Launching a New Venture: Hit and Fit Restaurant

Launching a New
Venture
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Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain new venture and identifying specific target market and competitive analysis....1
P2 Discuss tangible and intangible resources required for launching new venture...............2
P3 Credible proposal for launching new venture...................................................................3
TASK 2............................................................................................................................................5
P4 Discuss the skills and capabilities required for new venture............................................5
TASK 3............................................................................................................................................6
P5 discuss the various promotional activity and channels which helps the launch................6
P6 Promotional activity plan for both launch and pre-launch................................................7
TASK 4............................................................................................................................................7
P7 Monthly cash budget for the pre-launch phase.................................................................7
P8 Identify an appropriate legal form for the venture............................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
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INTRODUCTION
Main objective of this report is to understand the concept of new venture. A business
venture is a new business which is formed with a new plan with the expectation that they achieve
higher profit. This kind of business refers to an small business or typically start with small
amount of financial resources. The ides of new business venture is formed because of the need
and requirement for a service or product which is not available in market. An entrepreneur
effectively analysis the needs of society and develop a new product and service form the
available resources which helps in achieving higher profit. Business ventures are funded by more
than one investor and they expect that the plan will be successful and they achieve higher return
from it. For this report the new idea for new venture is hit and fit restaurant which provide
healthy and organic food. This restaurant is opened in Landon, United Kingdom. Now a day’s
people are healthier conscious and they demand for healthy food. This venture idea helps
investors in achieving higher return. This report includes new venture identification specific
target market and competitive advantage tangible and intangible resources require for launching
a new business. Other than this it includes credible proposal and various skills and capabilities
required for launching new venture. It include different promotional activities and channels
which support new launch and a promotional activity plan for both launch and pre-launch. This
report includes a monthly cash budget for the pre-launch phase of venture.
MAIN BODY
TASK 1
P1 Explain new venture and identifying specific target market and competitive analysis
Venture refers to a project or activity which is new, exciting and difficult because it
includes the risk of failure (Bacq and et. al. 2018). While a business venture refers to an new
business which is developed with an new plan and higher revenue and financial gain is expected
from it. An entrepreneur conduct effective market research which helps in understanding the
requirement of customers and develop a new product and service which is not already
established in market. In context of hit and fit restaurant after analysing the requirement and
needs of customers it is analysed that customers are more conscious towards their health and
they want to eat something healthy. This new venture idea will fulfil their requirement
effectively. The idea of hit and fit provide a healthy and organic food to their customers. This
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will provide higher returns to investors. In context of new idea its selected target market and
competitive analysis are discuss below:
Identifying particular target market- It means identifying a particular group of people
or customers from the segment market where business wants to offer its products (Cosenz and
Noto, 2018). For success of any organisation identifying target customers or group of customers
which show the same features such as their age, income, taste and preferences, lifestyle and so
on play an important role. In context of selected new venture in Landon they conduct proper
research and effectively analysis its target market. With the help of this hit and fit restaurant is
able to identify its target audience. Target market of respective restaurant are the people of high
income who are more conscious towards their health and wants to try something unique. This
new venture provide unique and innovative healthy dish one of them is mango lassie. Respective
new business analysis that people of Landon are more conscious towards their health which
make Hit and Fit to plan their pricing strategy accordingly.
Analysis of competitors- The first most important primary goal for any organisation or
business is to effectively do competitive analysis before launching their products and services in
market. Achieving competitive advantage in market helps an organisation in achieving higher
growth but it’s not an easy task. It means analysis the strength and weakness of business existing
competitors so that selected business will easily give competition to it. In context of Hit and Fit
restaurant it face high competition in market because of increasing growth in food industry. But
its unique idea and innovative food helps in achieving competitive advantage in market. Selected
business make effective strategies by analysing strength and weakness of competitors and
achieve higher growth in market (Fatma and et. al. 2020).
P2 Discuss tangible and intangible resources required for launching new venture.
In context of selected new venture it come up with healthy and innovative food which
provide both health and taste to its target customers. But before launching its products in
market Hit and Fit require to analysis the market situation. They need to analysis the
demand of healthier food and the rate at which people consume their products. After
effectively analysing the demand of customers selected business needs to frame effective
policies and techniques for successfully achieving their goal. They main and first goal of
any business is to understand the likes and dislikes of target customers. For effectively
start the new venture in market business require various resources which helps in achiving
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