SMALL BUSINESS PLANNING

Small Business Planning



Small Business Planning

Part 2

Marketing Plan/General Strategy

The marketing plan is based on a King Coffee Shop which will be purchased by two business partners located on the Crieff Road. The King Coffee Shop is going to operate on a 700 square foot coffee shop that would be walking distance from the Perth College campus. This Coffee shop will have all the necessary arrangements in terms of the size and capacity but it is going to require some renovation. There is no other coffee shop located in that area. The basic idea behind the coffee shop would be to determine a daily necessity for local coffee addicts, as they will have a place to have some relaxation along with the sip of a coffee. It is also going to be a good hang out place for the friends and will become an ideal socializing spot for the teenagers. An appropriate business strategy for this coffee shop would be to implement the best marketing techniques in order to maximize their customer base on a long term basis. Therefore, all the strategies related to marketing will be discussed in detail.

Identification of target customers

The identification of target customers is very important for any kind of business. The reason is that they are the ones who will consume the product and will create a hope regarding the sustainiblity of the business. The target market would represent all those people that will like to consume a nice cup of coffee in a relaxing atmosphere. The customers are going to be from different ages, but as the location would be very close to the Perth college campus, it is clear that the major part of the target market will represent college students and the faculty. However, the other segment of the population is also going to be the key target market for the coffee shop.

The role of marketing research

A market research of the coffee shop will analyze the prospect for the entire business. It would include the target market analysis and to assess the viability of the business plan. In the case of target market analysis which will basically include the market segmentation activity. The market segmentation would comprise of demographic factors, lifestyle factors and many other aspects that is going to be crucial for the entire business plan. The demographic factors would include determinants such as age, gender, income that would help in assessing the target market for the coffee shop. There is one thing which is very clear that the gender would cover all the sexes since coffee is consumed by everyone. The income factor is going to include those people that can afford the coffee because the cost will be a bit high because of the fantastic ambiance provided in the coffee shop. Since, the main target market of the coffee shop will be the students of the university that indicates they can afford to buy a coffee. However, the coffee shop owners will neither charge very ...