In Webster Groves, you opened a coffee shop. There are already a number of coffee shops in operation, and they are all doing well. However, you believe you have a differentiated product due to your unique coffee bean blend and brewing system.

First, describe your brand and what you hope to accomplish with your company.

Second, could you please describe the market/industry in which you will be serving your customers? Consider the economic market, the target market, and the industry... Third, where are you on the economic curve? Consider the present... Please use (System 1) thinking for the first two questions and (System 2) thinking for the third.

Finally, the price of these specific beans is increasing on a daily basis. It's extremely difficult to get them in on time to meet your customers' demands. As a result,what would happen if you raised the price of each cup by 17%. We are basically assuming that due to price increases/inflation from your suppliers, you will have to raise your service prices or cut costs. Is this strategy elastic or inelastic?