In recent times, there are many companies that are who are tend to launch a new business in market area. Now a day's entrepreneurs are ready to face challenges and they are implementing their innovative and unique idea for establishing their new business (Launching a new venture, 2018). Eatable Planet wants to wants to launch there new business in United Kingdom. Report will focus on identifying specific targeted markets so that they can undertake competitive analysis. Other than this, they are determining specific tangible and intangible resources which is required in order establish a new business. Apart from this, credible proposal for establishing a new business is explained in this report. Along with this, skills and capabilities that are necessary for the same with the help of various promotional activities before planning for both launch and pre-launched process is mentioned in this assignment. Lastly, suggestion of appropriate legal form for selected venture is included in this report.
P1 Identifying specific target market and undertaking competitive analysis
Eatable Planet is a new business that wants to establish themselves in United Kingdom, so that they can give appropriate services and facilities to its end customers. Before launching their business company is concentrating on their interior as well as exterior designing so that they can grab attention of maximum number of people towards their company (Baron and Tang, 2011). They are providing them with various facilities like free Wi-Fi connection where businessmen can sit and do their activities. Youngsters can hangout with their friends and sped time together. Eatable Planet is located in Carnaby Street, London and they are famous for Eton Mess which is a delicious dessert and it is a fabulous mixture of cream, strawberries and crushed merangue. Therefore, its a classic British treat. Apart from this, they provide full English Breakfast, Lunch and Dinner as well. So, it can be said that its is a full family restaurant.
Henceforth, Eatable Planet is a unique restaurant in terms of its interior and exterior designing and it is pulling attention of maximum number of people. Further in their dishes they are doing experiments and serving this to their clients and they are loving them. Along with this, company is considering all the factors that are present in the market area like taste and choices of customers (Bijker and et. al., 2012). As a result it is helping them in increasing their sales and revenues whatever they have decided in speculated period of time. Some of the factors that are required for attaining goals and objectives are explained below:
Identifying specific target market:
Every company establish themselves for gaining maximum benefits, so they look out for area where they can launch their company for attaining the same. Further their market segment ion can be done on the basis of three factors that are explained below:
This mainly focus on market segmentation on the basis of gender, age, marital status, income level and many more. Thus, Eatable Planet is serving food items which is loved by all age group.
The area where company has established their business is a quite popular place in London. Busy roads is helping Eatable Planet in attracting lot of people towards their organisation.
This category helps company in dividing area on the basis of socio-economic class and income level. In this lifestyle of people are also considered. In context with company they are providing food items at a reasonable rates which can be afforded by customers of any status (Burns, 2017).
This helps an organisation in knowing the rival companies who have established the same business in same area. From the gathered information it has been evaluated that many restaurant have been opened in United Kingdom like The Led Bury, Liman restaurant and many more. So, it can be said that all these companies have a large customer base and they are helping them in generating a large number of revenues for the company.
P2 Specific tangible and intangible resources that is required for launching a new business
Eatable Planet is providing with the best food items to its clients from United Kingdom and travellers from different areas as well. For making their products they are using high quality of ingredients which are rich in essence and taste. These resources helps company in operating their business in an appropriate manner. Tangible resources basically includes, equipments,food that are served, funds, employees etc., whereas Intangible resources these are the services that are provided but cannot be seen for example: food item that is served to customers or guest. Eatable Planet is a multi cruise restaurant that provides with Chinese cuisine, Spanish, Thai, Continental etc., Further both the resources which company should look out for are explained below:
This includes materials that are in physical form and which can be seen and they play crucial role in providing better services to consumers (Caselli and Negri, 2018). This involves land, where the restaurant is established, employees, food items, raw material etc., Interior and exterior elements are also considered as it can have an help company in attracting a large number of customers towards them. Therefore, in context with Eatable Planet, they are giving its clients with high quality of food which is assisting them in satisfying the needs and demands of guest.
