by offering the food items with
diet coke and other juices. In this way, customers will be attracted towards buying the product of
this shop. This is the best way for attracting customers.
P3 Produce a credible proposal to launch a new venture
When an individual’s decided to initiate a new venture then it has to perform appropriate
market analysis and evaluation as it assists them into determining its target customers and
marketplace, thereafter plan its product or services effectually ( Burns2017). In case firm
perform research then it results will be pessimistic as well as they can attain several opportunities
for grabbing the attention of consumers and investors. So, this is crucial for new healthy shop to

perform market analysis and evaluation before entering into market as it helps them to attain
objectives. Respective firm design proposal to launch its new venture that is discussed below:
Executive Summary New healthy shop is going to launch in Manchester that provides
fat free and less oily food and other items to people. the topics
which is covered into respective report is target market
evaluation, competitive analysis and resources selected for
healthy shop. Also, capabilities and skills, promotional activities
and budget of respective company. All these help them to attract
more number of customers.
Company Description New Healthy Shop is a new firm that is going to launch in
Manchester. It provides fat free and less oily food and other
items to public. It is plan to establish as now a days people are
more prone towards eating healthy diet and food, this shop is
opened. Also, a soothing music provided in the premises of his
shop which will help in relaxing the customers.
Market Analysis New healthy Shop performs market analysis by which it can
determine their potential consumers and marketplace.
Thereafter, develop strategies as per that that assists them to
increase its profit. The respective venture performs SWOT and
PESTEL analysis effectually. The main principle for performing
market analysis is to get knowledge about market, clients and
strategies consequently that help them to grab the attention of
various consumers effectively.
Marketing Strategy New Healthy Shop frames its whole business plan by
performing marketing strategy. So that it can bale to understand
its whole aspects from customer identification to performing
marketing and business. Through developing marketing strategy
respective firm can become capable to build effectual plans to
attract clients, perform promotion and advertisements.
Financial Status Determining financial position of firm is essential for