As per today's business environment, to start a new business it is important for entrepreneur having proper knowledge about all the market trends and situation. For attaining better success, entrepreneur set as well as develop new and innovative ideas for launching a new venture in order to attain positive outcomes. Along with this, at the time of starting a new business entrepreneurs face various issues and problems towards market trends, competition, growth and culture (Datta, Mukherjee and Jessup, 2015). All the factors that are mentioned above may have a negative impact on an organisation so it is important that company consider these elements in order to run their business in an effective manner. With the help of this, new firm easily enhance their profitability level at market place. In this assignment we have to select Tasty Treat cafe, is a new business venture at UK. Present report is based on various resources which required at the time of launching a new business. Along with this, different skills and capabilities are also analyse in this report which may aid in attaining positive outcomes. In addition of this, various mediums of promotion are also discussed in this project which leads in creating positive brand image at market place. At the last, cash budget is made by company to analysis their actual performance.
P1 New venture identify specific target market and undertaking competitive analysis
In UK market number of people start their new venture with the purpose of attaining better growth level. Basically, half of the population wants to run their business for gathering larger number of profitability. Along with this, globalisation is also an important term which provide number of opportunities to small and new venture to develop in new market place for attaining higher growth level. In this context, Tasty Treat cafe start their new business in food and beverage sector in which they serve variety of food services to their customers in order to attain their satisfaction. Along with this, it is also important for business organization to effectively analysis as well as examine all the factors that largely impact its operational activities. With the help of this they easily grab customers attention and at the same time also achieve larger marker share (Ghimire and et. al., 2015). By analysing all factors, firm improve their positive performance level with the purpose of attaining competitive advantages.
As a new business, Tasty Treat come in market with new and innovative ideas and services in which they serve variety of dishes to its customers for grabbing their attention and interest as well. With the help of this they create string customer base within their business which may leads in increasing profitability level at market place. Along with this, there are some effective elements which evaluate by business to attain set goals and objectives in appropriate way. All these are as follows:
Identifying particular target market: It is one of the important element which used by company to determine the target market in order to generate larger profits. Basically the main of all the business organization is to enhance their marker share by attaining better success at market place (Ke and et. al., 2015). In this context, Tasty Treat should identify the specific target market for producing as well as manufacturing quality goods ad services as per customers demand which may leads in attaining better profitability level. In this context, the main target of selected cafe on adults, family and teenagers who are likes to spend their time on restaurant and also eats variety of food items. Along with this, they also examine customers taste and preferences to invite as well as attract large number of customers towards the cafe and its services. This will aid in attaining better success in new market place. Along with this, Tasty Treat also target middle class people in which they provide their quality food services at affordable price which may leads in attaining better results.