Launching a New Venture in Uk Assignment
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Added on 2021-01-02
Launching a New Venture in Uk Assignment
Added on 2021-01-02
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Launching a NewVenture
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1...........................................................................................................................................1P1 Identification of specific target markets and competitive analysis...................................1P2 Specific tangible and intangible resources that required for a new venture......................3TASK 2............................................................................................................................................4P3 Formulation of credible proposal to launch a new venture...............................................4P4 Skills and capabilities required to launch a new venture..................................................5TASK 3............................................................................................................................................6P5 Determination of promotional activities and channels for launching new venture...........6TASK 4............................................................................................................................................7P7 Monthly cash budget for the pre and after launch phase...................................................7P8 An appropriate legal form for the venture.......................................................................11CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONStarting up a new venture amid dynamic business market and cut throat competition isfraught with immense challenges. It is so as commencing of new business in new territory,navigating through over saturated market etc. comes out to be hard affair for company.Therefore, to ensure the success and growth of a new venture it is requisite for an entrepreneur tobe proactive in finding out ways to overcome potential obstacles that business is subject toencounter (Baron and Tang, 2011). The project is on launching a new venture idea. The chosenoption is of a small scale restaurant “Foodie Friends” which will be launched in UK. The reportwill discuss about range of resources that is required to introduce a new venture. Also a synopsisabout skills and capabilities requirement will be provided along with various promotionalactivities that could be determined for the venture launch. TASK 1P1 Identification of specific target markets and competitive analysisFoodie friends Foodie Friends will be a sophisticated restaurant that serves globalvegetarian cuisines. The vision behind starting this restaurant is to make this one of the leadingSMS restaurant that provides a wide range of freshest vegetarian dishes such as Wraps,Courgette, Salads, burgers, Curries, Cocktails, Wines and other food items. The most prominentfeature of this restaurant will be that it will regularly change its menu according to season andwhat's most delicious and fresh available on a particular day and charges exceptionallyreasonable in comparison to other food ventures. . The firm will continue with the menu along with certain additions in variations ofChinese, Continental, Spanish and desserts. The reason to choose London as a destined locationis because of the fact that it is among the top ten foodie destinations in UK and is around 46miles from Brighton. Also, being a multi culturecosmopolis it has a major footfall of touristsfrom around the globe. This make it most appropriate place for Foodie Friends to satisfy the souland palate of its population who is fond of food. Before starting up their new venture it is of vitalsignificance for Foodie Friends Foodie Friendsto gain knowledge about competitor's analysis andto choose out its target market. Market Segmentation: It leads dividing the potential target population into smallersubsets based on factors like age, gender, income, occupation and so on. It is one the importantmarketing concept that enables firm to select most appropriate group for whom products and1
services offered by firm is best suitable (Bijker and et., al., 2012). This further leads company toformulate various policies related to pricing, marketing, promotion etc. by keeping in mind thedemands and expectation of its target audience. Foodie Friends divides it target market inmentioned below three forms:Behavioural segmentation: The basis of this segmentation is perception, attitude,demographic profile etc. of customers in context to purchasing a particular product. Inreference to Foodie Friends who is launching new food chain in London the venture isexpected to reap positive outcome. It is due to the fact that London being a hub of multiculture diversity, its people are fond of eating different variety of cuisines. As FoodieFriends is offering large variety of cuisines with add of Spanish, Continental etc. anddesserts too this will readily meet the demands of consumers of this city. Demographic segmentation: This segmentation take into consideration factors likeincome level,age, gender etc. The city of London as a whole forms top 10 foodiesdestinations of UK where consumers belonging to every age group like to go out to eatThus, for foodie Friends all the consumers belonging to age group of 15- 60 yearsbelonging to middle and higher income groups forms its target market. It is so as evenfamily prefers to dine outside in restaurants their family apart from going out with friendsor colleagues. Geographic segmentation: It includes segmenting the whole market on basis of cities,towns and villages etc. In this context, Foodie Friends as decided among various UKcities like London, Liverpool, Oxford etc. London forms most profitable place to launchits new venture. Porter's 5 forces model:Threat for new entrants: In UK, the restaurants industry forms easy business tocommence for SME's as investment in payroll, inventory, rent etc. do not require large upfrontinvestment. Thus, for Foodie Friends Foodie Friends the threats from new entrants are high. Threat of Substitute Products: In UK, restaurant industry is to tough competitionleading to availability of large number of substitutes in market. Not only this even thesupermarket and grocery chains proves out to be great substitutes to the restaurant industry.Thus, for Foodie Friends threat for substitute is high. To cope up with this threat it is essential for2
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