Launching a New Venture: Target Markets, Competitive Analysis, and Resources

Unit 28 launching a
new venture

Table of Contents
TASK 1 ................................................................................................................................................3
P1 Discuss new enterprise to examine target markets & undertaking competitive analysis ...3
P3 Produce a proposal to start a new venture............................................................................7
TASK 2.................................................................................................................................................8
P4 Analyse skills & knowledge required to start a new venture and how they can be adopted in
the chosen organisation...............................................................................................................8
TASK 3 ................................................................................................................................................9
P5 Explain promotional/advertising tool for marketing business activities in relevance with
chosen organisation.....................................................................................................................9
P6 Prepare marketing/advertising plan of new product and pre-launch ..................................10
TASK 4...............................................................................................................................................11
P7 Present a cash budget for pre- launch of business..............................................................11
P8 Explain and suggest legal form of the venture with reason.................................................12
CONCLUSION..................................................................................................................................14
REFERENCES...................................................................................................................................15
Books & Journal:......................................................................................................................15

INTRODUCTION
Starting a new venture refers to introducing of new product or business in market.
Entrepreneur is the one who launches new venture in business with motive of change and earning
more profit (Jin, 2016). Developing a new firm is not an simple task & which needs deep level of
knowledge, market research and resources. Exvio, a technical info solution based company
headquartered in UK. They are introducing a way of service solution firm who provide solutions of
a problems to multinational corporations. This report includes new venture identifying target
market, tangible as well as intangible resources, proposal for new launch, skills & capabilities
required, promotional activity plan for launch & pre-launch, cash budget for pre-launch and legal
form of venture.
TASK 1
P1 Discuss new enterprise to examine target markets & undertaking competitive analysis
In market sector, when launching a new venture it is essential to identify specific market so
that all business functions will run in most efficient way. This also help in using of resources,
manpower, etc. accordingly to the market demand and requirements. In context with undertaken
firm, they target market through applying and using STP approach of marketing. It is stated as
Segmentation, Targeting, Positioning. Exvio, is developing their new product named as Cifi, which
is tacking system that will help in verifying all details of clients whether they are real or fake. It
will took time to launch product as it has to go through many phases of marketing. It is duty of
manager to make ensure that process is being carried out effectively.
Characteristics of product
 It is reliable sources of system which act as preventive tool for organisation.
 High rate of GPS and reliable data are being used.
 It is not easy to use it by third party in unauthorized way.
 Policies as well as guidelines are being specifically given over the tracking system.
 Additional changes and update can be done at time when required.
Moreover, the selected firm uses STP approach to target the specific market for business &
is further discussed below-
STP Approach
It is marketing process which is used by organisation with motive to access and identify
market for entity which can produce higher profit for product (Caber, 2017). This method is time
consuming process but is but is adopted with appropriate considerations.
Segmentation- It is defined as dividing of market on basis of various variables such as
demographic, psycho graphic, etc. In relevance with chosen entity, they focuses on geographic

variable as their clients will be from different locations. Through this, decision making &
manpower is used accordingly.
Targeting- In this, market is being targeted which can deliver profit and sales at higher
level. There are many other factors on the basis of it is done which are size, scope, etc. In reference
with selected entity, they carry out their activities after examining such components. It is done with
appropriate market research so that errors do not occur in future.
Positioning- This is last element of STP in which a value is given to product or brand at
marketplace and comparing with competitors. It is crucial to position the brand so that customers
get influenced easily (Kamasak, 2017).
Porter Five force model-
It is strategic model which is used by entity to analyse the competitive forces which can
affects the business. It comprises of several forces which are discussed below-
 Threat of new entry- It is force which depicts that entry of new entities can impact upon
market of existing business. In relation with Exvio, as they are developing new product CIFI
which is tracing device, threat in this industry is high because of advance use of technology
by many firms.
 Industry rivalry- IT is another force in which level of competency is focused. The industry
rivalry impact the business of Exvio. As they have many competitors like Idemia, Google
who deals in same technology with more effective methods.
 Power of suppliers- In this, bargaining power of supplier is relatively high because of
increasing competition of technology vendors. They often demands high prices for sources
and raw materials.
 Power of buyers- Bargaining power of buyer is low because of number of buyers in
industry. In relevance with chosen firm, as their product is unique they can charge high
prices for product from buyers.
 Threat of substitutes- It is another force in which customers shift from one brand to
another. IN this, chances of substitute of product is high due to fast changing time period of
technological field.
SWOT Analysis
It is tool used by organisation to examine the competitor analysis in which internal
environment is identified. In Exvio, they use this tool with motive of analysing there inner strength
& weakness at wider level.
STRENGTH
 Main strength of Exvio is that it
WEAKNESS
 Due to high level of competition &