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Launching New Venture Assignment

   

Added on  2020-06-05

13 Pages4180 Words66 Views
Launching a New Venture

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explain a new venture identifying new target market and competitive analysis...................1P2 Tangible and intangible resources required to launch a new venture....................................2TASK 2............................................................................................................................................3P3 Produce a credible proposal to launch a new venture............................................................3P4 Skills and capabilities require to launch a new venture.........................................................4TASK 3............................................................................................................................................5P5 Different promotional activities and channels ......................................................................5P6 Develop an appropriate promotional activities plan..............................................................5TASK 4............................................................................................................................................7P7 Itemised cash budget for the company...................................................................................7P8 An appropriate legal form the venture stating......................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONGlobalisation provide opportunities to small scale industries in expanding their businessas well it gives major impact of SME (Douglas, 2013). For achieving competitive advantagecompanies bring their new innovative and creative product and services in market. Technologiesare advancing day by day through which firm can improve quality of their product andproduction is uniform with minimum use of resources and fund. This help in attraction customersbecause by this process organisation can generate more and more revenue which is necessary tosurvive in market. Given assignment is based on, Mr. Happy's Cafe it is chosen enterprise offood sector. This is established for gaining high profit and sales. Instead of this, project explainthat owner of company have to implement several factor related to business environment whilestarting new venture. It also through light on business plan with proper cash budget which isnecessary for growth and development of business. TASK 1P1 Explain a new venture identifying new target market and competitive analysisWhen new company is coming in market they have to decide their target customers andmarket so they can do production according to that. Mr. Happy Cafe is new start up dealing invariety of food and beverages with good quality and affordable price. Moreover, to attractcustomers respective firm have to analyse market trend as well need and wants of customersbecause satisfied client assist in increasing market share.Mr. Happy Cafe will be launched in 958 chaster road in London. This cafe will be target the lotof customers in order to fulfil their wants and needs in an effective manner. This cafe is locatedin famous area where, there are various customers who always wants to eat something differentso this cafe will provide high quality of food and beverages. Along with this there will be lot ofspace like 80 around people can eat together without any issues or problems of food. Therefore,it is necessary for cafe in order to increase profit or revenue in a effective manner. Apart fromthis people can easily spend their money on food because food items are available at affordableprice in a good manner. The rent of this cafe will be also affordable for satisfying customers.As per this employees will be hired on the Cafe's requirement and according to this 90-100employee will be sufficient, so that they can easily take care customers in an attractive way.

Identification of specific target market:- in this process owner of cafe decide in whichareas they have to introduce their product and services so they can generate more and morerevenue. Target market should be divided according to segments age, gender, income, educationand many more (Wilson and Post, 2013). According to modern era and changing businessenvironment taste, preferences, need and wants of customers are different. For instance, personwhose income is not hight then he/she prefer products according to that. Whereas, who is earninghigh amount of money they will purchase branded and luxurious product. Thus, while startingnew business company have to set their target and do production according to need and want ofcustomer of that particular region. For Mr. Happy's Cafe target market is 19 to 36 years agegroup people because they can spend money on food items. Approaching to target customers iseasy for small scale enterprise because they are not targeting large number of customers inparticular time period. As well their will be less expenses on advertisement and promotiontechniques. Firms can set their target market by doing survey, interviews of people and face toface interaction. Competitive Analysis:- food industry is wide and having huge competition. Beforecoming in market Mr. Happy”s Cafe have to do market analysis for knowing current status. As astart up company have to carefully examine national and local both competitor then after thatpricing policies can be framed (Eberhart, 2012). Moreover, for collecting more informationabout competitors owner of start-up can visit website of firm, go through google and also localnewspaper of that particular area. After gathering all such information and data company can dooperation in such manner that these will be beneficial for them as well identify that in which areathey need improvement. Strategy of market analysis:- there are some strategies also for market analysis. Thesecan be considered by chosen organisation such as-identify leading competitors. Strength and weaknesses of challenger Businesses plan competitors and their strategy.Marketing structure and prospect.substitute goods. Target area and customers of competitors.

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