Although these are not present physically but they are as important as tangible resources and it includes culture, customer relation, trademark etc., therefore, it includes innovative ideas for expanding their business in a proper way. Along with this, it aid companies in using appropriate tools and technologies which can be used for protecting intellectual property rights, copyrights, trademark etc., Further branding and promotional activities are also done with this process as a result it is helping them in pulling an ample number of customers and travellers as well.
Henceforth, both tangible and intangible resources are very important if company wants to run their business in a better manner. Thus, if food items that are served are of best quality and taste than it will help Eatable Planet will gain trust and loyalty of customers for a longer period of time (Fernhaber and Li, 2013).
You may also like to read: Academic and Personal Skills
P3 Credible proposal while launching a new venture
Owner of the company, Eatable Planet, if they want to take their their business in forward direction they must formulate appropriate strategies and plan of action, as it will help them in achieving their set targets and objectives in speculated period of time. Thus, for getting better results it is essential that they make appropriate planning that can be further implement for having effective outcomes. In context with Eatable Planet, they are undertaking various activities that are explained below:
Eatable Planet is a new company that is established in United Kingdom and they are providing with variety of dishes and food items to its guests. Their Eton Mess is the most popular deserts for which restaurant is famous for. Other than this, they are serving Full English Breakfast, Lunch and Dinner as well.
Restaurant was situated in Carnaby Street, London. Area it covers sis of 2500 square feet. Land was purchased two years back by the owner and since than they were planning to launch a new venture. This area was chosen because of the busy street as it will assist them in increasing their sales and revenues by attracting large number of people.
Market analysis is a very important concept and it is done before establishing a new business as it provides with the information of place from where company can gain maximum benefits and profit as well. Along with this, it also assist company in expanding their business in future. For this, company conducts SWOT and PESTLE analysis is assisting them in doing so.
Finance is a crucial factor that so, it is essential that company have adequate amount of money which they can use in their business operations. In terms of Eatable Planet they have appropriate funds that is helping them in conducting their business operations smoothly.
Setting bench mark is crucial as it provides company with an idea of operating their business is that they can set a standard for themselves. Therefore, it will help company in accomplishing their set targets and objectives in speculated time frame. Eatable Planet is using bench marking in for executing their plans in a better manner (Hmieleski, Cole and Baron, 2012).
P4 Skills and capabilities needed for establishing new business
A person who is starting his/her new business must have adequate skills and knowledge about market area and so that they can implement strategies and plan of action for gaining better success. It will help them in enhancing their brand image in front of their customers as a result its productivity will improve. For this, it is essential that entrepreneur grab all the opportunities that are available in the market area. Therefore, a person having appropriate skills and knowledge will give them a better chance of expanding their business in a better manner (Kariv, 2013) . Thus, it help them in achieving their set goals and targets in particular time period. Some of the factors are given below that is important to be considered for better business operations:
Marketing and consumers services:
They are determined as an essential factor for as they give services and facilities according to the needs and wants of customers. As a result it is helping them in increasing their sales and profitability. Therefore, in terms of Eatable Planet, for providing appropriate food items according to the choices and preferences of customers they are taking feedbacks from consumers in order to now whether they need any changes in their menu and serving pattern or not.
Producing good is not enough thus, it should be delivered to customers in time. As in hospitality industry they it is essential that employees are trained properly. This will assist them in serving the food in a best possible manner, if the food is served in an effective manner than customers will feel privilege and a connection is maintained. If food are delivered in time than it will provide company with competitive advancement (Khan and et. al., 2015).
Management of finance:
Proper use of funds is very crucial as through this company can implement money in a right manner and in specific way. Managers of Eatable Planet can monitor the performance of every department so that they can evaluate whether money are being used for right purpose or not. Company is taking sufficient amount of money from stakeholders and investors and it is helping them in executing the task effectively.
For executing plan in an appropriate manner it is essential that company establishes a better communication amongst employees and subordinates. This will assist them in maintaining transparency between workers and subordinates. Eatable Planet has incorporated appropriate tools and technologies for interacting in a better way as a result it is helping employees in performing the work in an effective manner. Further this communication process help managers in motivating and encouraging its employees.
