Qbic Hotel: Report on Launching a New Venture and Promotional Strategy

This report provides a comprehensive analysis of launching a new venture for the Qbic Hotel. It begins with an introduction that outlines the importance of creative functions in small businesses and sets the stage for the report's objectives, including identifying the target market and conducting a competitive analysis for Qbic Hotel. The report then delves into the tangible and intangible resources necessary for launching the new venture, followed by a detailed proposal that covers the feasibility of products and services, market requirements, return on investment, and management functions. It identifies the skills and capabilities required for a successful launch, focusing on project management and accountancy. The report also examines different types of promotional activities and channels, culminating in a promotional launching plan. Finally, the report includes a cash budget and discusses the appropriate legal form for the new venture, concluding with a summary of key findings and recommendations.

Launching a new venture

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain new venture for the chosen organisation identifying specific target market and
attain competitive analysis..........................................................................................................1
P2 Determine specific tangible and intangible resources that replied for launch new venture. .3
TASK 2............................................................................................................................................3
P3 Proposal to launch in the chosen business.............................................................................3
P4 Skills and Capabilities required to launch a new venture .....................................................5
P5 Different types of promotional activities and channels .......................................................6
P6 Promotional launching plan ..................................................................................................7
TASK 4............................................................................................................................................8
P7 Cash Budget for Qbit new venture.........................................................................................8
P8 Legal form for the new venture.............................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In respect to deal with the innovative functions, small business considered several
operations and functions. With the help of the creative functions and outcomes massive
undertaking activities involves attaining results with knowledge to build. Professional activities
make business plan that help to get vision that really ensure success. Successful results also done
to make results to attain desired results (Kristinsson, Candi and Sæmundsson, 2016). In order to
focus on the present report, it covers new venture for develop Qbic hotel to identify target market
and undertake competitive analysis. Furthermore, it explains specific tangible and intangible
resources that are required to launch new products. In addition to this, identify skills and
capabilities that needed to launch new venture in the business. At last, it provides promotional
activities plan to launch and pre-launch for the new venture.
TASK 1
P1 Explain new venture for the chosen organisation identifying specific target market and attain
competitive analysis
In respect to implement the effective functions and operations new venture need to
concentrate on their different kinds of strategy which helps to attain competitive advantages. In
addition to this, in the Qbic hotel, it is important to concentrate on the following elements to
make effective results:
Positioning in better manner than prospecting: In respect to make desire results and
outcomes, it is important for Qbic hotel to focus on the competitive arrangements. In this regard,
they need to focus to make their better position. This is because, it will help to make results to
attain competitive results. Further, the company can also set their activities as per their
development of business outcomes (Deligianni, Voudouris and Lioukas, 2017). In this way, the
chosen firm need to add unique and innovative functions so that effectiveness could be
increasing in successful results. With the help of the better manner prospecting, new venture
could be launch easily. In addition to this, new features such as luxury accommodations and
outcomes will be implemented that are needed to perform several activities.
Implement certain movements: Qbic hotel is small enterprise so that they need to add
more features and activities through they will able to attain desired results. In addition to this,
certain aspects need to implement that consider as movements to make effectiveness (Deligianni,
Voudouris and Lioukas, 2017). In this regard, activities that not give proper results such as
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employees behaviour, their knowledge, etc. In respect to make effective functioning, it is
important to provide proper training to each candidate so that results will be develop easily. In
addition to this, the enterprise will also able to consider their targets and segment more to attain
desired activities at workplace (Deligianni, Voudouris and Lioukas, 2017). It will help to create
more systematic work performances to make more systematic activities at business environment.
In this way, the chosen enterprise able to compete with big enterprises easily and attain
competitive advantages as well.
Stand on shoulders of giants: In respect to develop effective results, it is important to
Qbic hotel to look towards the giants. It will help to select extraordinary power people in the
business. Further, it also assists to provide proper responsibility and targets to each person at
workplace (Frid, Wyman and Coffey, 2016). Therefore, desired results and objectives will be
attain in systematic manner. In addition to this, on the basis of employee performance the cite
firm will able to deal with their functions and operations. On the basis of targets and goals,
activities design that helps to meet with other advantages that consist through employees
performances. In order to look towards the performance objectives and goals, it can be stated that
chosen business easily make targets and goals at workplace (Deligianni, Voudouris and Lioukas,
2017).
