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Launching a New Venture : Assignment Sample

   

Added on  2020-07-22

15 Pages4835 Words70 Views
LAUNCHING A NEWVENTURE

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Resources required for launching of new venture.................................................................3P2 Tangible and intangible resources required in organisation..................................................4TASK 2............................................................................................................................................5P3 Effectiveness of new venture in an organisation ..................................................................5P4 Skills and capabilities required for new ventures .................................................................6TASK 3............................................................................................................................................7P5 Promotional activities to support launch of new venture ......................................................7P6 Promotional activities for launch and pre launch of start up for United Fast Food..............9TASK 4..........................................................................................................................................10P7 itemised cash budget for company .....................................................................................10P8 Legal business of United fast food.......................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONGlobalisation is a major factor which has provider opportunities to for many small scalebusiness to grow in market. These company can form new venture and expand their business innew territories. With advancement of technologies, many small scale organisation have startedand grown in business (Breznitz and Etzkowitz, 2017). In the give task we have chosen UnitedFast Food and discuss several factors like resource management, skills and knowledge, financialcapital, promotional and pricing strategy of business. Before starting a business the companymust make sure that they have covered all legal aspect and government policies of the particularplace. TASK 1P1 Resources required for launching of new ventureIn current market, due to increase in globalisation, it has given more opportunities tosmall industries to invest or setup their business in new competitive market. This assessmentdiscuss about a new start-up in food and drinks company called United Fast Food. For acompany to grow in market they must analyse different factors of competitive market so thatthey can prosper effectively in their business. All the factors and elements required to be successin new market has been pinned down (Chun and et. al., 2015). Target market – As the company is dealing in fast food and restaurants they haveanalyses different market places in all over London. They have selected Kensington which is oneof the high profile residents and many memorial buildings like Kensington Palace, Sciencemuseum and Albert hall museum. Due to these this place has become an important touristdestination and high profile resident’s area. Starting their business in this area will aid them togain more profit in their new start up. They need an appropriate segmentation of the market thatis based on customer behaviour, age, gender, occupation, religion and lifestyle, etc. which assistin target buyers in better manner. The firm target customer are adults, youngsters and children'sand they spend around 200 euro per month for buying products and services. Competitive analysis – Before setting up their business in the area the analytical teammust make sure that they have analysis competitive market and competitor in that place. Theyhave analysed that they have to face stiff competition from other food related business like Leon,Five Guys, and McDonald. The companies have already made their base in that region and doing

well. So the company have uniqueness in food and drinks to beat their competitors (Datta,Mukherjee and Jessup, 2015). Strategy to analyse market- For analysing a market certain measures must be taken inaccount which includes-Globalisation is a major factor which has provider opportunities to for many small scalebusiness to grow in market. These company can form new venture and expand theirbusiness in new territories. With advancement of technologies, many small scaleorganisation have started and grown in business. In the give task we have chosen UnitedFast Food and discuss several factors like resource management, skills and knowledge,financial capital, promotional and pricing strategy of business. Before starting a businessthe company must make sure that they have covered all legal aspect and governmentpolicies of the particular place (Ghimire and et. al., 2015). P2 Tangible and intangible resources required in organisationSo establishing a business both tangible and intangible resources are requires for smoothfunctioning of business. Tangible resources – These includes resources like building, land, manufacturingequipment, vehicles etc. In terms of start-up it required require tangible resources whichrelated to their business some of them includes rented shop, utensils, appliances formanufacturing of food items. Having adequate tangible items will help to make and addmore food item in their food chart and increase their productivity, in other sense theymust have good amount of asserts for making smooth flow of business e.g. Suppose theywant to add features like home delivery they must have vehicles and employees for factordeliver. This will increase their capability in business market (Ke and et. al., 2016). In therestaurant, the tangible resources are telephone, table, chair, infrastructure, etc. whichattract customers. Intangible resources – These are the assets which cannot be seen but plays effective roleimagining business activity. Some of the intangible resources are like knowledge,intellectual ability and connections, patents, trademarks and copyrights. These factors areuseful in tackling different practices in market place. Better implementation of intangiblefactors in their policies and planning will aid them to plan better in their marketingstrategies in their business policies. In the United Fast Food restaurant, there are various

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