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P1 Explain new venture and identify specific target markets

   

Added on  2021-01-02

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Launching a New Venture

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Explain new venture and identify specific target markets and undertake competitiveanalysis...................................................................................................................................3P2 Tangible and intangible resources which required by chosen company for launching newventure....................................................................................................................................4TASK 2............................................................................................................................................6P3 Produce a credible proposal to launch a new venture in chosen organisation..................6P4 Evaluate the skills and capabilities required to launch a new venture and how a person canacquire or develop it...............................................................................................................8TASK 3............................................................................................................................................9P5 Different promotional activities and channels that will support launch of the venture andjustify it ..................................................................................................................................9P6 Develop an appropriate promotional activities plan for both launch and pre launch of newventure..................................................................................................................................11P7 Produce an itemised monthly cash budget for pre-launch phase of the venture and first 12-18 months preceding launch of venture................................................................................13CONCLUSION..............................................................................................................................15REFERENCES .............................................................................................................................17.......................................................................................................................................................17

INTRODUCTIONIn current time an individual wants to launch their own business in any industry for thatthey do research and analysis of market and identify suitable sector in which their businesssurvive for a long time(Scarborough2016). By this a person also feel independent, confident andalso generate employment for others. A person launch their new venture at any place either indomestic market or international market, their main purpose of establish new enterprise is tosatisfy and fulfil needs and wants of customers of their focus sector. New venture launch for thisassignment is Coffee Cafe Town which is going to launch in market of Italy. Mentioned topics inthis report are analysis of target market, competitive analysis and chosen resources of respectivecafe. Along-with this, it explain skills and capabilities which are required of work in respectivecafe and how it can be develop, it also contain explanation and justification of promotionalactivities and budget of Coffee Cafe Town. TASK 1P1 Explain new venture and identify specific target markets and undertake competitive analysisCoffee Cafe Town is a new venture of the food and beverage industry which is going tolaunch their business in Italy, United Kingdom(Nagyet.al., 2012). It offer quality and variety ofproducts such as gourmet coffee,flavoured coffee, iced coffees,healthy and fresh bakedbreakfast, Italian and continental dishes, espresso, hot chocolates and many more. Their areseveral services which attractive customers towards Coffee Cafe Town such as they establishlittle library for book lovers in that they kept multiple type of novels, they open play area ofindoor games for children and adults both etc. Along with this Coffee Cafe Town also plan toorganize some programmes related to singing, poetry and so on. It is a small business which haveless than 300 employees. In Italy there is large ratio of small business enterprise and it is around98% of all business. Business associate of respective cafe conduct evaluation and examination of market atwhich they plan to launch their cafe, in this they identify their potential and desire customers.After deciding potential customers managers of Coffee Cafe Town plan and develop strategies toattract them in effective and efficient manner, for this they design their promotional andadvertising strategies according to cover their target audiences. Their are some powerful

components and elements which are evaluate and determine by respective cafe so that theyaccomplish or achieve their objectives and targets in best way, these are explain below:- Identify particular target market:- Target market refers to identifying group ofcustomers from focus market where company is going to offer its products(Kariv2013).Identifying target market help an organisation to identify group of customers who display samefeatures such as age, location, gender, income, taste and preference, lifestyle etc. Beforelaunching their business in Italy respective conduct analysis of target market. By which theCoffee Cafe Town able to identify their target audiences. Target market of respective cafe aremale and female coffee and books lover, middle and high income group peoples, children and upto 45 age group peoples, peoples who love to spend time in cafes and read books. The respectivecafe also focus to business class peoples who want to conduct their meetings or discussion incafe. When respective company do analysis they able to know coffee culture of Italy and theyunder peoples like to spend their time in cafe so Coffee Cafe Town plan their strategiesaccordingly. Analysis of competitors:- Competitive analysis is critical portions of making plans forbusiness. In this a company can identify its competitors and evaluate their strategies and plans toidentify its strength and weaknesses which is related to products and services offer by them.Through this analysis both companies compare their strength and weakness and identify theiropportunities and threats, then plan strategies accordingly to be successful in target market. TheCoffee Cafe Town conduct competitive analysis before launching their business in Italy bywhich they able to understand their customers and identify competitors strengths andweaknesses. In Italy there are large number of coffee cafe, so competition in respective market ishigh for Coffee Cafe Town. By evaluating this, respective cafe able to design and developappropriate strategies which help them to sustain and run their business in selected market ineffective and efficient manner. P2 Tangible and intangible resources which required by chosen company for launching newventureThere are various things which is essential for establishing and running a business someof them are intangible which customers and providers can only feel whereas some are tangibleswhich can be seen by customers or consumers(Chrismanet.al., 2012). But a company has tomaintain and develop both the resource because both of them is equally essential and important

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