TOPIC: Business Plan – The University Cafe Name: XXXXXXXX Professor: XXXXXXXX Institution: XXXXXXXX Course: XXXXXXXX Date: XXXXXXXX Executive Summary The University Cafe embodies a students’ interaction internet market offering college students a chance to purchase, sell and deal college books, engage in auctions place sorted ads, give teacher assessments, and purchase merchandise…
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They turn to the internet to seek for the most competitive prices only to find sites which offer brokerage services between buyers and sellers on textbook. Due to the high brokerage fees associated with monopolistic giants such as eBay and Amazon, the students ends up purchasing at high cost. Students or people who intend to sell their textbooks are also offered little money as the purchase price of their books (Seth, 2008, p. 56). Establishment of an online used textbook retailing website that has the confidence of students would come in handy to bridge the gap between seller and buyers of this important commodity. In classes with a large number of students, students find it hard to communicate about assignments and other education-related issues such as teacher evaluation. There is a need of a platform which will gives students a free and fair opportunity to interact and communicate with their student leaders. The monopoly in online textbook retailing industry segment can be broken down by an increase in competition in this industry. This will not succeed unless the online retailers receive utmost confidence from their users who are dominantly students. Therefore, formation of a business that is close and has the goodwill of students plays an important role in reducing the high cost of used textbooks. Creation of partnerships between the parties and stakeholders in the industry will serve well in reduction of operational costs. Reduction of the level of monopoly in this market will be beneficial to students who not only act as buyers, but also sellers of used textbooks (Steve and Stephen, 2010, p. 176), 1.1 Solution By-passing the colleges bookshops, students will be able to purchase sell and trade utilized textbooks directly to others. The seller can get more cash than the bookshop will pay by selling textbooks to other students and the buyer can spend less than the bookshop charges. Additionally, students can sell computers, used CDs, class notes and much more through an online market (William, 2006, pg. 90). The University Cafe will also extend services like teacher assessments, weblogs, classifieds, specialized content and retail. It will base itself as the topping online student interaction market by blending wide market oriented expertise on internet technologies to yield income while providing a win-win resolution for students. The University Cafe will attain dominance in the market by using a broad area knowledge, a local foundation marketing scheme, a special managerial team, advanced software, and shaping of strategic alliances and partnerships with other companies in the college market. 1.2 Market The college student market in the U.S. is a developing but underserved niche. As per the U.S. Department of Education, this market is expected to grow from 15.8 to 17.2 billion students in the coming five years. This year, college students are anticipated to spend above $200 billion according to Paul (Paul, 2009, p.211). 1.3 Opportunity At the close of every semester, college students seek to find means of acquiring “quick cash”. One of the means they use is the sale of old textbooks though this is operated by the college bookshop. The students only get a fraction of the book’s value due to college bookshops monopolizing the market. The bookshops receive supernormal profits by
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