Launching a New Venture: Target Markets, Resources, Proposal, Skills, Promotions, and Budget

This report covers identifying specific target market for new venture within the company to gain high competitive advantage, tangible and intangible resources which is required for launching a new venture and credible proposal to launching a new venture. This report also covers skills and capabilities required to launch a new venture, promotional activities and channel to launch a new product, promotional activity plan for launch and pre-launch, pre-launch cash budget and legal form for the reason of choosing following venture.

Launching a New
Venture

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Task 1...............................................................................................................................................3
Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis....................................................................................................................3
Determine specific tangible and intangible resources that would be required for the launch of
a new venture..............................................................................................................................4
Produce a credible proposal to launch a new venture.................................................................5
Task 2...............................................................................................................................................7
Assess the skills and capabilities required to launch a new venture and how they are acquired
or developed................................................................................................................................7
Task 3...............................................................................................................................................8
Explain different promotional activities and channels that will support the launch and justify
their choice..................................................................................................................................8
Develop an appropriate promotional activity plan for both launch and pre-launch....................9
Task 4.............................................................................................................................................10
Produce an itemised monthly cash budget for the pre-launch phase of the venture and the first
12–18 months following the launch..........................................................................................10
Suggest an appropriate legal form for the venture stating why it has been chosen..................11
CONCLUSION .............................................................................................................................12
REFERNCES:................................................................................................................................13
Books and Journals:..................................................................................................................13

INTRODUCTION
It is essential for a company to focus on few factors for launching a new business and
these factors are uniqueness, start-up cost and many others (Wang, Aman and Hooi, 2021). The
new product must be launched after gaining appropriate marketing information about the
customers and their preference toward the product. The product should be unique and cost
effective for the company which will help them to attract more customers and further help the
company to gain high -profit. The following report will help to identify the activities of pre
launching and post launching of a product. The following report covers identifying specific
target market for new venture within the company to gain high competitive advantage, tangible
and intangible resources which is required for launching a new venture and credible proposal to
launching a new venture. This report also covers skills and capabilities required to launch a new
venture, promotional activities and channel to launch a new product, promotional activity plan
for launch and pre-launch, pre-launch cash budget and legal form for the reason of choosing
following venture.
MAIN BODY
Task 1
Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis
Solar Solutions is the name of new venture which offer those electric products which get
charged by solar energy. Here, a new product is launched by this new venture to gain high
market share and attract more customers (Auschra and et. al., 2018). The new product which is
launching by a company is a power bank which is used to charge a mobile phone. The speciality
of this power bank is that it will automatically charged through sunlight due to solar energy. The
high technological power bank will help the company to gain the attention of large number of
customers within the market. This new venture is targeting to capture a large market share by
launching this technological power bank within the market. The main targeted audience for this
company is professionals, students and travellers who required to purchase such products due to
their busy life. The following product of this venture will help the company to gain competitive
advantage by offering various features of their new product. This solar power bank not only used

to charge the mobile phones but it also used as a torch and it can also used to run small size
electronic devices such as hair dryers, mixer glider and many others in case of power cut.
Hence, such kinds of features in a single power bank is not provided by any other
company within the industry. This can be a good reason for the company to gain competitive
advantage. Secondly, the Solar Solutions is only providing those products which save electricity
and which get charged through sunlight. Hence, the following new venture is also concern about
their CSR activities and make a good change for environment. Their most of the products are
affordable by their targeted audience and it also provide a sustainable solution to the planet
which help the company to get success within the market at rapid speed (Yu and et. al., 2020).
Determine specific tangible and intangible resources that would be required for the launch of a
new venture
Tangible resources are those resources which can easily touched and seen by people. It
is essential for a new venture to focus on tangible assets of their organisation because it is the
base for the success of a company to perform their operational activities appropriately (van
Weele and et. al., 2020). These resources are considered as main type of asset that a company
uses to produce their products. Few of the tangible resources which is required by Solar
Solutions for successful survival for their company is mentioned below-
 Land or building- This is the main resource or place of the company where employees
work and produce their products as well as sell the product through physical stores. In
context of Solar Solutions, the land resource is used by them to gain high customer
satisfaction within the market.
 Vehicles- It is the medium through which companies transport their products from one
place to another. In context of Solar Solutions, they are supposed to manufacture their
solar power bank and other solar electric devices within their factories and transport it to
their stores through their vans and trucks.
 Equipment and machinery- This is that tangible resources which is used to manufacture
the products (Rajchelt-Zublewicz, Piwoni-Krzeszowska and Matyja, 2019). It is essential
for the new venture of Solar Solutions to hire high technological tools and equipments for
their manufacturing area so that they will produce a quality products within minimum
wastage of raw material.

