Launching a New Venture: BioChem - Organic Beauty Products

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.......................................................5
TASK 2......................................................................................................................................6
P4 Assess the skills and capabilities required to launch a new venture and how they are
acquired or developed............................................................................................................6
TASK 3......................................................................................................................................7
P5 Explain different promotional activities and channels that will support the launch and
justify their choice..................................................................................................................7
P6 Develop an appropriate promotional activity plan for both launch and pre-launch.........8
TASK 4......................................................................................................................................9
P7 Produce an itemised monthly cash budget for the pre-launch phase of the venture and
the first 12–18 months preceding launch...............................................................................9
P8 Suggest an appropriate legal form for the venture stating why it has been....................12
CONCLUSION........................................................................................................................12
REFERENCES.........................................................................................................................13

INTRODUCTION
The business ideas which can be put so as to initiate a new business are termed as
starting a new venture. This can be made possible only when a new idea is emerged so that
can be developed in a proper manner and customers can be attracted. The management is
required to focus on research so as to determine market need and then introduce innovation in
a new product accordingly. As the market research is important so as to recognise market and
customer’s needs and gives path to product innovation. This report is based on a new venture
of ‘BioChem’, which a new venture of organic beauty products and the business is starting in
UK. Under this report various aspects is taken which are required to launch a new venture.
(Aragon-Mendoza, del Val, and Roig-Dobón, 2016)
TASK 1
P1 Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis
Venture idea:
BioChem is a new venture which is incorporated in London, UK and the main product
stream of the venture is chemical free bio natural sunscreens, facial creams and nigh creams
and many more. Company is going to start their business in various areas of UK and they are
having favourable response from public. With the help of market research the company
analysed that market demand of natural products are high so decision is taken for this
venture. After researching their product got success into the marketplace which leads them to
earn profit during their initial stage only. (Diakanastasi, Trachana and Karagiannaki, 2017)
It is vital for entrepreneur so as to gather relevant information which is advantageous
for the venture with the purpose to attain success. Entrepreneur has started partnership with
their friends which are having experience in the market so as to take help in business
expansion. With the help of the partners of existing market the company will have high
chances of market growth and success. The entrepreneur has occupied 200squre feet land in
London and the initial capital of 200000-300000 pounds. For the purpose of arranging funds
they took bank loan as their source of funds.
Objective: The entrepreneur is willing to develop SMART objectives which are
elaborated as under:

 Specific: The market of London is the main focus so as to attain their business
goals.
 Measurable: They are emphasised on focusing 50% market of London.
 Achievable: Their major product range is natural face creams, sunscreen and
night cream.
 Relevancy: They had developed their presence in so many areas of UK.
 Time bound: The given objective is to be achieved within a time gap of 12
moths.
Target market: The market is segmented on the basis of demographic, geographic and
behavioural segmentation, and they found the most suitable segment as geographic segment.
SWOT analysis of product:
Strength Opportunity
With the help of organic product, awareness
can be spread in the marketplace.
The current market is having opportunity to
expand business in natural product as
customers are prone to but such products.
Weakness Threat
Organic products are slightly costly in nature
so this can create a problem.
Lack of control may arise in the business
process.
P2 Determine specific tangible and intangible resources that would be required for the launch
of a new venture.
Resources of the new venture are classified into two categories which is tangible and
intangible. With the reference of BioChem they are selling natural products such as creams
and many more so the available resources are explained as under:
Tangible resources: Tangible resources are those resources which have a physical
presence within the business and they give benefits to the business. Some of the tangible
resources are explained as under:
 Physical resources: These are the resources which are most essential for BioChem
and help the business in their functions. With the help of these resources the
operation of distribution and sales becomes easy in the marketplace. (Matama, 2017)