Week 12- What's Next?

What's Next

Current Market:

The current market I am targeting is young athletes that train very hard for long periods of time. I believe what is next for my company is a snack pack that is also a hot and cold pack so that fresh snacks can also be stored in the Snack Pack. This new feature will help me cater to a market that is much older than my current market. Older people might not necessarily need energy chews during a workout, but some fruit or veggies would be perfect for them.

I asked 3 people how they thought I could cater to an older market, and they had great ideas!

** I need to add that for the last 6 days I have been home in Tampa with the flu, so I could not go out and interview random people for fear of getting them sick. Instead I texted my friends on a local swim team, told them the question, and asked them to record their responses. This is what I got!

                                         

                                         

New Market:

The new market I am targeting is older people! I believe that older people could still use my snack pack, even if they aren’t athletes or training hard. I think they could use them when going to Disney World, or even when they are doing some light exercising.

**Once again I had to adjust my interviewing, one of my three people is one of my friends who is in his late twenties I simply asked him to give me a hypothetical. The other two are my parents.  Here is what I got!

                                          

-Interview 5: My dad declined to be on camera, and I couldn't do much to argue. I don't have many options here. When I explained to him my product he immediately said that he would never need my product because he does not exercise for long periods of time. When I explained to him that it doesn't have to be just for exercising he thought for a little longer. He then decided again that he would not need my product because he already has Ziploc bags and pockets. I am not surprised my dad said this or declined to be interviewed, he is always the practical one, and is not a person for formalities or luxuries.

Reflection:

          This assignment was super tough for me, simply due to the fact that I have been suffering from the flu. I had some major roadblocks getting the interviews, but I tried to do what I could. So I believe the next market I should cater my Snack Pack to is older individuals that may just need a quick access snack. I suggested that they could use them at places like Disney and for family gatherings, but I got some different responses.
           All of the younger people I interviewed were part of my current market, in fact all of them were at a swim meet this weekend. The first person I interviewed suggested that I change the types of of snacks that I put in my snack pack. I believe this is a great idea, and that is why I believe I will definitely add the hot/cold feature to my Snack Pack. Older people do not need high sugar energy chews, they need fruits and veggies. This new feature will allow this to happen. The second person I interviewed added that no matter what, people need food when they have low energy, so any age person will find a need for my Snack Pack. And lastly, the third person said that I should try to cater the Snack Pack to runners since that is a very common activity among older adults. I think this is a great idea. Maybe the next next idea for my Snack Pack with be a small water bottle/ Snack Pack combo with an easy grip that can be easily carried while running. I think all of the interviews were extremely helpful.
          The older people I interviewed were just as helpful. My mom said that she could really use the Snack Pack when she is in a place that won't have healthy food such as on a boat or shopping. While she may not have known it, my mom helped me a lot. Another way I could market my product is a healthy alternative. If you know you are going that wont have great food, bring your Snack Pack! My dad, while always the cynical one, also helped me a lot. He said that he would not need my Snack Pack because he has plastic bags and pockets. He made it clear that when marketing my product to older men, I have to come about it a different way. I need to find a way to differentiate my product so I can cater to older men as well as older women. Lastly my friend told me I should advertise the pack to elderly people as a way for them to easily carry prescriptions with them. Overall I think all these ideas are great and that I have a pretty good idea as to how I should continue on with my business!

Week 12 Reading Reflection

Week 12 Reading

1) The biggest surprise for me in the reading was the fact that the author placed so little emphasis on the strategic planning session. I feel like business owners need a well thought out plan to succeed.
2) The most confusing part of the reading was the Entrepreneurial Strategy Matrix Model. The whole section in the reading just really lost me. It did not seem like the two opposites would work.
3) Two questions I have for the author are:
a. What do you believe is the most effective strategy model?
b. What are some real life examples of strategic planning?
4) The only thing I disagree with is the Matrix, but that is probably because I was so confused.

Week 12- Venture Concept No. 1

Venture Concept:

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. When an athlete is hungry they cannot perform at the same level as when they are not hungry and satisfied. I want swimmers to be able to fuel up during a workout so they can keep pushing through and reach their goals faster than they would have before. 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 athlete that trains for long periods of time would benefit from a snack.

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. The pouch is easily attached to a water bottle, bike, or bag and can be easily accessed during the workout. 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. 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 will use both of these resources to market and sell my product.

·         The next thing I want to tackle with my product is the problem of snacks not being warm or cold when you get to them. If my Snack Pack is successful I want to add a feature that keeps warm food, warm, and cold food, cold. It would be like a lunch pack, but on a smaller scale. It allows the athlete to pack fresh or frozen food in their Snack Pack without the worry of it going rotten during the day.

·         In five years I hope to have my business up and running and I hope to have a pretty solid customer base. If I could be in a position where I have a small area for production and I am selling my product to most of the athletes at UF, I will be satisfied. After that, I can take things to a bigger scale.