Launching A New Venture Assignment - Eat Tasty Restaurant

Launching A New
Venture

INTRODUCTION
In the modern era, it is not easy to start and run an organisation among tough
competition. There are requires various skills and abilities for increasing wealth size and create
goodwill in the marketplace. Entrepreneurs perform different duties and responsibilities for
managing business and its situations that can be occur during running operations. An individual
come up with new ideas, innovations and several resources for starting a new venture and
achieve predetermined goals or objectives in an appropriate manner. They also focus on various
opportunities to enhance growth and attain best possible outcomes so that they can build brand
image and generate higher revenues in effective ways. This report is based on Eat Tasty
Restaurant which is new start up and situated at London, UK. This restaurant is dealing with
variety of foods and beverages in the market. It is newly opened so it is necessary to find
particular market situations or conditions, customers desired expectations regarding foods. This
assignment will define about will explain about tangible and intangible resources with producing
proposal. It elaborate skills and promotional activities to launch new business with developing a
pre-launch plan (Baron and Tang, 2011).
TASK 1
P1 A new venture identifying specific target markets and competitive analysis
In the present scenario, there is requires to conduct particular study which will support
analysing market trends, target audiences and competitors in well manner. It is an essential to
formulate plans and make better strategies so that company can survive in tough competition. Eat
Tasty is a small restaurant which deals in variety of foods items and beverages such as fast foods
including Chinese, Thai, Italian and many special dishes in the market. It has opened as per the
customers choices, tastes and preferences so that they can be attracted towards firm. Many of
adults and teenagers prefer fast foods rather than organic or healthy foods. Therefore, owner
decided to start a mini restaurant near Oxford University at London so that many of students can
get food easily to satisfy their needs or wants (Bijker and et. al., 2012). Their targeted audiences
are teenagers or youngsters who want to eat fast foods in several varieties as well. There are
define whole details about Eat Tasty restaurant with an appropriate plan such as:

An entrepreneur has planned to start a new venture which is Eat Tasty Restaurant which
are going to operate near Oxford University in the area of 2500 square feet. Entrepreneur has
take a place on lease for 3 years so that they can open a new business in well manner. There are
needed some necessary resources such as land, capital, manpower, tools and many others for
starting a new business firm (Burns, 2017).
Objectives of organisation:
 To serve better quality of food and beverages to the consumer
 To create goodwill and increase brand image in the marketplace.
 To develop the business and its functions for enhancing growth.
 To generate higher profits or revenues through increasing sales.
Mission: “To create value of the customers and provide healthy and delicious food to satisfy
customers desired expectation”.
It is the major objective of Eat Tasty Restaurant that to provide better quality of food
items and delicious dishes with hygienic and organic to the customers so that they can satisfy
their particular needs or wants in well manner. Entrepreneur has requires to consider consumers
health and safety aspects for achieving set targets or goals as well (Caselli and Negri, 2018).
Target market: In this define about particular target customers for goods or services so
it is the duty of organisation that search right customers for right products so that growth can be
enhanced in an effective ways. Entrepreneurs make decisions regarding the target group by
identifying customers and their choice, preferences as well as tastes so that they can meet with
their desired expectations. The Eat Tasty Restaurant has started for customer satisfaction as they
analyse consumers demands through a survey. There is requires an appropriate segmentation of
market which is based on customers behaviours, age, gender, lifestyles, occupations and religion
etc. that helps in define regarding target customers in an efficient manner.
Competitive analysis: It is another factor that must be analysed by the organisation as in
this define about competitors who have strong reputations and good brand image in the
marketplace. There are several competitors available in the market place and they are trying to
capturing market and attracting more customers through adoption of several tools or techniques
and strategies as well. For example: The Ledbury, Kazan restaurant and Bar 61 are competitors
of Eat Tasty Restaurant as they are providing most famous food products with different varieties
so that huge of customers prefer to go these restaurants rather than others. This is necessary to