Launching a New Venture: Investigating Target Markets and Competitive Analysis

This document discusses the process of launching a new venture for an organization, focusing on investigating target markets, conducting competitive analysis, and determining the required resources. It also explores the strengths, weaknesses, and risks involved, as well as the different promotional activities and the development of a credible proposal for the launch.

Launching a new
venture

Table of Contents
Introduction:.....................................................................................................................................1
LO1:.................................................................................................................................................1
P1: Investigate and explain a new venture for the organisation, identifying specific target
markets and undertaking competitive analysis:.....................................................................1
P2: Determine specific tangible and intangible resource that would be required by the
organisation for the launch of new venture............................................................................3
M1: Discuss the strength and weakness of the new venture and determine areas of risk:....4
D1: critical analysis and reflection of the competitive environment with the organisation.. 4
LO2:.................................................................................................................................................5
P3: produce a credible proposal to launch a new venture in the organisation.:.....................5
P4: Assess the skills and capabilities required to launch a new venture and how they are
acquired or developed.............................................................................................................7
M3: Explore the range of skills and capabilities required for the launch and critically assess
how they might be acquired or developed applying appropriate methods.............................9
D2: Critically discuss supporting costs and timescales required for the acquiring and
development the skills and capabilities of the launch team...................................................9
Lo3:..................................................................................................................................................9
P5: explain the different promotional activities and channels that will support the launch of
the new venture of the organisation.....................................................................................10
P6: Develop an appropriate promotional activities plan for the both launch and pre-launch of
the organisation new venture................................................................................................11
M4: Evaluate an appropriate promotional activities plan for the both launch and pre-launch.
..............................................................................................................................................11
D3: Critically evaluate the different promotional activities of the organisation..................12
LO4................................................................................................................................................12
P7: produce monthly cash budget for the pre-launch phase of the venture and first 12-18
months preceding launch of organisation.............................................................................12
M5: justify an monthly cash budget showing the one off cost and on going cost :..........17
Conclusion:...........................................................................................................................17

References............................................................................................................................17

Introduction:
The business venture is an process which helps in earning the desire level of profits by running
the business which helps in providing consulting services to its target customer. The business
venture is considered as a part of various small business which run activities on the base of
demand and supply in the market places. With the impact of the consulting services ,there are
various opportunities present in the market to expand and grow the market share of the
organisation at various location in the world. under this report, Rowlinson knitwear is a small
enterprise in the UK market that manufacture apparels in the target market and planning to
expand the goods in the sports and leisure wear in the Europe market dealing with the knitwear
and school wears. Further there will be discussion on the competitors present in the organisation
environment and develop the plan with the effective budget. (Barringer, , 2015
LO1:
P1: Investigate and explain a new venture for the organisation, identifying specific target
markets and undertaking competitive analysis:
The Rowlinson Knitwear looking up to expand the their market share in the Europe market
by offering new goods and different product in the clothes. The organisation needs to
understand the target market and another competitors present in the market so that they can
make effective plan to enter into new market. The organisation needs to conduct survey to find
out the potential customer so that they can increase their revenues.
Target market: here, the organisation needs to focus on the target market by identifying them
in the different segments and divide them upon their demands of product. Their are different
various factor which helps in finding out the customer such as demographic, behavioural and
psycho graphic which helps in targeting the potential customer. (Coleman and Rambe, 2015)
Behavioural factors: under this factors, the customer are target according to the
purchasing power of the customer, their lifestyle and pattern of buying the goods in the market.
The organisation is offers clothes for the kids, men and women for corporate and events and
planning to expand its business in the sportswear and leisure wear.
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Psycho-graphic factor: here the target customer are divide on the base of their lifestyle,
their taste and preferences , and ethics and morale. The customer tries to go with the trends so
their demands keeps on changing.
Competitor’s analysis:
The enterprise needs to understand the competitors present in the market so that goods are
produce according to the need of the customer and expand their business in the target place. to
understand the market, the porter five force model is used to analysis the market and make
effective plan to expand the venture: (Dane 2015).
Barging power of the suppliers: under this , there are few numbers of supplier in the market
so they can increase their price which make difficult for the customer to purchase the goods.
