Domain Expert:
The person who has experience in this field is my uncle living in Canada. He owns a local delivery business in Canada that specialize in delivering all types pf goods. He started the business 20 years ago so it's been well-established at this point. This is family so nothing in return is really expected. Including this person will help me expand my product beyond borders and enhance my network.
Market Expert:
Somebody I would consider a market expert for this area is Dan Risick. He's conducted ample consumer research in my area since he recently opened up a restaurant in Gainesville. Dan has experience in typically the restaurant business so he's really good at predicting the type pf crowd he's going to see. I knew this person prior therefore, I just reached out to him. In terms of returning the favor, he didn't seem like he wanted anything in return but I'll give him a complimentary unit since he seemed very interested. This will enhance my networking because it'll expose me to different fields.
Supplier to Industry:
I reached out to my aunt who works in the supply chain in an industry related to this one. She's been working in supply chain for over 15 years now. She really gave me some useful information regarding where to incur the lowest costs in terms of manufacturing in a certain region. Being able to have her in my network enables me to really expand my supplying options.
Reflection:
This experience will help me ask the essential questions in terms of networking for a certain product. In the past, I've networked to look for jobs or internships so that's really the only way the two differ from one another. It's not really product focused, it's more about yourself.
Friday, March 27, 2020
19A Idea Napkin No. 2
1.) I am a junior attending the University of Florida, majoring in business management. I'm originally from West Palm Beach with my family being from Lebanon. My main talents are being athletic and playing sports. I played basketball all 4 years of high school including travel basketball. My experiences through interning with Wells Fargo the past two summers have helped me develop skills such as effective time management and team leadership. Aside from that, I also worked in a retail setting with Pandora. My goal is to push my product as far as it could possibly reach in terms of availability and effectiveness. If I were to start this business, it would definitely be a large part of my life because if I invest in something I really want to give it my all and see where I could take it. I don't want to have any regrets or 'what-if' thoughts afterwards so thats why I would give it all I got.
2.) The type of product that I'm offering to customers is one that ensures safety when receiving packages to one's home. The product is a glass or hard plastic box that is installed outside the front door of the house and a key/combination is required to open the box. The box will be offered in different types of sizes which will correspond to the price of the different boxes. There will also be different colors available to try and match the color of the apartment/house if the customer wants to go that route. The customer will also be given the option to have the box installed by us upon arrival at no additional cost.
3.) I'll be offering this to all people living in residential areas and apartment complexes. I would consider my customers to typically be aged 25-50 years-old who like to shop online for most of their needs. They would also be typically women since they prefer to do the online shopping. There seems to be more of an issue in places where crime rates are higher and salaries are lower. This makes sense since most of these resident areas aren't gated in comparison to ones in different areas of the city. One thing my customers all have in common is that they value convenience and don't want to go through hassles that'll waste some of their time.
4.). They care because once their package is reported as missing or stolen, they're the ones who have to go out of their way to contact the company, trying to resolve the issue. These companies often times do investigations or ask for some sort of proof which only makes the process more exhausting and time-consuming. Customers will play money for my product because they will see the value in ensuring packages are properly delivered the first time. Having the added peace of mind knowing that your package is safe and secure waiting for you outside your front door is something that is truly underrated.
5.) My core competencies is satisfaction and effectiveness. Ensuring my customers are satisfied with their decisions is a large part of my motivation towards this product. People are always looking for ways to be more safe and secure especially when it comes to their valuables, this is a great innovative way to do it. The more of a purpose the product serves, the more passionate I'll be towards it.
I believe that these five elements fit together since it's important to evaluate things holistically and from different aspects. Asking those type of questions will distinguish someone's aspirations from reality in terms of their ideas are exploitable. Taking all those things into consideration before hand may prevent failure or loss of money in some cases.
The feedback I received was regarding the details in my answers. I was told to use more concrete examples and details so I tried to incorporate that throughout my answers. I feel like it went well since my answers seem more credible in a sense.
2.) The type of product that I'm offering to customers is one that ensures safety when receiving packages to one's home. The product is a glass or hard plastic box that is installed outside the front door of the house and a key/combination is required to open the box. The box will be offered in different types of sizes which will correspond to the price of the different boxes. There will also be different colors available to try and match the color of the apartment/house if the customer wants to go that route. The customer will also be given the option to have the box installed by us upon arrival at no additional cost.
3.) I'll be offering this to all people living in residential areas and apartment complexes. I would consider my customers to typically be aged 25-50 years-old who like to shop online for most of their needs. They would also be typically women since they prefer to do the online shopping. There seems to be more of an issue in places where crime rates are higher and salaries are lower. This makes sense since most of these resident areas aren't gated in comparison to ones in different areas of the city. One thing my customers all have in common is that they value convenience and don't want to go through hassles that'll waste some of their time.
