15 Jul Blowit101
Winer, R. S. and Dhar, R. (2016). Marketing Management (CustomeBook). Boston, MA: Pearson Prentice Hall.
The idea of the Bark and Brew coffee shop is a unique one. To begin with, I would encourage my friend to gather information through marketing research from both primary and secondary information sources. Marketing research is the function that links the consumer, customer and public to the marketer through information (Winer, 2015, p. 76). Ideally, the use of questionnaires with both open ended and close-ended questions can help my friend determine who might be willing to shop at her coffee shop. It will also provide both qualitative and qualitative information on how the market would respond to the idea of Bark and Brew coffee shop. Coffee drinkers are normally on the go people and she would want to know what would make dog-owners want to sit down and have a cup of coffee with their furry friend.
Importantly, the performance of competitive analysis is vital to the start up of any business venture. It is an assessment of the strengths and weaknesses of current and potential competitors(wikipedia.org). A competitive analysis will allow my friend to exploit opportunities that our competitors have overlooked in the market. According to Winer (2015), competitive analysis covers four main areas: Determination of the competitors’ major objectives, assessment of their current marketing strategies, assessment of their strengths and weaknesses and internal analysis of your firm’s strengths and weaknesses relative to the competitors (p.181).
Through marketing research we can gather vital information on all four areas mentioned above. For example, a visit to the Starbucks website at starbucks.com/news will given us a myriad of information about the products they offer to the company’s future projections. A product category competition analysis would be more specific to the Bark and Brew coffee shop since it measures the, “level of competition in which products or services that have similar features and provide the same function are considered”, (Winer, 2015, p.175). In the case of Bark and Brew coffee shop, providing coffee to humans and catering to their dogs is unique to the rest of the coffee shops in its industry. Very few café caters to both humans and their pets in the entire Virginia. As a dog owner myself, I usually take my dog to PetSmart just to wonder around because other than a dog park there are not much places I can take her where she can interact with other dogs. With these in mind and the fact that the demand for pet services are increasing, Bark and Brew may have a market.
References
Winer, R., & Dhar, R. (2016). Marketing Management (4th ed.). Pearson Education, Inc.
Blowit102:
Product form gives specific type of products within a category and contains different groups that combine together to form the product category. These groups not only contain the products that deal with basic utility but also contains some extra benefits along with the basic utilities. It is a level is a narrower level and it falls under the product category. It has more information about a product compared to the product category (Zungi. (n.d.). An example would be hybrid cars. They solve the basic utility that is personal motorized transportation. They also have extra features such as fuel efficiency and eco-friendly.
Competition analysis identify your competitors and evaluate their strategies to determine their strengths and weaknesses relative to those of your own product or service (Staff, E. (n.d.). This would be if Target looking into Walmart and seeing how they can improve on their end for profit.
In choosing, I would choose the product form to begin the business. It sets the foundation of the factors that are needed to succeed in a business. A competition analysis would be better if there were several businesses of the kind.
The source of my information would come primarily from dog owners. Coffee and tea shops exist on many corners in many neighborhoods. The basic foundation and statistics for them have already been established. I would visit vet clinics, pet stores, and or pet bed in breakfasts. This way I would be able to identify things that are needed, expected, and what would satisfy customers of this sort.
Reference
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