Executive Summary - GAGABOX



GAC012 Assessment Event 2: Project-Written ReportBusiness Plan:Student’s Name:Seungsoo OhStudent ID #:Teacher:Gord OjalaDue Date:Word Count:Table of Contents TOC \o "1-3" \h \z \u Executive Summary PAGEREF _Toc330483784 \h 11.0Introduction PAGEREF _Toc330483785 \h 21.1The objectives of the research PAGEREF _Toc330483786 \h 21.2The context PAGEREF _Toc330483787 \h 21.2.1Prime function PAGEREF _Toc330483788 \h 21.2.2 Key competitors PAGEREF _Toc330483789 \h 21.2.3 Legal structure PAGEREF _Toc330483790 \h 21.2.4Choice of Business PAGEREF _Toc330483791 \h 21.3Background knowledge PAGEREF _Toc330483792 \h 21.4Thesis Statement PAGEREF _Toc330483793 \h 32.0Method PAGEREF _Toc330483794 \h 32.1Data collection PAGEREF _Toc330483795 \h 32.2Research objectives from data collection PAGEREF _Toc330483796 \h 33.0Findings PAGEREF _Toc330483797 \h 33.1Key success factors PAGEREF _Toc330483798 \h 33.2SWOT analysis of the business and an alternative PAGEREF _Toc330483799 \h 43.3Summarization PAGEREF _Toc330483800 \h 44.1Interpretation PAGEREF _Toc330483801 \h 54.2Assess the effectiveness of the research PAGEREF _Toc330483802 \h 55.0Conclusion and recommendation PAGEREF _Toc330483803 \h 65.1Identification and Justification PAGEREF _Toc330483804 \h 65.2Competitive edge PAGEREF _Toc330483805 \h 6Reference List PAGEREF _Toc330483806 \h 6Appendices PAGEREF _Toc330483807 \h 6Executive SummaryIntroductionThe objectives of the researchTo make café business prosper in local area, setting up the prime function and planning how to operate the business will be an essential procedure. By researching the field of café business, it will be helpful to learn the way of running the café.1.2The context1.2.1Prime functionAs a café, this business will provide customers various kinds of coffee, beverages and desserts in cozy ambiance.1.2.2 Key competitorsKey competitors will be franchise cafés such as Starbucks, Caffe Pascucci, Coffee Bean and Caffe Bene. With their massive amount of capital, verified menus and stable system of marketing, they have higher chance to be successful in the area.1.2.3 Legal structureIt will be operated as a partnership. Partnership will be the most efficient way to run this business by distributing works such as marketing, purchasing materials and managing the store.1.2.4Choice of Business In Korea, large number of people goes to local cafes to have conversation with their friends, do group works or spend some time reading books quietly. To meet these needs, the café need to have more rooms and more comfortable furniture. However, there are not many cafes which satisfy theses needs. Thus, there is high chance to be successful in business of café even though there are many cafes all around any places. 1.3Background knowledgeA business runner can clarify the goal of business, strategy to achieve it and additional information for investors with business plan. There is a SWOT analysis within the business plan. By analyzing SWOT which is an acronym of Strengths, Weaknesses, Opportunities and Threats, the business runner will have general overview of potential chances and risks in addition to its merits and demerits.1.4Thesis StatementThe size of café industry has been growing because of the economic growth of Korea. Thus, there are many cafes almost everywhere in Korea. By researching how existing cafes are operated, their strengths and weaknesses will be identified. This business will be operated much efficiently with understanding and learning from their strengths and weaknesses. Similar with other retail businesses, location of the café will be most important factor to succeed. In addition to the location, comfort of the café and the quality of menus would be essential factors to meet customers’ wants. 2.0Method2.1Data collectionCollect information of key competitors such as Starbucks, Coffee Bean and Caffe Pascucci by online searching.Have Interviews with actual café managers to learn how they operate their cafes.Visit local cafes to see how they design their stores.2.2Research objectives from data collectionBy researching the field of business of café, 3.0FindingsKey success factorsLocationLocation of the café is one of the most important factors to make good amount of profit. To have a large number of customers, the café should be located in crowded area. In addition to it, because the café is designed for those who want to do group works and meet friends, it is better to be located near fortable furniture and ambianceRecently, people go to cafes not only for having a cup of coffee but to meet their friends or do group work. Therefore, with cozy furniture and ambiance in addition to proper structure, the café will be the best place for people.Decent price of tasty beveragesEven though the café is located in the area where there are many floating population and has good layouts of furniture, if coffee SWOT analysis of the business and an alternative StrengthA large number of floating population – potential customersComfortable furniture and ambiance – couches, seminar roomsDecent price of coffee and beveragesWeaknessRelatively slow circulation of customersLack of experience of running businessOpportunities Rapid growth of market of coffeeMore flexible menus than other franchise cafesThreatsMany franchise cafes in the area.Korea economy is in recession due to European financial crisisPlan APlan BˇLocated in the area where there are many floating population (Shinchon – where many universities are located)ˇComfortable furniture and ambiance – couches, seminar roomsˇDecent price of beveragesˇCompensate slow circulation of customers with office workers in lunch timeˇLocated in Myongdong – where there are lots of people gatherˇCozy atmosphere and comfortable couches for tired people with work or shoppingˇOffer various types of coffee and beverage for decent priceˇfaster circulation of customers thanks to office workers especially in lunch timeSummarizationSummary of SWOT Analysis and more explanation about it if there is any.Basic idea of the café is that it provides customers comfortable and cozy place to have conversation with friends and do works together in quiet and relaxing ambience. Recently, people visit cafes not only for having a cup of coffee but also to meet people. Thus, people seek cafes which has relaxing atmosphere. If there is a café that satisfy theses wants, it would be successful even in the crowded area. 2604548247650Have you ever studied for getting a job in cafes?0Have you ever studied for getting a job in cafes?23072651171214.1Interpretation20516853191510Rarely 00Rarely 20516852727325Once or twice per two weeks00Once or twice per two weeks20504152929255Once or twice per month00Once or twice per month20839812493660Once or twice per week00Once or twice per week20839812057724Almost daily00Almost daily20828002289337Once per two days00Once per two days1722120517525YES00YES3264535148272535623501301750How often do you go to cafes to study?0How often do you go to cafes to study?1721485751678NO00NOAccording to Incruit which is famous website of employment information, job seekers go to cafes to study at least once or twice a week. In addition, customers prioritize comfortable tables and chairs as an interior factor, according to Kyunghyang newspaper. 4.2Assess the effectiveness of the researchThrough online research, the information of preferences of customers was clarified thanks to surveys about cafes. Conclusion and recommendationIdentification and JustificationAs data about cafes was suggested in interpretation section, young people enjoy going cafes to study or meet their friends. Therefore, Competitive edgeReference ListAppendices ................
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