You can check this sample also:
Recording Of Transaction & Financial Accounting
It is considered as an essential department that helps company in having an overview about customers tastes and preferences. For collecting relevant information company conducts surveys and take feedbacks from consumers so that they can evaluate what changes they can make for increase their market shares and value (Klotz and et. al., 2014) .
Henceforth, Eatable Planet before, establishing their business they have determined all these factors that are mentioned above and it is assisting them in achieving all its set targets and goals in speculated time frame.
P5 Different promotional activities which is important for launching a new venture
In recent times, promotional activities has become much easier, as company can use latest tools and technologies for promoting their respective actions. As it will assist them in communicating with their customers effectively. Now a day's there are various kinds of tools are present and these are explained below:
Social media platform:
According to the current market scenario, most of the people are active in social media and whatever happens in their life they share in this platform. Therefore, it is considered as one of the effective base for promotional activities. It includes Facebook, Instagram, Twitter etc., Eatable Planet is using all these sources according to their requirements. As a result it is assit9ing companies in attracting a large number of customers and mostly youngsters (Koirala and et. al., 2016).
In this technological world where people have no time for reading newspapers and other things. As to get information what is happening in an around the world they easily access mobile applications for the same. So, it is used as an effective promotional tool and it grab attention of maximum number of people in a unique and innovative ways. For example: companies are developing their own application which through which customers can easily access what they want. Therefore, Eatable Planet is using catchy tag lines, logos, stickers etc., so as to make themselves unique from others.
This is done by distributing catalogues, brochures, pamphlets etc., and for this, company hires sales person who can shell out these to various people in different locations. Therefore, this activity is processed by face to face interactions with consumers as this leads to maintaining a better relationship between company and consumers. Choose the best assignment help from experts.
P6 Suitable promotional activities before launch and pre-launch
To run their business in an effective manner it is necessary that Eatable Planet used appropriate promotional activities before launching and pre-launching of new venture. This will help them in increasing their customer's base which will initially increase their sales and revenues. Therefore, different promotional activities provides with an opportunities of creating interest amongst consumers so that they come and enjoy the meals and food items they provide to guest (Kuratko and Hoskinson, 2016).
In this, entire process of designing and how plan can be executed is being conducted and it is done before establishing their companies. This give them an overview about their rival competitors that are present in the market area. Development of websites is regulated in this through which they are interact with their customers regarding food items they are providing to its consumers.
This is a period in which company throw a huge party in their grand opening where they invite eminent personality along with media representatives. This helps company in making their event grand and popular amongst people. In context with Eatable Planet for their benefit they telecast the entire coverage in televisions and other platforms of media platform. Therefore, process help companies in feel connected with customers in a better manner.
P7 Monthly cash budget
Cash budget is an important factor that every company should consider so as to make their business popular as compared to other rival organisation who are working on the same field. Cash budget helps them in gathering information about their past revenues they have earned. Along with this it provides with the detail of amount they have spend in particular time period. Thus, it can be said that cash budget gives knowledge about inflow and out flow that is done over a period of time (Liao and et. al., 2016). Therefore, it is essential that company have a seedeater department who can manage entire process effectively on a regular basis. In terms of Eatable Planet they have created a cash budget before establishing their business and it is giving details of around 12-18 months after its launching.
P8 Appropriate legal form for venture so that it can be evaluated why it has been chosen
There are several kinds of legal forms that are to performed by various organisation of they want to establish their business effectively. Thus, it is important that a better organisational structure is followed by company so that the can execute their plans in a better manner. Eatable Planet is adopting strategies that will provide the with maximum benefits (Morris, 2015). This provides new ventures with maximum benefits of understanding business in an effective manner. Some of the kinds of business are explained below:
Sole proprietorship: In this, people who run their business by their own are considered and they are known as sole owner. They holds unlimited liabilities of their business that gradually provides them with full control over business operations. During initial years of launching their business less amount of funds are requited and with the change in course of time it modifies as the business grows.
