Launching a New Venture: Target Markets, Resources, Proposal, Skills, and Promotional Activities

Unit 28

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
ACTIVITY 1...................................................................................................................................1
P1. Investigate and explain a new venture identifying specific target markets and
understanding competitive analysis.............................................................................................1
P2. Determine specific tangible and intangible resources that would be required for the launch
of a new venture...........................................................................................................................3
P3. Produce a credible proposal to launch a new venture...........................................................3
P4. Assess the skills and capabilities required to launch a new venture and how they are
acquired and developed...............................................................................................................4
P5. Explain different promotional activities and channels that will support the launch and
justification of the same...............................................................................................................5
P6. Develop an appropriate promotional activities plan for launch and pre-launch...................7
P7. Produce an itemized monthly cash budget for the pre-launch phase of the venture and the
first 12-18 months preceding launch...........................................................................................8
P8. Suggest an appropriate legal form for the venture stating why it has been chosen...............9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
There is a requirement for thorough preparation and suitable execution whenever somebody
wants to start a novel business (Anderson, Chandy and Zia, 2018). This study has explored a
business's specific concept in depth, along with the best way to carry it out. To evaluate the
targeted customer categories and determine the firm's viability, marketing analysis and intended
audience studies are conducted. The study additionally covers the numerous tools which are
essential to a new firm's effective growth. To clarify the important responsibilities which would
be included in the firm, a proposed strategy for the enterprise and its concept is prepared in the
document. The analysis includes discusses the advertising and branding campaigns which would
be undertaken to ensure the corporate firm's profitability. The paper concludes with a general
summary that highlights the key takeaways.
ACTIVITY 1
P1. Investigate and explain a new venture identifying specific target markets and understanding
competitive analysis
An enterprise must first be properly planned, followed by a very lucrative implementation of
the strategy, in addition to be launched effectively. The concept must be original and establish
the core values of the company (Bancroft and Nyirenda, 2020). The proposed project is linked to
generating reasonably priced electrical automobiles in the present globe wherein individuals are
going into ecological concepts and are much more concerned with environmental preservation.
 Consumers to approach: The individuals that are utilising local transportation to travel
and make an equal amount of money annually would become the clients to aim for this
business concept. The intended consumer could be identified based on regular
transportation planning process, and the car would be developed in a way which is
economical and therefore could enable the client to reduce costs. The majority of clients
invest a significant amount of their earnings on either gasoline costs for their personal
automobiles or local transportation.
 Opportunities for a societal entrepreneurship: The project does have the ability to
address both socio-economic requirements and ecological concerns related to
safeguarding non-renewable power supplies (Daud, Ab Rahman and Adnan, 2020). The

revenue generated could be used to create inexpensive, environmentally sustainable
automobiles that fulfill the demand of the broadest possible client base.
 Company Proposal: The concept involves creating several types of electric vehicles that
would only operate on electrical power and contribute to environmental preservation. The
business would not just produce electrical automobiles but it would additionally offer a
variety of activities to customers, such as support with automobile upkeep and repairs and
cell replacement. In industrialised nations such as the Britain, the conceptual model does
have a high chance of accomplishment, and additional development could be envisioned.
Porter's Five Forces Assessment of Competitors and the Marketplace- Porter's five
forces could aid in the formulation of both operational and conceptual decisions that speeds up
the execution phase, to boost revenue and effectively penetrate a marketplace.
 Power of Vendor: Since the business is a newer competitor in the industry, the influence
of the vendors could not be overlooked, thus it would be necessary to deftly deal with the
providers. Numerous replacement components as well as other components would be
required for the construction of the electrical vehicle and would be procured from
vendors via clever negotiating.
 The power of the customer: The customer is the most important component in the
prospective business's concept. An effective strategy to appease a huge customer base
could guarantee success. To individually inform the client of the advantages of the
automobile and the reasonableness of the price (Elatawneh and Sidek, 2021).
 Threats of Substitutes: Businesses that are developing electrical motorbikes that are a
less expensive choice for the client continue to pose a threat of substitution to prospective
entrants.
 Threat of the new entrants: Because the initiative is a newer product in the industry, it
could pose a danger to the companies that are currently operating there. The enterprise,
which is a newer competitor in the market, is highly complicated because it requires
getting through obstacles such as the expensive value of funds, the need for significant
operating resources, and the system's competition. The correct marketing tactics might
help the company to gain an overall increased industry share.
 Competition Rivalry: The latest business plan seeks to provide automobiles throughout
the Great Britain and seems to have facilities for such. The company's main rivals in the