Unit 28 Launching a New Venture

Unit-28 Launching a
New Venture

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis...............................................................................................................3
P2. Determine specific tangible and intangible resources that would be required for the launch
of a new venture.....................................................................................................................4
P3 Produce a credible proposal to launch a new venture.......................................................6
TASK 2............................................................................................................................................7
P4 Assess the skills and capabilities required to launch a new venture and how they are
acquired or developed.............................................................................................................7
TASK 3............................................................................................................................................8
P5 Explain different promotional activities and channels that will support the launch and
justify their choice..................................................................................................................8
P6 Develop an appropriate promotional activity plan for both launch and pre-launch........10
TASK 4..........................................................................................................................................11
P7 Produce an itemised monthly cash budget for the pre-launch phase of the venture and the
first 12–18 months preceding launch...................................................................................11
P8 Suggest an appropriate legal form for the venture stating why it has been chosen........13
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Launching new venture is a tedious and risky task which is undertaken by business
owners and entrepreneurs with specific motives and perspectives (RJ, 2020). An entrepreneur is
an individual who enters the market with an innovative idea and establishes their business by
bearing all risks and responsibilities of the actions needed to perform and undertake. This report
is inclusive of a business plan for a new venture launch. The venture is a retail store offering
vegan food products and related services for pet dogs and cats. The new venture will be dealing
in retail industry and offering vegan food and services like a nutritious daily vegan food plan for
pets. The report is consisting of a in depth business plan required to showcased in-front of
investors for rendering them clarity about the activities in which their funds are being used and
assuring them success of business.
TASK 1
P1. Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis.
INTRODUCTION TO NEW BUSINESS IDEA:
The new business idea is to launch a retail store offering products and services for pet
dogs and cats. The idea is to offer vegan food items and services like a detailed vegan food plan
for cats and dogs. The entrepreneur is planning to open the store in London first and then expand
further globally with potential success in operations. The store will be named and known as
“Pets Only”, offering solution to the health issues of pets and reliving the stress of their owners.
The store idea is inclusive of organic and vegan goods which is a sustainable option for the
environment as well (Reyad and et. al., 2019).
AIMS AND OBJECTIVES / FEATURES OF NEW PRODUCTS AND SERVICE:
 To deliver best dog and cat food in London made of organic and vegan raw materials.
 “Pets Only” is available in market for 5 days a week making online and offline services
and deliveries.
 On weekends the store will be accessible through online platforms making deliveries of
food products.
 The firms objective is to cover up for their debts and have 5-8% higher profits form all
the expenses in initial 6 months period.

SPECIFIC TARGET MARKET:
Target audience and market is the customers group who are potential present and future
buyers of the organisation. The offerings of “Pets Only” is for animals and specifically for cats
and dogs. Therefore, target group of “Pets Only” is those families or individuals who have cats
and dogs as their pets and which to live a healthy and sustainable life on the basis of
Psychographic dimensions. On the monetary sides and basis the company's main target group is
those with middle class and higher class status in society on the basis of affordability.
COMPETITOR ANALYSIS:
Industry analysis is a major part of launching a new venture as the entrepreneur is
suggested to have all the required knowledge about the existing and up coming competition who
can influence their business. “Pets Only” is offering a new innovative product to customers
therefore, the business do not have any direct competitor (Mazzarol and Reboud, 2020). But the
existing pet stores offering goods and specifically food items are indirect competition of the firm.
“Pets Only” is bringing new goods to the market but their offerings can be easily copied and
their competitive edge will be diluted. This is why the competition is high on the basis of
existing and new entrepreneurs as well as threats of substitute goods is moderate too.
SWOT ANALYSIS:
Strengths Weaknesses
 Unique and sustainable product
offerings.
 No existing rivalry.
 Lack of information and knowledge
about market.
 Easily substitutable goods and services.
Opportunities Threats
 Attract and acquire the market with
good faith and trust.
 Expansion and growth is an opportunity
which is always available.
 Unstable economy of UK.
 Fluctuating market and social trends.