Technological Innovation Commercialization

This assignment delves into the complex process of commercializing technological innovations. It examines various aspects, including research and development management, optical properties of materials for solar applications, perovskite solar cell technology, synthetic approaches to pharmaceutical compounds, thin-film solar cell analysis, and the role of tangible and intangible resources in innovation. The assignment encourages critical thinking about the challenges and opportunities associated with successfully translating research into marketable products.

LAUNCHING A NEW
VENTURE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Investigation of new venture for identifying specific target market......................................1
P2 Specific tangible and intangible resources.............................................................................2
TASK 2............................................................................................................................................3
P3 Credible proposal to launch a new venture............................................................................3
P4 Skills and capabilities that are essential for launching a new venture and development at
the same time...............................................................................................................................4
TASK 3............................................................................................................................................5
P5 Various promotional activities and channels that are essential for launching a new venture5
P6 Appropriate promotional activities for launch and pre – launch...........................................6
TASK 4............................................................................................................................................7
P7 Monthly cash budget..............................................................................................................7
P8 Suitable legal form for the venture to elucidate why it has been chosen...............................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
With the change in course of time, lot many companies are emerging in order to establish
themselves in the market areas. While launching a new venture, entrepreneurs can face several
issues and problems related with culture, growth and competition with rival organisation. Thus,
all these factors can hamper the business operations (Datta, Mukherjee and Jessup, 2015). The
main intention of this report, is to evaluate all the resources that are required for establishing a
new business, other than this, different skills and capabilities are being analysed so as to develop
them for better outcomes. Apart from this various mediums which will be required for promoting
activities is included in this assignment. Cash budget for pre – launching phase is made for the
initial years of establishing the business.
TASK 1
P1 Investigation of new venture for identifying specific target market
Turn a Table cafe and restaurant is launching a new business in United Kingdom so as to
deliver their services and facilities to people in particular area. Along with attractive interiors
they are trying to attract more and more customers. Inside this cafe people can spend their time
with friends, can read novels and release their stress by having best coffee served in this
restaurant. By identifying and evaluating the interest of people in Queens street, Turn a table cafe
and restaurant is planning to start their business in this particular area (Ghimire and et. al., 2015).
Cafe offer their special item that is brewed coffee with variety of flavour in it, along with this,
they also provides other services like pastries, baked cookies, tea and many more.
Therefore, Turn a table cafe and restaurant is coming up with new and innovative ideas,
in which they are experimenting with their recipes so that they can give best beverages and food
items to its clients. This will help them in gaining customers loyalty and profit as well. Thus, for
working in a better manner it is essential that they go through all the factors that will be helpful
in doing the same. It will aid them in gaining competitive advancement at market area. For this,
some of the elements are essential to evaluate so that company can achieve their goals and
objectives and these are as follows:
Identifying specific target market: The main purpose of the company is to gain much
profit in shorter period of time so that they can establish their other networks in other areas. For
this, it is essential that Turn a table cafe and restaurant should set a targeted audience so that
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company can produce goods and products according to the customers. Mainly, their main focus
is on teenagers, adults and family members and according to them they have set different criteria
which consumers can avail as per their preferences (Ke and et. al., 2015). Other than this, Turn a
Table Cafe and Restaurant have focussed on middle class people so that they can easily afford
their food items.
Competitive analysis: It is one of the important element that most of the company should
consider before launching a new business this will enable them in knowing all the factors that
can affect the business operations in a positive and negative manner. As there are many
organisation that are selling the same commodities Starbucks is one of them, and it is a big brand
in United Kingdom thus, to establish themselves more effectively Turn a Table Cafe and
Restaurant must enhance USP with relation to other rival organisation.
P2 Specific tangible and intangible resources
Turn a Table Cafe and Restaurant is offering its best coffees to its customers present in
local areas of United Kingdom and to make it more appropriate they are using high quality
ingredients that are required for preparing a coffee . Thus, Company is importing coffee beans
form some parts of Africa. Basically there are tow types of resources which organisation should
need to be maintain and they are tangible and intangible resources and these are as follows:
Tangible resources: The physical resources like machine, equipments and people that a
company can touch are included under this (Ke, and et. al., 2016). In case of Turn a Table Cafe
and Restaurant They are using best quality machineries for making coffee for example: for
producing finest coffee beans they are using Gaggia Naviglio. Other than this, company is using
training programmes so as to train their employees for giving better services and facilities.