 Furniture- Chairs, tables, desk, front office desk, lightening system and many others are
included in furniture. It is essential for Solar Solutions to manage their furnitures
effectively within the company which will represent their brand image in market in the
form of infrastructure of the company.
Intangible resources are those resources which cannot be touched or seen by people.
This resources are as much as important for the company like tangible resources. Few of the
intangible resources for new venture is mentioned below-
 Goodwill- It represents the value of the company within the market. Higher goodwill will
help the comp[any to gain more customers (Perło and Arszułowicz, 2022). In context of
Solar Solutions, they are required to gain high good will through their sustainable idea of
producing solar rechargeable products.
 Trademark- It is a type of intellectual property which consist of design, sign or
expression which help a company to identify their products and services unique from
other companies.
 Copyrights- This is also the type of intellectual property which restricts unauthentic
parties to copy the manufacturing of the same product which is offered by a company. In
context of Solar Solutions, in case they use copyright for their solar power bank and other
products than their competitors are not allowed to copy their products and services. In
case the competitors do it so than they are going to punish by the law.
 Patent- It is a right granted for an invention of a product, services or a process and it
offer a technical solution for a problem. In context of Solar Solution Company, it is
essential for them to use patent because they are launching new product of solar power
bank within the market for their targeted customers. The mentioned company is required
to provide a technical and in short information about their new product to general public
as per the patent law.
Produce a credible proposal to launch a new venture
A business proposal will include the problem faced by targeted customers and the type of
solution made by the company to mitigate the problem. In context of Solar Solutions, their
business proposal for launching their new venture is mentioned below-
 Statement of problem- Today most of the customers are switching to those companies
which provide them sustainable solutions for their problems. In simple words, customers

are switching to use those products which are beneficial for the environment as well as
for the society. Today, when people are having busy life they need such electrical
products which can even help in bad and unlucky situations.
 Solution to the problem- The new company Solar Solutions will help to mitigate the
above mentioned problem by providing those electric items to their customers which get
charged and which can run by electricity as well as with sunlight through solar energy.
For example, a solar power bank which can get charge through electricity as well as with
sunlight so that the customers can charge their mobile phones easily by using the power
bank. Customer may forget to charge their power bank from their house before travelling
hence, such kind of products can be kept within sunlight which help to generate solar
energy and charge the power bank so that customer can further charge their mobile
phones.
 Managing financial sources- After identifying the problem of customers and solution to
mitigate the customer issue, the company is required to identify the source of finance
which will help them to manage their financial activities and provide the funds for the
start-up. Here, company is required to identify that which part of their business is
required more investment to help the comp-any to grow well. In context of Solar
Solutions, they can use banking facilities to provide funding activities to their new
venture.
 Establishing business well- It is another important step where a company is required to
manage their business activities appropriately after registering it according to their
specific company act. Here, Solar Solutions will make sure that they will follow all legal
laws and regulations for their business operations and hire skilled employees for
managing business appropriately.
Task 2
Assess the skills and capabilities required to launch a new venture and how they are acquired or
developed
It is essential for a company owner as well as their employees to gain some of the
effective skills and competencies to help the business to survive within the market and gain high

