Based on the business overview below for a ChaTime Cafe in Centennial College Campus
Please Write a Market Need Based on Marketing Research (Mission & Vision )
Needs must be QUANTIFIED and SPECIFIC to the product or service idea ( the part is worth 10 Marks)
– Vision (5 Marks)
– Mission (5 Marks)
Please include APA 7th editing references and include any relevant chart/table/diagram
Progress ChaTime Cafe (PCTC) is a new business idea originated from international students at Centennial progress Campus, with the intention to fulfill the need of providing the popular different sweet flavors of Bubble teas for students and promote healthy tea or drink culture for studying. Also ChaTime is currently looking for franchisees in British Columbia and Ontario, which means good business opportunity.
The Bubble tea store will target both foreign students from southeast and east countries as well as Torontonians who live close to the college area. The unique location of the shop right inside the progress campus area offers great potential for yearly increase in the number of customers as the populations of foreign students keep increasing at the college. However, due to the present situation of COVID 19 pandemic, the business operations will focus on free delivery of the tea to customers within 5 kilometer to the shop and charge fewer amounts to deliver food at a far distance. Also there will be drive through pick-ups.
Progress campus has over 14, 000 of both international students and exchange program young students. In addition, the campus allows TTC and TTC stations are not so far away which makes it easy for many customers. With an average of 4,000 foreign students and workers residing at least 5 kilometers close to the campus, there will always be minimum sales to 2,000 people per day.
With relatively low cost associated with opening a bubble tea caf such as little specialized equipment, low staffing needs, the business start up would be at a lower cost by using one of the lounges on the campus and furnishing it moderately. The construction cost would be limited to creating exterior 2 doors and driving through windows for pedestrian traffic from within the college and for outside the college customers. The business would need to sign an agreement with school authorities to lease the place.
The three business owners would enter into a general partnership agreement to equally share both in the operations and liabilities. This partnership would add the advantage of contributing different skills; each partner would be providing a source of income and credit, sharing both management responsibilities and risks, and avoidance of special taxes. The partners would contribute to the cost of registering the business name and getting licensed according to Canadas business rules and regulation for starting. The business would be structured such that the share of ownership for each partner is 35% stake for the general cost of the start up.