Major Strengths And Weaknesses In The Market

780 Words4 Pages
The major competitors will be the other coffee shops with special mini cinema service. Other indirect competitors could be expanded to include any other kind of retail coffee shops, as well as famous café or milk tea chain. To better understand our competitors, we analyze the strengths and weaknesses of the major competitor in the market.
Café film HD Vintage
Strengths:
• This is the first cinema cafe in Vung Tau with a long operating time. Therefore it has a stable customer base.
• Café has a wide area and located in the city center.
Weaknesses:
• Price of drinks is high compared to another cafe.
• Do not use online marketing methods, only focus on the traditional way so the customer scope is not expanded.
• Location is not convenient for
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Market Survey
2.5.1. Overview
A market survey is a valuable tool to understand and identify information related to the market so that it can capture the business opportunities that appear on the market in order to minimize risks and increase the probability of success. It is an objective and systematic collection, recording, analysis and interpretation of data about existing or potential markets for a product and service.
In fact, today markets are changing rapidly and becoming more complex and more competitive. It is extremely difficult to keep up with the changing demand and supply patterns and businesses can hardly respond quickly when entering a new environment. So every new business need better market understanding and a market survey allows a business to find out its target customers, discover their opinions and interests regarding the product and service.
Failure to proceed a market research before a business start up or during its operation is like traveling to new place without a map. You have no idea about which direction to travel, where to eat, to stay and how to go fast. A proper market research test the viability of your product or service, which reduce risks in the decision making process. If the market research confirms customer interest, the company can definitely implement current strategy. If not, the business should make careful adjustments based on the market results findings to make the strategy possible and to bring the product/ service in line with consumer
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