Venture Concept:
You can use the Snack Pack anywhere!
Opportunity:
I first came up with
my “Snack Pack” idea when I had to come home early one day from swim practice
simply because I was hungry. The problem I am aiming to solve is mid workout
hunger. Often time’s people will become hungry during an intense workout, and this
hunger leads them to suffer and for their workout to suffer. My product could
also be used in everyday situations. These could include being stuck in a
review session for a long time, or out hiking or kayaking. This does not need
to be just for athletes. The good part about my product is there is nothing
like it, so no one has it, yet there is always a need. The closest thing to my
product is a Ziploc bag, but there are chances of your snack getting lost or
dirty or broken. Another good thing about my product is that just about any person
who is hungry and needs a quick snack would benefit from my Snack Pack.
Innovation:
I have created a
product called the “Snack Pack”. The Snack Pack is a small reseal able pouch
that is waterproof that holds a small snack. The snack is intended to be eaten
mid-way or after a workout or anytime that the customer is hungry and they are
not in an ideal place to pick up food. The pouch is easily attached to a water
bottle, bike, backpack, or bag and can be easily accessed during the workout or
activity. I will be selling the actual packs themselves, the water bottles, and
other various mounts. I intend to sell the Snack Pack for about $10 with the
water bottle-Snack Pack combination for about $15. All other mounts I expect to
be about an extra $5.
Venture Concept:
Right now, the only thing
close to my Snack Pack is a Ziploc bag. Ziplocs can be easily lost and/or
broken, that is why people will buy my Snack Pack. My product attaches to a
water bottle or bike and is therefore easily identified and accessible. It will
also be made of extremely durable waterproof plastic, so it will not break. The
biggest designing factors of my business are the production areas, packaging,
and shipping. My product will most likely be sold on websites like Amazon, with
no physical stores. I will have to find some place to produce, package, and
ship my products out of. I will then need to set a price based on the cost of
making my product. I would start off very small, with only a few employees,
then I would grow as demand grew. I would employ people in every segment of the
production process and I would also hire people to work customer service so I
can make sure people are happy with their purchases.
3 minor elements:
· My most important resources right now is my
human capital and my networking. I have lots of experience so I can relate to
my customers really well. I also have a lot of connections in the athletic
industry such as swim teams, varsity teams, and club teams. I am also a student
at UF with access to several areas that are heavily traveled by people. I could
start advertising my product using these highly traveled areas. I will use all of these resources to market
and sell my product.
· The next thing I want to tackle with my
product is making the pack usable for older people. I am thinking about making
another pack that can be used to store pills safely.
· In five years I hope to have my business up
and running and I hope to have a pretty solid customer base. My first target customer
base will be all kinds of UF students. I will probably start advertising in the
Plaza of the Americas and Turlington as soon as I can get my product up and
running.
A few things I changed
from my earlier Venture Concept:
·
I decided to expand
which customers I would target. I was initially just targeting athletes, but
now I am going to broaden my range to anyone who is at an activity where they
need a snack. Many people said in the comments that they could use my Snack
Pack and they are just sitting in the library. I was really missing a large
section of possible customers.
·
People also said in my
“What’s Next” post that I should try to cater to more age groups. That is why
the next step I will take is catering my Snack Pack to older people.
Courtney, it is great that you are taking criticism from your previous posts to make changes to your concept. I think it is important to listen to what others have to say because they are looking at your venture in a different way than you and can see things that you don't or have overlooked. Keep up the good work and I hope it works out for you.
ReplyDeleteCourtney,
ReplyDeleteI too agree that it's great that you accepted your provided constructive criticism and make changes. I've had to leave a work out or not go at all due to hunger. It's actually really annoying. When you're trying to be healthy and make a life style change, hunger can completely derail you. I think this is a great idea. Best of luck! http://jamiecgarcia.blogspot.com/2016/04/venture-concept-no-2.html
Hi! I think this is a cool idea, and especially because you were able to take the changes that people were suggestion in order to make it awesome! It is always good to take what other people say! You did very well in the organization of this post! If you want to lookk at my post here is the link! http://anaksunamoon216.blogspot.com/2016/04/venture-concept-no-2.html
ReplyDelete