Reid told BBC Spotlight: "We've got to aim to get out of this league as soon as we can and that's pressure.
"I'm up for it, and this will be a great honour to manage the football club, but even better if I get them out of this league next year."
He added: "When you manage a club like Plymouth Argyle pressure comes into it, and when you play for a club like Plymouth Argyle pressure comes on you to win games."
Plymouth ended the 2009/10 season second-bottom in the Championship, and facing their first season in League One for seven years.
Relegation was swiftly followed by the club announcing that head coach Paul Mariner would no longer be in charge of first-team duties.
Is he the name that can likewise attract big name players, be it on loan or permanently to the club?
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However, Mariner and assistant coach John Carver remain in place at Home Park, giving Reid, unveiled as manager last Thursday, a ready-made coaching team.
Reid said: "No manager can do it by himself so I'll need help and I'm happy with the staff that I've got and delighted to be working with Paul."
One of the first issues Reid said he will deal with is the size of the squad at Home Park, with 27 players currently on the books.
He said: "There's a lot of players at the football club - in fact I think there's too many and it needs trimming down.
"Everyone starts with a clean slate so I'll assess it, see how we go and then hopefully move on from there."
Reid showed passion Argyle wanted - Gardner
Plymouth's chairman Sir Roy Gardner said the club are hoping the appointment of Reid will help revitalise Argyle after the disappointment of last season.
Gardner said: "It's taken seven or eight weeks to sift through the applicants that we had.
"But at the end of the day, it was down to the guy who really demonstrated the most passion for taking the manager's role at Plymouth, and that was Peter."
"With his playing career and his managerial career, people will have a lot of respect for what he's managed to achieve and I think he will enthuse the people around him."
"You can never be overly confident [about promotion] but we have a great coaching staff now, so we've got the platform right and we've just got to get the playing squad sorted now."
Source: BBC Sport
Source: BBC Sport