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Launching a New Venture

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Introduction

In current time an individual wants to launch their own business in any industry for that they do research and analysis of market and identify suitable sector in which their business survive for a long time(Scarborough2016). By this a person also feel independent, confident and also generate employment for others. A person launch their new venture at any place either in domestic market or international market, their main purpose of establish new enterprise is to satisfy and fulfil needs and wants of customers of their focus sector. New venture launch for this assignment is Coffee Cafe Town which is going to launch in market of London. In this report mentioned topics are analysis of target market, competitive analysis and chosen resources of respective cafe. Along-with this, it also explain skills and capabilities which are required of work in respective cafe and how it can be develop, it also contain explanation and justification of promotional activities and budget of Coffee Cafe Town.

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TASK 1

P1 Explain new venture and identify specific target markets and undertake competitive analysis

Coffee Cafe Town is a new venture for the food and beverage industry which is going to launch in London, United Kingdom(Nagyet.al., 2012). It offer quality and variety of products such as gourmet coffee,flavoured coffee, iced coffees,healthy and fresh baked breakfast, Italian and continental dishes, espresso, hot chocolates and many more. Their are many services which attractive customers towards Coffee Cafe Town such as they establish little library for book lovers in that they kept multiple type of novels, they open play area of indoor games for children and adults both etc. Along with this Coffee Cafe Town also plan to organize some programmes related to singing, poetry and so on.

Beside of this business associate of respective cafe conduct evaluation and examination of market at which they plan to launch their cafe, in this they identify their potential and desire customers. After deciding potential customers managers of Coffee Cafe Town plan and develop strategies to attract them in effective and efficient manner, for this they design their promotional and advertising strategies according to cover their target audiences. Their are some powerful components and elements which are evaluate and determine by respective cafe so that they accomplish or achieve their objectives and targets in best way, these are explain below:-

Identify particular target market:- Target market refers to identifying group of customers from focus market where company is going to offer its products(Kariv2013). In other word target market is a set of total focus market for offering products and services. Identifying target market help an organisation to identify group of customers who display same features such as age, location, gender, income, taste and preference, lifestyle etc. The Coffee Cafe Town do analysis of target market and able to identify their target audiences. Target market of respective cafe are male and female coffee and books lover, middle and high income group peoples, children and up to 45 age group peoples, peoples who love to spend time in cafes and read books. The respective cafe also focus to business class peoples who want to conduct their meetings or discussion in cafe.

Analysis of competitors:- Competitive analysis is critical portions of making plans for business. In this a company can identify its competitors and evaluate their strategies and plans to identify its strength and weaknesses which is related to products and services offer by them. Through this analysis both companies compare their strength and weakness and identify their opportunities and threats, then plan strategies accordingly to be successful in target market. The Coffee Cafe Town conduct competitive analysis through which they able to understand their customers and identify competitors strengths and weaknesses. By help of this, respective cafe able to design and develop appropriate strategies which help them to sustain and run their business in selected market in effective and efficient manner.

P2 Tangible and intangible resources which required by chosen company for launching new venture

There are various things which is essential for establishing and running a business some of them are intangible which customers and providers can only feel whereas some are tangibles which can be seen by customers or consumers(Chrismanet.al., 2012). But a company has to maintain and develop both the resource because both of them is equally essential and important to attract and retain customers. So it is responsibilities of management to do regular analysis and research so that they update and innovate their resources on continuous basis which attract more audiences or customers. Along-with this when a person want to launch a new venture it is essential for them to identify resources that they required to run a business in effective and efficient manner. So the managements of Coffee Cafe Town do analysis of tangible and intangible resources which are required to develop and run their business in effective manner, which description is given below:-

Tangible resources:- Tangible assets or resources are those which are present in physical form and it include both current assets such as inventory, patents, copyrights etc. and fixed assets like machinery, land, buildings, chairs, table and many more(HmieleskiandLerner2013). Tangible resource help an organisation to establish and it can be showcase in front of others. For Coffee Cafe Town tangibles resources help them to attract and convince their customers to spend money on their products and services. Tangible resources or assets of respective cafe are land, building, staff, coffee makers, high quality espresso machines, coffee grinders, books, different game, refrigeration system, chairs, tables, luxury sofa, mugs, ovens, toasters, other elements use in cooking, security systems and many more. All these tangible assets help Coffee Cafe Town to cook and prepare their products in effective and appropriate manners which attract customers. If the ambiance of respective cafe is attractive and it decoration is eyes catching it will attract more customers.

