Launching a New Venture Assignment
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Added on 2020-06-06
Launching a New Venture Assignment
Added on 2020-06-06
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Launching A New Venture
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Explain a new venture to identifying specific target markets and competitive analysis. 1P2. Tangible and intangible resources that would be required to launch of a new venture.. .2TASK 2............................................................................................................................................4P3. Produce a credible proposal to launch a new venture. ....................................................4P4. Assess the skills and capabilities required to launch a new venture................................5TASK 3............................................................................................................................................6P5. Different promotional activities and channels that will support the launch of the newventure....................................................................................................................................6P6. Promotional activities plan for both launch and pre-launch............................................7TASK 4............................................................................................................................................7P7. Produce a monthly cash budget for the pre-launch phase of the venture.........................7P8. Suggest an appropriate legal form for the venture...........................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONAn entrepreneur looks at the bright side of market trend that leads towards opportunities.They identifies success possibilities where others only focuses on risks. They utilitiesbrainstorming to get an effective idea that can be used to launch a venture. It takes a long time toopen a firm because it needs strategic planning. This effective planning includes various phasesthat have to execute in an appropriate manner. 'Brownie Delights Café' is a launching with a newconcept to offer a huge range of high quality eatery. It serves various kinds of brownie, coffeeand snacks items that satisfies customers needs and expectations. Hence, this assignment is basedon identifying target market and its competitive analysis. The assignment underpins tangible andintangible resources along with credible proposal of new venture. It also comprises of skills,capabilities, promotional activities, activities plan for both launch and pre-launch, monthly cashbudget and legal form of venture (Baron and Henry, 2011).TASK 1P1. Explain a new venture to identifying specific target markets and competitive analysis. Background of idea - In present time, there is a huge competition in marketplace but onthe other side. An entrepreneur seeks opportunities as there are a very few firms which offershigh quality food items. 'Brownie Delights Café' is providing different kinds of brownie itemsalong with coffee and snacks. This cafe is situated in Old Spitalfields market which a mostcrowded place. There are so many shops and malls are placed and that's why it is always full byshoppers. There are numerous cafes but none of them is providing wide range of brownieproducts. That's why this venture can gain profit because it can attract customers throughoffering different kinds do eatery. 'Brownie Delights Café' is also offering a huge range of Italian, continental, Spanish andFrench cuisine along with beverages. It is opened in a building with 2500 square feet area in OldSpitalfields market, London, United Kingdom. Initially the owner needs to sign a leaseagreement for 3 years so that it can run a business without any problem. Therefore, entrepreneursneeds to invest initial amount in the venture that is £2,53,000. But it needs to arrange funds frombank that support it to conduct overall operations (Zhang and Li, 2010). Target market – Target market analysis can be analyzed through diving customers inspecific segments so that firm can identify their buying behavior. Therefore, it conduct a research1
to recognize target market where it can sale its food items. This research depends on age,income level, purchasing behavior of the people. Citizens have high income which positivelyinfluences the business as they can purchase premium price products. It is targeting to hugepopulation including all age groups because everyone likes brownie and snacks according totheir choice and preferences. Thus, this is a plus point for 'Brownie Delights Café' that itcaptures attraction of the people whether they are kids, youth or adults. This cafe is located atmost busiest place which help it to gain profit. As this place is always surrounded by peoplethat's why it can sale eatery to maximize the profit and revenue (Burns, 2017). The targetcustomers for BDC and for its famous coffee, includes the teenagers who are coffee shop lovers,drip coffee drinkers, specialty coffee drinkers, and total bean buyers.Competitive analysis – It is essential to analyze about the existing market. As there arenumerous cafe are serving to the people and they have reputation among customers. Alreadypresent cafes such as Climpson's Coffee Bar, Indi-Go - Indian Street Food, etc. are providingtheir variety of coffee and cuisine. So settled business ventures makes it difficult to launch'Brownie Delights Café' successfully. It is hard to gain profitability and attain customer'sattention which can sale their products in an effective way. Therefore, entrepreneurs needs tooffer some customized and innovative products that can allure customers and support to raisesales of cafe. In order to establish a new venture cafe needs to strong and weak strategies of theircompetitors that can assist it to develop an effective planning. Through this, firm can innovateproducts that can capture attention of their potential customers (Naktiyok and Karabey, 2010). P2. Tangible and intangible resources that would be required to launch of a new venture.There are some tangible and intangible resources are also required for a business. Theyplays a vital role in an enterprise because it supports to carry out daily operations and activitiesin an effective way. 'Brownie Delights Café' needs some resources that aid to assists in attainobjectives of the organisation. As these resource are considered as most essential requirement ofthe venture. Hence, these resources are mentioned below - Tangible resources - It refers to those assets which are present in a physical form.Tangible resources includes fixed assets like machinery, buildings and land, and current assets,such as inventory. In order to run a business in an appropriate manner 'Brownie Delights Café'needs a building where it can carry out its routine operations can provide its services tocustomers. The area which it takes on lease (25000 Sq. ft) is land that is known as fixed assets2
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