UNIT 28 Launching a New Venture Assignment - Adorable Hotel
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Added on 2020-11-23
UNIT 28 Launching a New Venture Assignment - Adorable Hotel
Added on 2020-11-23
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UNIT 28 - Launching a NewVenture
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Explaining a new venture for the company and identify target markets..........................1P2. Requirement of tangible and intangible resources in the new business...........................3TASK 2............................................................................................................................................4P3. Producing credible proposal to launch a new venture......................................................4P4. Assessing skills and capabilities required for launching new venture.............................6TASK 3............................................................................................................................................8P5. Explaining different promotional activities and channels to launch venture...................8P6. Promotional activities plan for launch and pre-launch of organisation...........................9TASK 4..........................................................................................................................................10P7. Producing itemised monthly cash budget for pre-launch...............................................10P8. Suggesting appropriate legal form for the venture.........................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONLaunching a new venture is important task which needs to be planned properly and thenaccordingly launched for successful operations. Present report deals with launching venturenamed as Adorable Hotel in hospitality sector. It will provide goods and services to middle classpeople in Tavistock locality. Affordable food and room services would be provided to attaindesired revenue. Skills and capabilities, tangible and intangible resources are explained in report.Furthermore, itemised cash budget on monthly basis is made and promotional plan for pre-launch and post-launch is prepared as well. TASK 1P1. Explaining a new venture for the company and identify target marketsNew ventureThe business venture is termed as the operations which is started by an entrepreneur whohas the ability and required skills to provide necessary goods and services to the society so thatcustomer satisfaction may be enhanced in a better way. By imparting quality products to people,gains in the form of desired profits are attained quite effectually. This means that entrepreneurand customers' both are satisfied simultaneously by exchanging goods with appropriate pricecharged. SME (Small and Medium Enterprises) is the organisation which is operated on smallbasis and operations are limited as well. In relation to this, new business venture to be launchedwill be engaged in Hotel sector and named as 'Adorable Hotel'. It will be operating with nearly50 employees because it is SME. The main objective of venture is to provide better qualityservices and foods to guests at affordable cost so that they may be benefited in effective mannerand organisation may be able to garner profits in the best possible manner (Baucus andMitteness, 2016). Thus, Adorable Hotel will be effectively established in the market and able toachieve desired sales and profits quite effectually.Target market The business is required to be established in that way by which it may be able to garnerprofits quite effectually. The need arises because firm starts business with main objective to earnrevenue and satisfy customers with ease. In relation to this, target market plays crucial role inwhich organisation specifically caters to demands of particular locality and customers so thatsales may be incremented in a better way. Adorable Hotel's target market will be Tavistock town1
in the city of London. It will be mainly focused on providing cultural meals to consumers andeffective room services so that they may have gratifying stay in hotel. In addressing this, chipsand fish is most likely by people of UK and is cultural food of them. The customers will be imparted with breakfast meal having flooded with mushrooms,beans which are baked. Furthermore, fried eggs and sausage will also be provided to customersvisiting in the hotel. On the other hand, administration and room services will be imparted whichwill enhance customer' satisfaction in the best possible way (Butticè, Colombo and Wright,2017). Target market is Tavistock and the main reason for choosing this locality as frequentlypassengers arrive and firm will be benefited with increased sales. Apart from this, packages willbe provided in accordance to demands of customers and this will help business to establishpositive brand image in front of them and they will also become loyal. In all, Adorable Hotel willbe able to meet on targets and consumer satisfaction will be provided leading to remarkablesuccess of venture. Competitors' analysis in the marketCompetition is a phenomenon which cannot be eradicated by the company. But it can beovercome by business with the help of implementing well-structured strategies in effectivemanner. Complete analysis is required to be made so that business may be able to framestrategies in relation to rivals' schemes to lure customers and attaining sales in the best possiblemanner. The main competitors in Tavistock town are Duke of Tavistock and Tavistock HouseHotel. These businesses are earning well in the locality and meeting demands of customers up toa high extent. Furthermore, Duke of Tavistock imparts services such as better quality meals andtop-notch rooms for providing pleasant stay in the hotel. The hotel provides free Wi-Fi to guestsand customers are imparted with good lounge as well. Apart from this, Tavistock House Hotel isanother SME built by Duke of Bedford circa in 1820 year and providing services to customers ineffective manner and as such, they have become loyal towards firm (Zane and DeCarolis, 2016).Seeking immense competition, Adorable Hotel is required to implement well-planned strategiesand related tactics so that it may also give exotic services to guests and attain desired profits ineffective way. Thus, it can easily establish its new venture and cater to needs of customers quiteeffectually. 2
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