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Launching New Venture INTRODUCTION 1 TASK 11 P1 Investigation of target market 1 P2 Specific tangible and intangible resources required for launching new venture

   

Added on  2021-01-02

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Launching New Venture

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Investigation of new venture for identifying specific target market......................................1P2 Specific tangible and intangible resources that required for a new venture..........................2TASK 2............................................................................................................................................3P3 Credible proposal to launch a new venture............................................................................3P4 Skills and capabilities required to launch a new venture.......................................................4TASK 3............................................................................................................................................6P5 Different promotional activities and channels for launching new venture............................6P6 Develop an appropriate promotional activities plan for both launch and pre-launch............7TASK 4............................................................................................................................................8P7 Monthly cash budget for the pre-launch phase......................................................................8P8 An appropriate legal form for the ventures..........................................................................10CONCLUSION..............................................................................................................................11REFRENCES.................................................................................................................................12

INTRODUCTIONLaunching a new venture is concept which defines that individuals have ideas andthoughts which they implement to establish a new business in market and generate adequaterevenue. Entrepreneur require to have appropriate skills and abilities to formulate plan, budgetand regulate operations effectively. Along this, they even need to have adequate funds, materialand workforce to conduct activities in such manner that appropriate products and services aredelivered to customers (Wales, Wiklund and McKelvie, 2015). Present report is based on Spiceon Wheel which is fast food chain that is establishing their outlet in British museum, The twoTates, Buckingham palace that are famous places in London. This assignment specifiesinformation about examination executed by entrepreneur to acknowledge target market; therebyconduct business activities according to market situations. Owner needed adequate tangible andintangible resources to launch a new venture in market. Businessperson require to havecapabilities and skills which help them to design plan and use different promotional channels andactivities to execute operations efficiently. Thus, administration formulate cash budget and legaltactics to attain goals and objectives. TASK 1P1 Investigation of new venture for identifying specific target marketSpice on wheel, is a new venture that going to be launched and select three mostpopulated located of London. Its will offer fast foods to their clients those are mostly visitors. Sothat, menu card should be depended on traveller needs and requirement. In order to full fill allwants of different nation, it will select method of 'meal of the day' thus change according tocountry. For example, on Monday food is related to India, on Tuesday menu is belongs to USand so on. The main objectives behind this venture is provide different kind of foods with newtaste of their consumers through this they are able to achieve goals and objectives in limitedperiod of time appropriately. To get attention of large number of clients they are using severalpromotional activities like point of sale material, guerrilla marketing plan and many more.Through this activities, firm are able to gain attraction of large number of individual in aneffective manner. Resulted achieve goals effectively in specific time (Santos and et. al., 2015). To launch a new venture, firm name is Spice of wheel, for this no land area should berequired but on innovative bus has selected and sell their product through this model. But in this1

lot of competition are already exist. In addition to this, entrepreneur has purchase a bus andmodify it according to their theme plan and many more. For launching a new venture, ownerwant to arrange funds approx £ 1,50,000 to £2,00,000. Objectives: The main objectives is to provide several kind of food taste to person those are belongs todifferent nations.Develop positive and good brand image at market place.Experiment in food on continuous basis so that easily provide satisfaction to visitors. Mission: “To serve different kind of food to consumers for satisfying their needs andwants effectively”. Identifying target market: It is a most important step in which identifying targetcustomers on business man needed to consider while develop marketing plan effectively. Themain target client is visitors or travellers those are came from different other nation and needednew taste and at one stop. Approx three wheel are purchasing and located it into three differentlocation in London. For this, firstly, they research on several country foods and their specialitiesand select chafe those are able to produce various kind food with taste to their consumers. A partfrom this, they are choosing menu day to day basis and focus on each one visitor, entrepreneurare select three location in London is British museum, The two Tates, Buckingham palace. Theyare identify number of visitor those are related to different nation and make report person arecome from how many countries. That help to make menu accordingly to full fill each oneindividual demand effectively (Martin and Javalgi, 2016). Competitive analysis: It is one of most important factor which are must to consider byeach one entrepreneur. They are identifying strategies as well as policies those run their businessin same field and develop their own action of plan in order to compete competition effectively.Through this, person are able to attract large number of individual toward their shop and productthus help to increase sales, profitability and get long run sustainability at market place (Bijkerand et. al., 2012). Porter's five forces model:It is an analysis tool that uses five industry forces to evaluate the intensity of competitionin an industry and their profitability. Therefore, For the better understanding of this new ventureSpice on wheel follows this model, which is described below:2

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