Launching New Ventures: An Introduction
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Added on 2020-10-05
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LAUNCHING NEW VENTURE INTRODUCTION 1 TASK 11 P1 Identification of specific target markets and competitive analysis 1 P2 Specific intangible and intangible resources that required for a new venture 2 TASK 23 P3 Formulation of credible proposal to launch a new venture3 P4 Skills and capabilities required to launch a new venture4 TASK 35 P5 Determination of promotional activities and channels for launching new venture 5 P6 Formulation of appropriate promotional activities plan for both launch and pre-launch6
Launching New Ventures: An Introduction
Added on 2020-10-05
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LAUNCHING NEWVENTURE
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Identification of specific target markets and competitive analysis...................................1P2 Specific tangible and intangible resources that required for a new venture......................2TASK 2............................................................................................................................................3P3 Formulation of credible proposal to launch a new venture...............................................3P4 Skills and capabilities required to launch a new venture..................................................4TASK 3............................................................................................................................................5P5 Determination of promotional activities and channels for launching new venture...........5P6 Formulation of appropriate promotional activities plan for both launch and pre-launch.6TASK 4............................................................................................................................................6P7 Monthly cash budget for the pre and after launch phase...................................................6P8 An appropriate legal form for the venture.........................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONLaunching a new venture refers to introduce or start-up business entity developed withfresh and innovative idea to gain more profits. An organisation is required to face certainchallenges and opportunities that are necessary to be determined to take an appropriate actions toget desired outcomes. It is necessary to prefer more desired concept of providing new product orservices to people which has wide scope of attaining success (Baron and Tang, 2011).Companies starts a new venture to expand their business ans boost up their productivity as wellas profitability on regular basis. This report is based on Easy Eat restaurant that provides severaldishes like Italian, Chinese, Spanish etc. and going to launch new venture in Bristol, UK. Thisassignment will include investigation and explanation of new venture by identifying specifictarget market. It also involves description about several tangible or intangible resources alongwith producing credible proposal to launch fresh venture. TASK 1P1 Identification of specific target markets and competitive analysisThe Easy Eat is a kind of restaurant that provides several food products and wine tocustomers as per their taste and preferences. This restaurant has several food item such asChinese, Spanish, Italian, continental, Sea food and many more. They want to launch a newventure in Bristol with their new concept of providing services through innovative recipes topeople as per requirements of people. They determine scope of their products at particular placeand then decide to open new entity there to fulfil expectations of clients living there (Bijker andet. al., 2012). This firm has an idea to modify their few dishes according to taste of local peoplesurviving their which provide support to grab more market share easily with gaining betterprofits. To launch new venture of Easy Eat restaurant, they requires around 1650 square feet areain Bristol in centre place that requires 4 years to conduct operational activities continuously in anappropriate manner without any problem. They have arranged a sufficient amount of capitalwhich is needed to be invested approximately £ 320000 for introduce new concern to expandbusiness and earn more profits. 1
Objectives:To grab more market share to earn better profits.To render goods or services to desired customers of that area which is out of reach.To maintain better good will in front of customers influence their behaviour.Mission: To provide better quality food products easily to clients that are out of reach and fulfiltheir requirements of buying taste or fresh food.Target market: This can be described as an important which should be conducted by anentrepreneur to know about actual scope of new product which ensure about success of the same(Burns, 2017). It will help to understand present tends of market and behaviour of client thatfacilitate to build more accurate strategy to achieve desired goals. Market segmentation shouldbe done as per certain factors like demographic, geographic and psycho-graphic.Competitive analysis: This refers to observe and analyse thoroughly about strategies orpolicies of present competitors in market in which Easy Eat restaurant is going to launch newventure. It is well known that already existing firms has their own market share and huge clientbase. They have compete with several competitive restaurants like Casamia, Bravas and Eat aPitta through focussing on quality and multiple alternative food items to establish a successfulventure.P2 Specific tangible and intangible resources that required for a new ventureThere are different types of resources which are carrying out various activities or tasks inan organisation while starting new venture to properly attempt requirement of operations forparticular period of time. It is necessary to conduct several procedures continuously to attainbetter profits. Easy Eat restaurant have to make sure about collection of different desiredresources which provide support to run in fresh start up of entity and successfully introduce toearn more profits. The resources are basically classified into two elements that is tangible andintangible that are important t run business properly (Caselli and Negri, 2018). Tangible resources: This can be explained as to such resources that are physicallyvisible and able to touch. It includes food products and serving procedures in more creativemanner along with immediate service of providing food items as per order of client in correctway.2
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