Launching a New Venture: Proposal, Skills, and Promotional Tools

LAUNCHING A NEW
VENTURE

Table of Contents
INTRODUCTION ...............................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Briefly explain and describe new venture and competitive analysis..........................................3
P3 Prepare a credible proposal to launch a new venture.................................................................5
TASK 2.................................................................................................................................................7
P4 Examine skills and knowledge required to launch a new venture and how they can be adopted
in the chosen organisation................................................................................................................7
TASK 3 ................................................................................................................................................8
P5 Discuss promotional/advertising tool for marketing business activities in relevance with
chosen organisation..........................................................................................................................8
P6 Prepare marketing/advertising plan of new product and pre-launch in relevance with
organisation ...................................................................................................................................10
TASK 4...............................................................................................................................................11
P7 Prepare a cash budget for pre- launch of venture ....................................................................11
P8 Identify and suggest legal form of the venture with reason .....................................................11
CONCLUSION..................................................................................................................................13
REFERENCES...................................................................................................................................14
BOOKS & JOURNAL:.................................................................................................................14

INTRODUCTION
Every individual wish to start their own business and new venture for success and growth.
Starting a new venture is not easy and requires resources, finance, time, manpower, and plan. A
deep market research is required for starting a business in market. So, chosen organisation is Pro
Value which is a supermarket organisation situated in UK. In this report it comprises of products
traits and target market- SWOT Analysis, tangible and intangible resource, proposal for a final
product, skills& capabilities when starting a new venture, promotional activities, plan during launch
and pre-launch and cash budget for pre- launch.
TASK 1
P1 Briefly explain and describe new venture and competitive analysis
In market, starting a new venture is not easy and even not possible in this competitive era.
Clarification of path, goals, mission, and objectives are necessary so that they can be carried out in
proper manner. Pro Value, which is a supermarket firm includes variety of products groceries,
fashion accessories, jewelleries etc. In the firm, new product has been taken known as fizzy drink,
which is energy drink and will be have different flavours and new extended product line ion near
future (Allen, 2018).
Traits of product:
 Cost effective compared to Red Bull energy drinks.
 Good packaging by no use of plastic
 This drink can be consumed by everyone from teenagers to old age people.
 Guidelines and instructions regarding product are displayed so that customers can
 choose the type of drink they need (Tan, 2019).
To target the market Pro Value uses STP approach which is discussed below-
STP Approach-

It is a method which is used for targeting the right customers for the right product. It comprises
of three elements which has been mentioned below-
 Segmentation- The first component of STP approach is segmentation in which market is
divided and selected on the basis of demographic variables such as age, culture, region
gender etc. Pro Value has divided its market on the basis of stated factors which assist
them in identifying the trends and situation of market in proper manner.
 Targeting- Further comes the targeting in which potential segment market is targeted by
the company so that products and resources are used effectively. In context to Pro Value,
entrepreneur target market by examining the competitor’s products which also help them
in determining the value of their product (Voß, , 2017).
 Positioning- Firm is only able to attract customers when its product has value and
position in market so, positioning is essential to acquire resources and end user. In
relation with Pro Value, customers needs and requirements are taken as priority and
which results in goodwill and increase creditability of the entity.
SWOT Analysis-
STRENGTH
Main strength of Pro Value is that it provides
products with affordable rates and which leads
to acquiring of more customers and higher profit
is generated. (Kaushik, 2020).
WEAKNESS
It is difficult to access international market due
to low sales revenue and higher competition.
OPPORTUNITY
Pro Value can merge up with small businesses to
expand their functions as well as operations at
wider level.
THREATS
Pro Value can merge up with small businesses to
expand their functions as well as operations at
wider level.
P2 Identify and analyse tangible & intangible resources that is required in new ventures
Entrepreneur when start new venture require numerous amenities in business so that all the
functions and operation are carried out in appropriate manner. Resources are essential in business
because they are responsible for growth and development of the firm. In context to Pro Value, they
require and adopt both tangible as well as intangible resources in the business.