Introduction
Starting a refrigerator ice tea business is an overwhelmingly interesting businesses idea which potential of yielding admirable results. This is aimed at the provision of refrigerator ice tea to a wide population of customers. All age groups of the population will be targeted by the business following the nature of products which are consumable by all people.
Refrigerator ice tea business is a start up business in the wider tea market which will offer solution and satisfaction to the needs of the population. The business has been a viable idea following the gap in the tea market and more specifically the provision of ice tea to consumers.
The core product of the business is a gallon ice tea which has been a favorite product for many people. The business will highly inclined to ensure full satisfaction of its customers thus being able to attain market leadership.
Tea market
The tea industry has one of the most lucrative and potential in the economic sector. Based on its nature of dealing with food products, the market stands to be highly potential and sustainable. It is worth noting that the tea market which lies under the wider food industry stands a chance to offer very lucrative opportunities. This is so because food is a basic commodity that is required for human survival.
It has been noted that the market for tea has been in a relevant and continuously expanding trend. The consumers of the product have been identified to be in an ever-expanding trend thus brightening the future of the market. The knowledge concerning the use of tea has been adequately conveyed through the use of modern technology and more specifically the internet.
This has been a good aspect in diversifying and widening the market of the commodity. The production of tea has been magnified in recent days following the mechanization of agriculture. These phenomenons have made the commodity not only accessible but also popular among many people (Boone and Kurtz, 2011).
A point worth of consideration is that the tea market in Europe and America has been very stable following the high demand of the product which is attributed to its potentiality in countering the effects of the cold weather. This aspect has made it a very potential and business. It should be observed that the competition in the market has been intensifying significantly following the awareness on the lucrative nature of the market.
This has however not bridged the demand gap following the wide population of the market. Based on these insights, it is very explicit that the tea market stands to be a lucrative and sustainable venture. Refrigerator ice tea is in this case at a very potential position in exploiting the gap in supply of the products thus being able to mobilize high profits (Boone and Kurtz, 2011).
Location and operation of the refrigerator ice tea business
The business will be located in Wall Street, Ney York, which is in this case a very busy commercial area. The location of the business has been adequately selected to ensure the attainment of a ready market that will be able to meet the business expectations. Being a busy commercial area, the positioning of the business in Wall Street will be able to capture the attention of a wider population of customers.
The business will be primarily aimed at the provision of refrigerator ice tea. This will also be accompanied by some snacks like pizza, and hot dog. These area readily selling products which are taken together with ice tea.
Through the specialization on these products, the business will be able to ensure high efficiency in its operations. A point worth of consideration is that the selection of the products as well as the location of the business has been influenced by the market needs and gap in the provision of the product. Based on this phenomenon, the business is at the potential of succeeding in the market (Allen, 2009).
Marketing
The business is targeting the working class in the surrounding. The Wall Street is overwhelmed by a wide population of people thus making it a highly potential location. The business will target business and corporate personnel in this region, youth and children who visit this street will also be targeted.
Online marketing is a core tool that will be adopted by the business to reach its market. This will be done through the company’s website, whereby a customer’s web page will be designed. The concept of public relations will also be adopted in marketing, whereby it will help in enhancing the business image (Allen, 2009).
SWOT Analysis
Strengths
Technology: The business is better placed in the use of modern technology in the preparation of products, logistical management as well as marketing. This is of great importance in enhancing the efficiency of business. Through the use of internet marketing, the business stands a better chance of reaching a wider market.
On the other micro waves will also be used in the preparation of the ice tea as well as snacks thus boosting efficiency in customer service (Allen, 2009).
Societal: The Company is ell placed in meeting the societal needs. This is in regards to the high demand of tea in the region. The society is presently highly informed through the quality and advantage of taking tea. The company products are highly demanded by the market following the severe weather conditions.
The issue of technology has been adequately developed among the population, thus boosting the company’s marketing strategies. Based on this societal status, the success of the company is enhanced, following the provision of ready market (Kurtz and Boone, 2008).
Legal: The legality of the company’s products is beyond doubt. This is in consideration to the prevailing market conditions, whereby the need for beverages and food is necessary. The business will also follow the due procedure of registration, thus avoiding any controversy concerning its legality (Pride et al, 2010).
