Turning a Vision into Action PDF
Added on 2021-01-01
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Turning a Vision into Action
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Identifying specific target markets and undertaking competitive analysis for Lima London.....................................................................................................................................................1P2. Tangible and intangible resources that would be required by Lima London for the launchof their new venture....................................................................................................................2TASK 2............................................................................................................................................4P3. Credible proposal to launch a new venture in Lima London................................................4P4. Skills and capabilities required to launch a new venture of Lima London and how they areacquired or developed.................................................................................................................5TASK 3............................................................................................................................................6P5. Different promotional activities and channels that will support the launch of the newventure and justifying their choice for Lima London.................................................................6P6 Develop an appropriate promotional activity plan for both launch and pre -launch of thenew venture.................................................................................................................................6TASK 4............................................................................................................................................9P7 Producing an itemised monthly cash budget for the pre-launch phase of the venture and the12-18 months preceding launch the organization.......................................................................9P8. Legal form for the venture stating why it has been chosen for Lima London....................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship is an activity of starting a new business, developing, organizing andmanaging the venture along with bearing any risks involved with a view of making profit. In theinitial phase, an entrepreneur develops a model which is followed by the availability of physical,financial and human resources for shaping up an innovative idea or thought (Allee, 2012). Thisassignment will discuss about several techniques for idea generation, new thoughts onentrepreneurship, identification of opportunities, feasibility study of target market, organizationalpracticability and trends in environment. Also, it discusses the analysis of competitors, skills orresponsibilities needed for business, promotional activities, pricing strategies, budget setting andlegal structures for the successful implementation of business plan and thereby, launches a newventure for starting a small to medium enterprise in UK with an aim of profit and market shareearnings.Present study will be explaining about the promotional activity plan for new ventures andproduce pre-launch cash budget to accomplish the set aims and objectives by the company. studyhas been taken Lime Restaurant & Bar.TASK 1P1. Identifying specific target markets and undertaking competitive analysis for Lima LondonEntrepreneur is the responsible person for success or failure of a business idea or service.For successful implementation of the innovative thought of starting a new venture, they need toundergo several feasibility studies including market research of the target market and collectingcompetitive information to understand the market trends so that it can then strategically plan itsoperations to minimise risks. Launching a new business or franchise in a rapid changing marketwhere there is increased competition is a challenge. Entrepreneur when selecting a SME businessshould consider and conduct certain analysis like raising capital, determination of objectives,selection and recruitment of qualified and skilled employees, etc. Lima is a restaurant in London which serves Peruvian cuisine which blends uniqueflavours and techniques with a combination of different cultures. It is a SME which already hasoperations and flourished in the UK. Now, setting up the franchise of Lima in Manchester aimsat expansion of their business to gain brand value and market share (Bläsing and et.al., 2012). Itis providing a cuisine of different culture to make it reach to the world through spreading theirrestaurant chain by establishing the brand and attracting customers. 1
People of UK are lavish and spend more money on new and innovative products orservices. The market also has the potential for food industry and as Lima London being a uniquefood joint in type of cuisine it provides the hurdle of competition won't trouble thisestablishment. They need to take some steps for competitor analysis like defining Lima London'smarket, creating list of direct competitors, analysing and summarising rival's products andstrategies, comparing and keeping the accuracy of competitive investigation.Customers spending on each of the menu of Lima LondonCuisineEstimated expenditure on each of themDesserts£10Wines£30Lunch £75A La Carte £20P2. Tangible and intangible resources that would be required by Lima London for the launch oftheir new ventureOpening a new restaurant needs to consider several things. Starting a business requiresassets which may be tangible and intangible that is necessary for conducting its operationssuccessfully.Location and concept- Lima London's idea of providing a Peruvian cuisine makes itunique in the UK and is a fine dining restaurant which already has its operations in country.Opening this brand in Manchester as per conducted researches will benefit firm due to increasingdemand of variety food by the youth and middle aged people.Commercial workspace- According to the needs of Lima London, acquiring a vacantspace or property and even leasing can be done for setting up the restaurant. Designing andrenovating can be done as per the requirement (Chen and Mooney, 2011). The design andambient location of Lima London makes the customers feel relaxed and enjoy the food. Keeping2
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