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The proposed business idea targets the audience of the existing coffee shops but does not provide a set of products identical to those visible on the market. Nevertheless, the intended product shares many similarities with that proposed by the existing competitors (coffee, a component of the product, is identical to Starbucks’ offering). Therefore, it would be reasonable to use product category competition analysis, which deals with products that provide the same basic function but have notable differences (Kahn, 2015). The most evident direction that can be recommended for such research is the study of the pet owners’ desire to share recreational activities with their pets. The scope of the study can be narrowed down to the food and drinks segment, in which case the availability of the information would be highly unlikely. In such a case, the assistance of a research agency would likely be necessary for gathering the information.
However, such focus is likely optional, and the services of a dedicated agency may exceed the initial budget of the idea’s author (Harrison, Cupman, Truman, & Hague, 2016). At the same time, it should be acknowledged that the behavior of the target audience will probably be driven by the desire to spend time with a pet and single-minded individuals rather than the intention to receive superior snacks. Therefore, the two directions seem viable. The first is the information on the popularity of coffee shops in general, and the second is the studies on the consumer behavior of pet owners. Both would probably be easily obtainable from secondary sources such as annual reports, published market analyses, and scholarly studies on customer behavior. The information extrapolated from these two areas would allow estimating the viability of the described business idea.
References
Harrison, M., Cupman, J., Truman, O., & Hague, P. N. (2016). Market research in practice: An introduction to gaining greater market insight. Philadelphia, PA: Kogan Page Publishers.
Kahn, K. (2015). Product planning essentials (2nd ed.). Armonk, NY: M.E.Sharpe, Inc.
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