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(solved)Launching a New Venture: Assignment
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Added on 2020-11-23
(solved)Launching a New Venture: Assignment
Added on 2020-11-23
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Launching A NewVenture
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Investigate and explain a new venture, identifying specific target markets and undertakingcompetitive analysis ..............................................................................................................3P2 Tangible and intangible resources that would be required by an organisation for launchinga new venture..........................................................................................................................4TASK 2............................................................................................................................................5P3 A credible proposal to launch a new venture ...................................................................5P4 Skills and capabilities required to launch a new venture and ways in which they areacquired or developed.............................................................................................................6TASK 3............................................................................................................................................8P5 Different promotional activities and channels that will support launch of new venture...8P6 Appropriate promotional activities plan for both launch and pre-launch of new venture8TASK 4..........................................................................................................................................10P7 An itemised monthly cash budget for pre-launch phase of the venture and the first 12-18months preceding launch of new venture.............................................................................10CONCLUSION .............................................................................................................................12REFRENCES.................................................................................................................................13
INTRODUCTIONDue to sustainability and changes within economy, entrepreneurs can easily open theirbusiness in a competitive market place. But, to launch a new venture is a difficult task forentrepreneurs because they must have knowledge and skills. These will be beneficial for themwhile handling difficult tasks regarding revenue generation, growth of business, etc. and newoperational activities. An entrepreneur must implement creative ideas and set attainable targets tolaunch a business systematically. Related to this, a bakery shop is being launched in Germany located in Europe. This enterprise delivers avariety of different food items such as pastries, cakes, savouries and more. Therefore, range ofresources required to launch, skills and capabilities required and ways in which they mightacquired or developed is discussed. This report also mentions appropriate promotional activities,appropriate legal form and a compile budget for launch (Baron and Tang, 2011). TASK 1P1 Investigate and explain a new venture, identifying specific target markets and undertakingcompetitive analysis A Blake & Flake is a new bakery shop which is going to be opened in Germany, Europe.This will provide customers with fresh bakery items such as burgers, cookies, patties, cakes, ice-cream and many more. The place is strategically selected to be Germany as this place have alarge extent of elite persons who can afford to buy the products being sold by the bakery. Mainrationale behind opening this venture within a populated and competitive market is that bakerycan have access to a large number of rich persons. This implies that customers can be targetedeasily towards a variety of bakery items. This will also help in providing services and food tocustomers according to their satisfaction and earn profit (Bijker and et. al., 2012). To attractcustomers, this enterprise will have tables, corners, space for small functions and parties,attractive interiors and many lucrative offers. This will ensure to retain customers for a longtime. Hence, related to this a plan of small venture is been discussed below. To launch a new bakery, an entrepreneur requires a wide area of approx. 1800 sq. ft. Thisarea should be presented in a market place in which there are many rivals because it would bebeneficial in delivering items in a wide manner. Moreover, a business tycoon must get it hiredfor at least two to three years on rent. In order to launch this venture in a appropriate manner,entrepreneurs must have sufficient amount of funds and investment which is about £4,00,000 to£4,50,000.Germany is an immensely developed market economy which provides opportunitiesto businesses for tapping an advantage of its lavish lifestyle and high standard of living. Bygaining an access to this, Bake and Flake can gain strategic edge in market over its rivals andensure its sustainability for a long duration of time. Being an important member of EuropeanUnion and having a largest economy, Germany strives to be an excellent locations for startingventures. This economy is largely expected to have a production of $4.2 trillion in 2019 throughthe measure of nominal Gross Domestic Product (GDP) (Germany, 2018 Index of EconomicFreedom,2018).Objectives: An owner consulting it with their partners set SMART objectives which is beendiscussed below. Specific: Increase market share in order to achieve sustainability. Measurable:Achieve 75% market share. Achievable:This can be attained by providing a greater variety of food items.
Relevancy:It increases presence of bakery in Germany market. Time bound: It can be attained within 9 months after launching its venture. Mission: To give satisfaction to their customers by providing them healthy and nutritious fooditems. Area in which owner is launching a new venture is a competitive market place, so theymust require creative ideas and strategies in order to survive. Moreover, to attain targets andobjectives , there some important areas where must concentrate on are being mentioned below. Identifying specific target market: This is one of the most important step which must betaken into consideration during implementation of an appropriate plan. It refers to area which hasbeen targeted in which new enterprises can run smoothly and earn profits. With help of thisprocess, entrepreneurs can give high quality products and services according to requirements anddemands of customers. This will also give satisfaction to their customers in a desired manner.Furthermore, by analysing specific target markets, will help owners to identify customersbehaviour related to their level of earning, taste, lifestyle, trend, status and many more factors(Burns, 2017). In present context, owners of Bake and Flake have decided about expandingtherir business in Germany as people over there are quite rich and prefer leading a luxurious life.Hence, managers have decided about shifting their focus of target to young and elite class peoplewho are willing to spend. Geographic: Blake and Flake bakery has targeted Germany by giving a large number ofcustomers. Demographic: From doing research it has been found that people of Europe are heathconscious and preferred nutritious food. Henceforth, bakery is delivering healthy and nutritiouseatables to people. Psycho-graphic: People who belong to higher income group prefer to purchase healthyeatables neglecting their prices. Henceforth, this income group is being targeted by Blake andFlake bakery. Competitive Analysis: This factor also has an important role while launching a newventure. It would be beneficial in determining factors which impacts the operations of businessin a positive and negative manner both. In addition to this, it involves methods and strategies thatare being used by rivals who are providing same food items within a same market place. Oncethe competitors are determined, it will become easier for owners of Bake and Flake to study andevaluate their strategies and accordingly set policies for themselves. For example, in case othewrbakeries are selling their products at 10% profit, managers of Bake and Flake can reduce theirprofit percent to 5% in their initial days. Also, they can provide attractive offers on a timelybasis for attracting more customers.It helps owners to create better plans and strategies so that they can grab a higher marketshare and have a competitive advantage. Main competitors of Blake & Flake in London Streetare The humming bird bakery, Primrose, Paul Baker, Cake Street and many more. Hence,entrepreneur of the bakery must come with different and innovative ideas in order to survive incompetitive market and deliver satisfactory services to their customers (Caselli and Negri, 2018).P2 Tangible and intangible resources that would be required by an organisation for launching anew ventureIn order to open a new outlet, an owner is required to create appropriate plans byarranging resources which are needed to establish venture in an appropriate manner. For this
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