Partnership firm: People with their own concern sign a treaty in which they bind themselves in partnership so as to operate their business in a better manner. This is done between two or more person and includes some kinds of objectives they are must be agreeable in both the parities. Individual have less liabilities as compared to amount of capital they have. Profit and loss are shared by both the individuals who are in partnership.
Company:It depends upon the formation of organisation whether in private an public as it depends upon the nature of business which a particular firm is operating. For them, regulatory bodies of various nations have imposed different kind of laws and regulation that are to be followed by companies in order to run their business properly.
Therefore, mostly of the company are happy to work in partnership so that loss can be shared between partners. As a result, it will reduce burden from single individual (Pan and et. al., 2016).
From the above report it has been concluded that, for launching a new venture it is required that a person has appropriate information about the market area as it will assist the in operating their business in a better manner. Along with this, it is essential that company have eligible employees who can perform for them in order to gain maximum benefits. Company that is mentioned in this report have flexible structure of their business operation which is enabling them in changing according to the current market scenario.
- Baron, R. A. and Tang, J., 2011. The role of entrepreneurs in firm-level innovation: Joint effects of positive affect, creativity, and environmental dynamism. Journal of Business Venturing. 26(1). pp.49-60.
- Bijker, W. E. and et. al., 2012. The social construction of technological systems: New directions in the sociology and history of technology. MIT press.
- Burns, P., 2017. New venture creation: a framework for entrepreneurial start-ups. Palgrave.
- Caselli, S. and Negri, G., 2018. Private equity and venture capital in Europe: markets, techniques, and deals. Academic Press.
- Fernhaber, S. A. and Li, D., 2013. International exposure through network relationships: Implications for new venture internationalization. Journal of Business Venturing. 28(2). pp.316-334.
- Hmieleski, K. M., Cole, M. S. and Baron, R.A., 2012. Shared authentic leadership and new venture performance. Journal of Management. 38(5). pp.1476-1499.
- Kariv, D., 2013. Female entrepreneurship and the new venture creation: An international overview. Routledge.
- Khan, I. and et. al., 2015. Synthetic approaches, functionalization and therapeutic potential of quinazoline and quinazolinone skeletons: The advances continue. European journal of medicinal chemistry. 90. pp.124-169.
- Klotz, A.C. and et. al., 2014. New venture teams: A review of the literature and roadmap for future research. Journal of Management. 40(1). pp.226-255.
- Koirala, P. and et. al., 2016. ThroughÃ¢â‚¬ÂtheÃ¢â‚¬Âglass spectroscopic ellipsometry for analysis of CdTe thinÃ¢â‚¬Âfilm solar cells in the superstrate configuration. Progress in Photovoltaics: Research and Applications. 24(8). pp.1055-1067.
- Kuratko, D. F. and Hoskinson, S., 2016. Technological innovation: Generating economic results. Emerald Group Publishing.
- Liao, W. and et. al., 2016. LeadÃ¢â‚¬ÂFree Inverted Planar Formamidinium Tin Triiodide Perovskite Solar Cells Achieving Power Conversion Efficiencies up to 6.22%. Advanced Materials. 28(42). pp.9333-9340.
- Morris, M. H., 2015. Entrepreneurship as experience. John Wiley & Sons, Ltd.
- Pan, J. and et. al., 2016. Surface plasmon-enhanced quantum dot light-emitting diodes by incorporating gold nanoparticles. Optics express. 24(2). pp.A33-A43.
- Paradkar, A., Knight, J. and Hansen, P., 2015. Innovation in start-ups: Ideas filling the void or ideas devoid of resources and capabilities?. Technovation. 41. pp.1-10.
- Read, S. and et. al., 2016. Effectual entrepreneurship. Taylor & Francis.
- Robb, A. M. and Watson, J., 2012. Gender differences in firm performance: Evidence from new ventures in the United States. Journal of Business Venturing. 27(5). pp.544-558.
- Simon, M. and Shrader, R. C., 2012. Entrepreneurial actions and optimistic overconfidence: The role of motivated reasoning in new product introductions. Journal of Business Venturing. 27(3). pp.291-309.