Opportunity:
1.
The people that have this need are those that
have a caffeine addiction, caffeine sensitivity, or prefer not to ingest
caffeine.
2.
The nature of the need is for those that cannot
or will not drink caffeine.
3.
What is creating this opportunity is the
necessity for people in todays society to have a competitive advantage that caffeine
gives to people, but there are people that cannot ingest caffeine for a
plethora of reasons.
4.
The market is geographically in the United
States but looking at a smaller city and the demographic ranges from college
age to late adulthood.
5.
They are satisfying this need through holistic alternatives
to staying away from caffeine in general or take additional supplements to stay
attentive. Their loyalty can sway but it is based on how well they like their
current beverages or supplements.
6.
This opportunity is a niche.
7.
The window of opportunity will always be open as
along as society keeps down the trail of keeping busy and putting work first.
Innovation
The innovation that I seek is finding a way to make the best
concoction for a fast energy boost, high attentive level, and no crash at the
end of the day. Also, a drink that will allow the user to drink throughout the
day. this will allow people to get through
their day without any hiccups and be at maximum energy levels so that they can
promote a learning environment that will foster growth and commitment to their
workplace or university. It would work by creating a beverage that will have
many natural herbs and spices that will be expertly mixed together and given
correct proportions so that the user feels an effect like caffeine.
In the same sense, what I am trying to sell is a drink that
gives people an increase in energy without the lasting effects of grogginess of
caffeine due to the all-natural mixer of ingredients and per bottle I will be
charging $6 per bottle to cover costs.
Venture Concept
The reason I think customer would switch to this product is
because it would stand out by the décor of the bottle and would incorporate holistic
herbs and spices that would have a distinct and tangy flavor, however I will
say that it would be difficult to switch to my product because of competitors,
brand loyalty, and a feeling of not wanting to try something new. The competitors
are other people who created holistic alternatives to caffeine for those with a
sensitivity to caffeine. Their weaknesses could be the taste and quality of the
products that the competitors use or a vulnerability being not able to reach
out whether logistically or having the means on social media. In addition, the
packaging is something that I am relying on heavily to create a artsy bottle
that will provide an amazing experience for the user while being able to reuse
the bottle so that waste is reduced. The cheap price points that I plan to introduce
are a reason that my product will outshine over the competitors. The distribution
is a major aspect that I hope will allow me to reach across the nation and
customer support and experience is essential in making sure that the consumers
are happy with the product and will take any critiques to improve the beverage.
The business would be organized by optimizing the small staff needed to create
the beverage and finding a great shipping service to reach out to the people along
with a small social media team that will help promote the product.
Three minor elements
The most important resource that I will have is a remarkable
team that will not only put on great social media campaigns but also one that
will foster growth within the organization so that the best of the best is
created for our product.
What is next is that I would like to tackle the creation of
other flavors or blends to increase revenue and hit different taste palates.
Hey Austin,
ReplyDeleteI really enjoyed reading on how your product can change people's lives. I fully agree that there is a need for your product and that the caffeine addiction needs to be solved. In response to your idea that your team should have a great social media campaign is key. Targeting a college age group is tricky, but by using social media you are able to reach and promote to a younger crowd and sell a product that people they "follow" use. I think that adding a brand rep program could also be useful to your product just as redbull and 5-hour energy have.
-Jordan Jacobs
Hey Austin,
ReplyDeleteGood job at organizing your post, I was able to find all the sections quickly at first glance, which helped me break down the text so it was not overwhelming. It seems to me that you have thought out your venture capital idea well and you managed to describe your elements clearly. Keep up the good work!
Luis