Joint Coffee Cup Company Industry, Market, Product, and Readiness Feasibility
"A feasibility analysis is a chance to open your eyes, ask yourself some very tough questions, then check to see whether your idea, as originally conceived, needs to be modified, refocused, or changed dramatically. (Or perhaps even scrapped altogether.)" (1).
Overview
With this assignment, you will be addressing the fundamental question: Does this business have profit potential?
Instructions
Refer to the same business you described in the first assignment, Creating a Small Business, and write a 3–4 page paper in which you:
Conduct a feasibility analysis by researching and analyzing each of the following topics and indicate how your business occupies that specific space:
Industry and market feasibility.
Product or service feasibility.
Financial feasibility.
Entrepreneurial readiness.
Explain whether the business idea needs to be modified, changed significantly, or abandoned based on your feasibility analysis. (Note: If you abandon the business idea, then you will need to select and analyze a new business that has profit potential.)
Include at least two references outside the textbook. For help with research, writing, and citation, access the Strayer Library or review the Bachelor of Business Administration Library Guide.
Feasibility Analysis: The Joint Coffee Cup Company
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Feasibility Analysis: The Joint Coffee Cup Company
Feasibility analysis of the Joint Coffee Cup Company is significant since it will determine whether the business idea is viable and would generate adequate profit. Feasibility analysis is essential since it considers relevant factors such as marketing and targeted customers and the ability to mobilize sufficient resources to sustain the business (Berry & Shabana, 2020). Whether a business is feasible depends on many factors, such as customer retention, market penetration, competitive advantage, and profitability. Therefore, the feasibility analysis justifies the practicality of Joint Coffee Cup Company. The paper addresses the feasibility of Joint Coffee Cup Company by addressing industry, market, product feasibility, and entrepreneurial readiness.
Industry and Market Feasibility
The Joint Coffee Cup Company falls under the food industry, a major sector in Ohio with high profitability when properly established. For any business to be feasible in the industry, it must have a relevant target market with high demands for the products. The Joint Coffee Cup is feasible in the industry since it targets University students, a group with high demands in the food industry due to inadequate time for preparing their meals. The food industry also comprises huge competition; however, the Joint Coffee Cup is feasible since it utilizes a differentiation strategy to promote market penetration. Therefore, an appropriate strategy and target market makes the company feasible in the food industry and will be adequately executed when executed. Lastly, the company will also be feasible in the market and food industry due to its unique and strong brand. Its brand will allow it to outcompete some major businesses in Ohio, such as Pistacia Vera. Due to the identified elements such as differentiation strategy and effective target market, the company is feasible in the industry and market.
Product or Service Feasibility
Product or service feasibility is a significant element in any company. It refers to the ability of the goods and services offered by a business to meet customer demands appropriately. The main product for the Joint Coffee Cup Company is coffee. Coffee is a feasible product in Ohio due to cold weather. It has a high demand in all sectors to address any possible weather adaptation challenges. According to Fadillah (2019), a well-established coffee business should be based on customers' demands, especially to meet their basic needs. Coffee is a food product and can be classified as a basic need; therefore, it would automatically meet the population's needs. A coffee product is also feasible since it is an energizer; it will allow the University students to acquire adequate energy for the learning activities. Coffee as a product is environmentally friendly and ...