Intangible resources:- Intangibles resources are those assets which are not exist physical form, it include resources like trademark, patents rights, copyrights, franchise rights, leasehold interests, goodwills, pleasant environment and atmosphere, services offer by companies, quality of products which they offer and many others(Burns2017). As it can be know by the term intangible that it cannot be touch by a person or customers, it can only be see or feel by an individual. It also help companies to attract their in effective manner customers such as by providing services, best quality products, creating brand awareness, maintain effective environment and so on. The intangible resources or assets of Coffee Cafe Town such as their pleasant surrounding, effective services, better quality products, innovation in products etc. help them to catch attention of customers and convince them to spend money on their services.

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Both tangible and intangible assets help Coffee Cafe Town to crate and maintain positive image of their brand and name in front of their target customers through which they achieve their goal and objective in appropriate manner.

TASK 2

P3 Produce a credible proposal to launch a new venture in chosen organisation

When a person decide to start a business he/ she must have to conduct a appropriate analysis and evaluation of market so that they can analysis their target audience and market, then plan their products and services in appropriate and effective manner. If a company conduct research in effective manner then it outcome will be positive and they various opportunities to attract more new clients and investors. It is essential for Coffee Cafe Town to conduct analysis and evaluation of market before they inter into it which help them in achieving goal and objective in effective and efficient manner(CurleyandFormica2013). To do analysis the respective cafe develop and design proposal to launch their new venture, which is mentioned below:-

Executive Summary

Coffee Cafe Town is going to establish in London, United Kingdom, which offer variety and quality of products and services. Covered topics in this report are analysis and evaluation of target market, competitive analysis and chosen resources of respective cafe. Along-with this, it also evaluate skills and capabilities which are required of work in respective cafe and how it can be develop, it also contain explanation and justification of promotional activities and budget of Coffee Cafe Town. The respective use market analysis through which they identify their target audience and market, then they develop strategies according to it so that they attract more customers. They also conduct marketing strategy that help them to evaluate and design marketing strategies for effective promotions and advertisements(ValdezandRichardson2013).

Company Description

Coffee Cafe Town is a new venture which is going to launch in London. It offer variety of products such as gourmet coffee,flavoured coffee, iced coffees,healthy breakfast, Italian and continental dishes, espresso, hot chocolates and many more. Their are also numerous services which attractive their customers like they establish little library for book lovers in that they kept multiple type of novels, they open play area of indoor games for children and adults both etc. Along with this they also plan to conduct events like poetry and singing programmes.

Market Analysis

Coffee Cafe Town conduct market analysis through which they able to identify their target audience and market and then plan strategies according to it which help them to enhance their profitability and number of customers. The respective company conduct SWOT analysis and PESTEL analysis to do market analysis in effective and appropriate ways(HantmanandGimmon2014). Through SWOT they able to analysis their inner strength and weaknesses and identify its opportunities in new market and threats from its competitors. By PESTEL they analysis and evaluate macro environments or external marketing environments of the respective company in effective and efficient manner.

Marketing Strategy

Coffee Cafe Town able to frame their overall business plan through conducting marketing strategy. They able to know about their all aspects from identifying clients and customers to conducting business and marketing in effective way. By developing marketing strategy the respective company able to design effective plans and strategies to attract customers, do promotions and advertisements and effectively achieving goal and objective.

P4 Evaluate the skills and capabilities required to launch a new venture and how a person can acquire or develop it

When a person plan to launch a new business they required various type of skills and capabilities to establish and run business in effective and efficient manner. Some of that essential skills and capabilities can be develop through class room teaching but some of them are by birth. So when the owner of Coffee Cafe Town wants to start their business he/ she required various essential skills and capabilities, some major skills and capabilities and how it can develop are describe below:-

Marketing Skills:- When a person launch a new venture they must required basic and core skills which is marketing so that they attract their target audience and market in effective and efficient manner(Faemset.al., 2012). It is essential for owner of Coffee Cafe Town to have marketing skills because through it all business ideas can formulate such as segmentation of market, targeting customers, positioning products and services, brand managements, evaluate consumer behaviour and so on. To develop marketing skills founder first do effective analysis of market and audience and then design plans, to develop it they can also attend classes related to marketing and digital marketing, take suggestions from marketing experts and many more.