Competitive: The issue of competition in the market where the company operates has been the greatest strength of the company. Despite that the tea market has attracted many players; this company stands a chance to succeed.
This is in relation to the efficient marketing strategies that will be adopted by the business. For instance, the issue of internet marketing offers the business a chance to prevail in relation to its competitors (Allen, 2009).
Economic: The economic environment is also favorable to the success of the company. This is in relation to the high population as well as the high economic activities. The high populations in the Wall Street who are mostly in the middle class offer a potential market for the business. This is a vital aspect in meeting the needs of the business and a key strength of the company thus justifying its success (Kurtz and Boone, 2008).
Weaknesses
Despite the much strengths of the company, it is also overwhelmed by various weaknesses which jeopardize its success.
Technology: The concept of technology has not been adequately addressed by the business in improving its services. In this case, the business has not been able to plan for the use of computerized ordering systems for customers. Human labor has been favored in this case, which is not adequately efficient.
This is not efficient and there is great need for modern technology should be adopted thus boosting the satisfaction of customers. The use of technology in internal management and communication is lacking, thus the need for improvement (Pride et al, 2010).
Societal: The business is presently not engaged in any societal development oriented program. The concept of social corporate responsibility and strong public relations has not been undertaken by the company.
Legal: It has been evident that strong legal structures for governing the business operations with other businesses and resolution of conflicts is lacking. This creates loopholes which may in turn jeopardize the operations of the company as well as relations with stakeholders (Allen, 2009).
Opportunities
The company is overwhelmed by various opportunities in the market.
Technology: In regards to technology, the company has great opportunities in provision of its products. The business has the potential to adopt computerized ordering systems, which will help in serving more costumers within short time durations.
In addition, the business is also empowered with a strong Research and Development team which will definitely come up with better technologies for preparation of its products (Allen, 2009).
Societal: There is a rapid increase in population, which means new demand for the company’s products. Increase in population translates to increased business activities which in turn raises the demand. This phenomenon brightens the future of the business in expanding its operations (Pride et al, 2010).
Legal: The legal powers offered by the business through its registration and certification in offering refrigerator ice tea in the Wall Street are a great opportunity. This is so because the company has the freedom to open its operation in new locations based on the absence of close competitors (Kurtz and Boone, 2008).
Competitive: The liberal nature of the market is a great opportunity for the business in the sense that it can expand its operations incase of need. The use of technology in preparation of products as well as in marketing is a great opportunity for the business to outcompete its opponents (Pride et al, 2010).
Economic: The economic state of the market is expected to grow rapidly following the increase in population as well as liberalization of the market. This means higher market activities thus guaranteeing better opportunities for the company (Allen, 2009).
Threats
Technology: The advancement in technology is a key threat to the success of the business in the sense that new businesses are taking charge of online marketing. This puts the business at higher state of competition, thus dooming its success. New products tea products may also crop up as a result of technology thus threatening the prevalence of the refrigerator ice tea (Kurtz and Boone, 2008).
Societal: there is a significant change in trend concerning the use of fast foods. In this case, people are gaining more awareness on the need to prepare their foods at home in fear of hygiene related issues. This threatens the potential demand of the business’s products. This will in turn decrease demand of the services of the company (Kurtz and Boone, 2008).
Competitive: The lucrative nature of the tea market as well as the increasing demand of tea products is likely to induce more players to enter the market. This will definitely threaten the market dominance enjoyed by the business (Kurtz and Boone, 2008).
Conclusion
Based on the analysis of the team market, it is evident that it is highly potential in offering lucrative opportunities. In this regard, refrigerator ice tea business stands a chance of excelling in the market.
References
Allen, M. (2009). Visionary Business: An Entrepreneur’s Guide to Success. London: Routledge.
Boone, L. and Kurtz, D. (2011). Contemporary Marketing. New York. Prentice Hall.
Kurtz, D. and Boone, D. (2008). Contemporary Business 2009 Update. London: Wiley & Sons Press.
Pride, W. et al. (2010). Foundations of Business. New York: McGraw Hill Press.