growth (Acharya and Chandra, 2019). Some of the skills and competencies required to launch a
new venture successfully in the market is mentioned below-
Basic finance skills- It is essential for the owner of a business to have basic finance skill
where he/she will identify that which financial source will help the business to grow well and
how they are distributed within different business areas.
Networking- It is also essential for a new venture to have the capabilities of building a
good network within their industry (Martin, Javalgi and Ciravegna, 2020). Building a good
relationship with other companies will help the company to grow well and identify the most
recent trends within the industry. Solar Solution Company is required to attend all events within
the industry and become a fair competitor to gain high business reputation.
Speaking confidently- This is another important competency of an entrepreneur as well
as employees of the new venture to gain the attention of more customers (Buccieri, Javalgi and
Cavusgil, 2020). This will help the company to influence their customers well and make them
sure that the company will definitely solve their problem through their quality products. A
effective confidence in speaking shows that the product and services offered by a company is
having good quality.
Problem solving skills- It is also essential for a new venture employees and owner to
have problem solving skill because at the initial stage there are various kinds of problems which
can be faced by a company. A positive attitude and effective problem solving skill will help the
new venture to mitigate each problem effectively and focuses on their growth stage.
Research skill- It is also essential for a new venture to have appropriate research skill so
that they will analyse the needs, wants and preferences of their customers within the market. In
context of Solar Solutions Company, in case their employees have proper research skills then
they can identify the preferences and attitude of their customers toward their offered products so
that they will analyse their likes and dislikes. This skill of employees will help to make
modifications in their products to satisfy their customers well.
Leadership skill- This is another important skill for the owner of new venture to gain
effectively to manage their employees and other essential resources in a manner with will further
help the company to gain competitive advantage within the market (Anwar, Clauss and Issah,
2021). At the initial stage of any new venture, it is essential for owner or business managers to
influence and motivate their employees to achieve their business objectives.

Task 3
Explain different promotional activities and channels that will support the launch and justify
their choice
Promotional activities are one of the most essential factor of a business which help them
to aware their customers about the company and their offerings. There are various kinds of
promotional activities and channels which can be used by Solar Solutions and few of the options
and the reason for their choice for the chosen company is mentioned below-
 Social media channels- One of the most effective channels of promoting a business is
social media channels such as Instagram, Facebook, LinkedIn and few others (Bozhuk
and et. al., 2019). The Solar Solutions is required to upload the information about their
product in a precise manner to attract more customers. One of the biggest advantage of
social media marketing for the company is that it is inexpensive and it has global reach.
Today's generation are more active upon social media channels as compared to other
advertising channels. Hence, a view of the advertisement about the products of Solar
Solutions will create a good demand within the market. They are required to share those
messages and posts which will not harm the culture or feelings of any social group within
the society.
 TV advertisements- It is also one of the effective promotional channel for the new
venture to aware about the company and its offerings to targeted customers (Prasetyo and
Widhaningrat, 2020). It is also effective channel for the company because most of the
customers get influence by TV advertisements and make a purchase decision. This
promotional channel will target housewives and old age customers who are not equally
active on social media as compared to new generation. Hence, this promotional channel
is used by the company to aware the old age people and those who does believe internet
promotional activities.
 Website of the company- Solar Solutions is also required to prepare a website for their
company which can be used by customers to know about the company and their offered
products to the society. Most of the customers only believe actual existence of the
company if it has well developed website. Customers can also ask their quarries and
issues through website and they can contact directly to the company through website.

Develop an appropriate promotional activity plan for both launch and pre-launch
Pre-launch promotional activities are those activities which raise brand and product
awareness before the official release and influence the targeted audience to participate in
launching activities. The activity plan of the company for pre-launch is mentioned below-
 Collect marketing data- This is the first stage where companies collect the data of their
customers like their contact details, their mail id's and many others so that in case they
want to contact the targeted audience to aware them about their launching date and time
then this information can be used.
 Focus on brand value- After collecting the detail, it is essential to focus on maintaining
effective brand value for the company because customers will get influence to participate
in launching process of company if the company is ethical and have good brand value
within the market (Holm and Cardozo, 2019).
 Manage date. time and venue- It is essential for the company to decide date, time and
venue for the launching activity. In context of Solar Solutions, they will promote their
product and brand through social media channels, hence, they are required to upload
short and attractive information about the date, time and venue of the event for launching
their product. Choosing weekend date will be effective for the company to gain more
customers for the product launching event by the company.
There are 5 steps for launching activities which is mentioned below-
 Identify user's need- Survey will be conducted by the chosen company to analyse the
most attractive factor for the customers for launching event and then company uses the
same factor for further promotional activities.
 Studying competitors- It is also essential to study competitors and their promotional
strategies for their business (Hsu and et. al., 2021). This will help the company to identify
some of the effective channels of promotion and ways to promote the product within the
market. Social media channels is analysed a effective promotional channel for the
company.
 Creating USP- It is essential for the company to decide their USP for defeat competitors
product within the market. Customers may ask that why they will choose the specific
product of mentioned company rather than their competitors. A company should always
ready for answering this question by their USP feature of the product. Solar Solutions

