Tim's Coffee Shop
In this coffee shop industry there are many competitive big and small out there but the one route to take when starting a business is to plan ahead. Putting the four P components of the marketing mix product, price, place and promotion will help get your company it needs to be.
Tim’s Coffee Shop is in a great area according to the customers that come, it is in a college community where this a lot of student that drink coffee to stay awake to study, young couples that like to go out on a date and have coffee, and just anyone on their way to work. But there are a few things that are missing from Tim’s coffee shop that is Wifi for the students that wants for hang out and study, the friendly customer service, the quality of their product and a credit card machine. With there being so many coffee shops out there that already have these things it is important to have the traffic that Tim wants he is going to have to get this stuff.
Product is the first way to start, if your product is great then you can take a first time drinker of coffee and make them a long time drinker in your coffee shop or someone that has drinks at another shop would get hooked on your product and never go back to where they use to go. To keep the competitiveness in this large market there should be continuous product extensions though innovation and thus differentiation is required and is one of the strategies to differentiate a product from its competitors.
Pricing is the next component that should be looked at, if the price is high then the quality should be high (large price, large serving). Having the meal deal at breakfast, lunch and dinner, have specials buy 5 get one free or late night half price, or karaoke night on the weekend.
Then next is the place for where you will purchase all of your product. This is where your research will keep your customers coming back for more. First going to the big competitives and trying some of their product, ask them the question of where they get
Tim’s Coffee Shop is in a great area according to the customers that come, it is in a college community where this a lot of student that drink coffee to stay awake to study, young couples that like to go out on a date and have coffee, and just anyone on their way to work. But there are a few things that are missing from Tim’s coffee shop that is Wifi for the students that wants for hang out and study, the friendly customer service, the quality of their product and a credit card machine. With there being so many coffee shops out there that already have these things it is important to have the traffic that Tim wants he is going to have to get this stuff.
Product is the first way to start, if your product is great then you can take a first time drinker of coffee and make them a long time drinker in your coffee shop or someone that has drinks at another shop would get hooked on your product and never go back to where they use to go. To keep the competitiveness in this large market there should be continuous product extensions though innovation and thus differentiation is required and is one of the strategies to differentiate a product from its competitors.
Pricing is the next component that should be looked at, if the price is high then the quality should be high (large price, large serving). Having the meal deal at breakfast, lunch and dinner, have specials buy 5 get one free or late night half price, or karaoke night on the weekend.
Then next is the place for where you will purchase all of your product. This is where your research will keep your customers coming back for more. First going to the big competitives and trying some of their product, ask them the question of where they get