6. Socio-cultural forces: Soulspresso aims to keep the price per cup of coffee lower than its competition and hence it caters to a wider customer base, including students and buyers from the lower and middle-income tiers. This would also attract customers belonging to the older generation. The idea of a calm and relaxing environment would also attract people looking for a coffee experience instead of just a cup of coffee. Changing work
Soulspresso – Coffee, Books, Music and More. patterns, changing values among the people and changes in lifestyles of the population are a few other factors that might affect the business. B. TARGET MARKET Research has found that 77 percent of adult in the United States drink coffee on a daily basis. Soulspresso’s reasonable pricing of the coffee would result in its target market to include students of Webster University, business workers on their way to work or even the older generation who reside in and around the area of Webster Groves. According to research, 40 percent of people aged 18- to 24-years old drink coffee daily, while 54 percent of people aged 25- to 39- years, indulge in a daily cup. The target market would also include that group of people who are coffee shop lovers as well as book and music lovers. Considering that Soulspresso has provisions for a peaceful and relaxing environment for people who would want to cozy themselves in a couch with a book, the target market expands to this customer base as well. The café will have its own small library with books belonging to different genres. The bibliophiles would also be attracted to spend a relaxing Summer afternoon lying in a hammock out in the open space, reading a book and indulging in their favorite coffee beverage. The initial target would be to become a local favorite café among the residents of Webster Groves. Students would be a huge part of this target market, what with this being a school district with more than one schools and universities in the vicinity. There are also a few retirement homes nearby and the residents of these homes would also be potential customers for Soulspresso. There are also the specialty coffee drinkers and the menu would include some items for them as well. Apart from the usual espressos, cappuccinos, lattes and mochas, there are customers who love to have certain special ingredients in their coffee-based beverage and are ready to pay a premium amount for their preferred beverage. The menu would include such handcrafted items to capture this market as well. People, overall, looking for a different kind of coffee experience would be the target market for Soulspresso. After all, who would not like to plug into headphones, stream music of their choice right from their coffee tables, all the while browsing through their favorite read?
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- Fall '09
- Marketing, Soulspresso