Unit 28: Launching a New Venture - Report on Exvio's New Venture Plan

This report details the launch of a new venture, specifically focusing on Exvio, a UK-based technical information solutions company introducing a new tracking system called Cifi. The report covers various aspects of the new venture, starting with market analysis using the STP approach and Porter's Five Forces model, followed by a SWOT analysis and contingency planning. It identifies both tangible and intangible resources required for the venture, including capital, equipment, skills, and intellectual property. The report also presents a business proposal, including an executive summary, mission statement, product description, and marketing plan. Furthermore, it outlines promotional and advertising strategies, along with a pre-launch cash budget and a discussion of the legal form of the venture. The conclusion summarizes key findings, and the report includes a list of references.

Unit 28 launching a
new venture

Table of Contents
TASK 1 ................................................................................................................................................3
P1 Discuss new enterprise to examine target markets & undertaking competitive analysis ...3
P3 Produce a proposal to start a new venture............................................................................7
TASK 2.................................................................................................................................................8
P4 Analyse skills & knowledge required to start a new venture and how they can be adopted in
the chosen organisation...............................................................................................................8
TASK 3 ................................................................................................................................................9
P5 Explain promotional/advertising tool for marketing business activities in relevance with
chosen organisation.....................................................................................................................9
P6 Prepare marketing/advertising plan of new product and pre-launch ..................................10
TASK 4...............................................................................................................................................11
P7 Present a cash budget for pre- launch of business..............................................................11
P8 Explain and suggest legal form of the venture with reason.................................................12
CONCLUSION..................................................................................................................................14
REFERENCES...................................................................................................................................15
Books & Journal:......................................................................................................................15

INTRODUCTION
Starting a new venture refers to introducing of new product or business in market.
Entrepreneur is the one who launches new venture in business with motive of change and earning
more profit (Jin, 2016). Developing a new firm is not an simple task & which needs deep level of
knowledge, market research and resources. Exvio, a technical info solution based company
headquartered in UK. They are introducing a way of service solution firm who provide solutions of
a problems to multinational corporations. This report includes new venture identifying target
market, tangible as well as intangible resources, proposal for new launch, skills & capabilities
required, promotional activity plan for launch & pre-launch, cash budget for pre-launch and legal
form of venture.
TASK 1
P1 Discuss new enterprise to examine target markets & undertaking competitive analysis
In market sector, when launching a new venture it is essential to identify specific market so
that all business functions will run in most efficient way. This also help in using of resources,
manpower, etc. accordingly to the market demand and requirements. In context with undertaken
firm, they target market through applying and using STP approach of marketing. It is stated as
Segmentation, Targeting, Positioning. Exvio, is developing their new product named as Cifi, which
is tacking system that will help in verifying all details of clients whether they are real or fake. It
will took time to launch product as it has to go through many phases of marketing. It is duty of
manager to make ensure that process is being carried out effectively.
Characteristics of product
 It is reliable sources of system which act as preventive tool for organisation.
 High rate of GPS and reliable data are being used.
 It is not easy to use it by third party in unauthorized way.
 Policies as well as guidelines are being specifically given over the tracking system.
 Additional changes and update can be done at time when required.
Moreover, the selected firm uses STP approach to target the specific market for business &
is further discussed below-
STP Approach
It is marketing process which is used by organisation with motive to access and identify
market for entity which can produce higher profit for product (Caber, 2017). This method is time
consuming process but is but is adopted with appropriate considerations.
Segmentation- It is defined as dividing of market on basis of various variables such as
demographic, psycho graphic, etc. In relevance with chosen entity, they focuses on geographic

