Launching a new Venture - Assignment

Added on - 21 Jul 2020

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Launching a new Venture
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Identification and explaining a new venture along with target market.............................1P2 Specific tangible and intangible resources........................................................................2TASK 2............................................................................................................................................3P3 Produce a credible proposal to launch a new venture.......................................................3P4 Assess skills and capabilities required and how they can be developed...........................4TASK 3............................................................................................................................................5P5 Different promotional activities and channels..................................................................5P6 Develop an appropriate promotional activities plan for both launch and pre-launch.......6TASK 4............................................................................................................................................7P7 Produce an itemised monthly cash budget........................................................................7P8 Legal form for the venture stating...................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship is defined to be a crucial concept which is focused on converting anidea into action for the purpose of earning profits. The concept of entrepreneurship is referred toengine of growth for the economy of the United Kingdom. The new venture is mentioned to as aconcept which is focused on achieving distinct position in the market so that right profitabilitycould be achieved. The globalisation and rapid technological advancement have made it essentialfor an small and medium organisations to innovate and launch new products and services so thatthey are able to survive in the operating market (Koirala and et. al., 2016). This organisation isfocuses on launching a venture by the name of Munchies. It is an venture which will be planningto serve F&B requirements of the people in an creative and customised manner. This assignmentwill focus on identifying resources which are relevant to launching a new venture along withdetermination of skills and capabilities are essential. The budgetary and legal requirements willbe identified in the file as well.TASK 1P1 Identification and explaining a new venture along with target marketIt can be said that there are numerous activities which tend to define manner in whichbusiness activities are carried out. Therefore before initiating a business it is essential to identifytaste and preferences of the consumers along with identifying feasibility in targeted market. Thecurrent venture which has been undertaken focuses on fulfilling the manner in which they desire.This venture will be responsible for catering F&B requirements in a distinct manner. There willbe a variety of tea and coffee offering which are being imported from Africa along with offeringcustomised Pizza in which an individual can specify the ingredients for further preparation. Thereason being this organisation is considered for the market of United Kingdom is that there is nobarriers for entry and exit of firms and people tend to eat on a frequent manner (Kuratko andHoskinson, 2016)An enterprise has begin their new venture which name is Munchies. The firm will operateand generate this venture in 2300 square foot ad the owner of this company try to extend theirhired place on lease for around 3 years with an alternative of extending time period. The fundwhich has been investing in this venture is approximately 345500 euro to 23400 euro in the setup of business.Objectives:The one year operation objectives which are described as under:1
To be nominated for “best emerging F&B venture in UK” by local stateTurn in taking advantages from starting month activities and functionsOperated and managed around 65% of growth as the marginMission-The mission of company is to developing best efforts for making and creatingcreative positioning among customers mind and also providing best quality based food items totheir buyers at reasonable price (Pan and et. al., 2016).Target market- The main motive of this venture is to reach with their target customers soit will help in targetting market within an organisation that can assist in reaching with desiredresults or outcome in better manner. Target market define that certain group of an individualwhich are aim by business venture. There are different segment of whole market as per the needsand demand of potential customers. The main purpose of Munchies is to target adults, teenagersand family members towards their effective food and services. As per the income criteria,Munchies has mainly concentrate on middle class people to various other revenue category. Theyare targetting large number of customers who are interested to purchase their goods and servicesof an organisation.Competitive analysis- The main rivals of Munchies is to compete with tough competitorswhich are take place in large market place of united kingdom. Other rivals are gaining highamount of financial situations which are using number one place with food and beverage. Thiswill help in giving strength regarding brand virtue and great mind call consumer that will showthe quality at reasonable rate and also enjoy the dominant location in entire market area (Liaoand et. al., 2016). For compete with this, Munchies require to establish their USP of the firmwithin the competitive market place.Porter's Five Forces of Munchies1.Bargaining Power of Suppliers –This is stated that the Munchies is an businessenterprise dealing in the food and beverage industry, thus this sector mainly depend onthe agricultural products for their raw material. As it is known that milk production ishighest and its export is less because the demand of milk is high. Moreover the firm hasvery few options has the import products increases the prices of the end product. But thesuppliers are sometimes exploited on price by the firm. Therefore, the suppliers arehaving the moderate rate of bargaining power.2
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