Launching a New Venture Assignment - Food cravings restaurant

LAUNCHING A NEW
VENTURE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Identifying the specific target markets and competitive analysis.........................................1
P2: Specific tangible and Intangible resources that are required in opening a new venture.......3
TASK 2............................................................................................................................................4
P3: Formulating a credible proposal to launch a new venture ...................................................4
P4: Capabilities and skills that are required in launching a new venture....................................6
TASK 3............................................................................................................................................6
P5: Determining the promotional channels and activities for launching a new venture.............6
P6: Formulation of appropriate promotional activity plan for both pre launch and after
launching the venture..................................................................................................................7
TASK 4 ...........................................................................................................................................8
P8: An appropriate legal form for the venture..........................................................................10
CONCLUSION .............................................................................................................................11
REFERENCES:.............................................................................................................................12

INTRODUCTION
The modern market includes a lot of business opportunities that the entrepreneurs can
undertake so that they initiate their own business and make profits by providing efficient quality
products to the customers of the company and by satisfying their demands. For the achieving
success in the operations of the business, it is significant that the entrepreneurs possess a lot of
knowledge and skills that will assists them in understanding the market conditions and the
formulation of strategies in accordance with the market conditions. In starting a new venture the
proprietors face a lot issues and challenges that they have to manage effectively in order to
survive in the market. The challenges face by them include shortage of funds, competition, lack
of human resources, knowing tastes and preferences of customers, experience, and diversified
conditions of market. All these factors cause a bad impact in conducting the operations of the
business successfully and accomplishing the objectives within a pre-specified period of time.
'Food cravings restaurant' is a new venture which is going to launched in the markets of London
UK.
This project report will discuss about the identification of specific target market for the
business and undertaking analysis of competition in market, determination of the specific
intangible and tangible resources that would be needed for launching a new business, creating a
proposal that will be required for the launch of new business. Also, developing a promotional
plan that will required before and after the launch of business.( Kuratko, and Hornsby, 2017)
TASK 1
P1: Identifying the specific target markets and competitive analysis
Food cravings restaurant is a new venture which has decided to initiate its business in the
markets of London , United Kingdom with the menu which consists of various cuisines. There
are various types of dishes and cuisines which are adopted by the restaurant so as to attract a
large base of customers such as Italian, American, French , Indian, Thai, Chinese etc. Starting a
new venture in the Food industry is a good option as the most people like to have their dinner in
the restaurants which have increased the demands of restaurants. The place which is most
optimum and preferable to open their outlet is near London eye, which is remarked as most
popular tourists destination and al large number of tourists visit the place on daily basis. This
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place offers them a golden opportunity to acquire a large base of customers and will also enable
them in effectively survive in the market by offering their attractive services.
The Food cravings restaurant has been opened in partnership deed with a total of three
partners. According to their plan for the set up of restaurant, they require a land of 1800 square
feet in main area of London eye on a lease of at least 4 years so that they can efficiently make a
space in the market of their new venture. For this purpose all the partners have acquired a fund
from various sources such as their own capital and loans from bank which is around 450000 to
485000. ( Kuznetsov, and Sabel, 2011)
Objectives
 For gaining a broad market share.
 For providing genuine and good quality and quantity of food items.
 For making huge revenues and increasing the wealth of the shareholders.
 To create a popular brand image in the market and influencing customer's behaviour.
Mission: “ To provide fresh and genuine quality products and services which are also
healthy for the customers and satisfying their preferences through offering diversified cuisines.
Target market
Identifying the target market of the business is essential for the entrepreneurs of the
business in order to generate the revenues. If the business knows its customers, their tastes and
preferences and the trends of the targeted market then it will be easy for the business to provide
the products and services that will satisfy their needs. The target markets are divided on three
basis known as demographic , psycho-graphic and geographic basis which are discussed as
below:
Geographic: According to this market segmentation the customers are divided according
to the location. This assists the business in identification of the needs and preferences of the
customers according to the different locations and countries. This restaurant is opening their new
outlet in London eye where wide variety of customers visit who have different preferences
because they come from different countries.(Jervell, 2011)
Demographic: This market segmentation process divides the customers on the basis of
age, gender , education level, marital status, religion, income level etc. These factors improves
the understanding of the target market to whom the business wants to sell their products. For
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