Assignment Title: Coffee Culture and Commerce
Scenario: 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.