The Ninja Coffee Bar Is A Revolutionary New Product Essay

774 Words Jul 9th, 2016 4 Pages
Introducing a new product to existing inventory or starting a brand new business requires planning. It is imperative that a product analysis is conducted in order to determine the extent of consumer demand as well as identifying the target market. Ultimately consumers within a free market will regulate the price of the product, it is still essential for a business owner to create a strategic plan in order to determine product performance and consumer appeal given a certain price point. A business analysis of a new product will help estimate your product price, identify market potential, forecast sales volume, identify the break-even point, consider the long term plan, and help determine product placement as well as ideal locations (Tanner, Jr. & Raymond, 2012). This essay will evaluate the Ninja Coffee Bar in regards to increasing consumer sales. The Ninja Coffee Bar is a revolutionary new product that provides consumers with the best cup of coffee regardless of the type of coffee drinker they are. Coffee is the second most sought after commodity in the world (Wevio, 2015). Coffee farms provide economic benefits to over 25 million people and coffee exports create a 20-billion-dollar industry. With niche coffee shops boasting a seven percent annual growth rate it is no wonder consumers expect more from their coffee maker. This product allows consumers to make single cups, travel cups, half carafe, and full carafe quantities. This feature alone allows consumers to…

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