Launching a New Venture

Launching a New Venture

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Identification of specific target markets and competitive analysis...................................3
P2 Specific tangible and intangible resources that required for a new venture......................5
TASK 2............................................................................................................................................6
P3 Formulation of credible proposal to launch a new venture...............................................6
P4: Skills and capabilities required to launch a new venture.................................................7
TASK 3............................................................................................................................................8
P5 Determination of promotional activities and channels for launching new venture...........8
P6 Formulation of appropriate promotional activities plan for both launch and pre-launch. 9
TASK 4..........................................................................................................................................10
P7 Monthly cash budget for the pre and after launch phase.................................................10
P8: An appropriate legal form for the venture......................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
In competitive market, there are different types of ventures which are operating its
business functions to meet market needs and requirements in different way, it supports the
GDP of a nation due to which get maximum support from governmental in terms of filing
legal requirements. The thinking of starting a new venture in market comes in the mind of
entrepreneurs only when they have new and innovative ideas which can differentiate their
new venture from their existing rivals currently operated in market. It requires specific skills
and knowledge that entrepreneurs should attained in order to make new venture more
successful within shorter period of time. The present assignment report is based Delish-on-
the-go restaurant which is a going to start as a restaurant providing multiple range of food
dishes of different nations in London Market of UK. The project discusses the identification
of the target market and competitive analysis, types of resources utilised to start a new
venture, credit proposal, skills and capabilities of entrepreneurs to make venture more
successful, promotional activities and channels, cash budget for both pre and post launch
phase and an appropriate legal form for the venture.
TASK 1
P1 Identification of specific target markets and competitive analysis
Delish-on-the-go restaurant is a multi-cuisine restaurant which is going to launch in
London Market with an aim of earning huge profits as well as facilitating people of UK to
taste the food of different nations at one place. The special items included in their offering list
is chicken rice, tacos, Som Tam, Masala dosa etc. which can easily attracts maximum number
of customers within shorted time period. The idea of starting a restaurant came into mind of
entrepreneur when they have been observed that mostly people of UK especially in London
where large number tourists are visited every year prefer to visit restaurant for dinner,
breakfast etc. on daily basis. It will ensure entrepreneur to generate huge profits within
minimum time period. The decision of deciding London as location of restaurant made after
identifying that London is more popular for tourist destinations which attract maximum
number of people from different nations every year. This will definitely increases their sales
and sustainability in market within less time period (Baron and Tang, 2011).
The restaurant is launched in partnership due to which it has been following all rules
and regulations made by government for partnership firm. To establish a restaurant in
London, the entrepreneurs have purchased around 1700 square feet near London Eye on a

lease of 4 years with the purpose of continuing its operations without any obstructions. As it
is formed in partnership thus it is easy for entrepreneurs to manage funds as all partners
brings certain portion of capital as mentioned in partnerships deed along with the raising
capital from different sources such as bank, venture capital etc.
Objectives:
 To generate huge profits.
 To facilitate people of London to taste the dishes of different nations at one place.
 To achieve brand image and huge sustainability in market.
 To make changes in their offering list on regular basis.
Mission: The mission of Delish-on-the-go restaurant is “to serve maximum number of
customers to taste the food dishes of different nation at one place and increases their
satisfaction level to achieve their loyalty for longer period of time”.
Target Market: Before entering into market, the entrepreneurs has targeted particular
market whose needs and preferences are taken into consideration. The market is segmented
on three basis which includes Demographic, Geographic and Psychographic. It is important
for a venture to segment the market which makes easy for them to identify the people having
common needs and preferences due to which the decisions and plans can be implemented
accordingly to fulfill their requirements. It can be further discussed as under:
Demographic: Under this, the market is segmented on the basis of different variables
which include gender, age, income level, religion etc. This will help in understanding the
people having similar needs preferences. For example, Delish-on-the-go restaurant offers
dishes of different nations which can easily attracts youth as they are more likely to visit at
restaurant on regular basis (Burns, 2017).
Geographic: Under this, the population of London is divided on the basis of geographical
location. It helps in assessing the amount of people where the new venture can receive huge
demand of their products. For example, Delish-on-the-go restaurant has targeting London due
to having number of tourists who are preferring to taste dishes of their own nation.
Psychographic: Under this, the population of London is segmented on the basis of
lifestyle and buying behaviour. As generally middle and higher income level group prefer to