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Launching a New Business Venture: Assignment

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Added on  2021-01-03

Launching a New Business Venture: Assignment

   Added on 2021-01-03

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Launching A New Venture
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INTRODUCTIONNew venture or a business is established with a plan or expectation of an investor inwhich they have to decide a specific nation where they can increase the profitability. In additionto this, it is defined as small business which is started with a small amount of funds.Furthermore, it is usually formed when the need of product or services of the organisation arehigh in a specific market. After determination of need entrepreneur will identify the new marketarea where they can introduce new venture. Present assignment is based on the New Moonlightrestaurant which is already established in UK and wants to move in the Russian country. Thisreport will discuss about the background of venture idea, competitor analysis and determinationof target market. Resources for starting the business, essential skills and abilities which arerequired for starting a new venture will also include in this report. In addition to this, financialrequirements which are essential for starting the new venture, various promotional activitiesalong with a budget or legal structure will also covers in this assignment. TASK 1P1:New Moonlight restaurant is a well-established business restaurant in UK market whichprovides a wide variety of food and beverages to their customers. After getting huge success andgrowth in UK, management of restaurant have decided to introduce new venture in the market ofRussia because the demand of fast food items in that country is very high. For making a strongcustomer base within a small period of time Moscow is one of the largest city of Russia isdecided as the location for establish the new venture (Zaremba, 2017). The Speciality ofrestaurant is that it provides a good range of fast food products which are liked in across theworld such as paella, French fries, Ful madames etc. to their customers through which they caneasily attracts a large number of visitors towards offerings of the restaurant. Moscow is a big cityin Russia which provides a large pool of customers to New Moonlight restaurant that ensuresthem in gaining huge sustainability and growth within a limited time frame. After investing thefunds and conduct an appropriate market research in the Russian market, It has been identifiedthat a large number of citizens of nation wants good and hygienic quality in fast food products sothat their lifestyle can be maintained. Therefore, it can be said that market informations are in
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favourable condition of New Moonlight restaurant through which their management can decideto grab such kind of opportunities by expanding their venture into Moscow.In order to successfully expansion of a business, owners have to allocate the resourceswhich are required by them for expansion. For this, managers of cited firm have decided toexpand their venture in a partnership with other players of food and beverages sector who arealready providing their services in the market of Moscow. With the help of this, the chances ofsustainability will be higher and they will better sustained in that market. For establishing thenew venture, Managers have to buy approx. 1500 square feet in Moscow city with a lease of 5years so that business operations can be handled in smooth manner. Managers have estimated anamount of 350000 to be invested for this purpose that can be collected through partners,financial institutions, Bank loans etc. Objectives: Managers of New Moonlight restaurant have formulated SMART objectivesthrough taking support of partners which are given as under:Specific: Grab the market-share of Moscow for achieving huge sustainability.Measurable: Achieve 60% market share through selling new products. Achievable: For achieving this management have decided to offer wide range of productsand services.Relevancy: Through it Market-Presence will be increase in the Russian Market. Time Bound: Managers have decided for achieving these objectives within 7 months ofstarting enterprise. Target market:Sustainability and profitability of new venture is based on the availability of customers ina specific market. For this, Managers of New Moonlight hotel have decided to conduct marketresearch so that future sales and revenue can be estimated in proper manner. They havesegmented the market of Moscow city in various parts such as demographic, psycho-graphic andgeographic (Zhu, 2017). Due to producing or selling fast food products, owners of firm havetargetted Geographic segmentation where a large number of customers can buy their productsi.e. Moscow.Geographic: In it, population of city is sorted on the basis of areas where they are living.Managers of New Moonlight hotel has targetted Moscow city of Russia which is determined asthe largest city of nation and having large number of customers for the organisation. With the
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