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Business Essentials Advanced Assignment (Doc)

   

Added on  2020-12-31

12 Pages3401 Words129 Views
BUSINESS ESSENTIAL ADVANCE

Table of ContentsINTRODUCTION ..........................................................................................................................1Market Research..........................................................................................................................1Facts based on lifestyle, culture, and coffee drinkers of German's............................................22. Marketing Mix........................................................................................................................33. Implication experienced by Marvin and Smith’s coffee-shop................................................44. Interpretation of Financial Statement......................................................................................55. Summary.................................................................................................................................7CONCLUSION ...............................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTION The term “Business” refers to an activity of making, selling, or buying goods or providingservices in exchange of money. According to Stephenson, (2014) it means “the regular purchaseand sales of products undertaken with an aim of earning profits and acquiring wealth through thesatisfaction of human wants”. Marvin and Smith's is well-renowned coffee shop, situated inWandsworth in South London. It was opened by Patty Smith and Hank Marvin who have workedtogether for years in the catering and food sector. After gaining popularity in London, both of itsowners have decided to expand its coffee-chain in another region of European Union. The givenreport covers what all aspects need to be taken into consideration by Marvin and Smith whileexpanding business operation to Germany. Along with this, it will also discuss marketing mix,critical analysis of financial information & overall summary of overseas expansion. TASK 1Market ResearchAs per the given case study, Hank Marvin & Patty Smith have worked together for yearwith food and catering industry. After gaining much experience, both have mutually agreed, toset up its own coffee-shop in London. Before opening its first business venture, they spent nearly12 months in researching and planning about the details of coffee-house such as selecting bestlocation, identify target market, key competitors, amount of capital required, choosing bestsuppliers, key products and services that they are going to offer in their coffee-shop and so forth. In January 2016, they opened their first coffee-shop in Wandsworth, South London. However, after gaining much popularity, both have come up with an expansion plan andwant to set up one of their coffee-shops in Germany. According to statistics reports, Germany isthe 3rd largest coffee market in the world after Brazil and U.S.A. The main reason behindchoosing this country is about 86% of total population of Germans consumes coffee on regularbasis. It has been estimated that on an average a German people consume 165 litres of coffee,when compared to 107 litres of beer and 140 litres of water (Growth and Trend of GermanCoffee Market, 2016.). Additionally, each year ample number of visitors visit Germany whichcan be taken as an advantage as it significantly contributes towards increasing the overall sales ofthis sector. It has been estimated that on an average Germans drinks about 1.43 cups of coffee on1

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