Question

This question is from my Marketing 300 class

Please write a brief two paragraphs regarding the question:

One of your friends is contemplating opening a coffee shop near your college campus. She seeks your advice about size of the prospective customer base and how to market the business according to the four Ps. What strategies can you share with your friend to assist in launching the business?

Answer 1

4 P in marketing are Place, Product, Price and promotion

As per my opinion the place which my friend selected is good because most of the college students will love to sit in a coffee shop and spend time with chit chatting. Product which she chooses is coffee which is good but my suggestion is that along with coffee she should also keep some more items that students of this generation will love to eat which will help her to increase the revenue and reduce the risk.

Price that she should keep should always be affordable as students will not come and buy something which is high as not everyone will be willing to pay. So she should keep the prices in such a range that she should earn profit on the quantity amount sold rather than because of price. She should keep time to time offers in the Shop so that students themselves will promote as if they like something automatically they will promote irrespective of what it is. So she create a very good name for herself which eventually promote her business and increase revenue.

These are the suggestions which I give my friend.