Intangible resources: All the legal factors comes under this for example: making a patent
of respective company, trademarks, relationship between customers etc., thus, it is important to
determine these element so that organisation doesn't face any problem in future proceedings.
Thus, it can be said that, the factors that are included in this are not physical in nature. Therefore,
it is essential that Turn a Table Cafe and Restaurant should focusses on quality products so that
they can provide a better services and facilities so as to achieve their outcomes and set targets.
Thus, this will help the organisation in overcoming the flaws through this attaining their
objectives whether it comes under long or short term goals.
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TASK 2
P3 Credible proposal to launch a new venture
A proper proposal always help an organisation in giving better outcomes so that they can
deliver good services and facilities. Thus, it is important for the company to provide all the
knowledges of the commodities which they are serving in the restaurant. For this, Turn a Table
Cafe and Restaurant have created a proposal which is helping them in meeting their goals and
objectives and they are as follows:
Executive
summary
Turn a Table Cafe and Restaurant works on a small scale and offering
coffee with different flavours and other than this, as a complimentary
company is serving pastries, cakes, baked cookies and many more.
Company
Description
Company is new to market and is situated in Queen Street, and is build in
2500 square feet. The area was hired by Turn a Table Cafe and Restaurant
2 years back and now mangers of the firm are thinking of expanding it in
new areas so as to enhance their revenues (Khan and et. al., 2015).
Market Analysis To establish the business in a proper manner Turn a Table Cafe and
Restaurant is evaluating and going through all the factors that will help
them in expanding the business. SWOT and PESTEL analysis is helping
them in doing the same.
Marketing strategy In recent years, various market strategies have come up thus, Turn a Table
Cafe and Restaurant is applying marketing mix, 7Ps etc., in order to reach
to maximum people. Other than this, company is opting various mediums
like social media, internet and many more.
Financial
Projection
For running a business in a proper manner it is essential that a company
have ample amount of money. The estimated funds which Turn a Table
Cafe and Restaurant have determined was £2,05,300 to £3,00,100. for this,
firm is collaborating with various stakeholders and merchandise enterprises
(Koirala and et. al., 2016).
Benchmarks This is the most beneficial concept in order to make comparison among the
business Performances with the set benchmark in order to achieve success
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in the business activities. It is helpful in supporting the customers
according to the set business standards. Turn a Table Cafe and Restaurant
have used benchmarking in order to execute effective comparison and
analyse their position at market places.
P4 Skills and capabilities that are essential for launching a new venture and development at the
same time
Individual who are starting their new ventures must have appropriate skills and
knowledge so that they can implement their cognition in order to make strategies and plan of
action. This will assist them in giving better results and as a result their image, sales and
productivity will enhance (Kuratko and Hoskinson, 2016). Thus, for operating their business in a
proper manner some of the factors are mentioned below:
Marketing and customers service: It is considered as an important element because by
providing goods and services according to customer's needs and wants this will increase their
sales and productivity. With reference to Turn a Table Cafe and Restaurant, they are taking
reviews and feedbacks form their regular customers so that they can make alterations in menu if
required. This is enabling them in gaining maximum profits and sales respectively.
Time management: It is essential element because it help them in working more
appropriately. Through this, they can deliver superior quality products and gradually an increase
in growth can be seen. Other than this, it is giving competitive advancement along with better
understanding of marketing strategies of rival companies.
Management of finance: Adequate amount of funds are require for a smooth conduct of
business, this will enable them in buying new resources that are essential for producing excellent
quality products (Liao and et. al., 2016). So, it is important that company have a good
relationship with distributors and stakeholders who can give them sufficient amount of money.
Apart form this, organisation should also evaluate the risk factors that are present in the market
area.
Better communication: It is the basic tool which every company should consider in order
to give good services and facilities. Thus, Turn a Table Cafe and Restaurant must use appropriate
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tools by which they can convey their message to employees in a proper manner. Managers can
use this method in order to motivate their workers so that they can work effectively.
Project management: This is the department that gives on overview about the choices
and preferences of customers by conducting surveys and taking feedbacks. Other than this, they
identify and which kind of strategies are required for a particular time period.
