Launching a New Venture: Resource Utilisation, Promotion, and Budget Allocation

Launching a New Venture: Resource Utilisation, Promotion, and Budget Allocation

In an era marked by the COVID-19 pandemic, the surge in online sales has reshaped the business landscape. E-commerce experienced unprecedented growth, presenting both challenges and opportunities. This report dives into the process of launching a new venture in this dynamic environment, emphasizing the significance of resource utilization, promotional planning, and budget allocation.

Part A: Investigating Resources for a Successful Launch

Assessment of Tangible and Intangible Resources

Launching a venture demands a judicious allocation of tangible and intangible resources. This section scrutinizes the diverse forms of resources and evaluates their suitability for the selected business, taking into account target customers, segmentation, and competitive advantages.

Skills and Capabilities for a Successful Launch

Launching a new venture requires a diverse set of skills and capabilities. We dissect the essential attributes needed for a successful launch and assess how they align with the available resources, skills, and abilities within the organization.

Part B: Promotional Activities Plan and Budget Allocation

Developing a Promotional Activities Plan

Creating a robust promotional plan is integral to a successful venture launch. We outline the venture's name, the registration process, key promotional messages, personalized branding, and strategies for leveraging social media, digital promotion, and mobile marketing for specific target markets.

Budgeting for a Thriving Venture

A detailed monthly cash budget spanning the pre-launch phase and the first 12-18 months post-launch is imperative. This section meticulously outlines costs, ongoing expenses, and anticipated income. It also considers available financial resources, contingency measures, and 'what-if' scenarios for comprehensive financial planning.

Learning Outcomes and Assessment Criteria

Pass Criteria

- LO1: Investigation of resources for a new venture (P1).

- LO2: Exploration of skills and capabilities required (P2).

- LO3: Development of promotional activities plan (P3).

- LO4: Production of a budget for launching (P4).

Merit Criteria

- LO1 and LO2: Critical evaluation of resource availability (M1).

- LO2: Evaluation of a range of skills and capabilities (M2).

- LO3: Creation of promotional activities with metrics (M3).

- LO4: Production of a detailed monthly cash budget (M4).

Distinction Criteria

- LO1 and LO2: Critical evaluation of resource appropriateness (D1).

- LO3: Creation of a promotional activities plan with metrics (D2).

- LO4: Production of a comprehensive cash budget (D3).

Recommended Resources

• BURNS, P. (2016). Entrepreneurship and Small Business: Start-up, Growth and Maturity. 4th Ed. Basingstoke: Palgrave Macmillan.
• BURNS, P. (2018) New Venture Creation: A Framework for Entrepreneurial Start-ups. 2nd Ed. Basingstoke: Palgrave Macmillan.
• RIDLEY-DUFF, R. and BULL, M. (2019) Understanding Social Enterprise: Theory and Practice. Sage Publications Ltd.
•  WILLIAMS, S. (2015) Financial Times Guides: Business Start-up 2015. Harlow: Pearson.

Websites

www.entrepreneur.com (Entrepreneur - General reference)

www.entrepreneurhandbook.co.uk (Entrepreneur Handbook - General reference)

www.isbe.org.uk | www.forbes.com (The Institute for Small Business and Entrepreneurship, Forbes Small Business Entrepreneurs - Articles)

Unit Links

This unit is linked to:

- Unit 2: Marketing Processes and Planning

- Unit 9: Entrepreneurial Ventures

- Unit 27: Identifying Entrepreneurial Opportunities

- Unit 29: Managing and Running a Small Business

Note: The word limit for this report is 2,500–3,000 words.

Conclusion

Launching a new venture is a complex endeavour that demands careful planning and resource allocation. This report serves as a comprehensive guide, addressing the intricacies of resource utilisation, promotional planning, and budget allocation for a successful venture launch. By leveraging the available resources and adopting a strategic approach, businesses can position themselves for success in the evolving business landscape.

ASSIGNMENT BRIEF

Programme: BTEC Higher National Diploma (HND) in Business ESBM (RQF)

Unit Number and Title Unit 28: Launching a New Venture 

Unit Level: 05

Unit Lecturer:

Lecturer’s Email: c.eziefula@lcc.ac.uk

Assessment Title Utilize resources, promotional plan and allocate budget for new venture.

Personal Tutor:   

Personal Tutor’s Email: i.chowdhury@lcc.ac.uk

Key Dates

Issue date: 11/09/2023

Submission date: 01/12/2023

Result Published Date: 4 weeks after submission (Feedback is available after 3 weeks)

Submission Format

The assignment is to be submitted as a Report and Plan that can be presented in a format of your choice. The Report must be clear and concise, stating the problem/issue and include a summary of analysis and recommendations.

All your work must be supported with research and referenced correctly using the Harvard referencing system (or an alternative referencing system). You must also provide a bibliography using the Harvard referencing system (or an alternative one). Inaccurate referencing use may lead to plagiarism issues if not applied correctly.

The recommended word limit for the briefing paper is 2,500–3,000 words, although you will not be penalised for going under or exceeding the total word limit.

Unit Learning Outcomes

LO1 Investigate the resources required to launch a new venture.

LO2 Explore the skills and capabilities required to support the launch of a new venture.

LO3 Develop promotional activities to support the launch of a new venture. 

