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Report on Target Market and Competitive Analyses for New Venture

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Added on  2020-06-06

Report on Target Market and Competitive Analyses for New Venture

   Added on 2020-06-06

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Launching A NewVenture
Report on Target Market and Competitive Analyses for New Venture_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 A new venture identifying specific target markets and competitive analysis........................1P2 Specific tangible and intangible resources that required for a new venture..........................2TASK 2............................................................................................................................................3P3 Produce a credible proposal to launch a new venture............................................................3P4 Skills and capabilities required to launch a new venture.......................................................6TASK 3............................................................................................................................................6P5 Different promotional activities and channels for launching new venture............................6P6 Develop an appropriate promotional activities plan for both launch and pre-launch............8TASK 4............................................................................................................................................9P7 Monthly cash budget for the pre-launch phase......................................................................9P8 An appropriate legal form for the venture...........................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONLaunching a new business is considered as the most important task for an individual sincethis process requires a specific strategy, skills and risk management capability. Thus, it is not aneasy task because at that time, an entrepreneur faces lots of challenges and issues to establish hisown venture in competitive market. This report is based on Cafe cappuccino which is a newventure situated in London. This cafe provides different varieties of coffee flavour includingFrappé, cafe Americano, Latte, Iced coffee, Blonde white, bakery products, pastries, sandwichesand hot breakfast at reasonable price (Baron, 2011). For them, it is required to analyse marketcondition, customer’s demand or expectation, competitive organisations and social impacts onnew venture. This report is discussing about target market and competitive analysis for newventure, uses of tangible and intangible resources plus requirement of creative ideas as well asskills. It is also includes uses of different promotional tools for introducing its new services inmarket, uses of monthly budget to manage income and expenses and at last, impact of legislationor laws for a new venture.TASK 1P1 A new venture identifying specific target markets and competitive analysisCafe cappuccino is coffee store which providing their services to customers who is foundof coffee. Mostly youngsters are found of coffee to get relief from their struggling life, whilereading novel, main when someone want to spend time with their loved once or friends. Demandof their coffee is increasing day by day so a new shop named as cafe cappuccino is introduced inManchester streets. Along with coffee they are serving some more products also like tea,cookies, cake, pastries and many more. Innovative product which same venture bringing inmarket is flavoured coffee. Entrepreneur started a new coffee shop with their innovative product which is named asCafe Cappuccino store was opened in 23000square foot land at Manchester Street. For openingstore there is requirement of place so owner of same venture hire place on lease of 3 years if infuture their will be requirement of expanding time then they will (Tang, 2011). Funds it is bloodof business without this not company can sustain in market as well cannot generate revenue.Thus, fund is determined for start-up a new business is £ 3,50,684 to £3,52,684. 1
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Objectives: one year operation objective of this is given below:- growth and development of business.Turn profit from the initial month activities.Want to be nominated as best Coffee shop in United Kingdom. Mission: Cafe Cappuccino mission is to take place in market by the help of their uniqueproducts they are serving. As well provide pleasant atmosphere to customers, quality productwhich is different from others (Bijker, 2012). Mission is simply that where company want to bein future and Cafe cappuccino want to become top coffee store of United Kingdom. This ispossible with their flavoured coffee they are serving.Target Market: for establishing a business there is requirement to set target market firstto who they want to sell their products. There are several market segmentation and according tothat customers are targeted so Cafe Cappuccino is target every age people because everyonewant to drink coffee. Instead of this segmentation is done on the basis of age, income, gender,taste and preferences. In general it can be said that target market are customers to who Cafecappuccino want to sell their products. Competitive analysis: Starbucks is major competitor of cafe cappuccino and which isgiving competition to every small company of coffee in the United Kingdom. Starbucks is strongorganisation because they have good financial condition. For sustain in this competitive businessenvironment Cafe cappuccino have to establish their unique selling price through which they cancompete with other enterprises of same sector. New organisation have to face several situation aswell problems firstly they have to grab customers of existing market and then convert them intotheir loyal. Firstly entrepreneur have to do competitor analyse and after that do planning andmake strategies for all the activities. P2 Specific tangible and intangible resources that required for a new ventureFor any new venture, any effective and efficient resources requires so that they canmanage and maintain the business operations. Cafe Cappuccino is one of the best and famouscoffee shop in the United Kingdom (Burns, 2017). This cafe is providing various kinds ofproducts regarding foods and varieties of coffees so that number of customers can be attractedtowards organisation. It is very easy to met opting ingredients as well as best quality of productsand services in an effective manner. Resources are very important things that necessary tomanufacture of particular products and service within an organisation. There are two types of2
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