College Survey - Is Taiwanese Bubble Tea Popular Among Students
We designed a research questionnaire of Taiwanese bubble teas for undergraduates in CUHK. Then we distributed our questionnaire to CUHK students through internet (Facebook) and paper form between 11th and 19th November 2011. During that time, 120 respondents answered questions about their preference about Taiwanese bubble teas. And the purpose of this questionnaire is to check the demand and popularity of Taiwanese bubble teas in CUHK campus.
1. About 95% of respondents think that there are very few snack shops in campus.
2. 90% of people drunk Taiwanese bubble teas before and over 80% of them think that it is very delicious.
3. Among them, 80% want to have a shop in CUHK that sell Taiwanese bubble teas to students.
4. Over 70% of students dislike the food and drinks produced by CUHK Canteens.
5. From the questionnaire, the results of rating for Taiwanese bubble teas are pearl milk tea (92%), pearl green tea (84%), pearl black tea (76%), pearl chocolate milk (72%), mango green tea (38%), lychee green tea (62%), strawberry green tea (68%).
6. Almost 85% of respondents think that sometimes they feel thirsty when they are waiting school bus in the campus, but they are too far away from restaurant or shop to get a drink
7. Over 90% of respondents welcome that there is a catering van sold Taiwanese bubble teas in campus and they will buy the drink from it.
8. About 86% of respondents will buy Taiwanese bubble tea if the price range is from HKD 8 to HKD 10.
In our survey, those designed questions are very direct, so it is easy to know whether Taiwanese bubble teas is popular or not for CUHK students. The majority of students like drinking bubble teas. Besides, most of students think that the quality of food and drinks in CUHK Canteens are not good enough.
SWOT analysis is used to assess strengths, weaknesses, market opportunities, and threat of our business – Taiwanese Bubble Tea Van in order to figure out whether the business idea is workable or not. Also, we can make use of this analysis to maximize our strengths and opportunities, improve our weakness and get rid of threats.
First of all, one of the greatest strength of our business is that we have no direct competitor in CUHK campus since there is no Taiwanese bubble tea sold in campus now, so we will become monopoly in this area. That means we will obtain the whole market share of this business and we can set a higher selling price to cover the operational cost and get promising profits. Second, we know that there is a great demand of Taiwanese bubble tea for CUHK students after analyzing our survey results, over 80% of them think that it is very delicious and they are willing to buy if the price for each is about HKD 8 to 10. Third, our business idea is selling Taiwanese bubble tea with a catering van travelling around campus, this means we can change our locations where we want in order to approach target customers actively, instead of waiting them in a shop passively. Besides, the set up cost of renting a van is much lower than renting a business premises in CUHK campus.
However, our business plan still has some weaknesses which detract from our ability to obtain or maintain a competitive edge. Firstly, we just sell Taiwanese bubble tea drinks, students may want to have other drinks or snacks, this factor limit our profit greatly. In addition, since our business travel around campus quite randomly, therefore, students do not know our location when they want to buy Taiwanese bubble tea, this implies that we will lose some business opportunities based on this reason.
It is believed that we will be benefited from the greater amount of CUHK undergraduates in the coming years, this implies that we have much more target and potential customers. There are 3 factors that proved that more and more students get admitted in CUHK. First, there are 2 types of secondary school students will be admitted in 2012, one is will sit for the Hong Kong Advanced Level Examination, another is who will sit for the first Hong Kong Diploma of Secondary Education (HKDSE) Examination, CUHK had already established more new colleges and hall buildings for coming undergraduates. Second, CUHK launched many new programs within these years such as Cell and Molecular Biology, International Business and Chinese Enterprise, Global Economics and Finance etc. This attracted more students get admitted in CUHK. Last but not least, Hong Kong Government launched 334 Scheme as the new academic structure for senior secondary education and higher education, so undergraduates study 4 years in University instead of 3 years, this means more students will be around in campus.
However, our business plan still suffers a threat. If other canteens in CUHK start to produce Taiwanese bubble teas, then our sale may be reduced due to competition. But we believed that they will not produce bubble teas since all of them are not Taiwanese restaurant.
There are several competitors in CUHK campus, but we will not be directly completed sometimes since our location will change from time to time, therefore we are at the state of lateral competition.
1. University canteens
They are one of major competitors since there are about 10 canteens in CUHK campus, and all of them provide variety of drinks such as tea, coffee, soft drink etc. However, the majority of students complained about the low quality of drinks made by canteens.
Since there is only one supermarket (PARKnSHOP ) in CUHK campus, and the location is not very comfortable. Therefore, it is not a strong competitor for us.
3. Vending Machines
Although there are many vending machines in CUHK campus, they just have limited choices of drinks which are soft drinks. Also, you cannot get the drink you want sometimes because of out of stock or out of order.