Launching a New Venture: Target Markets, Resources, Promotions, and Legal Form

This report discusses the process of launching a new venture, including identifying target markets and conducting competitive analysis. It also covers the tangible and intangible resources needed for a successful launch, as well as the skills and capabilities required by entrepreneurs. Additionally, it explores different promotional activities and channels, and provides a suitable promotional activity plan for both pre-launch and launch. Finally, it includes a monthly cash budget for the pre-launch and first 12-18 months following the launch, and suggests a suitable legal form for the venture.

Unit 28
Launching a New
Venture

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Target markets and competitive analysis.........................................................................3
P2. Tangible and intangible resources that would be essential for the launch of a new venture.
................................................................................................................................................5
P3 Proposal to launch a new venture .....................................................................................6
TASK 2............................................................................................................................................7
P4. Analyse the skills and capabilities needed to launch a new venture and they are enhanced
or acquired..............................................................................................................................7
TASK 3............................................................................................................................................9
P5. Different promotional activities and channels that will help in launch of the venture... .9
P6. Develop a suitable promotional activity plan for both plan and pre-launch..................10
TASK 4..........................................................................................................................................11
P7. Monthly cash budget for the pre-launch and the first 12-18 months following the launch11
P8. A suitable legal form for the venture.............................................................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
Books and Journals:..............................................................................................................16
INTRODUCTION

Entrepreneurs create and formulate a business strategy for their creative or innovative
ideas before making a new corporate organisation for their developments. A business plan can be
understood as a document that signifies in detail the goals of organisation and how it plans to
attain its objectives. It acts as a road map for their organisation from operational, marketing as
well as financial stand points. It supports business enterprisers in staying on track along with use
as an effectual document when following funding for the company from lenders (Burns, 2018).
The following report will contain a formation of new venture identifying certain target markets,
along with competitive analysis. It will also cover particular intangible and tangible resources
that would be needed for the set up of a new venture. It will create a likely business proposal for
the launching. It will also evaluate different skills and abilities needed to establish a new venture
and how they are developed or acquired. Further, it will cover various promotional activities,
together with channels that will help in the establishment of venture and justify the selection.
Also, it will create a suitable promotional activity plan for both launch and pre-launch. It will
make a whole monthly cash budget for the pre-launch state of the project as well as the first 12-
18 months leading the launch. In the end, a suitable judicial form for the venture and justifying
why it has been selected.
TASK 1
P1. Target markets and competitive analysis.
Launching a new venture is taken as an undertaking from origin to completion that is
new, contrary and dynamic reasoned as a important ingredient concerned. The marketplace has
been undergoing constant change as an effect of advanced evolutions and threats, necessitating
an enterpriser to innovate creative and innovative approach. One of the famous examples is the
eruption of Covid-19 which developed massive change around the world. It has caused severe
disturbance in the livelihood of people, particularly children as the education line has been
severely damaged and is increasing a barrier to the employment growth (Ruiz-Jiménez, Ruiz-
Arroyo and del Mar Fuentes-Fuentes, 2021). Hence, for addressing such issue in the business
environment, being an entrepreneur, I have decided to develop strategies for children aged
between 6-21 years, ranging from elementary education to higher education. The main objective
behind this idea is to give educational services to students involved in specific formative work.
Children have been withdrawn from their education as an outcome of eruption and have now

been progressively engaged in electronics along with recreational sports. The vision of
Mobischool is to indulge and facilitate every minor with an available curriculum choices on the
online, apart from kids in kindergarten, in addition to twist their excess time into learning habits.
Porters Five Force Model –
The porters five force is basically a method which is used by the educational industry for
sustaining their competitive advantage in market for long time.
 Threat of new entrants – In context to Mobischool it is very low. Because this
education institution is providing their resources to students at best quality and
competitive pricing to their students for improving their studies. Due to this buyer did not
switch to other brands for long time.
 Bargaining power of buyers - In context to Mobischool, it is also very low. Because this
institution already maintained competitive price in their goods and services (Younger and
Fisher, 2020). Due to running this type of business peoples are ready to pay any type of
price for buying this kind of product.
 Bargaining power of suppliers - In context to Mobischool, it is high. Because
sometimes suppliers decrease the availability of products from official websites or their
portals. Due to this it is necessary for them to keep reliable suppliers for sustaining the
availability of courses through online mode for long time.
 Threat of substitute - In context to Mobischool, it is high because other educational
institutions are also providing the same fallibilities to students. It leads to create huge
financial and reputation loss in student’s minds effectively.
 Rivalry among existing competitors - In context to Mobischool, If there is rivalry
between the already exist players in the industry in intensive manner then it is responsible
for driving down the prices and overall reduced the profit of industry. The corporation of
educational department operates in competitive publishing books industry.
STP Analysis –
The STP analysis is basically a framework which is used by organization for targeting the
customer's effectively and also for enhancing the sale in their services and goods at higher rate.
 Segmentation – It is basically referring to classifying the customers into various criteria
according to their needs and wants. In respect of Mobischool, they required to follow the

