P1 Identification of Specific Target Markets And Competitive Analysis
17 Pages4078 Words345 Views
Added on 2020-10-22
P1 Identification of Specific Target Markets And Competitive Analysis
Added on 2020-10-22
ShareRelated Documents
Launching a New Venture
ContentsINTRODUCTION......................................................................................................................3TASK 1......................................................................................................................................3P1 Identification of specific target markets and competitive analysis..................................3P2 Specific tangible and intangible resources that required for a new venture.....................5TASK 2......................................................................................................................................6P3 Formulation of credible proposal to launch a new venture..............................................6P4: Skills and capabilities required to launch a new venture................................................7TASK 3......................................................................................................................................9P5 Determination of promotional activities and channels for launching new venture .........9P6 Formulation of appropriate promotional activities plan for both launch and pre-launch9TASK 4....................................................................................................................................10P7 Monthly cash budget for the pre and after launch phase ...............................................10P8: An appropriate legal form for the venture.....................................................................13CONCLUSION........................................................................................................................14REFERENCES.........................................................................................................................15
INTRODUCTIONIn competitive market, there are different types of ventures which are operating itsbusiness functions to meet market needs and requirements in different way, it supports theGDP of a nation due to which get maximum support from governmental in terms of filinglegal requirements. The thinking of starting a new venture in market comes in the mind ofentrepreneurs only when they have new and innovative ideas which can differentiate theirnew venture from their existing rivals currently operated in market. It requires specific skillsand knowledge that entrepreneurs should attained in order to make new venture moresuccessful within shorter period of time. The present assignment report is based Delish-on-the-go restaurant which is a going to start as a restaurant providing multiple range of fooddishes of different nations in London Market of UK. The project discusses the identificationof the target market and competitive analysis, types of resources utilised to start a newventure, credit proposal, skills and capabilities of entrepreneurs to make venture moresuccessful, promotional activities and channels, cash budget for both pre and post launchphase and an appropriate legal form for the venture.TASK 1P1:Delish-on-the-go restaurant is a multi-cuisine restaurant which is going to launch inLondon Market with an aim of earning huge profits as well as facilitating people of UK totaste the food of different nations at one place. The special items included in their offering listis chicken rice, tacos, Som Tam, Masala dosa etc. which can easily attracts maximum numberof customers within shorted time period. The idea of starting a restaurant came into mind ofentrepreneur when they have been observed that mostly people of UK especially in Londonwhere large number tourists are visited every year prefer to visit restaurant for dinner,breakfast etc. on daily basis. It will ensure entrepreneur to generate huge profits withinminimum time period. The decision of deciding London as location of restaurant made afteridentifying that London is more popular for tourist destinations which attract maximumnumber of people from different nations every year. This will definitely increases their salesand sustainability in market within less time period (Baron and Tang, 2011).The restaurant is launched in partnership due to which it has been following all rulesand regulations made by government for partnership firm. To establish a restaurant inLondon, the entrepreneurs have purchased around 1700 square feet near London Eye on a
lease of 4 years with the purpose of continuing its operations without any obstructions. As itis formed in partnership thus it is easy for entrepreneurs to manage funds as all partnersbrings certain portion of capital as mentioned in partnerships deed along with the raisingcapital from different sources such as bank, venture capital etc. Objectives:To generate huge profits.To facilitate people of London to taste the dishes of different nations at one place.To achieve brand image and huge sustainability in market.To make changes in their offering list on regular basis.Mission: The mission of Delish-on-the-go restaurant is “to serve maximum number ofcustomers to taste the food dishes of different nation at one place and increases theirsatisfaction level to achieve their loyalty for longer period of time”.Target Market: Before entering into market, the entrepreneurs has targeted particularmarket whose needs and preferences are taken into consideration. The market is segmentedon three basis which includes Demographic, Geographic and Psychographic. It is importantfor a venture to segment the market which makes easy for them to identify the people havingcommon needs and preferences due to which the decisions and plans can be implementedaccordingly to fulfill their requirements. It can be further discussed as under:Demographic: Under this, the market is segmented on the basis of different variableswhich include gender, age, income level, religion etc. This will help in understanding thepeople having similar needs preferences. For example, Delish-on-the-go restaurant offersdishes of different nations which can easily attracts youth as they are more likely to visit atrestaurant on regular basis (Burns, 2017).Geographic: Under this, the population of London is divided on the basis of geographicallocation. It helps in assessing the amount of people where the new venture can receive hugedemand of their products. For example, Delish-on-the-go restaurant has targeting London dueto having number of tourists who are preferring to taste dishes of their own nation.Psychographic: Under this, the population of London is segmented on the basis oflifestyle and buying behaviour. As generally middle and higher income level group prefer to
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Launching a New Venturelg...
|17
|4409
|71
Assignment: on Launching A New Venturelg...
|14
|4055
|322
Launching a New Venture Assignmentlg...
|16
|4270
|31
Launch a New Venture Formulation - Assignmentlg...
|15
|5056
|140
Launching a New Venture Assignment - Food cravings restaurantlg...
|14
|4514
|282
(solved) Launching a New Venturelg...
|16
|5526
|216