Popular developer: Along with this another important element consider which is popular
developer at workplace. It will help to make sure that effectiveness in the business environment
develop for attain more targets and goals. With the help of the innovation and profitability
functions, activities design that helps to make targets and goals. In Qbic, developer is a person
who lead the whole business and ascertain systematic work performance. Therefore, it will help
to make advantages to consider more systematic program in business. In addition to this, it helps
to make innovations and creativity at workplace (Kristinsson, Candi and Sæmundsson, 2016).
Create raving fans and advocates: Moreover, in the chosen business, new venture
establish with create raving fans and advocates. It will assist to make sure that desired results
will be gain to make sure that targets and performance will be develop in systematic manner. In
addition to this, more systematic work performance consider establish new operations and
functions in the business environment (Albort-Morant and Oghazi, 2016). Establishment of the
systematic work performance assists to make new activities that helps to focus on the new
venture of Qbic hotel.
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Target market: In order to determines new venture, Qbic hotel need to focus on target
market that assists to meet with desired results and outcomes. On the basis of demographic
elements, business need to consider their operations and functions. In this way, age, income, etc.
elements consider on which the selected firm need to focus and target them separately.
Competitive analysis: Furthermore, competitive analysis consider important role to attain
more successful results. In this way, Qbic hotel need to concentrate on those perspective that
help to maintain effectiveness and increases their creativity as well.
P2 Determine specific tangible and intangible resources that replied for launch new venture
Tangible and intangible both kinds of assets helps to make systematic work performances
at workplace (Frid, Wyman and Coffey, 2016). With the consideration of the extra resources, the
company can launch their new venture to make systematic work performance. Qbic hotel
requires following tangible and intangible resources:
Tangible resources: Tangible resources considered for developing effective results at
workplace. In this regard, functioning helps to make economic benefits at workplace to ascertain
proper results (Covin, Garrett and Shepherd, 2015). For example, in Qbic hotel physical
consideration needed such as land, vehicle, etc. It makes valuable outcomes through assess cost
as well. Main aim is to implement these tools to collaborate assets and improve cash as well.
With the help of these resources, manager of Qbic hotel able to attain their goals and objectives
easily. Furthermore, it considered these resources to make several benefits in the company in
successful manner. Land and vehicle are most important sources which assists to grow business
performances in the company.
Intangible resources: Intangible resources make effective functioning to create several
benefits at workplace. In this way, systematic work performance consider create future program
in Qbic hotel. In addition to this, it helps to maintain security in the enterprise through
developing brand name, patent, etc. (Aldrich and Yang, 2014). Apart from tangible resources,
manager need to consider these tools to maintain security and effectiveness at workplace. This is
because, it considers important role to make more growth and outcomes. On the basis of
intangible resources, it can be stated that effectiveness will be gain in successful way.
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TASK 2
P3 Proposal to launch in the chosen business
This element helps to make systematic work performance in the business to focus on the
creativity and effectiveness as well. In this regard, Qbic hotel need to concentrate on the
following elements that assists to make systematic work performance in the business: Products and services feasible: The Qbic hotel provide services related to hospitality
sector, the main product of the hotel is their accommodation services to the customers. In
the hotel, investment consider through the organisation can identify feasibility of
products and services. It is the best way to attain overall growth and profitability at
workplace. Firm also consider the plan to build and implement technological advance
(Kristinsson, Candi and Sæmundsson, 2016). Market requirement of the goods of Qbic hotel: In addition to this, the hotel also need to
make their concentration on the assessment of market demand of hospitality industry.
