Maven Coffee Challenge

Target Audience: Focus on two primary segments: Coffee Connoisseurs who value specialty blends, and Casual Coffee Drinkers seeking convenience and familiarity.

Product Offering: Curate a menu with specialty brews for Connoisseurs, classic favorites for Casual Drinkers, and innovative creations to drive excitement.

Pricing Strategy: Implement tiered pricing, emphasizing value propositions to justify higher prices for specialty offerings, while offering promotions to incentivize trial and repeat purchases.

This concise excerpt outlines key recommendations to target the US coffee market effectively, ensuring differentiation and profitability.

Methodology:

Within the Data, the key factors helps to understand the responses from the coffee taste test and some of the key metrics which included were:

• Age
• No. of cups/Day
• Willingness to pay

Findings:

1. Price: Across all categories, customers' willingness to pay aligns with their current spending on coffee, indicating satisfaction with their usual expenditure. The average price for a cup of coffee falls between $6 to $10, suggesting this range as the optimal pricing strategy for our offerings. However, we should also cater to the high-end market segment, as there's a discernible demand for premium coffee exceeding this price range.

2. Taste: In the survey, taste emerged as the top reason for drinking coffee, closely followed by caffeine content, highlighting the importance of focusing on these aspects in our product development. Factors such as roast level, acidity, bitterness, and individual preferences, evaluated across four products, revealed Product D as the favorite, with Product A also receiving favorable feedback. Notably, Products C and D were more popular among female participants than Products A and D.

3. Product Offering: The survey not only sheds light on the most favored coffee products but also reveals a significant preference among customers for consuming coffee at home, in cafes, or at the office. This trend suggests a strong inclination towards purchasing coffee for home use, supported by the amount customers invest in coffee equipment. Popular brewing methods among consumers include Pour-over, Latte, and Regular drip, indicating diverse preferences in coffee consumption settings and preparation styles.

4. Target Audience: Analysis suggests prioritizing young professionals and those in early to mid-career stages (ages 25 to 44) who are habitual coffee drinkers. With a significant portion being employed, followed by students as the next largest group, our strategy should aim for an ambiance that merges professionalism with a youthful vibe. This approach would create an inviting space for this demographic to gather and enjoy quality moments with their peers.