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Public speaking skills:- If an individual want to succeed in business they should have public speaking skills, outgoing skills, positive attitude, interest in interaction with peoples and so on. It is essential for person who want to run new venture must have skills of speak in public and feel comfortable while speaking in front of group because they play major role in attracting audience and customers. So it is necessary for founder of Coffee Cafe Town to acquire public speaking quality so that they attract and convince their audience in effective and efficient manner. They can develop it by conducting certain practices such as connect more to audience, tell stories to persons, avoid sameness in interaction with peoples, make specific and simple messages, understand topic and then speak and so on.

Skills to identify strength and weaknesses:- As an owner of a business he/ she must have skills and capabilities to identify strength and weaknesses of its self and company so that according to it they can design strategies and plan in effective and efficient manner. In other word when owner of business able to identify its strength and weaknesses it will help them in taking decision in effective way which leads to profitability and growth of company(Barberoet.al., 2012). Owner of Coffee Cafe Town must have ability and capabilities of identifying and evaluating their strength and weakness in appropriate manner, which help them in conducting decision making process in effective and efficient manner which enhance cafe's profitability and growth. To develop respective strength founder can take suggestions from expertises and conduct researcher for identifying strength and weakness under proper and professional guidance.

TASK 3

P5 Different promotional activities and channels that will support launch of the venture and justify it

When a business owner plan to establish a new venture they must required to focus on selection of promotional activities and channel because it play major role in attracting and reaching to customers and audiences. There are endless options of promotional channels for owner of business but it is duty of owner to select right one for their business, so it will help in increasing numbers of audience and customers(BridgeandHegarty2013). There are numerous of channels and activities of promotions, some major of them are selected by Coffee Cafe Town which are describe below:-

Social Media Contests:- Now a day more then half of the population are on social media such as face-book, Instagram, twitter, snap-chat and many more. Social media marketing help a company in attracting and reaching more portion of audiences in effective manner. So business owner of Coffee Cafe Town use social media for the promotional activities which help them in reaching huge portions of audience and then attract them. It is cost effective and time effective promotional channel for respective cafe. Through social media Coffee Cafe Town can advertise anything and connect to their customers or audiences in effective manner.

Websites promotions:- Before purchasing a product customers visit to company website to analysis the profile of company. A effective website contain all necessary information regarding company's profile or information, products and services offer by them, company's address, number and customer care number, blogs and articles related to company and its products and many more. So the owner of Coffee Cafe Town develop and design effective company website which contain all necessary information about cafe, products and services. They must update and innovate their websites time to time such as update products which they launch recently, so that it will contain all updated information and catch eyes of customers when they visit the Coffee Cafe Town website and they desire to visit cafe.

Print material promotion:- When a person launch a new venture they can do its promotion through print media such as brochures, posters, fliers, giveaways, newspaper etc. It is little bit expensive medium and sometime it come up as waste of money(Mullins2017). So it is responsibility of owner to print small numbers of posters and use attractive image and content. Through print material company can reach to large number of populations and of every age group and income group. So founder of Coffee Cafe Town use select and effective print material which help them in increasing profit and growth and through it they will attract large sections of populations.

P6 Develop an appropriate promotional activities plan for both launch and pre launch of new venture

When an individual plan to launch their new venture they must have to plan strategies and process according to both situation that is pre launching time and launching time which help them to conduct and run their business in smooth and effective manner(Readet.al., 2016). In this plan an owner design strategies starting from market and product analysis to implement respective strategy. So the administration of Coffee Cafe Town design appropriate launch and pre launch plan which enhance their business profitability, which are describe below:-

