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WGU D374 Market Research Task 2
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- D374
- Institution
- Western Governors University
WGU D374 Market Research Task 2
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PRIMARY AND SECONDARY RESEARCH -D374
Elizabeth Hardin
SEPTEMBER 10, 2024
WESTERN GOVERNORS UNIVERSITY
, Task 2
A)
A1a. While the revenue of coffee and snack shops has increased by 1.4% between
2018 and 2023, profits have gone down by -5.4% a year. Some of the biggest
reasons why profits are going down is because French Press, like many coffee
shops, see a decline in sales. Sales are influenced by exogenous (outside) factors
that directly influence a company's profit such a 9.7% of national unemployment,
the fact that a lot of factories around the world had to close to prevent the spread
of COVID-19 (Supply Chain issues), and the lack of rain in Brazil, where the
majority of coffee beans are cropped and processed, along with it, coffee prices
have gone up. [CITATIONThi23 \l 1033 ]
A1b. The coffee shop industry is extremely competitive with many competing
companies, but often only a few taking up any sizeable market share. Competition
is extremely steep, and only grows more intense. For example, with major players
like Starbucks and Dunkin’, they often end up setting trends in the industry. The
way customers are now moving towards local shops, The French Press included,
competition will get fiercer. The increasing presence of these coffee giants as well
as other preexisting less recognizable coffee shops will encourage The French
Press’s customer loyalty to shift towards newer and often better offerings. The
French Press has been, and still is, a place of community-building. However, once
coffee-loving neighborhood shifts even more to favor these new shoppes, The
French Press’s customer base will inevitably shift to rival shops. That is not to say
that The French Press cannot survive, but it will only grow stronger in tomorrow’s
coffee game if they change their strategic approach to innovation.
[CITATIONThi23 \l 1033 ]
A1c. It's a diverse range of products with a menu listing ranging from coffee-based
drinks to desserts and savory snacks. Many coffee houses tend to feature a
standard choice of products, usually mochas, cappuccinos or lattes, with a
secondary choice of a selection of basic pastries or breakfast items, such as bacon,
etc. This may provide a good offering, but customers want to feel they can come
regularly and try something different. With the current climate and economic
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