The 7 Eleven coffee is considered to be famous across its home country as it provides satisfaction to the customers with its authentic taste. The product is famous more in Canada and it provides for a unique flavour in the form of a well-balanced and smooth coffee drinking experience.
The major players in the market are the coffee market includes Starbucks, Coffee Bean and Tea Leaf, Caribou Coffee and Dunking Donuts. These companies also serve as a strong competitor 7 Eleven coffee in the coffee manufacturing and production department.
The past activity of 7 Eleven is to be involved with selling all types of beverages for the satisfaction of the customers that also included candy and prepared food. The current activity is focused on the development of the coffee business in the country and beyond.
The target market for conducting the research is in Sydney, Australia. The high cultural people that are involved with the drinking of coffee as a regular beverage are targeted with a high standard in the society.
The regulation required for making the coffee need to comply with the manufacturing of food laws in the country. Coffee can be consumed mostly at the winter and the distribution can be made directly by the company from its stores. The pricing need to be kept at medium so that low-income groups can enjoy the authenticity of the coffee. Communication about new products can be done with the help of social media like Facebook.
The reason for conducting the research is that it can help in understanding the importance of market and the manner in which a simple store can compete against the big names in the coffee manufacturing industry.
The research helps in identifying the marketing strategies as well as the effectiveness of the target market while trying to contemplate the existing marketing plans. Marketing programme in the form of identifying marketing plan need can be made after the research.
The business unit that the research has most impact are the marketing of an organisation. The marketing manager of 7 Eleven can be considered as involved in identifying the target market so that effectiveness in the gaining the satisfaction of customers can be made.
The constraints that may occur while undertaking the research includes alerting the customers about the number of coffee shops that exist, along with the effectiveness it has on the market. At the same time, the research can be met with restrictions in the form of gathering authentic information.
Business objective: The business objective of the research is to understand the manner in which marketing plans can be implemented for making a company successful in a competing environment.
Research objective: The research objective is to understand the attitudes, behaviours and consumption of coffee that people undertake. At the same time, the expectations of the customers over the coffee shop can be analysed after conducting the research. The research is more of a quantitative manner as the responses of the customers need to be recorded, ascertained and measured.
The research groups that can be of interest in conducting the research may include the rich community people residing in Sydney. Hence, research question that can be developed includes:
What are the major beverage that rich communities in Sydney, Australia consume?
The valid population or sample size for conducting the research can be of about 50 people that are interested in consuming coffee on a regular basis.
The data collection methods that are adopted are the primary collection in the form of survey. This is mainly due to identifying and calculating the responses of the target market.
The limitation of the research design includes the authentication of the data as the responses may be doctored and at the same time, every people in the target sample population may not provide responses
The research tools and techniques that will be used for the research includes the survey method and analysis using tools statistical calculation in Ms Excel and SPSS.
The requirement that needs to be present while conducting the research includes assistance from MS Word and MS PowerPoint. The MS Word will be used for making the report while the PowerPoint will be used for providing a presentation.
The presentations need to include the type of data that has been collected and the manner in which it can help in understanding the effectiveness of the research. The presentations can provide details about the statistical analysis and the findings.
The constraints that exist while conducting the research includes:
Despite these constraints, it can be said that the research can be completed within the given period. This is mainly because the objectives set for conducting the research can be achieved without having to deviate a lot from the research topic. Cooperation from every manager can be gained for identifying the authenticity of the responses. At the same time, the objectives are divided into two parts, which provides an idea about the priorities that needs to be achieved at the start of the research.