variable as their clients will be from different locations. Through this, decision making &
manpower is used accordingly.
Targeting- In this, market is being targeted which can deliver profit and sales at higher
level. There are many other factors on the basis of it is done which are size, scope, etc. In reference
with selected entity, they carry out their activities after examining such components. It is done with
appropriate market research so that errors do not occur in future.
Positioning- This is last element of STP in which a value is given to product or brand at
marketplace and comparing with competitors. It is crucial to position the brand so that customers
get influenced easily (Kamasak, 2017).
Porter Five force model-
It is strategic model which is used by entity to analyse the competitive forces which can
affects the business. It comprises of several forces which are discussed below-
 Threat of new entry- It is force which depicts that entry of new entities can impact upon
market of existing business. In relation with Exvio, as they are developing new product CIFI
which is tracing device, threat in this industry is high because of advance use of technology
by many firms.
 Industry rivalry- IT is another force in which level of competency is focused. The industry
rivalry impact the business of Exvio. As they have many competitors like Idemia, Google
who deals in same technology with more effective methods.
 Power of suppliers- In this, bargaining power of supplier is relatively high because of
increasing competition of technology vendors. They often demands high prices for sources
and raw materials.
 Power of buyers- Bargaining power of buyer is low because of number of buyers in
industry. In relevance with chosen firm, as their product is unique they can charge high
prices for product from buyers.
 Threat of substitutes- It is another force in which customers shift from one brand to
another. IN this, chances of substitute of product is high due to fast changing time period of
technological field.
SWOT Analysis
It is tool used by organisation to examine the competitor analysis in which internal
environment is identified. In Exvio, they use this tool with motive of analysing there inner strength
& weakness at wider level.
STRENGTH
 Main strength of Exvio is that it
WEAKNESS
 Due to high level of competition &

provides authentic information of
clients.
 The tracking system comes up
regular updates and new features.
legislations of government in different
countries it is difficult to target
international clients (Asamoah, 2020)
(Islam, 2020).
OPPORTUNITY
 With increase demand of service, it can
develop more new additional products
which can be useful for other purposes.
THREAT
 There are many other technical info
solutions companies such as Accenture,
SAP etc. who works in same field and
they can affects Exvio position within the
market.
So, the above paragraph depicts that competitors analysis is done via using SWOT Analysis
and STP which help business to short as well as long term goals.
Contingency planning
It is defined as process of planning which is used by enterprise to reduce degree of risk.
These are often regulated or implemented by governments or businesses. With help of this planning,
it is easy to access and identify risks. So, a contingency plan is developed below-
Plan
Risk level-
High or Low
Trigger points First hour
steps
First day steps First week
steps
End plan
trigger
What is risk of
idea?
Reason for
initiating idea
What is being
done at first
hour of
scenario
What is done
after scenario
occurs
What is done
in first week ?
What is going
to trigger end
of plan
CIFI tracking
system can be
hacked from
competitors
Main reason is
to use business
information
and services in
reliable
manner.
In first hour,
gathering of
information
was done so
that how
software and
At first steps,
proper planing
and allocation
of resources
was done.
In first week,
documentation
& projection
was done of
CIFI.
The
achievement of
result and
output will
going to trigger

HIGH Risk hardware can
be used is
analysed.
end of plan.
Cost expensive
High Risks
Main rationale
for used of
this idea was
to make
company
information
system secured
so to develop
this idea high
skilled
subordinates
are required
which is cost
expensive
In first hour,
recruitment
was done on
basis of job
requirements.
In this, HR
started listing
number of
employees
which will be
required.
In this week,
interview was
taken of
selected
candidates.
To fulfil the
vacancy on
time will
trigger end of
plan.
Feasible
analysis &
marketing
High Risk
Main reason is
to analyse the
project
durability and
its impact on
market.
In hour,
important tasks
were examined
- In week,
marketing
strategies were
developed to
promote
product.
To increase
goodwill in
market will
end planning.
P2 Identify tangible & intangible resources that is needed in new ventures
In organisation, resources plays vital without which it is not possible to achieve the final
results or output. Entrepreneur when start new venture require numerous amenities in business so
that all operation are executed in appropriate way. Resources are crucial in business because they
are responsible for growth and development of firm. Thus resource's required by Exvio are
explained below-
Tangible resources- These are defined as which can be touched, viewed and use. So,
basically there are several kinds of such resources which are mentioned as follows-
 Capital/funds- An entrepreneur cannot start their new business or venture without investing

