Market Analysis Research Sample Essay Paper.
Market Analysis Research
DAT/565 – DATA ANALYSIS AND BUSINESS ANALYTICS
May 7, 2020
Coffee Chain Shop Overview
Jolly Coffee Shop is a starting firm that aims to meet customer demands by offering the best coffee flavors. Our mission is to provide our customers with the best site to enjoy their special moments by delivering the best coffee drinks, service, and hospitality they deserve in West Virginia. Besides the mission, our vision seeks to assure our customer base of our dream and goal to serve them. Thus, our vision is to be the country’s most preferable coffee chain company; to set an environment where people come to enjoy their life moments by reflecting on the past and living the moments.
Our target market is the employees working in town offices around plus the high number of students in the neighboring universities around West Virginia. We will source our revenue from the joint investments and use the best imported and local coffee to satisfy our customer urge.
Market Analysis
Characteristics of Product
The coffee brands we offer will cover a wide range of customers. However, because our target market comprises of mixed ages, we shall provide sugar-free strawberry flavors for customers with lifestyle diseases Becalski, Halldorson, Hayward & Roscoe, 2016). For the young students, both sugar and sugar-free with vanilla, strawberry, passion, and pineapple flavors will be available. The coffee served alongside snacks is suitable during lunch breaks and evening hours when our customers break for their homes.
Competitors
Our market rivals are our neighboring local coffee chain shops. These firms include Virginia Coffee Shop, Laxity Coffee Site, and Montreal Classic Coffee base. Although these competitors began earlier than us, we focus on producing the finest coffee to compete in the market effectively. Once a week on Fridays, our coffee will be served with a free burger. This strategy will win more customers.
Size of Intended Market
Jolly Coffee Shop will focus on customers around the city center. This range means that we shall compete with our rivals for customers who are mainly students and senior office employees. But since we are quite a distance from our opponents, we look forward to serving customers within a radius of 5-15 miles. The additional clients would be the state visitors from other regions.
An estimate of Market Value
Coffee is one of the used drinks in town. Despite the many shops providing the commodity, individual firms can register the best profits. Annually, coffee chain shops altogether offer a market size of 300,000 units. However, for us, we estimate a total unit of 100,000 units with an average of $500. As a result, our market estimate would be $50,000,000.
Recommendations
Having done comprehensive research and study, Jolly Coffee Shop got a suitable ground to implement its business. First, the location is a secure place and enjoys a broad customer base from learning institutions and companies. Moreover, the records indicate a future flourishing beverage industry majorly touching the coffee sector (Han, Nguyen, Song, Chua, Lee, and Kim, 2018). But even more important is the fact that we are committed to serving our customers. From those studies and research, I feel that indeed, Jolly Coffee Shop got ground to introduce her product to the market.
References
Becalski, A., Halldorson, T., Hayward, S., & Roscoe, V. (2016). Furan, 2-methylfuran and 3-methylfuran in coffee on the Canadian market. Journal of Food Composition and Analysis, 47, 113-119.
Han, H., Nguyen, H. N., Song, H., Chua, B. L., Lee, S., & Kim, W. (2018). Drivers of brand loyalty in the chain coffee shop industry. International Journal of Hospitality Management, 72, 86-97.