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Assignment on Launching A New Venture - Royal fast food

   

Added on  2020-07-23

13 Pages4626 Words32 Views
Leadership ManagementEntrepreneurshipProfessional Development
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Launching a newventure
Assignment on Launching A New Venture - Royal fast food_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Identifying specific target market and specify competitive analysis................................1P2 Tangible and intangible resources required in organisation..............................................2TASK 2............................................................................................................................................3P3 Proposal to launch a new business venture.......................................................................3P4 Skills and capabilities required for new ventures..............................................................4TASK 3............................................................................................................................................5P5 Promotional activities to support launch a new venture ..................................................5P6 Promotional activities for launch and pre launch of start up for Royal Fast Food...........6TASK 4............................................................................................................................................6P7 Itemised cash budget for company...................................................................................6P8 Legal form for the venture ...............................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONIn this modern era, there are several small scale units are being established day by daywhich provides high growth to the economic condition of the country as well. In addition,globalisation makes easier the process of implementing SME in a nation. Along with this, suchnew ventures are emphasizing on expanding their business by using effective tools andtechniques (Khan and et. al., 2015). Technological advancement assist small businesses improvetheir functional areas and get high market growth. For completion of this assignment, Royal fastfood is the selected organisation; the firm provides food services to local people of UK. TheseSMEs are affected by different factors, such as- skills, knowledge, resource allocation,promotional strategies, financial capital, and pricing strategy of business. Therefore, before,establishing a new business venture management must fulfil all legal requirements as well asgovernment laws in order to effectively perform in capital market. TASK 1P1 Identifying specific target market and specify competitive analysisEntrepreneurship plays a very imperative role in growth and success of an economy; itcaters job opportunity to people which results improvements in their living standards. It alsoconsists with starting a new business venture by having an innovative or unique idea of concern.In current business scenario, globalisation has opened the door of opportunities for various smallbusiness units, as people are willing to invest their money in markets so as to gain high profitsand viability (Koirala and et. al., 2016). Royal fast foods is a new business start-up whichprovides qualitative and value added fast food services to people. The unit is located in localstreets of UK and its prices are affordable among customers. Identification of target market – While establish a new business ventures, managementis required to determine a specific target market to which it will be product. Almost the entireurban population starts from kids and college going students, vegetarian and non vegetarians.Thus, the target market of Royal fast food services is youngsters and children who loves fastfood. Determination of target market can help a small business to gain high competitive edge byproviding products and services to customers as per their needs and wants. It increases costefficiencies by focusing on marketing efforts on potential customers. Along with this, Royal fastfood service also prefer to select its target market as per customers' profile and their needs as1
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well. Starting business in this area will support to increase the sales and profitability of theenterprise. Competitive analysis - after analysing a competitive market, managers are required to doa competitive analysis so as to find out external rivals of the firm which can effect its marketposition in future. In this over dynamic environment, everyone wants to expand their businessand for this they are trying to implement new and innovative techniques so as to gain highcompetitive edge in the best possible manner (Kuratko and Hoskinson, 2016). While assessing amarket different aspects must be measured and taken into consideration, such are stated as under:- Rivals of the firm Find out strength and weaknesses of competitors so as to develop an effective marketingstrategy. Analysis competitors' strategies and policies Management outlook and structure of target marketCompetitors' product Place of doing business. In order to perform better in target market business organisations should identify theseaspects so as assess the current market situation and acquire strategies accordingly. P2 Tangible and intangible resources required in organisationEvery business entity needs different sources and assets so as to perform better in market,in which some of them are clearly show to others whereas some are less obvious. The primemotive of these resources is to justify business decisions as well as ascertain the worth of theunit. Resources allocation also allows organisations to receive high cutting edge. Tangible andintangible are the two major resources of the company which are defined as under: - Tangible resources – It represent an opportunity for firm through which it can earn highprofits, i.e. distribution of goods, manufacture of goods etc. Such resources or asset cannot sell tocustomers, as they are utilised in business operations in order to produce its goods and services(Liao and et. al., 2016). Along with this, small business entities also use these resources to obtaincredits for improving their cash flows; tangible asset also boost up market value of the firm. Intangible resources – It involves trademarks, proprietary technology, patents, customersrelationship, corporate image and cultural etc. Although these assets not used in production2
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