|
Sources of Capital |
|
|
Owners’ Investment (7 Eleven coffee) |
|
|
7 Eleven coffee ownership |
$ 3,000,000 |
|
Other Investor |
25,000 |
|
Other Investor |
2,500 |
|
Other Investor |
– |
|
Total Investment |
$ 3,027,500 |
|
Bank Loans |
|
|
Bank 1 |
$ 2,500 |
|
Bank 2 |
1,500 |
|
Bank 3 |
– |
|
Bank 4 |
– |
|
Total Bank Loans |
$ 4,000 |
|
Other Loans |
|
|
Source 1 |
$ 65,000 |
|
Source 2 |
15,000 |
|
Total Other Loans |
$ 80,000 |
|
Startup Expenses |
|
|
Buildings / Real Estate |
|
|
Purchase |
$ 55,000 |
|
Construction |
4,500 |
|
Remodeling |
500 |
|
Other |
500 |
|
Total Buildings and R / E |
$ 60,500 |
|
Leasehold Improvements |
|
|
Item 1 |
$ 5,500 |
|
Item 2 |
$ 5,500 |
|
Item 3 |
$ 5,500 |
|
Item 4 |
$ 5,500 |
|
Total L / H Improvements |
$ 22,000 |
|
Capital Equipment List |
|
|
Furniture |
$ 10,000 |
|
Equipment |
$ 25,000 |
|
Fixtures |
$ 25,000 |
|
Machinery |
$ 25,000 |
|
Other |
$ 1,500 |
|
Total Capital Equipment |
$ 86,500 |
|
Location and Admin Expenses |
|
|
Rental |
$ – |
|
Utility Deposits |
2,500 |
|
Legal and Accounting Fees |
2,500 |
|
Prepaid Insurance |
2,500 |
|
Pre-opening Salaries |
2,500 |
|
Other |
5,500 |
|
Total Location and Admin Expenses |
$ 15,500 |
|
Opening Inventory |
|
|
Category 1 |
$ 1,500 |
|
Category 2 |
$ 1,500 |
|
Category 3 |
$ 1,500 |
|
Category 4 |
$ 1,500 |
|
Category 5 |
$ 1,500 |
|
Total Inventory |
$ 7,500 |
|
Advertising and Promotional Expenses |
|
|
Advertising |
$ 1,500 |
|
Signage |
$ 1,500 |
|
Printing |
$ 1,500 |
|
Travel & Entertainment |
$ – |
|
Other / Additional categories |
– |
|
Total Adv and Promo expenses |
$ 4,500 |
|
Payroll and payroll taxes |
|
|
Expense 1 |
$ 25,000 |
|
Expense 2 |
25,000 |
|
Total Payroll and payroll taxes |
$ 50,000 |
|
Summary Statement |
|
|
Sources of Capital |
|
|
Owners’ and Other Investments |
$ 3,027,500 |
|
Bank Loans |
4,000 |
|
Other Loans |
80,000 |
|
Total Source of Funds |
$ 3,111,500 |
|
Startup Expenses |
|
|
Bldgs / Real Estate |
$ 60,500 |
|
Leasehold Improvements |
22,000 |
|
Capital Equipment |
86,500 |
|
Location / Admin Expenses |
15,500 |
|
Opening Inventory |
– |
|
Advertising / Promo Expenses |
4,500 |
|
Other Expenses |
50,000 |
|
Total Startup Expenses |
$ 6,462,000 |
From the analysis of the budget it can be seen that 7 Eleven coffee is the sole investor of the coffee as it provides more than $3,000,000. It also shows that the company needed to remodel its structure so that opportunity for the development of coffee can be made. These can be considered as two negative points for the company in its financial quest. However, on the positive side it can be seen that it does not have to spend any amount on travel and expenses meaning the amount saved can be used to meet the other requirements of the company.
The data that is gathered need to be stored in a private manner so that people not involved with the research does not have any access to it. One of the manner in which data can be stored is by the use of computers. The survey responses need to be stored in computers so that statistical calculation can be done easily. Data Protection Act 1998 needs to be abiding by during the research.
The presentation techniques that need to be considered include the use of PowerPoint for making the presentation slides.
Research ethics and codes of conduct include abiding by the rules of the Data Protection Act, 1998. At the same time, none of the information received can be used for purposes other than the research. No participant can be forced to respond to the research questions.
For further research, it is necessary to understand the theories and models that are associated with the topic at hand. The use of tools like SPSS and Ms Excel need to be made in a manner that can help in identifying the ease of calculation of data.
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Babin, Barry J., and William G. Zikmund. Exploring marketing research. Cengage Learning, 2015.
Baker, Michael J. “What is marketing?.” The Marketing Book. Routledge, 2016. 25-42.
‘Coffee, Cappuccinos, Iced Coffee & Seasonal Blends | 7-Eleven’ (7-eleven.com, 2018) <https://www.7-eleven.com/coffee> accessed 3 December 2018
De Mooij, Marieke. Global marketing and advertising: Understanding cultural paradoxes. SAGE Publications Limited, 2018.
Fill, Chris, and Sarah Louise Turnbull. Marketing communications: brands, experiences and participation. Pearson, 2016.
Garnica, Clotilde Hernández, and Claudio Alfonso Maubert Viveros. Fundamentos de marketing . Pearson Educación, 2017.
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Malhotra, Naresh K., and Mark Peterson. Basic marketing research. Pearson, 2014.
McDonald, Malcolm, and Hugh Wilson. Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons, 2016.
Tuten, Tracy L., and Michael R. Solomon. Social media marketing. Sage, 2017.
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