This is because, there are several other competitors in the market who provides similar
services to the customers so that it is important to look towards the increasing
productivity for develop effective results (Read, Sarasvathy and Wiltbank, 2016). Feasibility of products and services: In order to run successful business operations, the
Qbic hotel needs to develop their effectiveness in the business environment. The hotel
can provide more comfortable rooms, hospitality services etc to attract more customers. It
is the best way to generate more revenue and profits with products and services
(Deligianni, Voudouris and Lioukas, 2017). In the new venture, Qbic hotel able to make
more profits and revenue to consist more targets and goals. Return on investment: New venture of the Qbic hotel also consist profitability which need
to deliver with return on investment. In this way, the organisation can develop proper
investment consideration to make effective functions and operations at workplace. It
helps to attain desired goals and objectives in the hotel industry. (Naldi, Achtenhagen and
Davidsson, 2015).
 Management of functions: Management play very important role to attain systematic
results in the Qbic hotel. This is because, with the help of the management activities, new
business able to generate more systematic targets and goals at workplace. Execution of
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the business activities helps to set overall profits and revenue at chosen business unit
(Frid, Wyman and Coffey, 2016).
P4 Skills and Capabilities required to launch a new venture
There are various types of skills needed for launching a new venture regardless the nature
of the business an entrepreneur is going to start. The skills and capabilities are very essential to
be successful in the day to day business activities performed in starting or running a business.
The skills and capabilities needed to start and run a new venture are described as below -
 Project Management – The capability to manage various types projects efficiently in any
size of the hotel Generally speaking, this consists identifying a specific objective or goal
and to manage the resources in such as way that these goals can be achieved as per
schedule (Ensign and et.al, 2016). In order to develop project management skills an
individual needs to be effective building strategies and measuring the improvement
within as project periodically. Projects in a business comes in various sizes, such as
launching the business which includes developing and launching an online portal or
website for the Qbic hotel, testing the services before launch of the business,
development of efficient customer services etc. Each and every kind of project need
effective management of various resources such as money, time and employees in order
to achieve the organizational goals as desired.
 Accountancy or Book keeping – The management of figures or data is very essential for
`every type of businesses, accounting to refer to recording and analyzing the financial
aspects or transaction within the Qbic hotel as well. This is used in order to calculate the
annual financial performance of position of a business or organization. In order to
calculate the revenue, expense or loss of the firm the entrepreneur needs to have
knowledge of book keeping or accounts. These skills can be developed by academic
learning and practising. Book keeping is very useful to provide relevant information or
data related to each and every transaction, inflow or outflow of cash. This records help in
calculating the financial position and making appropriate strategies to improve or
enhance the performance of the business(Germak and et.al, 2014)
 Leadership – The leadership is a major skill for an employer or entrepreneur, It is very
important to be a good leader in order to manage, control and direct a team of employees
to a right direction for achieving organisation goals for which they are working together
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in the hotel. Leadership is an important skill needed in launching a new venture to ensure
the effective functionality and successful operation within the hotel. This skill is
developed by conducting speeches, meetings, talking to employees etc. Leading a team is
not an easy task, it needs knowledge and experience with regards to manage, control and
direct employees working in a team with a specific goal or objective.
 Communication – Launching a new venture or hotel needs an effective team of
individuals, and this team of employees requires certain guidelines in order to complete a
task or operation. The employer needs to communicate or interact with his staff as well as
customers with various methods such as emails, mails, meetings, events etc. Poor
communication skills can negatively effect the production level of the firm. This skill can
be developed by paying attention to people's reaction and utilizing effective technology in
communication. Effective communication skills assist in interacting with the employees,
understanding and directing them in a right direction as well as
P5 Different types of promotional activities and channels
In order to promote a new venture the Qbic hotel can use various types of marketing
techniques or channels. The promotional activities help in building a brand image or value in the
market as well as spread awareness among the people related to the new venture or organisation.
The various types of promotional activities and channels are described as below -
 Display advertising – The Advertising is a most common and effective kind of promotion
used by every business or organization while launching and running a business. The
advertisement can be texts, images, audio or video which can easily attract customers
within a marketplace. Advertisement includes banners, posters, television ads etc. These
promotional activities supports Qbic hotel in attracting people to try the products or
services offered by a new venture. Advertisement also helps in attracting sponsors or
investors to take interest in a newly started business(Mei and et.al, 2017).
