CoffeeTime is a popular chain of coffee bars located in North America and Europe. CoffeeTime serves and roast fine coffee beans from all over the world in addition, they also sell coffee beverages and snacks. Recently, in the global coffee business an upcoming market for coffee with special flavor and coffee bars in South Asia has developed. India and other South Asian economies are of interest to CoffeeTime and management is considering the option of entering India (University of Phoenix, Simulation: Research and Decision Making).
Knowledge of India
What CoffeeTime knows about India are the different locations, historical background, the size and population of the area, ...view middle of the document...
The number of people that visit the malls and dine in restaurants, assists by providing data of the amount of disposable income the population in that area is likely to spend.
Limitations of Data
Market share and market potential are considered primary data because the information has to be researched and gathered by the person determining these two factors. The principles of determining market share and market potential are the same for all geographic areas. First, you need to determine a customer profile (who) and the geographic size of the market (how many). This is the general market potential. Knowing the number and strength of your competitors (and then estimating the share of business you will take from them) will give you the market potential specific to your enterprise (Small Business Administration, 2005). The managers would be able to use this data to maximize their potential when opening a new outlet in a competitive area, knowing the best strategies for attracting new customers and changing the habits of their competition’s customers. There is certain information that is limited in relevance to CoffeeTime’s research. The missing pieces of information can change the reliability of the outcome, thus losing validity to the gathered information. The secondary pieces of information that total access provided is inadequate in some sectors. For example, it is important to know how many colleges are within a demographic region, but it is as important to know the amount of students enrolled at the colleges. This is a population group that is likely to prefer special flavor coffee. This group also has a considerable amount of disposable income to purchase this product. The number of staff members, including faculty and administrative personnel, would be significant data that would be beneficial to this research. The previous mentioned group is a good target market because this population is likely to consume coffee and is likely to have the disposable income to purchase the products offered by CoffeTime. This business will also serve as an interest point for this demographic sector because it can be used as a place to meet for study groups, a quick snack between courses, or simply to get an energized boost to continue the day.
Random Sample Additional Data
As a Manager for Business Development at CoffeeTime, I would recommend that methods that explore suitable outcomes should be used in this attempt to penetrate the market in India. The methods need to reveal and relate to data based on the product, service, techniques, profiles, or other areas of interest that the people of India have demands or requests for. In order to meet customer satisfaction and be able to determine what the strengths and weaknesses are for CoffeeTime in India, where competition already exists, programs need to be developed that are results oriented. The results that are gathered from the customers of CoffeeTime will...