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Opportunity Analysis

Business idea

The new business idea is based on opening coffee shop in Northampton which would provide variety of services or products in accordance with requirement of the public. It will be more focused on hygiene as currently people are more conscious about their health and they prefer to have healthy food to stay fit. Owing to this, drinks and snacks will be offered accordingly. The major uniqueness of the project is hygiene and variety of products whereby more number of customers will be attracted. Furthermore, reasonable prices will be set for the drinks and snacks in order to keep them satisfied and retained. In this report proper evaluation will be made with the help of which effectiveness of this market will be determined.

Opportunities

There are many organizations that deliver their customers with similar products and services. They make use of different set of strategies that enable them to attract more and more customers. In order to develop coffee shop at Northampton, it will be an effective idea as this will help to achieve the desired goals and objectives (Gustafsson, Herrmann and Huber, 2013). With this respect, one of the opportunities that prevail in this market is related with preference of customers. In accordance with the culture that are followed at this particular place, people prefer to spend their time also or with friends in coffee shops. Further, there are different type of dishes that are preferred by them and they love to try new type of dishes. In this context, the type of idea for establishing coffee shop at Northampton will be effective.

Market analysis

In order to establish business in a market, it is essential to make sure that there is proper analysis made so that the areas in which it lacks and preference that can be identified. With his respect, one of the effective tool that is helpful to make analysis of market is with the help of PESTLE analysis. Below given are the PEST analysis done for Northampton:

Political factor: This can be determined as the extent to which government involves in order to make changes in the interest rates, monitory and fiscal policies (Wyatt, Kiers and West, 2014). When there are changes in these policies, then the firm also need to make changes ion the prices strategies. In case there are frequent change, then it has negative impact over the business.

Economic factor: There are conditions in which there are recession or inflation. In such type of condition the rate of money spend by customers is affected negatively. In this context, it is important to make sure that firm understand the situations and take appropriate steps with the help of which the issues that are faced can be solved.

Social factors: Changes in taste and preference of customers take place frequently. It is important that firm understand these changes and take appropriate steps so that they will be able to develop products and services as per requirements of customers (Warnick, Bojanic and Xu, 2015). This way the rate of profitability and sales can be raised.

Technological factor: With time there are changes that take place in technology. It is important to make sure that firm update or make use of new technology so that they will be able to make sure that they deliver customers with high quality services. Ultimate aim of any firm is to gain maximum profit. This is only possible when they will be able to understand the customers requirements. In order to satisfy them use of updated or new technology is an effective aspect that need to be considered.

Legal factors: There are different type of laws that are fallowed at this particular country. It is essential that all the laws should be considered by the firm. When these are not followed, then people develop negative perception over the services that are delivered to them.

Environmental factors: All the services and products that are delivered should not any type if negative impact over the society or environment (Li, Wang and Ragland, 2013). For this purpose all type of consideration should be made by the organization before the business is established.

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