How to start a new business venture Essay Example | Topics and Well Written Essays - 2250 words - 1

How to start a new business venture - Essay Example The entrepreneurs have to take multiple troubles for making their new business into a profitable venture. The success of a new venture mainly depends on the entrepreneurs’ skills and success of the new products. According to the Councils to America’s Small Business, Score, during 2008, â€Å"there were  627,200 new businesses,  595,600 business closures and 43,546 bankruptcies† (Score, 2010). Therefore, the risks involvements in a new business are very high due its vulnerability in the new market. However, in order to combat with such issues, entrepreneurs must consider a number of tasks before starting a new venture. Effective planning for plausible set of market strategy is one of the most crucial tasks for an entrepreneurs and for this a comprehensive marketing analysis and research is mandatory task (Longenecker et al, 2005, p. 147). This paper will attempt to present marketing mix strategies for a new venture based on the situational analysis in respect of proposed business plans. 2. Background of Scenario This business report deals with the formulation of marketing mix strategy for a new venture of private medical clinic in Birmingham. The private medical clinics offer wide ranges of health care services by taking care of the out patients. As this business associated with the people heath services, it is very necessary to offer a high quality of services to its patient. Besides the high quality services, marketing strategies are very important to promote the brand name in the health care market of Birmingham. Birmingham is a popular city of West Midlands county in England. This primary objective of this paper is to offer a set of plausible marketing mix strategies to the new private clinic supposed to be started in the Birmingham city. In this process, the health care market of Birmingham city as well as the entire UK needs to be assessed for identification of the target market. 3. Situational Analysis 3.1. Marco-environmental Fac tors Any industry and its players are supposed to be influenced by the multiple macro-economic factors which are uncontrollable external forces. Assessment of macro-economic forces is very necessary to evaluate the viability of new business. In this regard, PEST models are very useful which analyse the political, economic, socio-cultural and technological impact on a certain business (Allen, 2008, p.114). These factors are analysed below in respect of the new venture for private medical clinic. 3.1.1. Political The stable political system of UK is a major strength for the growth of a business. The chief of the state is the Queen and head of the government is the Prime Minister and it is responsible for regulating the business and health care related issues. The department of Health, UK is the apex body in regulating the heath care sectors of UK who develops proper legal frameworks (Department of Health, 2011). Besides, the Birmingham City Council is also responsible to regulate the Birmingham city’s affair. 3.1.2. Economic Stable economic condition of UK is also major requirements of the success