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Pre-launch process:-

  • Market Analysis:- In this step an owner of a new venture do market analysis in which they identify the market and audiences according to the product and services offer by them. The market analysis is quantitative and qualitative research and evaluation of market. The administration of Coffee Cafe Town conduct market analysis by which they able to know their target audience and market and by it they plan strategies respectively that help them to enhance profitability and number of customers of respective cafe.
  • Product design and positioning:- After deciding the target audiences administration of a company design and develop products and services which they are going to offer to their customers or audiences. In this they also decide how they will do positioning of products so that it catch the eyes of customers and convince them to spend money on it. The owner of Coffee Cafe Town design plans and strategy for development of products in which they decide products and services which is going to offer to audiences such as variety of coffee, healthy breakfast, library, playing zone and many more. They also decide place to display their products and services which convince peoples.
  • Design promotional activities/ Brand development:- According to this step the administration of a company design plan and make strategy regarding to promotional activities and brand development. In this the owner of a company select appropriate promotional activity or channel from different media which directly help them to enhance their brand awareness and goodwill. The administration of Coffee Cafe Town select appropriate promotional media which help them to enhance their business and awarenesses. Through this respective company owner do brand promotion and create brand awareness in market and between audience by using several promotional media such as social media, print media etc.
  • Implementation:- After conducting all above step an individual implement their strategies and plans in effective manner. In this owner of Coffee Cafe Town implement their strategies regarding market analysis, promotions, product deciding and so on which they design regarding to achieve their goal and objectives in effective manner.

Launch process:-

  • Product analysis:- After conducting all pre launching process business owner do product analysis, in which they evaluate that their products and services are like by customers or audience or not. They also identify that their products and services satisfy and fulfil the need of their targeted audience. The administration of Coffee Cafe Town do product analysis to analysis that their products and services fulfil and satisfy need of their target audiences in effective manner.
  • Evaluate responses:- In this step respond of target audiences are being analysis and evaluate by venture so that they can plan and develop new strategy according to the requirements(Wells2013). The owner of Coffee Cafe Town conduct feedback analysis in which they evaluate the responds of audience and then design new innovative or update strategy according to the responds.
  • Conduct modification:- In this step after evaluating respond the administration of a company plan or develop strategies according to all modification and innovations which help a venture to full fill need and demand of their customers in effective manner(ColemanandKariv2014). The owner of Coffee Cafe Town modify their strategies and plans according to the feedback or respond of their customers or audiences.
  • Execution:- In this step the administration of Coffee Cafe Town implement strategies which they design or develop from responses and feedbacks of audiences. It help respective cafe to satisfy their customers needs and demands in effective and efficient manner.

Conclusion

Form the above mention it can be concluded that launching a new venture is not so easy or simple, an owner has to conduct market research and analysis through which they get to know about their target audiences and market. Their are various resources in the form of tangible and intangible which is essential for conducting or launching a business in effective and efficient manner. For launching a new venture owners required various skills and ability to run business in efficient manner, there is also need to develop effective business plan to attract customers. As the new venture also requires the various promotional and support activities. Because without the proper support a venture can't be launched. And for the successive promotional activities a plan must be prepared by the managers. Cash budget shows the liquidity position of the business which is essential for attracting more stakeholders. Without the stakeholder a venture have no existence.

References

  • Scarborough, N.M., 2016.Essentials of entrepreneurship and small business management. Pearson.
  • Nagy, B.G., et.al., 2012. The influence of entrepreneurs’ credentials and impression management behaviors on perceptions of new venture legitimacy.Entrepreneurship Theory and Practice.36(5). pp.941-965.
  • Kariv, D., 2013.Female entrepreneurship and the new venture creation: An international overview. Routledge.
  • Chrisman, J.J.,et.al., 2012. Counseling assistance, entrepreneurship education, and new venture performance.Journal of Entrepreneurship and Public Policy.1(1). pp.63-83.
  • Burns, P., 2017.New venture creation: A framework for entrepreneurial start-ups. Palgrave.
  • Hmieleski, K.M. and Lerner, D.A., 2013. The dark triad: Narcissism, psychopathy, and Machiavellianism as predictors of entrepreneurial entry (summary).Frontiers of Entrepreneurship Research,33(4), p.6.
  • Curley, M. and Formica, P., 2013. The experimental nature of new venture creation.Springer,10, pp.978-3.
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