Launching a New Venture: Food on Wheels

Unit 28

Table of Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
Explain a new venture also identify target market and competitors analysis...........................................3
P2) Discuss tangible and intangible resources for starting a new venture................................................4
P3) Develop a proposal for launching a new venture..............................................................................5
TASK 2.......................................................................................................................................................6
P4) Skills and capabilities required to start a new venture also discuss how they can acquire or
developed................................................................................................................................................6
TASK 3.......................................................................................................................................................7
P5) Discuss different promotional activities for supporting launch and justify the choice......................7
P6) Devise a promotional activity plan for both the purpose launch and pre launch...............................8
TASK 4.......................................................................................................................................................9
P7) Develop a monthly cash budget for pre launch as well as for the period of 12 to 18 months
following the launch................................................................................................................................9
P8) Discuss appropriate legal form for venture along with justification................................................13
CONCLUSION.........................................................................................................................................15
REFERNCES............................................................................................................................................16

INTRODUCTION
Launch a new idea is helpful in initiating a new venture for getting success in society.
For, starting a new venture, it is imperative to have an innovative and creative idea which make
the new venture different from other well established business. The present report is based on
launching a new business venture successfully (Cao, 2020). Here, a new food business called
“Food on wheels” is going to start within London. It will be a food truck which will provide a
variety of foods such as burger, sandwiches, chips, pasta and more snacks to customers. The
main advantage of this idea is that the food truck can be easily carried from one place to another
which will help to cater the needs of large audience. The report comprises target market and
competitive analysis for new venture along with tangible and intangible resources that will
required for new business. The complete proposal for new product with different promotional
activities during pre launch and launching activities of new venture has also been included in the
following report.
TASK 1
Explain a new venture also identify target market and competitors analysis
Here, a new venture named “food on wheels” is going to launch in London. It is based on
an innovative idea where food will be served through truck so that customers can enjoy food as
per their convenience. It will provide a variety of fast food and also have different category of
healthy food variants for health conscious customers. By this way, the venture will help to meet
requirement of street food of customers.
Segmentation: In present scenario, demographic segmentation has been used in which
individuals are segmented as per the age group from which they belong. They are also using
psychographic segmentation by segmenting individuals on the basis of their lifestyle and
personality.
Targeting:
It refers to the group of customers who targeted by company. This group is selected after
analyzing a lot of factors such as cots, sales, revenue, preferences of audience and more (Tracey,

Dalpiaz and Phillips, 2018). In present scenario, target segment of company is millennial
generation who enjoy a variety of street foods. Here, schools and college going student are the
major target group of organization. The target segment are the people who belong from the age
group between 12 to 30.
Positioning: They are looking forward to position as a product which has been designed for
convenience of customers. For this purpose, they are using a lot of marketing and promotional
techniques to attract more number of buyers.
Competitive analysis:
In business, there is higher competition is faced by companies due to availability of rival
firms that also deal in similar segment. Here a model called Porter’s five force analysis is used
for evaluating level of competition in market place. This model is described as under:
Bargaining power of supplier: It is sated that bargaining power of supplier will be low
due to availability of ample of supplier in market. Here, “Food on wheels” will be required such
raw materials which are easily available in market so it will minimize bargaining power of
suppliers.
Bargaining power of customers: There is huge competition in the market in which the
company is operating. Due to presence of several competitors bargaining power of customers are
higher (Domurath and et. al., 2020).
Threats of substitute: There are a lot of substitutes present for the products which are
offered by venture. In addition to this, switching cost is also lower here so customers can easily
switch over one to another brand
Competitive rivalry: It is analyzed that competitive rivalry is higher for “food of wheels”
as there are several well established companies working within food industry of country.
Threat of new entrant: There are lower barriers in market so that any other food venture
and startup can easily replace the current venture. So, threat of substitute is really higher within
the industry.