You are a coffee lover and aspiring entrepreneur seeking to open a coffee shop in your town. However, you’re facing a common dilemma – prioritizing great coffee or a comfortable, inviting workspace.
Assignment Task:
Write a short research essay (approximately 1000 words) to inform your coffee shop strategy. Consider the following areas of research and analysis:
· Market Analysis
· Survey local coffee drinkers. What do they value most: high-quality coffee or an inviting atmosphere for working/socializing? Analyze your data and identify the most desired attributes.
· Research successful coffee shops locally and beyond. What are common factors in their success? Do any offer a successful combination of both great coffee and a desirable workspace?
· Cost-Benefit Analysis
· Research the costs associated with sourcing high-quality coffee beans versus investing in creating a comfortable workspace (furniture, layout, etc.).
· Consider how pricing structures might differ based on your business model. How would higher coffee costs (from premium beans) affect your pricing strategy?
· Hybrid Models and Differentiation
· Investigate potential hybrid models. Could you offer both premium coffee and designated work-friendly zones within the same space?
· Research how you might differentiate your coffee shop from existing competitors, Consider themes, aesthetics, or additional offerings (snacks, pastries) that complement your chosen focus.
· Location Considerations
· How might your location choice affect your overall strategy? Would a location near office spaces change your decision on focusing on workspace comfort?
· Research the accessibility and demographics of different potential locations and consider how these would tie into your business model.
Additional Prompts:
· Include a works cited section in an appropriate format (MLA, APA, etc.) to list your research sources.
· Consider a brief SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) for potential coffee shop business models.
Objectives:
This assignment develops the following skills:
· Conducting market research and analyzing consumer preferences.
· Considering cost-benefit trade-offs in business decisions.
· Evaluating different business models and potential differentiation strategies.
· Applying economic and marketing concepts to a real-world entrepreneurial scenario.