 Social media marketing – The Qbic hotel can also use social media marketing for
promoting their new venture. The another most influencing promotional channel are
social media platforms, new ventures or organisation utilize various social media
platforms such as Facebook, LinkedIn, twitter etc to attract customers. A newly launched
firm can promote their products or services by developing a social media account and
connecting to people directly (Huang, Henfridsson and Newell, 2017). Organizations can
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create online competition or provide discounts and coupons to selected people in order to
promote their business. The social media channel is very useful and effective as it assists
an organisation to promote products or services to a huge audience in minimum time.
 Offers and discounts – This is a simple and significant method which can be used in
promotion of a firm, its products and services. The Qbic hotel can offer discounts to new
as well as existing customers to increase their sales in the market. The organizations offer
discounts to their customers in festivals, various seasons etc. Offers and discounts are the
most effective promotions which can be used by a firm to increase their sales and
profitability in a market.
 Email marketing – Promotional through emails is also an effective technique used by
organization to promote their businesses and products in the market. The Qbic hotel's
marketing team develop a list of potential and existing customers in the market and send
promotional emails regarding new products, prices, offers etc. It also helps a business to
ensure effective reach to the customers in then market which can lead to increased
profitability of the hotel.
P6 Promotional launching plan
Pre-launch Plan – It is not possible to predict how exactly a new product or venture will
perform, even experienced and big firms have both success and failures. Before launching or
releasing a firm or product it is impossible to perform a little study such as -
1. Evaluating the preparation of the new venture of the hotel before launching it.
2. Company can support sudden, fast overnight growth or development?
3. The company will need to meet the increasing demand if it gets successful.
4. Do the firm has effective supply lines, staff and processes in place for handling the
enhanced customer attention(McGee and et.al, 2017).
 Evaluating the product – It is important to evaluate the products and services of the new
business before its launch in order to ensure that it is worth launching in a particular
market. It is important to make sure that the products or services are properly tested, does
it deliver satisfying results etc.
 Evaluating market – The another step is to analyze or evaluate market in order to identify
whether it is suitable for the new venture, it is also essential for the Qbic hotel to identify
whether the market has a place for its products or not.
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Plan for launch – Planning for launch is also a most important activity for a new venture or
entrepreneur, panning for a launch includes the following activities -
1. Research the competition – It is very essential for the hotel to analyse or research the
market competition, it is important to identify what are the products or services offered
by the competitors to the people. This can help in developing most beneficial strategies.
2. Identifying the target market – The next activity is to identify the potential market to
which can be targeted to achieve maximum sale and profit. It may assist a new firm to
select beneficial market for launching its business or products.
3. Developing marketing strategy – A well planned marketing campaign is very important
for an organization at the time of launch, the Qbic hotel needs to develop appropriate
marketing strategy to spread awareness in the market. The hotel can use various channels
or marketing such as Television, radio, social media etc in their marketing activities or
plans (Huang, Henfridsson and Newell, 2017).
Executing the launch – During this stage everything is lined up, now the organisation needs to
be launched. The execution of the launch also consist various important activities as mentioned
below -
1. Start promoting early – The promotion of the venture should be started before the actual
launching date, such as mouth to mouth advertising can be used to make people aware of
the new business or organization(Baručić and et.al, 2016).
2. Pre-launching trials – The organisation can offer their products to key people such as
bloggers, editors etc who are followed buy a large audience. This helps in building
excitement in a market and among the people with regards to the products or services
(Frid, Wyman and Coffey, 2016).
3. Providing product information leaks – This refers to creating a sense of drama by leaking
some information about the products in the market which also help in creating excitement
and interest.
Promotional activities which can be used by Qbic hotel -
1. Becoming the Town Hub - One of the things that can assist a Qbic hotel stay profitable is
a healthy relation with other businesses in the area. A promotion that could be run with
the other businesses may be special, where hotel guests are offered a variety of special
coupons to local restaurants and nightclubs for discount admission, food, and drink rates
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2. Offer Discounts to Air Travellers - If Qbic hotel is close to the local airport, then you
may be able to use that to put together an attractive package for conventions and holiday
travellers.