demographic criteria for attracting the customers in large number which leads to increase
their popularity effectively.
 Targeting – In respect of Mobischool they are targeting young generations and
children’s for enhancing the sale of their goods and services effectively in market. Due to
targeting these type of users the productivity of firm easily sustained in market for long
time.
 Positioning – For positioning their image in customer mind, it is necessary for firm that
they must various social media and digital platforms effectively. Due to this they are able
to highlight features of their goods in attractive manner in market.
P2. Tangible and intangible resources that would be essential for the launch of a new venture.
Resources are important for any business firm as they enable the organisation to do its
business activities and operations effectively and efficiently. In case of Mobischool, it is an
educational and interactive web portal that facilitates online learning to the students in order to
help them in growth and development personally and professionally (Yang, Hughes and Zhao,
2021). The resources within the business are essential for the implementation of a new business
venture. Both intangible and tangible resources of business are mentioned underneath:
Tangible resources:
 Human resources: The respective business enterprise requires a skilled and qualified
mentor to direct and assist students through their learning. The main goal of instructors is
to give online courses and learning for children and evolve a layout that meets the
educational requirements. Mentors are also accountable for bringing questions along with
answer exercises for scholars. Along with supplementary lessons are provided to students
in order to help them each and every activity.
 Building and furniture: Mobischool requires a well-established architecture with proper
equipment as well as furnishings and provides to carry out online courses along with
development and facilitate the top-quality learning approach to the school going students.
 Equipment: The term equipment is used for all kinds of technological devices such as
digital boards, internet, monitor, detectors, scanners and a camera for capturing
instructional exercises (Riasudeen and et.al., 2022). Teachers can instruct, assist and
direct students utilising internet-connected computers along with camera to acquire the
courses.

Intangible resources:
As the name suggest, intangible resources are the resources which cannot be touched or
seen in business, but have their significant places in the company. Thus, for a successful
launching of business venture, the following are some intangible resources that can be used in a
venture:
 Patents: These resources are considered as exclusive privileges to the entrepreneur to
protect their creative and innovative ideas or knowledge from being copied or used by
others without having the prior permission (Bandyopadhyay and et.al., 2021). These
resources are used for a partucular period of time but can also be extended lately.
 Copyrights: These are the resources taken by entrepreneur to have a fair say about
how their idea could be exploited and disallow the reproduction of idea in a wrongful
manner. Therefore, the organization may have the legal power to duplicate the
product or service.
 Research and development: It is taken into consideration as an essential resource in
the promotion of successful and positive launch of Mobischool as this department
covers the activities and functions that will enable the organisation to identify
different trends in the marketplace, desires and wants of customers as well. R&D
support the enterprise in ascertaining the purpose of existence.
P3 Proposal to launch a new venture
Credible proposal for Mobichool
The proposal of business is utilized by business organization for convincing a potential
customer to buying the firms offering by facilitating concise explanation that in which way
organization's services and goods suits the desires and demands of customers. The planning of
corporate is summarised the organization's goals, vision and mission under which it founded.
About organization – The Mobischool is one type of new start-up venture and this
implementation is developed to provide options of online mode schooling of children’s whose
learning are effected by COVID pandemic. The idea being this type of learning is to assist the
students of schools whose learning is slowed down due to facing various factors. The
Mobischool provides multimedia tutorials by applying comprehensive explanations as well as
offline mode capturing videos for viewing and in this way the study of the students are highly

improved. In addition to this management of this firm is also facilitates encouragement and
information to students who are facing difficulty with their projects and tasks.
Industry analysis – Due to the development of technology, in all over world peoples are
become more technical minded and organizations are incorporating technology in their functions,
raising demands and expectations of customers. Education is one of the embracing technology
which is responsible for transforming the environment of students. It also assists the firm for
expanding their E-learning market in UK rapidly.
Rivals and market – The worldwide e-learning industry reached around 250 billion in
sales in 2020 and is forecast to raise at 21 percent CAGR between 2021 and 2027. Learning
pool, Walkgrove, Titus and so on are the key players in United Kingdom. For Mobischool. These
are the leading organizations which facilitates platforms of e-learning to all students from
working professionals, colleges, kindergarten etc.
Goals and strategies – The effective business strategies and planning will support the
present business in aspect of meet its objectives and aims (Liu and Wang, 2018). Mobischool has
executed a differentiation approach for gaining the success and competitive advantage in
industry. To having the high quality programs and courses, the organization is concentrating on
growing market which is school students. The company's mission and goal is to facilitate an
session of online integrated education to the students which leads to enhance their knowledge
effectively.
Services and products – The portal of e-learning facilitates goods like video guides
which is created by experienced and qualified professionals, personally tailored classes for
solving the issues, interactive video lessons and so on. Mobischool facilitates one of kind issues
which includes encounters through face to face with instructors, which facilitate them a sense of
being involves in aspect of improving of educational institutes.
TASK 2
P4. Analyse the skills and capabilities needed to launch a new venture and they are enhanced or
acquired.
Entrepreneurial skills and capabilities can involve a big range of skills sets such as
leadership, management, technical skills and much more. As entrepreneurial skills can be applied
to various job roles and industries, evolving and increasing skills of entrepreneurship can mean

