Launching a New Venture: Food on Wheels

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 physical & non-physical resources that would be require for the launch
of a new venture ...................................................................................................................5
TASK 2............................................................................................................................................6
P3. Produce a credible proposal of the new product..............................................................6
P4 Skills and Qualities required in order to ensure final proposal as a reality.......................8
TASK 3............................................................................................................................................9
P5 Different promotional action adopted by a entrepreneur while launching new venture...9
P6: Advertising plan related to pre launch & launching activities.......................................10
TASK 4..........................................................................................................................................11
P7 Monthly cash budget for the pre-launch phase...............................................................11
..............................................................................................................................................12
..............................................................................................................................................13
P8: Applicable legal form.....................................................................................................14
CONCLUSION..............................................................................................................................15
REFERNCES.................................................................................................................................16

INTRODUCTION
Launching a new venture is one of the most important activities that have to be
acknowledged by a individual who has a new idea to be launched in society. There is a need to
consider some of the important aspects that are most crucial in the process of launching a new
venture. There are some activities that have to be understood in detail in order to develop skills
that are requited in the process of launching a new venture. Present report is related with
launching of a new venture named as “Food on wheels” which is a food truck that will be
launched in London (Martin, Javalgi, and Ciravegna, 2018). Variety of food products will
include burgers, sandwiches, pasta, rolls, chips etc. the menu of food truck will have a focus on
all type of fast food variants but at same time it will have a special section that will consist of
options for people who are having preference for some healthy food items. There will be special
safety measures that have been taken to have extra precautions from COVID-19 conditions
prevailing in the external environment. Present report is discussing about launching of new
venture and their target market. There is also information related to different tangible and
intangible resources that will be contributing in the process of establishing the business.
TASK 1
P1 Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis
“Food on wheels” is willing to launch in London, UK. This brand is based on a
innovative idea that will consist of both fast food options and a healthy variants. This new
venture is based on fulfilment of the requirement of street food for customers. There is a plan
that is based on offering diverse products in healthy and fast food range. There is discussion of
target market and external forces that are part of the external market where this brand will be
catering.
Target market: Target market is regarded as category that is segmented based on lifestyle,
income, taste, preferences of people (Mai, Zhang and Wang, 2019). In case of “” there will be
target market that consist of millennials generation who are fond of variety in street food options.
Students will be the major target market for this food outlet. There are some characteristics of
target market as mentioned below:

Psycho-graphic factor: The market is divided based on purchasing power, consumption patterns
and the lifestyle that people have adopted in present times. “Food on wheels” will having their
target market as middle and high income group consumers.
Behavioural factor: The market is divided according to the behavioural segment of people
where market is divided according to the preferences of people. Such as nowadays people have
developed preference for healthy food categories also, this has lead to a special segment that
will be having all varieties of salads and soups for those who are more health conscious.
Competitive analysis:
It is a analysis that is helpful in formulation of relationship by analysing various business
forces that are part of eternal environment and formation of strategies that can help in dealing
with high competitive parity:
Illustration 1: Major five forces of Porters five forces model