money or using it. In relevance with Exvio, they have managed to raise funds for launch as
well as pre-launch. Also, audit team in company need to be aware about when money is
required or not.
 Warehouses/inventory- Further comes the warehouses in which it is used by organisations
fr storing necessary documents, tools, resources etc. It is needed so that all these can be
used at the time of emergency. In relation with chosen entity, they require this resources for
keeping their crucial files, equipment etc.
 It equipment- It is another tangible resource which is needed in which it includes PC,
networks, cameras etc.
Intangible resources-
 Skills- It is resources which is required by entity as because without use of skill it is not
possible to achieve goals & objectives.
Supporting costs-
These are those type of costs which occurred during process of production. For example-
during processing of CIFI certain costs were occurred such as quality assurance, procurement
departments & acquiring of technology resources.
Timescale-
To develop skills and knowledge of team and launch them properly 1 month was required.
Because, technology knowledge were needed to be used in correct way.
Intangible Resource- These are those which cannot be touched and are not available
physically and can only be feel or consumed (Singh, 2019).
 Image- It is to be considered as important because every organisation focus on their
goodwill. In reference with selected brand, they need to focus on this as it will assist hem in
accessing international market easily. It is often seen that most of customers attracted
towards goodwill of firm.
 Intellectual Property Right- These are also necessary because these defines products
related rules and regulations, rights, logo or design policies etc. Through use of this, it is
easier to protect product of illegal or unauthorized usage of third party (Jan, 2019).
Hence, the above explained resources shows that they are used by organisations at every aspects.

P3 Produce a proposal to start a new venture
When starting a new business, it is crucial to produce business proposal for new enterprise
so that everything is done in most efficient manner. Without proper use of planning, it is not
possible to achieve objectives within a period of time. Thus, it is necessary to produce or
implement a plan soi that mission, vision, are clearly defined.
Business proposal
EXVIO
Executive summary Exvio is an technical solution company which has number of
clients across the globe. The firm has launched a new product
known as Cifi which a tracking system of information of
clients. Entity has many competitors which are Accenture,
Deliotte etc. With rise in competition, they are developing
new software & hardware by help of experts.
Mission statement Enterprise main mission is to provide quality of service to their
clients and get recognised at global level.
Company Background Exvio is technical company started in March 2020 in UK.
Currently they are operating their services within and soon will
be reach at different locations. Main aim of starting business is
to help people who need solution for their problem. The
entity was started by two brothers Joseph and Banon (Liscio,
2016).
Product description &
marketing plan
With rise of theft of data, information, money laundering
Exvio came into existence & develop a product named as Cifi
which tracks all the real and fake credentials of
clients/customers. Their marketing plan is developed by
project manager who implement different tactics for
product/business.
Financial planning When developing a new business, it is crucial to aware about
financial planning so that funds are used at the time of
requirement. In market, there many kinds of financial
institutions such as banks, etc. which provides capital capital to
entrepreneurs. In context with selected entity, with assist of
their finance and audit team they are able to prepare a budget

for every process (Glenn, 2019).
Time planning It is necessary to analyse that everything is done systematically
and within given period of time. This is done by appropriate
time management and planning through which it is examined
that what task is to be finished on given deadline.
Pricing plan A price is defined as value of something. There various types
of pricing strategies which are psychological pricing, cost plus
etc. The selected entity uses penetration pricing strategy.
Competitor analysis In market, there many competitors and rivals of firm such as
IBM, Accenture etc. Thus, they analyse their competitors by
using PESTEL or Porter Five force analysis.
TASK 2
P4 Analyse skills & knowledge required to start a new venture and how they can be adopted in the
chosen organisation
An entrepreneur requires skills as well as knowledge which are important for achieving
mission and vision. In reference with Exvio, by focusing on required knowledge it is easy to deal
with important situations effectively. Therefore, these are mentioned below-
 Communication- It is considered to be as crucial skills because in business entrepreneur
meet many people for which communication is required. This is beneficial for both
personnel & corporation as it assists them to understand message properly (Solomon, 2017).
This skill will be acquired by communicating to strange people & communicating with
friends and family in proper manner.
 Decision making- Then another one is decision making in which decisions have to made
by entrepreneur. Subordinates in Exvio are put into critical situations in which they have to
make decisions in positive way. This skill is required at every phase of business. This skill
will be acquired by accessing to difficult situations & taking part in brain storming or group
discussions.
 Innovative- Further comes the skills of innovation in which new ideas /thoughts are
generated for business. Thus, with this skill competition at market place can be faced

