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Launching a New Business Venture Solved Assignment (Doc)

   

Added on  2021-01-01

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Launching a NewVenture

INTRODUCTIONThere are numerous types of ventures which are contributing maximum to the GDP ofnation as well as livelihood of business owners. It only requires to have sufficient amount ofnew and innovative ideas and skills that to be present in an individual which will make them asuccessful entrepreneur. The generation of idea of starting a new venture came throughidentifying the needs and requirements of market. This requires to conduct market research thatgave an idea to entrepreneur to launch a new venture in particular field where the demand ofproducts are more and supply is less. The present project report is based on a new venture namedas Dream Delicious which is engaged in providing wide range of food items and drinkableproducts in the London market of UK. The project discusses the determination of specific targetmarket along with the proper evaluation of rivalry so as to achieve stable position in marketplacefor longer duration. It also describes the ability and promotional tools that are used to make newventure more successful.TASK 1P1:Dream Delicious is a restaurant which is decided to start in London market with multiplenumber of food offerings. It offers wide range of popular dishes of different nations such as Thai,Spanish, Chinese, Continental, Sea food etc. The London market is decided as primary locationof new restaurant due to having large number of tourists coming every year which indirectlyincreases in the demand of products (Bijker and et. al., 2012). Dream Delicious Restaurant is formed as partnership due to which following legalstructure of partnership. In order to establish Dream Delicious in an effective way, they acquireda land around 1500 square feet near London Eye on lease of 5 years for continuing its businessoperations without any interruptions. In terms of budget, the partners brings on their own as wellas raise funds from different sources which includes capital and bank loans which is around £360000 to 375000.Objectives:To offer wide range of dishes of different nations in London Market.To earn livelihood.To increase level of satisfaction of targeted people.1

To bring their food items to large number of people visited at London Market in UK. Mission: The mission is to “ maximise the experience of visitors by providing wide range of dishesof their home nation in UK”.Target market –It is very important for a new venture to focus on achieving growthwithin shorter period of time which can be possible through identify the needs and demands ofcustomers and put their maximum efforts in fulfilling them in an effective and efficient manner.Due to having fluctuations in the needs and demands of customers it may affects the growth ofrestaurant. So that it is essential to consider such modification on regularly basis hence, changesin menu card as well in the result of attracting customers towards Dream Delicious restaurant.The target market is divided in four types such as Geographic, Demographic, psycho-graphic andbehavioural (Burns, 2017).Geographic: In this type of segment, entrepreneur has to decide the location where thenew business has been started. Under this type of part, entrepreneur has to preferred suchlocations where large number of customers are easily available for their eatery shop. It isimportant to make a suitable strategies which is made after measuring situations of locationscarefully. For example, London is the suitable location where any venture can be establishedbecause there are large number of tourists which maximises the chances of build brand imageand achieving growth within shorter period of time.Demographic- Under this part, it depends on religion, culture, gender, income, level etc.which gave positive and negative impact on the business activities. So that, it is essentiallyrequired to analyse such things and making strategies according to the demand of customerswhich increases the number of customers. Youngsters and families are more preferably to visit ateatery shop where they get delicious foods at any time in different nations. So that, policiesshould also made for them.Psycho-graphic- In this type of segment owner has to analyse the lifestyle andpersonality of people and formulating strategies according them. For an instance, tourist ofhigher income group show more willingness to visit a restaurant with a hope of getting multiplenation's food products and services with best quality.Behavioural- This type of part is based on behaviour, usage and decision makingpattern. Furthermore, customers preferred the food products which has taste and satisfying their2

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