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(PDF) Business Essentials - Marvin and Smith's coffee shop

   

Added on  2021-02-19

11 Pages3518 Words19 Views
BusinessEssential

Table of ContentsINTRODUCTION...........................................................................................................................11. Country where business should expand its services. .........................................................12. Marketing Mix of Marvin and Smith coffee shop.............................................................23. Issues and challenges faced by business and how it is be managed...................................44. Calculation and evaluation of financial information..........................................................65. Summary about overall viability of overseas expansion. ..................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONBusiness essential can be refers as a set of business activities which areimportant for business and its functioning (Hair Jr and et.al., 2015). Business is anyorganisation where goods and services are exchanged for money. It is essential forbusiness to follow all this function for effective and efficient functioning of organisation.Business essential includes financial resources, human resource, marketing,technology. In this report chosen company is Marvin and Smith's coffee shop. Thiscoffee shop was established in January 2017 and location of this shop is Wandsworthin South London. This shop is using finest coffee beans from Gumutindo coffee. Thisreport consist a detailed study of location which will be best suitable for new coffeeshop. Marketing mix is also conducted in order to identify product, price, place andpromotion of business. Evaluation of major function of business to identify challengesthat company have to face. Also, calculation of ratios that influence decision making ofbusiness.1. Country where business should expand its services. Marvin and Smith should plan to launch their new coffee shop in Portugal. Thiscountry would be best suitable for this business because for economic condition ofPortugal, social trends and demand of coffee in this country (Wilson, 2014). All thesefactors will help Marvin and Smith for their earning profits by satisfying need andrequirement of customers of Portugal country. They should open an attract coffee shopwhere customers can comfortably sit and enjoy their coffees. It should have relaxingambience for their consumer so that customers can feel fresh. Coffee-houses serves asa centres of social interaction by providing place to congregate, talk, read, writeentertain or pass the time to individual or group of people.Economic condition: Portugal economy is one of the major reason for choosingthis country to expand Marvin and Smith business. It is a developed country withadvance technology and high income economy. Portugal economy is very muchdependent on overall developmental trends of Europe. This country iscontinuously growing and progressing towards more private enterprise. This willbe very helpful for Marvin and Smith coffees shop to increase its profitability by1

expanding its services in Portugal. Government of this country is attracting newinvestment will help in overall economic growth of company. Therefore economiccondition of Portugal will help in effective and efficient working of Marvin andSmith coffee shop.Social trends: Social trends can be refers as type of activities which isparticipated by large number of people (Scarborough, 2016). Customers areattracted towards new and creative things so it can help Marvin and Smith coffeeshop to influence more customers to their shop. Social trends of digital and socialmedia will help in informing and connecting with customers and communicatingproducts and services offered by coffee shop. People of Portugal are alwaysready to try new thing and exploring new places. Coffee shops are place wherepeople can spend some time with their friends and family to relax. Demand: Portugal is a one of those countries which spend most on coffee. So inthis area demand of coffee and coffee-house are very high. People of thiscountry enjoy drinking coffees as well as spending time in coffee shops. Herepeople are habitual of drinking coffee on daily bases and this is very important forcoffee shops. Portugal is in top six country who pay most for coffees andconsume coffee, this refers that demand of coffee is very high in this country ascompare to tea and cola products (Caffeine (Coffee) Consumption By Country,2019). In this area people prefer instant coffee more than roast coffee. Thereforeit is an huge opportunity for Marvin and Smith to expand its coffee shop businessin Portugal area. Company should establish attractive and creative coffee-houseand provide quality coffee to customers. All of these are the major reason for selecting this country for Marvin and Smithcoffee business (Gamble, Peteraf and Thompson, 2014). These factors will help indevelop and effective functioning of coffee shop. Economy of county can financially helpbusiness to grow whereas social trends and demand of product will attract morecustomer as well as increase sales of business. 2. Marketing Mix of Marvin and Smith coffee shop.Marketing mix can be refers as all those factor which influence demand ofproduct and these products are controlled by company. It consist of 4 P's which is2

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