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2 Assignment Title: Coffee Culture and Commerce Scenario: You are a coffee lover and aspiring entrepreneur

December 20, 2024

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.

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