3. Offer Free Amenities - Travellers are always looking to get the best deal possible and one
of the promotional strategies that hotels have been using with great success are free
amenities.
TASK 4
P7 Cash Budget for Qbit new venture
In order to attain desire results, in the Qbic it is important to look towards the operations
and functions of new business, cash budget requires. This is because, in this way activities
develop and perform through different tasks at workplace. Hence, proper functioning is needed
to develop creativity at workplace. In the chosen business more cash requires increase creativity
and consistency as well. Budget program also implement with consider ratio and financial
system. Maximise payment of the enterprise also helps to concentrate on the revenue generation
to take advantages of the effectiveness. Cash budget can be consider in the following manner:
Cash budget in Qbic hotel
Total existing amount £750.00
+ Estimated sales £250.00
+ Collection of account receivables £320.00
+ Bank loan £220.00
+ Purchases £520.00
+ Current analysis £440.00
£1,320.00
- Account payable £150.00
- Cash expenses £800.00
- Debenture interest £540.00
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- rent £200.00
- Direct wages £440.00
- Contract payment £150.00
- Dividend £50.00
£1,150.00
Total required cash £170.00
In respect to look towards the effective work performance, it is important to focus on the
financial statement analysis. It assists to make sure that Qbic hotel able to generate more income
and turn their operations in systematic aspect. Therefore, inventory system assists to work and
impact positively on the other functions of the business. It also assists to look towards the
potential outcomes that helps to concentrate on the minimum cash balance requirement (Caselli
and Negri, 2018). It assists to make proper focus on the estimated cash that positive results will
be attain in successful manner. With the help of the proper future cash, which assist to look
towards the innovations.
P8 Legal form for the new venture
In order to look towards the business development, it is important to make sure that
system also develop to make sure that effectiveness in the enterprise. It also assists to make
creative results and to attain more results. In the selected business legal form also beneficial to
make systematic results. With this regard, there is partnership legal form that is beneficial to
make desired profits at business environment. There are mainly two owners take part to consider
more systematic results. All people share their roles and responsibility, to attain general return. It
is also looks to consider more desired results (Deligianni, Voudouris and Lioukas, 2017). With
the help of the partnership, general partners also possess their unlimited liability with the passive
investors those not participates.
In addition to this, it is also useful to look towards the main aspects of the enterprise
consideration that assists to include debts and liabilities at workplace. With the help of sharing
profits and revenue among two partners, the chosen business will able to make sure effective
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functioning at workplace. With the help of sharing roles and responsibilities, effective outcomes
at workplace. Furthermore, unlimited liability of the partners considered positive impact to make
sure that targets and goals of Qbic hotel attain in systematic manner. Speaking with different
partners assists to create more investment in the business so that effectiveness in the environment
also develop successfully (Huang, Henfridsson and Newell, 2017). There are different actions
also taken on the basis of effective functioning. It also makes proper concentration to manage
professional practices. In order to consider new venture, there are different things consider
attaining more relevant results. In this regard, following are such ventures in which legal form
needed:
 Sole traders: In order to consider legal form for sole trader, it is essential to small
business to consider such important consideration. In this regard, business license,
business name, payment, etc. need to develop to make successful results.
 Partnership: In order to consider business in partnership, it is essential for Qbic hotel to
focus on partners names, their abilities, liabilities, amount of shared, goodwill, etc. All
these useful elements consider to focus on management performances and remain legally
liable in the environment.
 Company: In this aspect, it is important for company to consider limited liability with
corporation. As results, business able to choose and operate as cooperatives. On the basis
of these considerations, it can be stated that Qbic hotel able to maintain their profitability
in new ventures.
CONCLUSION
From the above report, it can be summarised that new venture consider successful results
and outcomes to make systematic work performance at workplace. In this way, Qbic hotel
concentrate to make sure that effectiveness will be develop to make proper functioning and attain
desired results at workplace. It also concentrates on the innovations and unique characteristic that
assists to make systematic work results and ongoing performance. Furthermore, it concluded
about the different strategies that helps to make systematic work performance in the business
environment. Thus, targets and goals in the enterprise consider in systematic manner. The chosen
organisation also develop their creativity in the business environment.
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