Launching a New Venture

Launching a New
Venture

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis....................................................................................................................1
P2 Determine specific tangible and intangible resources that would be required for the launch
of a new venture..........................................................................................................................2
P3 Produce a credible proposal to launch a new venture............................................................4
LO2..................................................................................................................................................5
P4 Assess the skills and capabilities required to launch a new venture and how they are
acquired or developed.................................................................................................................5
LO3..................................................................................................................................................6
P5 Explain different promotional activities and channels that will support the launch and
justify their choice.......................................................................................................................6
P6 Develop an appropriate promotional activity plan for both launch and pre-launch..............7
LO4..................................................................................................................................................8
P7 Produce an itemised monthly cash budget for the pre-launch phase of the venture and the
first 12–18 months preceding launch..........................................................................................8
P8 Suggest an appropriate legal form for the venture stating why it has been.........................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Launching a new venture are the business ideas which are needed to be introduced by an
entrepreneur. It is only possible in that respective situation where new innovative ideas and plans
can be developed through which new customers can be attracted. The main area which is needed
to be focused by management is related with market research which plays significant role in it, as
it will directly allow the business to identify about requirements of public at large. The present
report is based on “New Organic Food Products” which is a completely a new venture being
incorporated in the premisses of London.
In context of the file, several topics will be explained which will be related with project
such as different resources required at the time of launching new products. Skills and capabilities
will be determined which can allow to bring positive impact. There will also be the inclusion of
new tactics which can be effective for conducting promotion. In addition, budget will be
prepared.
LO1
P1 Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis.
Venture idea
“New Organic Food Products” is a newly formed venture which has started its business
within the premisses of London, UK. The major motive of venture is to provide various number
of products like Organic Ice-cream, Chocolates and many more. Company has been already
dealing in different part of UK, where they have received positive response (Santos, and et. al.,
2015). The liking from customers is allowing the company to start its business within London
where market can provide effective result. After having the huge success in the market for
organic product, it will be important to introduce some of the interesting product which is related
with chocolates and ice creams.
It will be crucial for entrepreneur, to collect all of the necessary information which can be
beneficial for them to launch a new product within the so that success can be obtained. Even
entrepreneur has decided to expand its business with the help of partnership form where his
friends have been already working since long time period. This will enhance the probability of
attaining the success by introducing the concept within the market. For the purpose of
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performing business activity, entrepreneur has bought new area which is around 2000 sq. ft in
London. The required amount of fund is almost 355000 – 357000. It can be easily done by
taking the help of partners, loan is also the option.
Objectives: Entrepreneur has agreed by having proper consent to develop are SMART
objective which has been discussed below: Specific: Try to capture the market in London for attaining the goals. Measurable: Focusing on market capture around 50%. Achievable: Different types of organic products can be offered (McKelvie, Wiklund and
Brattström, 2018). Relevancy: It has already developed its presence within other part of UK.
 Time Bound: Selected time period to attain the goals is around 10 months.
Target market:
The main area which is needed to be target in present scenario is the who is focusing on
the purchase of organic products as compared to other food products. Here, it will be necessary
for New Organic Food Product to conduct proper research which will help them to determine
about the future sale of a company. Here, people who have been staying within London has been
classified into three category i.e., Demographic, geographic and psycho-graphic. As per the
suitability of the market, entrepreneur has decided to target geographic segmentation where
higher number of people are living and who can purchase the product.
SWOT Analysis on Product
Strength Weaknesses
Organic product will allow to develop
awareness within the environment.
Here, higher prices of the product can create
lots of issues.
Opportunities Threats
Contribution can be easily given to change
dietary behaviours
Lack of controls on improving the application
of contract (McGee and Peterson, 2017).
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