D2 Evaluate the findings from the research undertaken.
From my research I had gathered enough information to determine whether or not my new business would be stable enough to survive in the current market. My results told me that there is always a way to improve a shop which provide internet and coffee. I need to change some aspects of the shop to cater for my potential customers. The most impressive way in which I conducted my market research was questionnaires. This is because it is such a quick and accurate method of getting to know the customers’ opinions and to hear constructive criticism. Through the results which I had gained I noticed a mode price that people would pay for a coffee. This will help to decide on a price that will benefit my business profitably and also satisfy the customers.
Some of the other research methods I had used were in accurate at times. For example, my secondary data; I had used the annual income and
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I feel I have achieved this as I have carried out market research along with studying secondary data that proves there is a gap to be exploited. However my market research could have been improved. If I were to carry out the market research again I would improve studying better secondary data, as the secondary data I have studied is not accurate and not relatable to my business. I would look at profit levels in the first 12 months for 5 coffee shops that have just started. I would take the mean profit level and make this my target. By being able to compare to other smaller business that have just started I can see if I am spending too much on materials and if I am I can manage spending to meet my budget. This will also give me more money to be spent in other areas of the business and also more time to look at the wants and needs of the customers and to my best to meet them
Tesco’s objective is to be the ‘champion for customers’, and they want to achieve this by being number one in customer satisfaction. They want to grow globally and by doing this they ‘create value for customers to earn their lifetime loyalty’. Tesco is
Tesco must also follow their statutory duty which ensures that their employees have adequate welfare facilities. Employees also have specific duties they got to follow by law which includes them to take reasonable care for health and safety for them and the people around them, they must also co-operate with the employer or any other person to enable the employer or other person to perform or comply with any legal requirements.
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Their price must be one that is attainable and reasonable for the offerings. The Kotler & Keller text suggests that facilities analyze competitors and their offerings, estimate their own costs, and determine demand, in order to set the appropriate price.
To become more efficient in its operations, Tim’s coffee shop should consider changes in its management style, human resource make-up, as well as its marketing and financial strategies. Incorporating technology into these aspects of its operations will greatly improve resource utilization.
The research is not without its limitations. One of the challenges that would be faced would be establishing the accuracy and bias in the various answers given by respondents. Some of the information may be dishonest, biased and unclear. This would render the report unreliable.
The importance of economic indicators to the strategic planning process in any organization is the ability to benchmark economic conditions that contribute to improve profitability, business growth and market size. Leadership sets up the mission “to establish Starbucks as the most recognized and respected brand in the world.” In doing so, they have created a set of industry-leading, comprehensive coffee-buying guidelines addressing coffee quality, financial transparency, social and environmental responsibility. Starbucks strategy is also expanding market in globally to provide high quality coffee in convenient and visibility locations. They are continuing to innovate and extend the business with imaginative new ready-to-drink beverages and expanded packaged coffee offerings (Starbucks Corporation, 2007).
Compare to 1955, the downward trend of Fortune 500 has decreased from 25 years to 22 to 16 to 12, according to the Opportunity Analysis Canvas. That indicates to maintain long-term competitiveness is increasingly difficult, even for the larger companies. However, for entrepreneur, it is an encouraging sign. There are more opportunities now. “Overall, the industry 's barriers to entry are low. Meanwhile, barriers to success (i.e. the ability to stay profitable and in operation for more than a few initial years) are significantly higher…Over half of new coffee shops change hands within three years of opening”(US Industry Reports).Therefore, I believe the learning curve for coffee shop is abut 3
...nal locations in the heaviest coffee drinking countries. This has to be done quickly as to get the jump on other that may also be considering this type of a move. At the same time they should be selling franchise right for the coffee carts. This will provide an increased cash flow as well. During all of this Starbucks should be looking at coffee producers who are in financial trouble or are looking at selling their farms. This has to be done discretely as not to cause unnecessary bad press. After they run a couple of these coffee producing farms for a few years they should be able to see how the whole operation works and determine its viability. Once it’s proven viable they should send out simultaneous offers to the biggest producers as to catch them and other coffee companies off guard. Starbucks also should be getting into the bottled Frappuccino as soon as possible. They should leave the introduction of the product up to Pepsi because of their past experience. They should leave their entry into the grocery store market until some of these other strategies are implemented. This will prove to be the best strategy for Starbucks being able to reach their long-term gaol.
Starbucks is the world’s largest coffee roaster and retailer of specialty coffee in the world. We have enjoyed great dividend returns over the past 5 years, and our growth has been on the rise. We are currently saturating the US market, while the emerging markets of developing countries offer many possibilities for growth and increased revenues. In our US market we should look at offering more items on the menu that complement our long-standing tradition of pleasing our customers. Exotic Juices, and snacks served with the same service could add a nice margin to the bottom line. In addition, the ability to offer a drive through service for the consumer that loves fine coffee but does not have the time to stop and visit should be on our “trial” market plan for the next few years.
Finally, this report will identify recomendations for Starbucks to minimze future loss and to compete with major competitors like McCafe and Gloria Jeans Coffee.
... middle of paper ... ... Strategic planning kit for dummies, 2nd edition. Retrieved from http://www.dummies.com/how-to/content/strategic-planning-diversification.html “Starbucks”.
Caf? Expresso, as the first mover in the coffeehouse marketplace, which has expanded quickly and become one of the ?big three? players in the global coffee shops chain. However, recently this company is continuously facing a lot of problems in terms of its staff, easy-copied business model and product range, resulting this company lost its leading position to the number three. Therefore, its adjusted visionary goal is ?return Caf? Expresso to the number one position in the marketplace? (Beardwell, 2010). To achieve this goal, Caf? Expresso identifies ?the coffee drinking experience? is significant to achieve competitive advantage and customer value-added, which was delivered through three key elements (graph 1),
As it is demonstrated in the previous factor, the coffee purchasing strategy is quite important for the company’s development due to they must do big efforts in factors such as marketing with the objective to attract new customers, and the company must investigate carefully the market where it is operating to analyze their competitors and their different
With clear core values towards providing quality coffee, the best service, and atmosphere, Starbucks has enjoyed great success since it was founded 30 years ago. The company has being doing very well for last 11 years with 5% or more store sales increase, even with the rest economy still reeling from the post-9/11 recession. However recent research, conducted to Starbucks, have showed some concerns regarding company’s problem meeting customers’ expectations.