A business plan for Teak Specialty Coffee Shop

Abstract

The purpose of this research is to study consumer's insight in purchasing behavior of coffee consumption among young adults and middle youths in the Sathorn area to develop a marketing strategy, business model, and financial plan for 'Teak Specialty Coffee Shop'. The location of the shop is located in Soi Sathorn 13 which is the central business district in Thailand and is also surrounded by many schools, multinational companies, and Saint Louis Hospital. The research is a quantitative study and used questionnaires surveys to collect the data. The survey was conducted by interviewing 384 respondents aged between 18 to 44 years old and work/live/study in the Sathorn area. The results of the survey were analyzed by descriptive statistics in terms of percentage, frequency, and average. Furthermore, the T-test was calculated to analyze if the behaviors of young adults and middle youth were different. The overall results illustrate that the majority of respondents were office employees, accounting for 50.4 percent. Fresh coffee was the most preferable type of coffee, and this type was the most often consumed. Most of the respondents, approximately 81.3 percent, drank one or two cups per day. The top three purchase intention factors were the taste of coffee, price, and convenience. The most attractive promotions were 'free delivery' and 'point redemption'. Due to the high demand for specialty coffee within young adults and middle youths, 'Teak Specialty Coffee Shop' has an opportunity to start the business in the Sathorn area. Therefore, the marketing strategies (price, place, product, and promotion), business model, and financial plan for 'Teak Specialty Coffee Shop' are formulated based on the research results.