Suppler make the industry more competitive and which is the threat for Rowlinson knitwear as
the Europe market is suppler power.
Barging power of the buyer: in the market, there are various large numbers of the seller in the
market sop buyer will switch to another company which they find goods at lesser prices in the
market places.
Threats of new entrants: the enterprise get affected by the new entrants as they can capture
their target audiences and take their share of profits in the long run. The new entrants will
affects the business of the Rawlinson Knitwear as their lot of organisation wants to enter into the
Europe market (Ilyas and Rafiq,2015)
Threat of substitute goods: here the enterprise have to face the difficulty if there are availability
of the substitute goods in the market. Customer will switch to another company if prices for the
goods are low as compared to the organisation goods.
P2: Determine specific tangible and intangible resource that would be required by the
organisation for the launch of new venture.
The resources are the most important part of any organisation as it helps in achieving the goals
and objectives in the most effective manners. There resources can be in any form such as
fiancés, human resource and physical resources at the organisation environment which helps
them to expand their business
Tangible resources: under this resources, it includes the cash requirements, inventory ,
equipment and various investment which leads in growing the business at the Europe market
place. tangible resource are visible in the market and hold the value in the market place. it is
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important for the organisation to analyse the resources and its benefits in the long run. There are
two type of resources such as current and fixed resource which helps in organisation to perform
their activities. The fixed resources includes the land, machinery and equipment which are used
for more than one year.
Human resources: these resources are important part of any organisation as such resources
helps in achieving the goal and objective in the most effective manners. Rowlinson Knitwear
have good human force in their organisation that contributing to the development of the
organisation.
Financial resources: the finance is important for the organisation to run the business in the
proper manners. this resource helps the organisation to expand their activities at the Europe
market place. (Kirkley,, 2016)
Physical resources: under this resources it involves the raw material , building and
equipments and machinery items which helps in smooth function of the organisation.
Intangible resources:
Intangible resources are different from the tangible ones as it includes items such as accounts,
receivable, prepaid expenses, patents and goodwill of the organisation. patents and trademark
and copyrights are also included in the intangible resources. With the references of the
Rowlinson knitwear having the good brand image in the market which helps them to attach
more customer.
M1: Discuss the strength and weakness of the new venture and determine areas of risk:
The Rowlinson Knitwear are planning to expand their good in the Europe market places which
involves lot of risk which can affects the operational activities of the organisation. the strength
of the new venture is that they are providing good quality clothes in the sport wears and leisure
wears which helps them to attach more customer and client which purchase the goods. The
organisation are providing the good which are current requirement of the customer in the target
market. The weakness of the new venture is that they entering into most development area
which will give them a risk and huge competition in the target market which can affects the
performances of the organisation in the international levels. (Kuratko,. and Hornsb 2017)
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D1: critical analysis and reflection of the competitive environment with the organisation.
The proposal which demonstratives the plan which organisation will implant in the Europe
market is that they will provide the sportswear and leisure wear in the target market with the help
of competitive environment understanding. The positive impact of competitive environment that
it examine the market and develop the plan according so that target market is selected in
effective ways so that goods can be placed in the most effective manners. the negative impact id
that organisation sometimes under and over valued the environment which can affects the
performances of the organisation and delay the outcomes in the most effective ways. (Stayton,
and Mangematin, 2019)
LO2:
P3: produce a credible proposal to launch a new venture in the organisation.:
To launch a new goods and services and new ventures it is important to build a strong and
feasible proposal that will provide important information to the organisation about the target
market and customer needs and wants. The proposal must be made by the specialist under the
guidance of vision, mission and objective of the organisation so that goals and objective can be
achieved . some of the important step which helps in making the good proposal to launch the
new venture are as follows:
Summary Rowlinson knitwear wants to expand its business in the
Europe market by fulfilling the needs and wants of the
customer from time to time. This organisation deals with the
clothes and wants to grow their business at international
market after evaluating the future growth.
Company description: The Rowlinson organisation is known for its good quality of
clothes and have build the brand name by offering uniforms
and corporate wears and now wants to expand their business
by offering the sportswear and leisure wear in the Europe.
