Launching a New Venture Assignment Sample
Added on 2020-07-23
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Launching A New Venture
ContentsINTRODUCTION.....................................................................................................................................3TASK 1....................................................................................................................................................3P1 Specific target market and competitive analysis...........................................................................3P2 Specific tangible and intangible resource that would be required for the launch of a new venture..............................................................................................................................................4TASK 2....................................................................................................................................................5P3 Credible proposal to launch a new venture..................................................................................5P4 Skills and capabilities required to launch a new venture and how they are acquired or develop6TASK 3....................................................................................................................................................7P5 Different promotional activities and channels that will support the launch.................................7P6 an appropriate promotional activities plan for both launch and pre-launch................................8TASK 4....................................................................................................................................................9P7 Itemised monthly can budget for the pre-launch phase of the venture and the first 12-18 months preceding launch..................................................................................................................9P8 An appropriate legal form for the venture stating why it has been chosen..................................9CONCLUSION.......................................................................................................................................10REFERENCES.........................................................................................................................................11
INTRODUCTIONAs per current scenario, launching a new venture is one of the effective activity in whichnumber of people starts their new business in market place with the purpose of attainingbetter success. It directly contributes in improving economic growth of the nation. Mainly,people who wants to established their business start with small level with more effective andcreative ideas. By this they easily invite number of customers towards the quality productsand services at market place (Datta, Mukherjee and Jessup, 2015). Along with this, peoplecan be innovator, who comes in market with innovative ideas to develop their business ineffective manner. With the help of this, he/she easily set their activities by introducing theireffective services. Furthermore, it also helps in enhancing positive economic growth bydetermining various job and employment to local people. In this context, small business alsoplays their vital role in increasing the chances of attaining better success at market place. Forcapturing larger market share, small business also expands their business in new areas byassessing entire factors and using advanced technologies. This will aid in enhancingprofitability level at market place. Present report based on Walky Talky café and restaurant,which is new venture which serve innovative services to its customers as per their need. Theyestablished their new venture in UK. This report discussed about specific tangible andintangible resources which may leads in launching a new business. Along with this, skills andcapabilities are also mentioned which required for launching new business in market.TASK 1P1 Specific target market and competitive analysisIn UK market, number of people start their new business with the aim of attaining bettersuccess. In which they like to establishes their own business. In this most of people in wholepopulation of UK start their business for attain more profits. It also contributes on enhancingeconomic growth of the nation in effective manner. By this people also improve their livingstandard and set their own status. Thus, this assignment discussed about new venture whichdeal in food sectors and the name is Walky Talky café and restaurant. This business comes inmarket with new and innovative ideas which may lead in inviting number of customerstowards the services. In this context there serve verity of food services to UK people in orderto attain profits in effective manner. Along with this, it is important for selected café to assessall the factors of market before taking decision which mat leads in overall performance levelof the firm at market place (Ghimire and et. al., 2015). With the help of this, company easilycapture customer’s attention and attain competitive advantage. This will enhance theirproductivity level. Thus there are some major factors which is identify the new businessbefore establishing their operational activities in market are as follows:Determine the specific target market: This factor is more important for new ventureto assess it effectively. By analysis this, firm easily improve their performance levelas compare to its rivals. As Walky Talky café and restaurant is a new venture, theyrelated with food sector in which they evaluate target market to established theirbusiness in effective manner. As UK population likes to spend money and time infood café and restaurants so in which firm serve their quality food services. They alsotarget various tourist as they visit various places in UK. By this café easily coveralmost areas by delivering their services as per customer’s needs. With the help of thisselected firm maximize their profitability level and positive image as well.
Competitive analysis: It is another major factors which is important for Walky Talkycafé and restaurant to determine before setting their business in market place. By thisthey easily evaluate competitor’s strategies in effective manner by which theyimprove their performance level at market place. As Costa coffee, Starbucks are thebiggest competitors of selected café. Thus, it is important for company to analysetheir strength and weakness at market (Ke and et. al., 2015). With the help of this theyserve their services accordingly and also tries to retaining customers for long periodof time by providing them better services at affordable price. In this various strategiesare there which may leads company to easily evaluate the competitors such as theirproducts price, place, market structure and many more. With the help of this firmeasily established their strong place at market place.Both factors are effective which may lead in analyzing the target market andcompetitors in effective manner. It helps in improving overall performance level of WalkyTalky café and restaurant at market place.P2 Specific tangible and intangible resource that would be required for the launch of a new ventureEvery new business required tangible and intangible resources at the time of establishingtheir business in market place. Both play their vital role in enhancing overall performancelevel of the business as compare to its rivals. In context of Walky Talky, they also used theseresources for enhancing their productivity level. Both are as follows:Tangible resources: It is one of the important aspect for business organization inwhich firm attain better ways to enhance their profitability level. By using this type ofresources Walky Talky easily improve their productivity level at market place. Itincludes various outlets, building, land and many more by which firm serve theirservices to its customers in appropriate manner. Along with this, all these alsocontribute in inviting as well as attracting larger number of visitors and customerstowards its services in which company easily attain better results. By this, they alsocapture customer’s attention towards their services by adding better food serviceswithin their product line. This will help in capturing larger marker share from itsrivals by establishing their competitive place in market.Intangible resources: It is also an effective and important resource which used bycompany to enhance their profitability level at market place. This element is notvisible in nature but put their positive impact on company activities. By this customerget attracted and influence to consume its products and services. It includes variouselements such as trademark, patent, copyrights and so on all these helps in increasingprofitability level of the company. By using all these Walky Talky make their specificand attractive image at market place which help in creating strong customers base. Itdirectly contributes in overall success of the company in competitive market place(Tangible Vs. Intangible Resources, 2017). Basically, all these elements are used inmaking specific brand in market by which number of customers are influence andattract as well.Hence, both are play important role in establishing new business in market. With thehelp of these firm enhance their customers base and at the same time also attain bettersuccess. Furthermore, it also contributes in capturing larger market share from its rivals.
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