making and enhancing different kinds of skill sets. Therefore, for launching a new business
venture, underneath are some key skills and capabilities that are essential for a successful
entrepreneur:
 Business management skills: Successful businessman will most often depend on their
entrepreneurial skills to run and manage their brand and business (DelConte and Gast,
2019). Developing business management skills can help in doing multi-task, making
informed decisions, delegate responsibilities to subordinates and much more. These
skills can be improved or developed by joining different sessions of training and
development programmes.
 Teamwork and leadership skills: Becoming a successful entrepreneur can also signify
the value of leadership and its role in the business. Being an entrepreneur, there is need
to act like a leader, and as a part of the group and will also need to depend on effective
leadership skills to influence subordinates to work to attain organisational goals. Such
kind of skills can be improved by doing tasks in someone's mentorship in order to
understand what type of technique of style they use to influence others (Kitchen, 2020).
Articles and books can also be beneficial to improve leadership skills.
 Communication and listening: Entrepreneurs and business owners should also create
effective communication skills. From smart listening to communication during
conferences, meetings, being able to share things and experience effectively can support
individual work with others to develop the enterprise. Similarly, effective
communication can also interpret to how one promote awareness of the company,
together with its brand in the target marketplace. For example, clear and effective
messages through content marketing, emails, digital channels and much more can
positively impact how one reach the target marketplace. For effective entrepreneurship,
communication skills can be improved by using different modes of communication
effectively. They should understand the use of channels so that actual value can be
gained for the communication (Zhang, Guo, Wu and Jiao, 2018). There is also important
to clarify the misunderstanding among clients, employees and many more.
 Critical thinking skills: It can be essential for creating overall entrepreneurial skills
such as critical thinking skills. Being able to understand the issues, projects, situations
and operations from diverse perspectives can support in decision-making as well as

problem solving. For launching a new business venture, there is a need to develop
strategic plan and identifying different approaches that helps business to develop and
grow which needs entrepreneur to enhance their critical thinking skills so that needed
changes or plans could be made. These skills can be improved by practising it regularly.
In organisation, entrepreneur need to focus on the issue of business and then identify
solutions strategically (Goriya and Sethi). Also, it needs entrepreneur to be patient and
requires practices so that effective results can be attained for the entrepreneurship.
 Time management and organisational skills: For business entrepreneurs, both
organisational and time-management skills play a very important role in the business.
Strategies that can support these sets of skill include break down tasks into administrable
to do lists and establishing deadlines and attainable goals for all members in the
organisation. Technology might help in keeping business files organised and manageable
or even entrepreneur can hire assistant to help in keeping business records and
paperwork and customer files organised.
TASK 3
P5. Different promotional activities and channels that will help in launch of the venture.
A promotional activity can be understood as an effort made by an organisation to
communicate with prospective customers. It has two main objectives that are- inform customers
about the brand and its goods or services along with prices and the another one is to persuade
customers to purchase the products organisation sales in the market. There are many promotional
activities that can help Mobischool in develop the business venture:
Social media advertising: It is one of the most popular kind of promotional activities for
organisations in all kind of industries and sectors. It allows business venture to promote their
products or services directly to prospective customers and track their involvement with the
materials using matrix (Liu and Chou, 2019). The respective organisation can consider this
method by creating a range of advertisements for social media platforms and use user data to
target people who show interests in likely post. It may be beneficial to develop a virtual social
media event or hashtag to create excitement around the people.
Email and SMS campaigns: Email or SMS campaigns are another way to promote a
brand and its product or services in the target market. These methods often have a high return on