Their main focus if to satisfied its customer and expand their
business at different location:
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Market analysis: Market analysis is very important factors while launching the
new goods or the new venture in various places in the market
by satisfying the needs and wants of the customer from time
to time. There are various ways to evaluate the market
condition such as SWOT analysis, PESTLE methods, STP
analysis which helps in examining the market segments and
see the potential opportunities present in the market and
examine the threats so that negative impact can be reduce in
the organisation. the main focus of market analysis is that
find out the right customer for the product and identify the
competitors of the organisation so that risk can be limited and
profits can be earned in the long run.
Financial analysis: The financial projection is very important for the
organisation to study requirement of the finance while
launching the new venture in the new market places. The
helps the Rowlinson knitwear to examine that they are
sounding economically and financing strong in the
competitive market places. If the financial part is not strong
then organisation has to face various problems to run the
business in the most effective manners. it provide them
manage their funds in the form of loans, borrowings and funds
from financial institution the financial projection for the new
venture is $29,000(Park, LiPuma, and Prange, 2015)
Benchmarking: The it is process where the organisation compare their
performances and methods with the another industry. The
organisation needs to compare various things such as trends
in the target market, competitors and advances technology ,
the changes in the competitors goods so that organisation can
make modification in its goods to take competitive
advantages . the reason after the benchmarking is to compare
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the best features of the organisation with another enterprise.
P4: Assess the skills and capabilities required to launch a new venture and how they are acquired
or developed.
There are various skills and capabilities which are required to launch the new venture into the
new market by the organisation so that they can achieve the goals and objectives in the most
effective ways and productivity manners. these skills helps the organisation to eliminate the risk
involved in launching the new ventures or a new goods, and it also helps in attaining the
potential market advantages . some of the important skills are stated as below:
Skills: it is abilities of organisation to compete the task and activities in the most profitable
ways and to achieve the objective within the set time period, using resources in the most
effective manners. skills are very important for the organisation to accomplished goals :
Decision making skills: (.Muegge,. and Mezen, 2017)
In the Rawlinson knitwear, are planning to expand and launch a new venture in the Europe
market which needs to make the sound decision to get success in the target market places. It
include finding the right kind of market and competitors analysis, segmentation of the target
customer and another important attribution which affects the decision making skills of the
organisation. the higher authority will make the sound and important decision after examine the
various another things.
Risk taking ability: it is another important aspect of the launching the new venture in the market
by taking risk it helps the organisation to take the advantage in the market by using new way to
launch their good in the market with the attracting promotional activities’ which helps them to
gain more profits in the market.
Managerial ability: the organisation needs to have effective managerial skills by organising
the all the task in the perfect manners which lead to compete the task in the most effective way
so that ultimate customer needs and wants can be fulfilled within then set time period. This
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skills help the organisation to use the resources in the productivity manners so that wastage is
reduced and profits are earned in long run.
Leadership skills: here the organisation needs to use different types of leadership style as their
are operating into new market which have different work environment, different employees
behaviours towards the organisation. so it is important for the leader to have manager its
employees and motivates them to perform better in the given task. This skills helps the
organisation to launch the new venture in the market by training and development of its
employees to achieve the goals.
Abilities: it is component of aptitude which helps in achieving the common goals and objective
of the organisation. (McGe . and Peterson, 2019. )
Marketing and administration abilities: while launching the new venture , organisation needs
to have a effective marketing its good in the market so that target audiences it aware about the
goods and purchase such product which will increase the profits. It include effective promotion
a skills which will attract the customer towards the organisation goods.
Time and project administration ability: the organisation have to follow the set producer to
compete the task in the most effective and within the set time period. The project are divided into
small task which are to finished in the effective time periods to achieve the task as planned.
M3: Explore the range of skills and capabilities required for the launch and critically assess how
they might be acquired or developed applying appropriate methods.
To get success in launching the new venture and product in the new market , it is important to
have some skills and abilities which will help in achieving the objective of the company. Their
are different skills such as decision-making, leadership style and taking calculating risk in the
business. These skills and abilities can be acquired or development among the team members by
providing them required training and development programs which helps them to understand
the process and make effective skills out of programs or can improve their capabilities so that
organisation objective can be achieved with the set time .
D2: Critically discuss supporting costs and timescales required for the acquiring and
development the skills and capabilities of the launch team.
