There are several kind of new venture are start in front of entrepreneur thus help to achieve profits as well as demand of potential clients in an effective manner. The leader must possess the quality of assessing the change in future hence making the strategy accordingly. Another skill which is required is communication skills. This skill is very important for new venture as it ensures the successful launch of the firm in initial time period. This skill is beneficial when the idea of the business it communicated to the investors. In this report, food restaurant (Baron and Tang, 2011). This restaurant good services and delight customer help firm’s mouth to mouth publicity which occurs no cost to the owners and build positive image among people. In this report covers identification of new venture in specific target market, planning of launching new product, tangible as well as intangible resources or many more.
P1. New venture identifying particular target markets and undertaking competitive analysis
Dream Delicious is a new multi cuisine restaurant launched at the location of central London. The restaurant is started with an aim to provide world class services to its customer. Since the organisation has started itself in food product it needs to get food license and other required document for the same. London is a tourist destination place; keeping this in mind the restaurant provides a high range of food product: Thai food, Chinese food, Italian food and many more. In order to provide more service to provide its customer the restaurant also gives home delivery facility. Since it is located in Central London it was decided to open the restaurant for 4 hours so that the tourist could get the food anytime. The restaurant is formed in the company form so that it could expand itself in the other region of U.K (Bijker and et. al., 2012). Restaurant is made on a land of 1000 Sq. feet which has all facilities from Roof top to garden area services to the cabin food serving. The Company acquired a loan of £100000 to 120000.
Restaurant is opened to achieve certain objectives:-
- To deliver quality food to customers tourist of London.
- To fill the gap of demand and supply in the nigh.
- To capture market share.
- To earn profit and sharing it with its stakeholders.
- To start restaurant in multiple locations.
Mission: “Delivering variety food to its customers with premium quality”.
This business is aim to achieve and understand certain target markets. Moreover this the business target to particular market and people. Below is the list of target:
Geographical segment: In geographical segmentation the area is divided into multiple portions. On the basis of that one most suitable area is selected on the ground of matching the area with the objectives. The central London is selected on the basis of suitability that it is the most attracted and crowded place in the London. Since it is placed in central location it will is an easily reachable place.
Demographic Segment: In demographic segmentation age, income and life style is selected. The restaurant is aimed at giving services to middle and high income group. The restaurant appeals to business class and give services according to that. The target age group is between 20 to 55 who discovers and explore new things.
Behavioural Segment: Behaviouralsegment implies to the psycho of the people. High quality conscious people are target by this venture. People who are open to new thing and different pattern are aimed to attract.
There are various competitors in the market for the Dream delicious. These competitor has already an established business in the market for a long time and enjoys a level of customer trust (Burns, 2017). Since competitors are in the business for a long time they have competitive edge in the operation part of restaurant. They have become efficient in the restaurant functioning. In order to understand, comptietive edge of organisation, Porter's five forces is one of the most suitable technique that is discussed here:
Bargaining Power of Supplier: Bargaining power of suppliers is moderate as the buyer can bargain over cost within the industry but if organisation is able to provide quality there is no other option but deliver appropriate money in exchnage of better services.