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Describe how to identify the target market for your coffee shop.

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Introduction

Unit 10 A 2 P 2 Describe how to identify the target market Business Idea My business idea is the Coffee Shop, as the name suggests I would sell the coffee under the name "Coffee Paradise". The Coffee Shop would be a new creation, so completely new business set-up would be required, not replacing existing one or franchise. As I said my business name would be "Coffee Paradise", this will be brand new business. I do not want change some existing business into my paradise because the costs of it could be much higher than it's worth it even if some benefit of it would be somehow already prospering coffee shop. I want my business to be mine from the beginning and in this case I choose to set-up a new business from the foundations to make it exactly as I want it to be - look, place, staff. In order to find if my business is going to a success I have to assess the suitability of my product and whether the plans fit the situation I will put my business into. My coffee shop will be a small business, which will operate as a sole trader, so I have to think about what type of risk I will be taking by setting up the business. ...read more.

Middle

Over the time people become more demanding and want quality, convenience and good value. As a business which provides service I have to consider social changes to create place and atmosphere that everyone finds attractive. Market research is the collection of information to better understand what is happening in the market place. A business needs to know about economic trends and the customer view. By doing market research business can create marketing plan which will help to meet the aims of the business as well as the customer needs and demands. There are two types of research: * Primary - involves obtaining information directly from customers from the first time. This may be done by analysing purchase records, direct observation, carrying out interviews and surveys. * Secondary - involves collecting data from existing sources, for example company report, websites and trade articles. SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats and is a simple and powerful way to analyze the business present marketing situation. The best way to understand the SWOT analysis is looking at the actual example, so I have looked at my business to find out what my strengths and weaknesses are. Strengths - the strengths of my business will be that my cafe will be different from other in town, because will offer WI -FI connection so my customers can use laptops and browse internet. ...read more.

Conclusion

From this research I will be able to justify the potential market share and what chances my business has to enter it. The disadvantage is that the listing may include businesses that no longer operate as well as those who started recently and are not included. Using the information I have gathered I have been able to identify the target market for my cafe. I have come up with marketing plan suitable for my new business. I believe that I found the most cost effective way to promote my business to the new market. I think that it would be effective to advertise using a printing company. I will print 4000 coloured leaflets on A4 paper, they can be used as posters or be handed out to attract potential customers. This method will be the most cost-effective and allow me to reach the customers directly. I have to make sure that my leaflets are eye catching and include all essential information about service offered, promotions, location and opening times. I have to ensure that my leaflets will be persuasive enough to make new customers come to my cafe. In the future if my business will succeed I have to put every effort to maintain standard of advertising in order for the business demand to continue. ?? ?? ?? ?? Ewelina Kazanowska ...read more.

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3 star(s)

There are many good points relating to market research but they have not all been applied sufficiently. The market research should lead to the identification of the target market (where is the gap in the market?) but the writer seems to have started with the target market and there has been no discussion of the market research that would be necessary to establish whether this would provide sufficient customers or any aspects of the marketing mix that would appeal to them

Marked by teacher David Salter 07/02/2012

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