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.