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4998 Downloads I Published: 14 Oct ,2017
In the following report, Distilled has been taken as the firm over which the idea of new business is applied. The concerning firm observes the opportunity to start a coffee shop at London Knights-bridge which is rich area of the place. With increase trend of people to conduct small meetings which can be personal or professional, they seeks cafeteria as the best place to spend their time. Considering the same condition, Distilled has created an opportunity for themselves and expect success in the relevant industry (Garoufallou and et.al., 2013). For implementing the following business idea, they needs to conduct a market research. The target people of Distilled comprises mostly of the young teens who wants to spend their time over a coffee. The most preferential area of focus for Distilled will be to provide quality services with excellent product to attract people and provide competition to existing firms such as Starbucks and many more (Business strategy. 2014).
Distilled is a cafeteria which targets the young teen people who observe best places to spend their time. Other than young teens, the other mass comprises professional persons who wishes to spend their time over meetings for some important discussions (Dibb and Simkin, 2013). They can conduct small get together with other business people to arrange small meetings that lasts for few hours. Distilled can divide their overall market into different segments by making the ambiance suitable for all types of people. It may include the following:
In the modern period, the demand for coffee places is constantly rising that results to increasing opportunities of business for Distilled (Hassan, Craft and Kortam, 2003). The current trends that are observed for creating the market share for relevant business includes the following:
For the purpose of gaining competency and increasing the business market share, Distilled have to make policies under which they should make efforts to convert their strength into opportunities (Hassan, Craft and Kortam, 2003). It could be done as follows:
In order to analyze the micro environmental factor, the approach of Porter's 5 forces is applied which is as follows:
Bargaining power of buyer
With rise in demand of people and number of branded coffee chains in UK, there is low degree of bargaining power of buyer.
Bargaining power of supplier
The bargaining power of supplier is low as well due to their potential to supply materials to number of coffee shop chains (Terano and et.al., 2015).
Threat of substitute
There is very high degree of threat from substitute because the other branded firms are offering large variety of products (Hassan, Craft and Kortam, 2003).
Threat of new entrants
There is very high degree of threat from new entrants because the industry is growing at rapid pace allowing other firms to enter into market as well.
Threat of rival competitors
With huge market share of branded coffee shops such as Costa coffee and Starbucks, the degree of threat from rival firms is very high (Watty, Jackling and Wilson., 2014).
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There are number of barriers that may act as restricting agent for Distilled. They are as follows:
Tough competition from rival – Since there are large number of branded firms in the coffee shop retail chain, it provides very tough competition to the business. Distilled may face a big challenge from these firms which eventually act as a barrier for their business. They have to make proper planning to overcome this barrier by providing wide range of products (Garoufallou and et.al., 2013).
Tough market conditions – The market condition of UK in current period is quite tough. The branded coffee house chains have the capabilities to fight against such conditions, but Distilled being a new venture in the industry have to face tough challenge which is another barrier for the firm.
Economical stability – To compete with the branded coffee house chains, Distilled have to possess sound financial liquidity. They have to make arrangements for huge capital investment to make conditions similar or better than other firms such as Costa coffee and Starbucks (Dibb and Simkin, 2013).
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