The future success of this business is determined by the impact of both the external and internal environment factors. The rapid changes both in the environment have a great influence of the performance of this coffee business in the future. The factors relating to the demographic changes are mainly what is to be taken into consideration. This business is also subject to the effect of the cultural impact in its location, therefore, cultural influence should also be analyzed carefully in order to determine its impact on the operations and services to be provided by the coffee shop. The changes relating to the number of students in this location should also be taken into keen consideration so as to come up with relevant services to provide to the students depending on the levels of convenience and affordability. The influence of the increase in sports events or activities should also be taken into consideration in the evaluation of the feasibility or viability of this business.
In relation to demographic forces, the business should carry out a thorough and deep analysis relating to the structure and composition of the population in the location of this coffee shop. The age and size of the population in the location should also be studied carefully in order to assess the potentiality of the market for this coffee business. It is of the essence to understand the population structures and composition in this location in order to assess the levels of revenues the coffee business potential make in the future as well as determining the expected profit levels in the future of this business. The population structure in this location is influenced greatly by rise in the number of students of the schools in the locality. This business should study and analyze the age and likes of the students in order to determine the most appropriate types of food services to provide to the population. This will, therefore, help this business to target the future market needs if the interests of the students is analyzed and observed carefully. The needs and the likes of the people who participate in the pop concerts should be analyzed in order to determine the potential products to offer to the people. This will help the coffee business to project its levels of sales with the statistics of the population with their proper needs and wants. The population composition will also help this coffee business to determine the variety and quality of services to provide to the customers on specific time and periods of time in the most appropriate way. The demographic changes in the business are also of the essence in determining the way to modify the services in order to fit the needs of each customer in the population as well as attracting the whole population to purchase the products and services from this coffee business.
In the context of cultural factors and changes, this business should study and analyze the cultural diversity in this region in order to determine the specific needs and demand of each cultural group. This will help this coffee shop in determining the most appropriate products and food services in their cultures. The knowledge of the cultural diversity in this location will help the business to look train people to cook special foods and provide special services to the people of each culture so as to satisfy the needs of all the cultures in the region or locality (Boone, 2011:18). This will also enable the business to capture the interest of all cultures and to enable the people to interact by having the variety of foods. The multicultural aspects are also important in developing as well as modifying products in order to suit the needs of the whole population without any bias. This neutrality of the business will help in attracting and retaining customers from all cultural societies living in the locality. This business should take into consideration the culture of Egyptians and French in order to determine the most appropriate mix of food services to provide to the customers. The business etiquette in this coffee shop will also be influenced greatly by the cultural diversity in this region. The cultural aspects relating to the Italian community and Northern African population should be taken into consideration in shaping the goals and objectives of this business.
Competition in the environment should also be taken into keen consideration in shaping the goals and objectives of this coffee business. The competition forces like opening of the new metro line should be dealt with in the most appropriate manner. The competition for customers is likely to rise in this location. The business should, therefore, put in place appropriate strategies in place in order to curb competition. This coffee business should diversify its products and services in order to retain its customers as well as attracting potential customers in an expanding market.
In relation to legal matters, the business should look for the relevant permits and authority in order to enable it expand and diversify in the scope of business. This will help the business to gain a wide market scope as well as boosting its revenues and profitability in the long run. The legal matters should be taken into consideration in order to determine the impact of this on business. This is important for the business in order to comply with the taxation policies and laws of the country (Dess, 2012:24).
This coffee should also take into account the technological advancements in order to boost its business operations in various ways. The business should adopt various technological changes in order to promote activities like online booking of services and orders by the customers. An online business will also enable this business to expand its services and market scope by providing outside catering services to its customers in the case of meetings and events. The technological advancements are also of the essence in enabling the business to provide advertise its products through the mobile billboards and social sites so as to increase the number of customers. The business will also use technological advancements in managing its financial assets through the computerized information systems. This will also help managerial decision making of this business.
In the context of partnership, this business may join hands with the producers of coffee and drinks in order to market their products and services jointly. This will help the business have a high bargaining power in the market as well as curbing competition related to this field of coffee business and services. The partnership will also boost profitability and reduce advertisement costs of this business in the market.
In conclusion, this coffee business will flourish and grow in the future if both the external and internal environmental factors are taken into consideration. The aspects relating to technological advancements, legal matters, as well as competition pressure should be analyzed carefully in order to ensure the positive prosperity of this business. If the right recommendations are put into action, the business will succeed. The buyer should, therefore, buy this coffee business because it has potential and positive grounds for growth in the future.
References
Boone, L. E., Kurtz, D. L., & Qualman, E. (2011). Contemporary business: With socialnomics. Hoboken, NJ: Wiley Custom Learning Solutions.
Dess, G. G. (2012). Strategic management: Text and cases. New York: McGraw-Hill/Irwin.
Fewings, P. (2013). Construction project management: An integrated approach. Abingdon, Oxon: Routledge.
