reply to the students’ response and not the question in 150 words minimum and provide 1 reference. Respond to the students response as though you are talking to them, use name
Please describe your project ideas with the group and why they are relevant to you.
Before the beginning of this course, I have been brainstorming as to what project to choose. I was torn in between the Business Plan Project and the Business Research Project. For the business plan, I chose a bubble tea place as the proposed topic. It has been a dream of mine to open a bubble tea place that offers healthier options to consumers. For business research, I thought of outsourcing and its pros and cons.
I have decided to work on a business plan for the bubble tea place because this is a topic that I am truly interested in. I also thought of the opportunities in this industry. According to a press release by Market Watch, the demand for coffee and tea drives the growth of the bubble tea market globally. Also, the bubble tea market was valued at $1.89 billion in 2019 and is projected to reach $3.49 billion by the year 2026 (“Bubble Tea Market,” 2019). The potential for growth is so inviting which is why I decided to create a business plan for this type of business.
Aside from the growth in the bubble tea market, the consumer demand for healthy drinks has changed in recent years. In an article by Michelle Thoras (2019), she global nutrition drinks market is expected to grow over the next seven years due to changing food preferences, health consciousness, and hectic lifestyle. I plan to incorporate healthier options in bubble teas to meet the consumer demand shift.
Bubble Tea Market. (2019, October 21). Retrieved March 3, 2020, from https://www.marketwatch.com/press-release/bubble-tea-market-global-size-growth-factors-top-leaders-opportunities-emerging-technologies-and-regional-forecast-to-2026-2019-10-21
Thoras, M. (2019, October 8). Nutrition Drinks Market Size Overview. Retrieved March 3, 2020, from https://www.bloomberg.com/press-releases/2019-10-08/nutrition-drinks-market-size-overview-rising-demands-trends-and-huge-business-opportunities-to-2023-radiant-insights-inc
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