Launching a New Venture: Exploring a Vegan Food Application

Launching a New
Venture

INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explaining and identifying a new venture and product or service....................................3
P2 Determining specific tangible and intangible resources required for product and service
launch.....................................................................................................................................5
P3 Producing a credible proposal for launching a new product.............................................6
TASK 2............................................................................................................................................8
P4 Assessing the skills and capabilities required for launching a new product or service....8
TASK 3..........................................................................................................................................10
P5 Explaining the promotional channels and activities supporting the new product or service
launch...................................................................................................................................10
P6 Developing a appropriate activity plan for launch and pre-launch.................................11
TASK 4..........................................................................................................................................12
P7 Producing an itemised monthly cash budget for pre-launch of venture and for 12-18
months preceding launch......................................................................................................12
P8 Suggesting an appropriate legal form for the new venture.............................................14
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
A venture is a business firm which is introduced in market with a specific idea and product. A
venture can be off different types that is a sole proprietor, a partnership firm, a company, a start-
up or a joint venture. All these different types of ventures are separate from one another and hold
different position in the market. These different branches have different resources, are separated
according to their size in nature and depend upon new ideas idea innovation or invention. The
Ownership and legal structure of different ventures are also separate and unique from one
another. This assignment is developed with the motive of introducing a new product a service in
to the market. the service of the product have to be innovative in order to be efficient and
effective (Cosenz and Noto, 2018). The report covers the elaborated idea and information about
the new product or service the venture is planning to launch. Different required resources which
are tangible and intangible are also identified for the product or service launch. The required
capabilities and promotional activities or channels are assessed for the new product or service
launch. Moreover, a cash budget is developed for both launch and pre launch of product or
service and evaluated effectively. At the end several legal structures are discussed in order to
suggest the best suitable type for the new product or service.
TASK 1
P1 Explaining and identifying a new venture and product or service
Hospitality industry is a huge business market where there are many options and business
opportunities available to the individual seeking planning to enter the business field. The new
venture for which this report is developed is an application and an start-up. The related to
information about the start-up and its offerings are elaborated in the next sections.
New product and service
The new product and service is an application which is basically a online food application. It is a
new food and beverage service provider which only deals in vegan food and beverages. The
application is named as “Vegan Store” and the name of the organisation is also the same. The
start-up is dealing in hospitality industry with the help of digital tools (Mullins, 2017).
“Vegan Store” in application developed for serving vegan food and beverages to the public. It
also serves vegan products basically raw materials this is why it is known as “Vegan Store”. The

main products of this start-up are vegan food and beverages along with raw materials or a
grocery stores for the people of the UK.
Features of new product or service
The main features of “Vegan Store” products and services are as follows:
 All vegan raw materials available.
 The vegan food and beverages are prepared and served.
 The kitchens are healthy and hygienic.
 The service will be rendered to people 24*7 and 365 days of the year.
Target market
In the world people are becoming aware and taking precautions for supporting the world and the
environment. This is a new concept which has arisen in the society vegan food and beverages.
The vegan food is basically those goods which are made available without harming any animal
or plants (Cummings and Vaaler, 2019). The target market of “Vegan Store” is the people of
London UK who are consuming and desire to enjoy healthy vegan food.
Competitors
“Vegan Store” is a new concept and idea which is introduce in market as a start-up. Therefore
the company will not be having any great competition. The only competition which can be faced
by “Vegan Store” is by those other food service applications who renders food services by taking
orders and playing as medium between the customer and restaurants.
SWOT analysis of the new product or service
A SWOT analysis for “Vegan Store” is conducted in which internal strength and weaknesses of
the start-up are highlighted along with the external opportunities and threats available to it.
 Strength- The strength of the vegan story is it is one of its kind introduced in the market
therefore the competition level is very low in the current scenario.
 Weakness- As it is a start-up a new idea which is being developed in the market
information is very low. That means it is very difficult to predict and analyse the trends.
The start-up will not be having any potential proof or data forecasting any sales and profit
amounts.
 Opportunities- The “Vegan Store” a new idea which is being developed and it is its
biggest strength. Opportunity of “Vegan Store” the increasing awareness among people
and regular just taking place in there desires and needs.