Accounting Information for Business Making (Presentation)

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Accounting Information for Business Making (Presentation)

In order to establish pragmatic decisions based on attaining a competitive edge over other rivals, it is imperative for the management to assess the external environment. Assessing the environment of the Australian coffee market will allow Coffee Rush to institute effective marketing strategies for its target market.

Target Market

Market segmentation is significant in establishing the customer bases that the enterprise will target. In this respect, Coffee Rush’s target bases are divided into two: the primary bases and the secondary bases. The primary base comprises businesspersons seeking to take caffeine before work. Additionally, Coffee Rush’s position near Hyde Park allows it to target tourists as they enjoy the park’s scenery. The secondary base comprises the public, who usually pass by the establishment on the busy intersection near Prince Albert Road.

SWOT Analysis

This form of market evaluation will assess the strengths, weakness, opportunities and threats within the firm’s internal and external environment respectively.

Strengths

The location of the business’ establishment exhibits high traffic especially among the target consumers of Coffee Rush. The customers focus on eco-friendly activities. Because of this, there is heavy foot traffic to the business’ prime location. Secondly, the utilization of Rainforest Alliance Certified products and biodegradable cups and utensils serves as strengths since other firms do not observe environmental awareness. Consequently, the provision of an extensive product range offers clients with a variety of commodities to choose. Lastly, the business, coupled with a pleasant outdoor environment, possesses a strong client relationship.

Weaknesses

Foremost, the costs that come with a starting up a new business may slow its profitability. Secondly, initial low product charges, especially in the starting period, will incur low income for the first annum.

Opportunities

The probability of instituting an increasing clientele base is evident. Coffee Rush also bears the capability of expanding into novel regions. Lastly, the business can also extend the variety of products it offers in future.

Threats

The close proximity of strong competitors to the business may limit its marketing strategy. Additionally, the respective market is considerably competitive. Poor weather conditions may affect the business by preventing business operations or decreasing the sales volume. Moreover, poor business choices can lead to the closure of Coffee Rush.

 

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