Part V

Business Plan Part 2

Student’s Name

Institutional Affiliation

Stakeholder Analysis

Personnel Experience, Education, and Training for Millers Coffee Shop Stakeholders

Millers Coffee shop will hire employees with excellent customer service experience and other roles in coffee selling and distribution. The manager should be able to adapt all the features of café operations (Rahardjo, 2019). All the employees for this business will be required to have formal academic training and at least two years of working experience in the hospitality and coffee selling industry. The stakeholders will also be required to train barista skills, management skills, coffee roasting, and cupping courses.

Industry Analysis

A Brief Overview and Long-Term Outlook for Growth

The long-term outlook for Millers Coffee shop is a bright future in coffee brewing and selling. Despite the Covid-19 pandemic's present challenge to the world economy, the company looks forward to experiencing a profound change in its services (Rahardjo, 2019). It will remain resilient and endure the economic challenges that come with the coronavirus challenge. The long-term outlook for this company's growth indicates improving market dynamics, product innovation, new technology, and consumer trends enhancing business practices.

Industry Size, Trends, and Target Market Segment

The coffee shop industry in America comprises over 22,000 stores. The major companies included in this industry are Starbucks, Coffee Bean, Tea Leaf, and Dunkin Donuts. The industry is extremely concentrated at the top and scrappy at the bottom (Rahardjo, 2019). Millers Coffee Shop is still at the bottom since it is a small business yet to be launched. The target market will be coffee shop lovers, specialty coffee drinkers, and whole bean buyers. The market trend is expected to continue growing given that the target customers are aware of the specialty coffee drinks.

Who Leads the Industry in Terms Of Price, Quality, and Market Share?

Most of the small business coffee shops in the United States sell ground coffee beans for home consumption. Others sell the merchandizes and equipment used in the brewing and making of espresso. The leading company in this industry so far is Starbucks (Jackson, 2020). It has maintained the top position due to its high quality and premium coffee and other equipment at affordable prices. As such, Starbucks has the largest market share in the coffee selling and brewing industry. Dunkin Donuts follow it at the second position in the market share, quality, and price. Other small coffee shops also strive to improve their market in the coffee business industry.

Competitive Analysis

Strengths and Weaknesses of Primary Competitors

Competitive shop 1	Competitive shop 2
Strengths	Weaknesses	Strengths	Weaknesses
Established shops	Rude baristas	Credible brand	Expensive products and services
Vegan options	Watery coffee	Open till late hours	Limited sitting space for customers

Product Measures in Pricing and Competitive Advantage for Millers Coffee Shop

The pricing strategy for Millers Coffee Shop will include fair prices for its customers. The prices will be slightly lower than those from the rival coffee shops around the location (Jackson, 2020). Our products will also have strong competition due to the premium location of the coffee shop. The company will also have a strong competitive edge due to new tastes, loyalty programs, and outstanding customer services that include comfortable seats, music, and the internet.

3-Year Sales Forecast in Dollars and Units

Sales and Advertising Plans

Millers' Coffee shop will use online platforms for marketing its products. It will also use conventional sales and marketing methods such as radio, television, and media advertisement. Besides, the company will give out brochures to its customers to market its products to more customers.

References

Jackson, M. (2020). Business plan development for a coffee and cake shop: Business structure, SWOT analysis and market research. GRIN Verlag.

Rahardjo, B., Hasbullah, R., & Taqi, F. M. (2019). Coffee Shop Business Model Analysis. Integrated Journal of Business and Economics, 3(2), 140-152.