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Unit 28 Launching a New Venture - Assignment

   

Added on  2020-11-23

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Unit: 28 – Launchinga New Venture(Turning a Vision intoAction)

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Launching a new venture.................................................................................................1P2. Resources required for launching a new venture.............................................................3TASK 2............................................................................................................................................5P3. Proposal for launching a new venture..............................................................................5P4. Skills and capabilities required........................................................................................6TASK 3............................................................................................................................................7P5. Different promotional activities and channels.................................................................7P6. Promotional activities plan...............................................................................................8TASK 4............................................................................................................................................9P7. Monthly cash budget........................................................................................................9P8. Legal form for the venture.............................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONTurning vision into actions refers to launching of a new venture which is at the stage ofidea into actual operational business unit and turning them into competitive advantage.Trailfinders, a tour operator in UK is selected for studying launching of a new venture i.e. TravelAgency acting as an agent for various travel organisations for selling of their products. In thisreport, target market for the new venture is identified and competitive analysis is undertaken aswell. Also, all resources; both tangible and intangible required by organisation for launching newbusiness are determined. Along with that, various skills and capabilities that are required forlaunching new enterprise are assessed and the way it can be developed or acquired is identified.An appropriate promotional plan along with various activities related to same and channels aredeveloped for both launch and pre-launch of business. Monthly cash budget for pre-launch phaseof venture is made as well with deciding an appropriate legal form of new business.TASK 1P1. Launching a new ventureA business venture refers to small business or enterprises, invested by one or moreindividuals or groups with anticipation of gaining financial gains. New venture is establishedbased on higher demand and having a lower supply of a certain product or services in market(Barringer, 2015). Development of new venture includes various activities or operations forcreating a business which can be competitive in market. Establishing new business enterpriseimproves social as well as economic development or growth of society through generating jobsor employment opportunities and filling gaps in market. As new enterprises are incorporated,they help society through globalisation, innovation and job creation.Trailfinders have established a new venture of Travel Agency in tour and travel sector.Company will provide specialized tailor-made tours worldwide along with travel packages fordifferent destinations in the UK. Company would sell various tour packages of different touroperators.As tourists and travellers have become more aware of environmental and social impact oftheir travels, they have begun to find ways for giving back to society or community visited.Social enterprises in Travel Agency provides a better opportunity for ensuring that tourists havea wider social values. They contribute in the economic development by allotting with resources1

and opportunities to locals for strengthening and developing their communities. Throughnetwork of travellers, long term income is provided to communities for their sustainability.Target Market segmentation:Travel market is very much diverse and far too large to reach effectively. Travel Agencyuses market segmentation for better understanding the needs of customers. Following are somesegmentation used by company for identifying the specific target market:Geographic segmentation: Customers are targeted based on factors like places, cultures,etc. New market is identified by Travel Agency for targeting more opportunities forexpanding their regions or platforms. Cultural preferences, economic status and climaticchanges are considered for targeting market and customers. Example: Destinations areidentified for developing travel opportunity like attractive landscapes, etc.Demographic segmentation: In this, market is segmented according to age, race,religion, gender, income, etc. Company targets segments based on all income groups.They have different packages for various income groups. Example: Luxury tour packagefor high income individuals. They mainly target younger segment of age group inbetween 24 to 35 years as they are more enthusiastic and always ready for newadventures. They easily get involved in various travel activities.Behavioural segmentation: Market is divided into smaller groups based on certainbehaviours of customers such as attitude, loyalty, etc (Scarborough, 2016). TravelAgency uses this segmentation for identifying certain behavioural aspects of theircustomers for developing various packages. Company considers their needs and desiresfor planning travel for them.Competitive analysis:Porter's five forces analysis is done by Travel Agency for improving their competitiveadvantages and long term profitability through developing strategies and analysing influences ofcompetitive forces within Travel industry.Travel Agency Porter's Five Forces Analysis:Threat of new entrants: Threat of new entrants in market would be higher on Travelagency established by Trailfinders. Pressure on Travel Agency would increase as newentrants in travel sector would bring innovation and new methods. They put pressure oncompany through providing new value propositions and lower pricing strategy for2

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