properly. Innovation is needed to present in business so that sustainability of firm increases
for longer interval. Further, it will be acquired by doing reading and exploring more new
information about a field.
 Leadership- It is also essential to have knowledge of leadership and different styles so that
work is done as mutual coordination and with appropriate understanding. In relation with
chosen corporation, leaders if venture are experienced who known when to use which style
of leadership (Pittman, 2019. This will be acquired by leading others and making dominant
decisions towards others. Also, by understanding each other point of view in enterprise will
also lead to acquisition of leadership skill.
 Bootstrapping- It most essential skill which is required because it is technical skill in which
programming language is used for website creation and user friendly products which is
helpful for business. This skill will be acquired by accessing to technological knowledge at
depth & increasing knowledge about programming languages.
 Responding to change in business- It is too crucial skill in because in this skill individual
has ability to deal with different situation in heterogeneous situations. With use of it, it is
easy to respond to new changes in businesses. It is also important skill which can be
acquired by changing mindset of business as individual, attending business seminars etc.
TASK 3
P5 Explain promotional/advertising tool for marketing business activities in relevance with chosen
organisation
To easily access to customers at larger scale, marketers use advertising and promotional
tools for brand recognisable & acquiring end users at wider scale. It depends upon organisation to
choose suitable tool for marketing product. These are also used as strategies which are used with
deep market research. Promotion refers to way of communication through which customers
decisions are being influenced. Where as advertising is defined as way of promoting product or
service which is paid. In relevance selected entity, they too use various methods which are
discussed as follows-
Types of promotion tools-
Digital marketing-
It is tool which is mostly used marketers with motive of promoting their business or product
via online platforms . In context with selected organisation, they use this tool so that hey are able to
track clients at wider scale and access international market (Valentino, 2016).

Benefits-
 Cost effective- This tool is cost effective because everything is done online which depicts
that no physical place is required.
 Tracks customers feedbacks- Through use of this method, firm is able to examine as well
as analyse the end users feedbacks and their requirements what they actually prefer.
Drawbacks-
 Aggressively used- This marketing tool is sometimes used in aggressive way, which shows
that it can affects consumers decision in negative form.
 Require knowledge in field- To use this method in efficient manner, it is needed to have
knowledge about digital marketing.
Evaluation- It is evaluated that above technique used in idea & product was most effective
which was used at larger context. Moreover, it is examined that digital market assists in accessing
end users globally.
Sales promotion
This is another way of promotion which is being used for achieving short term goals &
objectives. Exvio, use them such as offering discounts to first 50 customers, additional discounts
etc. (Cowan, 2019).
Advantages-
 Attract end users- This ways of promotion is beneficial as it assist entity in attracting more
end users for product.
 Easy to use- It is easier to use this method as compared to others & can be adopted by
anyone.
Limitations-
 Long-term effect- It is easy to implement but it affects consumers decisions slowly.
 CRM is essential- In this, it is crucial to manage and maintain CRM, because present of
poor CRM cannot produce effective result.
Product sample-
 It is also to be considered as beneficial tool for promotion because in this sample are being
provided to customers & employees so that feedbacks are gained & people are aware about
company.

Advantages
 Customers get attracted towards brand name easily which is beneficial for future growth &
development.
Disadvantages
 It is slow pro cess of promoting product because it took time to gain feedbacks.
Evaluation-
It is evaluated that it is time consuming and low benefit because of high in competition in
market. So, when using this appropriate research is to be conducted for achieving objectives.
P6 Prepare marketing/advertising plan of new product and pre-launch
Marketing plan is necessary through which business functions are carried out appropriately.
It helps corporation to create awareness of brand so that in effective manner. In context with chosen
firm, they use 7 P'S of marketing which is discussed below-
Marketing plan/ Promotional activity plan
Choosing name- The first step is to decide a name for brand or product. Because without a
name it is not possible to carry out further process. For example- Exvio has been chosen as a name
for brand.
Registration process- Then further, step is to get register the brand name under
government rules & regulations so that domain is being registered. It is important process because
it helps in carrying out business with legal procedures. For example- trademark registration is
required to be done berfore launching a brand nor product.
Platform selection - In this step, platform selection is being chosen whether brand market
product in online or offline platforms. For example- Exvio is both user friendly & has will have its
stores physically as well.
Virtual creation with e-commerce websites- With this digital era, it is also important to
be aware about to sel products at larger scale, This will be done via engaging with e-commerce
websites like Amazon, Alibaba etc. for making easy of virtual shopping to customers.
Promotional techniques-
 Social advertising- This is most effective promotional technique as in which promotion is
done via Facebook, Twitter, etc. Because it make easy to access customers & gain insight of
their data.