Therefore, Turn a Table Cafe and Restaurant should consider all the factors that are
mentioned above so that company can get maximum benefits and attain the set targets and goals
respectively.
TASK 3
P5 Various promotional activities and channels that are essential for launching a new venture
Promoting an activity is very essential for a company as it ensures that the new
information is delivers to its customers in a proper manner. This gradually increase the sales and
productivity as most of the people will come so as to buy their products. In context with Turn a
Table Cafe and Restaurant is utilising all the techniques that are present in the latest market
place. For example: Company is broadcasting their advertisement in television so as to reach to
maximum number of people (Pan and et. al., 2016). Other than this, Turn a Table Cafe and
Restaurant is using various social media sites, internet, making their own websites etc., in order
to inform its customers about new products and their prices. Apart form this, some other
promotional activities which is helping them in giving better outcomes are given below:
Personal selling: Under this face to face conversation is done in order to sell their
products to their clients. This is a hectic process as salesman has to face lot of problem while
merchandising their commodities. Basically the main aim of this process is to interact with
customers so that company can deliver the products as per the needs and wants of clients.
Publicity: For this, most of the companies uses different mediums like media, under this
organisation tries to give information about their firm and what kind of products they are
offering to its customers this enable them in increasing their brand image and value as well.
Advertising: Under this company makes various commercial adds in which they openly
talks about why customers should come to their restaurants (Paradkar, Knight and Hansen,
2015). Other than this, company also provides additional information related to the commodities
which they are offering in their cafe.
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Direct marketing: Under this, company tries to sell their commodities directly to their
customers by calling them or through mails and websites. This is considered as most effective
method of merchandising their commodities.
Online marketing: With the change in course of time many new technologies have been
introduced. Invention of internet is one of them. This has made the life of people more
convenient as compared to earlier times now people can easily access to online market without
even visiting the stores. Turn a Table Cafe and Restaurant is offering this facilities and their
customers can easily order their products sitting at home. Other than this, company is also using
this method in promoting their company and products as well (Paradkar and Hansen, 2015.).
Therefore, all these are effective activities which Turn a Table Cafe and Restaurant is
using so as to enhance their brand image and market value at the same time. Thus, it is enabling
them in providing better services and facilities to its consumers. Other than this, the company is
using various methods for expanding their business in a proper manner.
P6 Appropriate promotional activities for launch and pre – launch
Promotion always plays an important role in increasing the market value and shares as
well. Turn a Table Cafe and Restaurant is utilising various methods for making strategies and
plans which is giving them maximum benefits. Thus, they are considering all the factors that are
required for analysing the marketing environment in order to attain superior position and these
are as follows:
Product analysis: Before establishing the business it is necessary that company evaluate
the products and commodities that they will offer to customers in order to know whether it will
hit the targeted audience or not and by applying this whether the organisation will gain
maximum benefits or not.
Market analysis: It is crucial element because through this Turn a Table Cafe and
Restaurant will be able to know which market area will be suitable for the launching their new
venture. Through this, company will get to know about the the strategies which have been
implemented by other rival organisation (Datta, Mukherjee and Jessup, 2015).
Investigation of financial resources: By analysing this company will be able to give
superior quality products because it will enable them in using all the resources which are
available to them for giving better outcomes.
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Apart form this, various factors that an also affect the business operations are mentioned
below:
Positioning: For establishing their business in a an appropriate manner it is essential that
company evaluate their position on a regular basis by this Turn a Table Cafe and Restaurant will
be able of set their position in market area.
Brand development: As Turn a Table Cafe and Restaurant is new to market area thus,
they can use various methods in order to increase their brand image. Like company are giving
attractive offers, along with their best food items and combos. They are making variations in
their products so as to attract more and more peoples.
TASK 4
P7 Monthly cash budget
Budget helps an organisation in making proper plan in order to know how much funds
are required for optimising an appropriate business operations.
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P8 Suitable legal form for the venture to elucidate why it has been chosen
A company whether it run in small or at big level they must follow all the rules and
regulations that are formulated by the governmental authorities. Turn a Table Cafe and
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Restaurant is making all their norms by considering the laws made by authorities. Thus, to is
prime role of superiors to make rules accordingly. Hence, basic laws are mentioned below which
are required to be followed:
Worker's Compensation: Under this, employees have given rights and that they can get
benefits if any losses is done with respect to death, medical expenses, rehabilitation etc., Thus,
government of United Kingdom is making laws by considering the benefits of its citizens. If any
organisation doesn't follow this than they might face penalties (Ghimire and et. al., 2015).
