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Launching a New Venture Report

   

Added on  2020-06-04

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LAUNCHING A NEWVENTURE
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Specific target markets and competitive analysis.................................................................1P2 Specific tangible and intangible resource that would be required for the launch of a newventure.........................................................................................................................................2TASK 2............................................................................................................................................3P3 Credible proposal to launch a new venture............................................................................3P4 Skills and capabilities required to launch a new venture and how they are acquired ordeveloped....................................................................................................................................4TASK 3............................................................................................................................................5P5 Different promotional activities and channels that will support the launch..........................5P6 An appropriate promotional activities plan for both launch and pre-launch.........................7TASK 4............................................................................................................................................8P7 Itemised monthly cash budget for the pre-launch phase of the venture and the first 12-18months preceding launch.............................................................................................................8P8 An appropriate legal from for the venture stating why it has been chosen............................9CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONIn today's scenario, entrepreneurship is an activity in which every individual develops anew business with innovative ideas. Basically, it starts with small scale in which a person createvarious new ideas and ways to produce attractive products and services is known byentrepreneur. Mainly, he/she is innovator, source of new ideas in order to develop a successfulventure at market place with the purpose of attaining profitability (Datta, Mukherjee and Jessup,2011). Along with this, small business also plays an important role in improving their businessthrough creating a new venture at market place. It also helps in improving economic growth ofthe country by delivering quality services to local people. For attaining competitive advantages,small businesses expand their business in various countries and locations with advancedtechnologies. By this, various businesses have grown their business and generate desirableresults. In this assessment we have select Mojo Jojo cafe, which is new venture in UK withvarious factors. Along with this, various skills, knowledge and promotional activities arementioned in this project which help new business in improving their performance in marketplace. Further, legal aspects and government policies are also discussed in this project whichmust be covered before starting a new venture.TASK 1P1 Specific target markets and competitive analysisIt has been examined, mostly people of UK likes to work for their own rather than for anyother person. Almost half of the population is willing to start their business for generatingprofits. Along with this, increase in globalisation also define various opportunities to them toinvest as well as develop their business in new market in for developing their growth level. Incontext of this assignment cover new business in food sector which is Mojo Jojo cafe. In this,business comes with new and innovative ideas to serve their services to number of customers inorder to get their satisfaction and attaining profits (Ghimire and et. al., 2015). For improvingoverall performance, it is important for business to analyse entire factors of market so that theyeasily enhance their performance level at attain competitive advantage at market place. In thiscontext there are some factors which is important for new business to determine in order to attainsuccess in market place. All these are as follows:1
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Identifying specific target market: It is one of the important factors for every newventure to evaluate their target market for providing their products and services in an effectivemanner. As Mojo Jojo cafe operate their business in food services in which they have todetermine market. In this, they operate their cafe in the UK market because in this number ofhigh profile people spend their time in cafe and restaurant (Ke and et. al., 2015). Along with this,number of tourists also visit that place so that they new business easily develop their cafe byproviding their quality products and services as per customers demand. By this company easilyattain maximum profitability level at established their new business.Competitive analysis: It is also an important phase for every new venture before startingtheir business. By this, firm easily develops their operations effectively. Mainly, competitiveanalysis is an important which helps company to determine their competitor’s strengths andweaknesses. Further, selected company faces higher competition in market place because variousanother businesses operate in same sector such as Costa, The Chocolate cafe, Starbucks andmany more. All these companies are already established their strong image in UK market andprovide quality services to its customers. For attaining better results as compared to competitors,company has to produce and offer quality as well as unique services to its customers ataffordable prices which may help in attaining competitive advantages in an effective manner (Keand et. al., 2015). In this context, there are some effective strategies which are used by thecompany to analyse their market such as rivals of the firm, their strengths and weaknesses,techniques of the competitors, their market structure, competitors’ products, rivals place, rivalproducts price and many more. All these are important which must be cover by the company toperform better in market place. Hence, both factors are help Mojo Jojo cafe in analysing the market in order to invest sothat they easily implement their marketing strategies and also improve their overall performanceat market place as compare to its rivals.P2 Specific tangible and intangible resource that would be required for the launch of a newventureTangible and intangible resources are the important for every new ventures forestablishing their business in market place (Tangible Vs. Intangible Resources, 2017). With the2
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