To develop effective skills and abilities among the team of organisation it required lot of cost and
time to make the development programs where employers and employees improve and enhance
their skills at the work place. the positive side of supporting the cost and timescale is that they
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helps the organisation to achieve their final results in the productivity manners. the negative side
is that it need cost and time which sometimes organisation can afford or cost them more
expenses.
Lo3:
P5: explain the different promotional activities and channels that will support the launch of the
new venture of the organisation.
The promotion activities’ are very essential part of any organisation as it helps in making the
potential customer aware about the goods and services which organisation offers them. There
are different type of promotional activities’ which organisation use some of them are sated as
below: (Mullins, 2017. )
Online marketing: here the organisation focus on adverting the good though the online mode as
it is less costly to advertise and reach out the large audiences at the same time. The social media
is used to make its customer aware about the goods which organisation is offering .
Publicity: it is another important mode of promotion where the organisation are able to capture
the attention of its customer from time to time. To reach out the mass customer the organisation
uses broadcasting news, interview , mouth to mouth publicity helps in adverting its goods and
new venture.
The most suitable promotional method to the Rowlinson knitwear is the online marketing ,as it
helps them to reach to larger customer in the less time and with low cost. The organisation also
uses the tagline” Clothes designed for living”
Pricing strategies:
The organisation uses different pricing strategies according to their customer location and
political condition.
Pricing at premium:
Under this situation, according to the product life cycle, the organisation tries to set price for its
good as low from the competitors to attach more customer. It is best method for the small
enterprise to sell the unique goods and services.
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Pricing for market penetration: here, the organsaition set price low to enhance the number of
customer and increase its market share in the target segments.
P6: Develop an appropriate promotional activities plan for the both launch and pre-launch of the
organisation new venture.
The promotional activities are necessary for both the purpose launch and pre-launch of goods
and services in the target market place.
Pre-launch: the organisation wants to launch the new venture in the Europe so its needs do
promoting activities before actually launching the product and services. this pre-launch helps the
potential customer to get the important information about the new goods which company will
launch in market. The Rowlinson Knitwear have develop the website where the updated about
the goods are displayed so that customer can make its decision and get more information about
the feature of the goods. (Xie,and Lv,, 2016)
Launch: finally the organisation are able to place the goods in the front of the target market so
that interested customer can purchase the goods and satisfied their needs and wants . the
organisation launch the new venture in the Europe market making the effective strategies to
place the right product for right customer. Creating the blog where organisation new venture
important is updated and what the organisation is vision is shared with the target customer.
Word of mouth helps in making customer aware about the goods and lead to increase in sale of
new goods which lead to increase in market share of the organisation.
M4: Evaluate an appropriate promotional activities plan for the both launch and pre-launch.
The most appropriate activities which organisation can use to launch its goods its the online
marketing promotional strategies which helps the organisation have pre-launch of its goods in
the target market so that feedbacks can be taken from the customer and feature of the gods are
made understand by the customer so that they can use it at full abilities.
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D3: Critically evaluate the different promotional activities of the organisation
The organisation used different promotional activities to launch the goods in the market place.
The positive impact of the promotional task is that mass customer gets information about the
launch of new goods in the market and get to know the various feature of the goods.
LO4
P7: produce monthly cash budget for the pre-launch phase of the venture and first 12-18 months
preceding launch of organisation.
The cash budget show the collecting and distribution of cash in the organisation for particular
time period. Annual cash flow of the Rowlinson knitwear
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11

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According to the above cash budget , it can be stated that decision the organisation can expand
their business to the new market as they have effective inflow and outflow of cash in the
management.
M5: justify an monthly cash budget showing the one off cost and on going cost :
The organisation cash budget shows that cash management in the organisation is effective on the
monthly bases. There are various cost associated with the launching the product are off cost and
ongoing cost that affects the cash management of launching the goods and there is also anticipate
income associated with the post and pre-launch of goods in the market. The cash budget will also
show the cash inflow about the launch of goods in the target market .
Conclusion:
According to above discussion, it can be concluded that launching a new venture in the new
market can be done after taking all the necessary measurement such as examining the
competitive market , evaluating the resources in the new market, making the launch plan and
creating the pre launch activities which helps to place the right good in the target market place.
the organisation can launch the new good after understanding the target market place.
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