investment and involve calls to action to improve purchases or involvement in the brand. It is
often used for reminding previous customers of the brand and increasing retention as well.
Influencer marketing: It is a marketing in which organisation promote their goods and
services in collaboration with popular internet celebrities or personalities. Business venture often
recognise social media profiles with huge fan following among their target demographics. The
respective organisation can ask some influencer to post pictures with their products or services
and give positive reviews, promo codes or discount codes much more to their target customers. It
is a much effective way to reach more social media customers in the target market while building
brand awareness as well.
P6. Develop a suitable promotional activity plan for both plan and pre-launch.
An effective and strong marketing strategies support a firm to meet its priorities and objectives
which is established prior to starting the venture. The main purpose of pre-launch promotional
strategy is to enhance the interest and awareness between targeted audience or community prior
to launching of organization. Mobischool have the hope to finish with help of keeping customer
satisfaction and also for laying ground work regarding sales in future.
Pre-launch promotional activity plan -
Content marketing – Due to the use of effective and meaningful content potential
customers are easily attracted in large number and in this way the awareness of company goods
is easily enhanced in market. The Mobischool is providing the live videos, e books, video guides
on the concept of new business by applying marketing strategy. It is a very best solution for
facilitating free beneficial tools to stir up one's curiosity (Barrios, Hochberg and Yi, 2022). The
objective of utilizing content marketing at the time of pre-launch period is convenience user’s
right solution for their concerns is identified in the organizations services and products.
Use of social media – The social media customers performed the testing of product and
this is one of the effective strategy for identifying the targeted consumers for organization. Due
to the utilization of social media editorial calendar will served to pique the user’s curiosity and
imagination.
Email marketing – It is a very effective and strongest tool to reach out the potential
users and informed them regarding awareness of venture which is new. The Mobischool required
to utilized email automations for sending a sequence of customized emails to perspective

consumers in order to persude and showing there that how institutes follow the criterias for
sending the service they want.
Launch promotional activity plan
Creating referral campaign – During the time of starting venture, a organization can
utilized already exist consumers to interact with potential users with help of a referal scheme.
The main motive of creating this type of scheme is to develop more leads with help of
facilitating advantage to users like loyalty programs, discount on Mobischool courses and so on.
Trade show and other marketing campaign – In comparison with others it is one of the
highly effective strategies is to engaging the people in large number and also for organize a
series of functions. Those functions are exibitions, trade shows and campaigns in educational
institutions to aachieve more students.
Utilization of social media and websites – Mobischool officially declared the start of
new venture through their official websites and posted their stories and content on twitter,
facebook and intagram with different options of messaging to spreading the world.
TASK 4
P7. Monthly cash budget for the pre-launch and the first 12-18 months following the launch

P8. A suitable legal form for the venture
After the above evaluation and following the selected various organization, the other stage is to
select effective legal body for starting the operation activities of organization. Facilitating
company in legal way determined in which way corporation structure its properties and finances.
Mobischool is one type of enterprise which is founded with the aim of facilitating schooling to
those students who are effected by COVID pandemic and also not able to peruse their studies
due to various reasons such as lockdown etc. Here we selected sole proprietorship in this type of
business venture because it is one type of smallest legal agreement with least amount of effort

and expense. It is one type of non-corporate business which is controlled and owned by
individual person.
Reasons for choosing sole proprietorship -
 Convenient method – For establishing and forming a sole proprietorship organization
required low time and resources and resources since there is less fee and little. It also did
not have any type of paper work legally which is good for this firm.
 Fewer fedral regulations – Unlikely in most of the organizations, sole proprietorship are
subject to few legal standards and devoted few time to the financial reports regarding
public.

CONCLUSION
From the above stated report it has been summarised that in order to launch or start a new
business venture the business owners must develop a strategic plan or strategy together with
proposal that will help in directing through the whole process of making a successful business
venture. It will also help in ensuring the business goals objectives along with vision are fulfilled.
These ideas help entrepreneurs in communicating customers or clients that how their values and
expectations are met with the brand.

REFERENCES
Books and Journals:
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Publishing.
Ruiz-Jiménez, J.M., Ruiz-Arroyo, M. and del Mar Fuentes-Fuentes, M., 2021. The impact of
effectuation, causation, and resources on new venture performance: novice versus
expert entrepreneurs. Small Business Economics, 57(4), pp.1761-1781.
Yang, T., Hughes, K.D. and Zhao, W., 2021. Resource combination activities and new venture
growth: Exploring the role of effectuation, causation, and entrepreneurs’
gender. Journal of Small Business Management, 59(sup1), pp.S73-S101.
Riasudeen, S. and et.al., 2022. Risk Perception as a Mediator in Explaining the Relationship of
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DelConte, A. and Gast, M.J., 2019. Teaching Ethical Marketing and Promotional Practices in an
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Goriya, A. and Sethi, T., Customer’s Perception towards Promotional Tools of IMC.
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