mkt565midterm help
Bark and Brew Cafe
My friend’s idea of starting the bark and brew cafe is quite a unique and pace-setting business concept. Her cafe will not be an ordinary coffee Cafe but a coffee establishment that attends to the needs of both human beings and their dogs. However, the Bark and Brew cafe will not be labeled as a pet store but a coffee cafe. While the idea bears the strong potential to make it in the industry, there may be a challenge in implementing it since the shop will serve coffee drinkers without pets and some customers who do not enjoy the company of dogs. I believe that numerous people would dread the idea of getting served alongside dogs whenever they visit their favorite cafes, while others would be delighted to share a snack with their dogs away from their homes. For this reason, an in depth competitive analysis is inevitable for the success of the cafe.
Strategy for Competitive Analysis
I would opt for the product category competition analysis. This strategy works best in situations where the product is similar between competitors, but there exists a difference in the way the product gets served to customers or consumers. In this case, the competitors to Bark and Brew cafe, such as Starbucks, only offer coffee and some snacks to customers. On the other hand, Bark and Brew cafe will serve customers and offer their dogs snacks to allow them to eat together. In their article, Dirisui, Iyiola, and Ibidunni (2013) explain that identifying a meaningful product-driven differentiation can be especially fruitful in gaining and sustaining competitive advantage. Bark and Brew Cafe has a competitive advantage due to the differentiation of its snacks that suit even pets. However, the need for a proper competitive advantage is still necessary since the cafe will attempt to serve dogs in an environment that is commonly known for human services. This move may not be welcome by some, but it could also be a game-changer for the person behind the idea and the entire industry at large.
Sources of Information
In handling the competitor analysis, I can visit and analyze some of the major competitor websites. This visit will put me in a position to fully understand their product specialties and plans as well as the objectives of the competitors. I can then visit the different social media pages of the competitors on various platforms. On these platforms, I can embark on analyzing their ratings and the comments they receive from clients. Other effective sources for information on competitors are handing out questionnaires and carrying out interviews. The sources will help shed light on the current positions of the competitors, their strengths and weaknesses, and well as gathering people’s opinions on the potential of bark and brew cafe.
Before handing out of both online and hard copy questionnaires and carrying out interviews, I will need to understand the scope of the market and the cafe’s target customers. The main target population will be made up of coffee drinkers with dog pets. They can be interviewed and provided with the questionnaire in order to get their opinion on the existing cafes and their reaction towards the idea of bark and brew. Since the bark and brew seek to serve not only the coffee drinkers who keep dogs but also coffee drinkers without the company of dogs, it would be essential to get the views of the potential customers who do not have dog pets. Adom, Nyarko, and Som (2016) argue that embarking on a business venture without a proper competitor analysis is like running into a battlefield with a blindfold. This analysis will, therefore, enable my friend to understand the market before fully investing in the cafe.
References
Dirisui, J., Iyiola, O. & Ibidunni,O. (2013). Product Differentiation: a Tool for Competitive Advantage and Optimal Organizational Performance. European Scientific Journal, 9(34), 258-300.
Adom, A., Nyarko, T. & Som, G. (2016). Competitive Analysis on Strategic Management: Is it a Worthwhile Managerial Practice in Contemporary Time? Journal of Resources Development and Management, 24(1), 116-118.
This is what I have so far. I need help with this part: develop a target market for this project. Address three marketing segmentation variables that would be important to consider and how you arrived at the target market.
Develope a customer retention program to implement for a friend for this business discuss the concept.
marketing strategy for solving problems.