LO4 Produce a budget for launching a new venture for a small business or social enterprise.

Transferable skills and competencies developed

Planning and understanding resources: categorising, analysing, and utilising tangible, intangible, financial, and human resources.

You acquire skills, identifying required capabilities, and recognizing networks' importance.

Develop promotional activities for a new venture, including marketing mix, pricing strategy, business identity, website creation, social media, and mobile marketing. 

Evaluate and review promotional activities, ensuring appropriateness for the new venture's launch.

The venture launch budget includes pre-launch costs, forecasting income and expenses, 

A detailed budget including one-off and ongoing costs and calculating break-even points. 

It also includes available financial resources, 'what-if' scenarios, and contingency measures.

Assignment Brief and Guidance

Vocational scenario (Part A)

Because of the COVID-19 epidemic, there has been a significant increase in online sales. E-commerce saw a ten-year growth spurt during the height of the epidemic, which occurred during that time. While this increase in demand has increased competitiveness in the market, it has also increased supply. According to Shopify's Future of Commerce Report, it is estimated that 150 million individuals made their first online purchases during the pandemic and that e-commerce as a share of global retail sales will continue to increase over the next five years. The company plans to launch their new online ventures to gain competitive advantages. 

(Part B)

The management has asked you to develop a promotional plan to launch a new venture. Additionally, they want you to create a budget and a cash flow prediction for the first 12–18 months of operation for the selected experience.

Your Role

You are a Junior Business Development Manager in one of your mid-sized companies (Company of your choice). 

You will conduct a study and gain a fundamental understanding of what it takes to launch a new venture successfully. 

You will need resourcefulness when starting a new venture; identifying and using personal networks can offer a valuable source of knowledge, resources, advice, and opportunities for your chosen organisation.

*Select an appropriate small business that meets local needs

Assignment activity and guidance

Part A- The Report will cover the following answers 

An assessment of Tangible and intangible resources on different forms of business. 

Evaluate and apply those resources based on target customers, segmentation and competitive advantages in your chosen organisation. 

Discuss the different skills and capabilities required to launch a new venture.

Discuss necessary skills and capabilities for launching a new venture and evaluate resources, skills, and abilities for a successful launch.

Part B - Create promotional activities Plan and budget for new venture launch.

5. Develop a Promotional Activities Plan for your new ventures, including 

Name of the venture and how do you register for the venture

key promotional messages and personalised branding

Social media and digital promotion techniques

Leveraging mobile marketing for specific target markets

6. Create a promotional activities plan for a new venture, addressing the marketing mix and evaluating success using metrics to support the launch of your ventures

7. Produce a monthly itemised cash budget for the pre-launch phase and the first 12-18 months following launch, highlighting costs, ongoing expenses, and anticipated income. 

8. Create a comprehensive budget based on financial resources and contingency measures for anticipated outcomes.

Learning Outcomes and Assessment Criteria

Pass Merit Distinction

LO1 Investigate the resources required to launch a new venture. LO1 and LO2 

D1 Critically evaluates the availability and appropriateness of resources, skills and capabilities to support the successful launch of a new venture.

P1 Examine the tangible and intangible resources required for the launch of a new venture. M1 Evaluate the availability and appropriateness of the tangible and intangible resources required to launch a new venture.  

LO2 Explore the skills and capabilities required to support the launch of a new venture.  

P2 Discuss the different skills and capabilities required to launch a new venture. M2 Evaluate a range of skills and capabilities required for launching a new venture.  

LO3 Develop promotional activities to support the launch of a new venture. D2 Create a promotional activities plan that includes a set of metrics to evaluate success.

P3 Devise a promotional activities plan for the launch of a new venture. M3 Develops a wide range of promotional activities that address the marketing mix to support the launch of a new venture.  

LO4 Produce a budget for launching a small business or social enterprise venture. D3 Produce a comprehensive pre- and post-launch monthly itemised cash budget based on financial resources and contingency measures for anticipated outcomes.

P4 Produce an itemised monthly cash budget for the pre-launch phase and the first 12–18 months following launch.. M4: Produce a detailed monthly cash budget, showing one-off costs, ongoing costs and anticipated income post and pre-launch.  

Recommended Resources

Textbooks

BURNS, P. (2016). Entrepreneurship and Small Business: Start-up, Growth and Maturity. 4th Ed. Basingstoke: Palgrave Macmillan. 

BURNS, P. (2018) New Venture Creation: A Framework for Entrepreneurial Start-ups. 2nd Ed. Basingstoke: Palgrave Macmillan. 

RIDLEY-DUFF, R. and BULL, M. (2019) Understanding Social Enterprise: Theory and Practice. Sage Publications Ltd. 

WILLIAMS, S. (2015) Financial Times Guides: Business Start-up 2015. Harlow: Pearson.

Websites: 

www.entrepreneur.com Entrepreneur (General reference)

www.entrepreneurhandbook.co.uk Entrepreneur Handbook (General reference)

www.isbe.org.uk www.forbes.com The Institute for Small Business and Entrepreneurship (General reference)

Forbes Small Business Entrepreneurs (Articles)

Links 

This unit links to the following related units: 

Unit 2: Marketing Processes and Planning 

Unit 9: Entrepreneurial Ventures 

Unit 27: Identifying Entrepreneurial Opportunities 

Unit 29: Managing and Running a Small Business