Company will answer this question by the unique feature of their solar power bank which
get charged through electricity as well as through sunlight which is not represented by
their competitors.
 Beta testing- Beta testing helps to get rid of bugs and other issues before the product is
launched in the market (Zephaniah, Ogba and Izogo, 2020). This type of test will ensure
that the solar power bank will work in any environment. There are two types of beta
testing, first one is open beta testing where everyone is allowed to test the quality of solar
power bank of Solar Solutions company and second one is close beta testing where a
company allow only limited number of people to test the product.
 Launch the product- After getting a sufficient feedback from future customers it is
essential for the company to launch their products. Solar Solutions will use social media
channels like Instagram, Facebook and many others to inform the date and time for
launch.
Task 4
Produce an itemised monthly cash budget for the pre-launch phase of the venture and the first
12–18 months following the launch
It is also essential for the company to prepare a pre-launch budget for the company so
that they will control the expenditure well for company's success (Musarat, Alaloul and Liew,
2021). The budget for launching activity is mentioned below-
Particulars Amount
Marketing research $4,000
Booking venue- $9,000
Paying to Instagram influencers $2.500
Staff fees to prepare the list of customers $5000
Music and lightening of the event $500
Quality test of new product $500
Paid to security $200
TOTAL $21,700

Suggest an appropriate legal form for the venture stating why it has been chosen
There are four main legal forms of a business like sole trader where a single individual
manage whole business activities, partnership where two or more partners come together to
distribute their roles and responsibilities for the company, corporation which has various number
of employees with unlimited liability and at the end a limited liability company where there are
many employees working within different departments and the liability of the owner is limited
(Rahman and Ghadas, 2018). This means that the debts is not supposed to pay from personal
property. For the new venture of Solar Solutions, it is essential to use LLC due to its various
benefits for the company and its offerings within the market and few of the benefits are
mentioned below-
 Limited liability of the company will protect the members of Solar Solutions from
loosing their personal assets because in LP the company is considered as seperat5e legal
entity from its owners and members.
 It allow greater flexibility to management team because here the business get advantage
of gaining expert's suggestions and advices from the selected board of directors. A board
of directors is chosen by the members of the company to take effective decisions for
company's betterment. Solar Solutions can choose their board of directors who are well
experienced and well knowledgeable in terms of making effective business decision for
its growth.
 Different department of the company will help Solar Solutions to focus on different areas
separately (Akhmetova, Suleimenova and Rebezov, 2019). For example, production
department will only focus to manufacture their solar products effectively and marketing
department will focus only to collect marketing information like needs, wants and
preferences of group of customers.
 On the other hand, customers also trust the LLP form of business as compared to any
other form because government has few amount of control on the operations of this form
because it get registered under the company's act. Hence, customers of Solar Solutions
will trust the company easily. On the other hand, the brand value and marketing share of
such companies will grow quickly in this form of venture. In case Solar Solutions

Company will be registered under LLP form than there are many interested parties which
can show their interest in purchasing the shares and bonds of the company.
CONCLUSION
From the above information it is concluded that identifying target idea and understanding
competitor analysis is essential for a new venture to expand their business well. There are
various tangible and intangible resources which are essential for the development of a new
venture. Tangible resources are building, machinery, vehicle and many others whereas intangible
resources are goodwill, trademark, copyright and many others. There are various skills and
capabilities required to launch a new venture such as communication skill, problem solving skill
and many other skills. Promotional activities are one of the most essential aspect for a company
to aware their customers about their brand and product within the market. Social media channels
like Instagram, Facebook and many others are having global reach and it is also inexpensive.
There are four legal forms of a venture such as sole proprietorship, partnership, corporation and
LLP.

REFERNCES:
Books and Journals:
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