Federal Equal Employment Opportunity Commission (EEOC): Under this law, it
enable the company to check whether any discrimination is taking place on the basis of sex,
gender, caste, colour or religion. This, help the organisation in providing better place for working
so that all the task are fulfilled in time frame.
In addition to this, there are some legal forms of business which are explained below:
Sole proprietorships: This is the most common form of business and owner has the
complete control over the resources. Being a sole proprietorships they are can operate any kind
of business and this can be full time or part time in nature.
Partnerships: This is a relationship that exist between two or more person who with
mutual understanding carry on a trade or business. In this, each person contribute their part such
as money property, labour etc., and share profits and losses equally.
Limited Liability Companies: It is relatively a new business structure LLC is most
popular like corporation and in this, owners have limited personal liability.
Corporations: This is more complex than any other business structure and in this it is
essential that company know rules and regulations along with tax requirements. Because these
are important for running business in a better manner. As a result, it will help firm in sustaining a
better position at market area.
In relation with Turn a Table Cafe and Restaurant, they are working with partnership
done with renowned organisation as a result, it is assisting them in giving their best services and
facilities to its customers.
CONCLUSION
From the above report it can be concluded that, to start or launch a new business it is
essential that company must have a proper knowledge about the current market situation along
with the latest trends present. Organisation should also make sure that employees know all the
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rules and regulations for giving and effective outcomes. Along with this they must also have
knowledge about tangible and intangible resources that are required for further proceedings.
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REFERENCES
Books and journals
Datta, A., Mukherjee, D. and Jessup, L., 2015. Understanding commercialization of
technological innovation: taking stock and moving forward. R&D Management. 45(3).
pp.215-249.
Ghimire, K. and et. al., 2015. Optical properties of single‐crystal Gd3Ga5O12 from the infrared
to ultraviolet. physica status solidi (b). 252(10). pp.2191-2198.
Ke, W. and et. al., 2015. Efficient fully-vacuum-processed perovskite solar cells using copper
phthalocyanine as hole selective layers. Journal of Materials Chemistry A. 3(47).
pp.23888-23894.
Ke, W. and et. al., 2015. Low-temperature solution-processed tin oxide as an alternative electron
transporting layer for efficient perovskite solar cells. Journal of the American Chemical
Society. 137(21). pp.6730-6733.
Ke, W. and et. al., 2016. Employing lead thiocyanate additive to reduce the hysteresis and boost
the fill factor of planar perovskite solar cells. Advanced Materials. 28(26). pp.5214-
5221.
Khan, I. and et. al., 2015. Synthetic approaches, functionalization and therapeutic potential of
quinazoline and quinazolinone skeletons: The advances continue. European journal of
medicinal chemistry. 90. pp.124-169.
Koirala, P. and et. al., 2016. Through‐the‐glass spectroscopic ellipsometry for analysis of CdTe
thin‐film solar cells in the superstrate configuration. Progress in Photovoltaics:
Research and Applications. 24(8). pp.1055-1067.
Kuratko, D. F. and Hoskinson, S., 2016. Technological innovation: Generating economic results.
Emerald Group Publishing.
Liao, W. and et. al., 2016. Lead‐Free Inverted Planar Formamidinium Tin Triiodide Perovskite
Solar Cells Achieving Power Conversion Efficiencies up to 6.22%. Advanced
Materials. 28(42). pp.9333-9340.
Pan, J. and et. al., 2016. Surface plasmon-enhanced quantum dot light-emitting diodes by
incorporating gold nanoparticles. Optics express. 24(2). pp.A33-A43.
Paradkar, A., Knight, J. and Hansen, P., 2015. Innovation in start-ups: Ideas filling the void or
ideas devoid of resources and capabilities?. Technovation. 41. pp.1-10.
Online
Tangible Vs. Intangible Resources. 2017. [Online]. Available through:
<https://bizfluent.com/info-8365100-tangible-vs-intangible-resources.html>.
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