Economic Trends: Related to the Coffee Industry
1. Opportunity: The total of dollars spent on the coffee industry was $225.2 billion.
I was thinking about how many people I know on a personal basis that drink coffee everyday. Then I was thinking about if that number was high, I can't even imagine how many people drink coffee everyday in this country. If people are spending that much money in a year on coffee, then I think an opportunity exists for another coffee product to come on the market, almost like a coffee accessory.
2. Opportunity: The coffee industry employs 1.7 million jobs in the U.S.
This fact shows that there is opportunity for more jobs and more money to be made in the coffee industry. If there was another task that needed to be completed in the everyday life of being a barista, that would create the space for another job position, allowing for more jobs. I found this opportunity when finding out how much money is spent on the coffee industry per year.
I think in both opportunities the prototypical customer would be a coffee drinker, someone who either makes their coffee at home or goes and buys it from a coffee shop. I think the need is the same in both cases, whether you make your own coffee or not, when it's iced you want it to stay iced and not alter the taste of your original drink. I think that because of the simplicity of what it is, it will appeal to the masses and be a really easy item to promote to people. I think that economically standing, Coffee Ice Cubes, could be a real hit in some coffee shops, but I also think that Coffee Ice Cubes could stand a chance in grocery stores as well.
Regulatory Changes: Related to my belief that an opportunity exists for Coffee Ice Cubes.
1. Opportunity: A caffeinated culture shift
Getting coffee on the go is something that we take for granted I think, because we don't have to worry about making it, cleaning up after, or worry about lugging around a tumbler with us all day. However, coffee shops have caught on to the trend of being more environmentally friendly, which is actually what led me to this opportunity. There are coffee shops at every corner even in the small town I live in, so coffee is an obvious popular commodity among everyone, which is why I thought that this opportunity exists. The people taking advantage of all of this abundance of coffee shops, and coffee products, are obviously those who enjoy them, caffeine addicts like myself. I think that this opportunity has already exploited itself and coffee has become a big booming business in the past decade, and is only going to continue to grow and get smarter.
2. Opportunity: Reusable cups becoming a social norm
Piggy backing off of the last opportunity, if we have all of these coffee shops in such abundance, we should take advantage of that fact and expand on it. That is exactly what coffee shops have been doing by promoting reusable cups and offering a 10 cent discount to those customers that bring in their own cup from home, rather than buying a plastic one. The more and more that this trend becomes implemented the more and more people will start to catch on, which presents great opportunity in my opinion. The same way with all the opportunities I've presented today, the fan base is going to be coffee drinkers. Since this is already a trend that's happening, it will be easier to exploit, since customers are already aware, but I believe there is room for improvement everywhere.
Why did I see these opportunities?
I felt my answer would be the same or very similar for all of them since I am forming my opportunities around one thing in particular. I think I was able to pin point these opportunities because I have experienced these unmet needs and have been searching for ways and tricks to help me. I have been trying to find solutions to my coffee getting warm and watered down on an everyday basis. I even attempted to make my own coffee ice cubes (they worked) just to see what the outcome was. It was easy for me to see these as opportunities because I was dealing with this problem everyday and I was noticing no solutions for it on the market. I also definitely think that being in these Innovation courses has opened my eyes to realizing that if there is a problem, that is not the end of the line, there is something to be done about it and I could possibly be the one to solve the issue. So I think the combination of having this issue myself, not having a distinct solution, and having some Innovative background has led me to be able to identify these things as opportunities.
1. Opportunity: The total of dollars spent on the coffee industry was $225.2 billion.
I was thinking about how many people I know on a personal basis that drink coffee everyday. Then I was thinking about if that number was high, I can't even imagine how many people drink coffee everyday in this country. If people are spending that much money in a year on coffee, then I think an opportunity exists for another coffee product to come on the market, almost like a coffee accessory.
2. Opportunity: The coffee industry employs 1.7 million jobs in the U.S.
This fact shows that there is opportunity for more jobs and more money to be made in the coffee industry. If there was another task that needed to be completed in the everyday life of being a barista, that would create the space for another job position, allowing for more jobs. I found this opportunity when finding out how much money is spent on the coffee industry per year.
I think in both opportunities the prototypical customer would be a coffee drinker, someone who either makes their coffee at home or goes and buys it from a coffee shop. I think the need is the same in both cases, whether you make your own coffee or not, when it's iced you want it to stay iced and not alter the taste of your original drink. I think that because of the simplicity of what it is, it will appeal to the masses and be a really easy item to promote to people. I think that economically standing, Coffee Ice Cubes, could be a real hit in some coffee shops, but I also think that Coffee Ice Cubes could stand a chance in grocery stores as well.
Regulatory Changes: Related to my belief that an opportunity exists for Coffee Ice Cubes.
1. Opportunity: A caffeinated culture shift
Getting coffee on the go is something that we take for granted I think, because we don't have to worry about making it, cleaning up after, or worry about lugging around a tumbler with us all day. However, coffee shops have caught on to the trend of being more environmentally friendly, which is actually what led me to this opportunity. There are coffee shops at every corner even in the small town I live in, so coffee is an obvious popular commodity among everyone, which is why I thought that this opportunity exists. The people taking advantage of all of this abundance of coffee shops, and coffee products, are obviously those who enjoy them, caffeine addicts like myself. I think that this opportunity has already exploited itself and coffee has become a big booming business in the past decade, and is only going to continue to grow and get smarter.
2. Opportunity: Reusable cups becoming a social norm
Piggy backing off of the last opportunity, if we have all of these coffee shops in such abundance, we should take advantage of that fact and expand on it. That is exactly what coffee shops have been doing by promoting reusable cups and offering a 10 cent discount to those customers that bring in their own cup from home, rather than buying a plastic one. The more and more that this trend becomes implemented the more and more people will start to catch on, which presents great opportunity in my opinion. The same way with all the opportunities I've presented today, the fan base is going to be coffee drinkers. Since this is already a trend that's happening, it will be easier to exploit, since customers are already aware, but I believe there is room for improvement everywhere.
Why did I see these opportunities?
I felt my answer would be the same or very similar for all of them since I am forming my opportunities around one thing in particular. I think I was able to pin point these opportunities because I have experienced these unmet needs and have been searching for ways and tricks to help me. I have been trying to find solutions to my coffee getting warm and watered down on an everyday basis. I even attempted to make my own coffee ice cubes (they worked) just to see what the outcome was. It was easy for me to see these as opportunities because I was dealing with this problem everyday and I was noticing no solutions for it on the market. I also definitely think that being in these Innovation courses has opened my eyes to realizing that if there is a problem, that is not the end of the line, there is something to be done about it and I could possibly be the one to solve the issue. So I think the combination of having this issue myself, not having a distinct solution, and having some Innovative background has led me to be able to identify these things as opportunities.
ReplyDeleteHello Nicole!
I agree that there are huge opportunities in the coffee industry. With the fast-paced life most college students and adults are living, having that little caffeine boost is a must. I fall victim to this too.
When I was doing this assignment, I saw a huge economic trend in investing in index funds. Check out my blog post and read about the benefits of investing in an index fund. https://lindseyrykard.blogspot.com/2019/09/identifying-opportunities-in-economic.html
Hey Nicole! Most of my family are coffee addicts and I know they would jump at the opportunity to continue their habit while being environmentally friendly. To your point, it makes it even easier due to the fact that coffee is already so booming. But you're definitely right, the coffee industry has tons of opportunities for growth and its great to see them offering incentives to customers for being environmentally conscious.
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