4.). They care because once their package is reported as missing or stolen, they're the ones who have to go out of their way to contact the company, trying to resolve the issue. These companies often times do investigations or ask for some sort of proof which only makes the process more exhausting and time-consuming. Customers will play money for my product because they will see the value in ensuring packages are properly delivered the first time. Having the added peace of mind knowing that your package is safe and secure waiting for you outside your front door is something that is truly underrated.
5.) My core competencies is satisfaction and effectiveness. Ensuring my customers are satisfied with their decisions is a large part of my motivation towards this product. People are always looking for ways to be more safe and secure especially when it comes to their valuables, this is a great innovative way to do it. The more of a purpose the product serves, the more passionate I'll be towards it.
I believe that these five elements fit together since it's important to evaluate things holistically and from different aspects. Asking those type of questions will distinguish someone's aspirations from reality in terms of their ideas are exploitable. Taking all those things into consideration before hand may prevent failure or loss of money in some cases.
The feedback I received was regarding the details in my answers. I was told to use more concrete examples and details so I tried to incorporate that throughout my answers. I feel like it went well since my answers seem more credible in a sense.
Friday, March 20, 2020
17A Elevator Pitch No. 2
The feedback that was most useful was talking about how this product will benefit the customer. I gave an overview of what the product would do but didn't really hone in on how it'll potentially benefit the consumer. I also got some feedback regarding my opener, I was advised to use some type of fact to give some quantitative evidence.
The link to the video is posted below.
The link to the video is posted below.
18A Create a Customer Avatar
My typical customer would most likely be a woman aged 23-30 years old. A hobby that my customer would have is online shopping since they're not fans of traditional shopping. They tend to drive Toyota or Hyundai sedans that are economically efficient. In terms of color, I'd say something subtle like a black or gray. They tend to watch reality TV shows. At this point in their life, they may have a child or two. They want to usually feel like they're making a difference with all of their decisions, they want their decisions to have a positive impact on the environment. Something the avatar and I have in common is the method of preferred shopping as we both rather shop online than in the store. I don't think it's a coincidence, it's just the generation we live in.
Friday, March 13, 2020
16A Whats your Secret Sauce?
1. I come from a background where my parents didn't attend college so everything at UF so new to me. I enjoyed the challenge of constantly being pushed to learn and stay quick on my feet.
2. I had to mature at a younger age than those around me due to certain family situations.
3. I love sports and anything dealing with sports.
4. I love my family, each member is so unique is their own way.
5. My passion to be successful grows by the day.
Interview reflections:
Every person thought of what they would want in a product in a different way. Price and quality were definitely the top determinants however. Age, gender, and geographical location all play a part in these differences.
2. I had to mature at a younger age than those around me due to certain family situations.
3. I love sports and anything dealing with sports.
4. I love my family, each member is so unique is their own way.
5. My passion to be successful grows by the day.
Interview reflections:
Every person thought of what they would want in a product in a different way. Price and quality were definitely the top determinants however. Age, gender, and geographical location all play a part in these differences.
15A Figuring Out Buyer Behavior No. 2
1. 19 year-old male, minority university student
After speaking with this person, it was evident that price was a large factor on whether or not they would purchase the product. In this stage of their life, college students aren't as financially stable as they would wish. This causes students to spend their money in wiser ways. Although all the other aspects still play a part in consumer decision, price was definitely the clear cut determinant here. They're also more likely to pay with cash.
2. 28 year old female, Accountant
When speaking with this person, it was apparent that price and quality were both large factors and the person didn't want to experience a drop off in quality just for a lower price. This person is more likely to finance such purchases in order to build their credit. When thinking about a purchase, they often access their daily use of the product and the impact it has on them.
3. 34 year-old, college graduate
At this point in this person's life, the main thing concerning them is the quality of the product. They believe that better quality products last longer and perform more consistently than their competitors. This person would also decide to finance such purchases since they believe it doesn't make sense to always use cash. They evaluate the effectiveness of the product by accessing how much they paid for it in relation to how much value it brings them.
Conclusion:
It's apparent that although price plays a part, the quality of products is what truly attracts the customers and makes them want to come back for more. The price seems to play a larger role in consumer decision for the younger crowd.
After speaking with this person, it was evident that price was a large factor on whether or not they would purchase the product. In this stage of their life, college students aren't as financially stable as they would wish. This causes students to spend their money in wiser ways. Although all the other aspects still play a part in consumer decision, price was definitely the clear cut determinant here. They're also more likely to pay with cash.
2. 28 year old female, Accountant
When speaking with this person, it was apparent that price and quality were both large factors and the person didn't want to experience a drop off in quality just for a lower price. This person is more likely to finance such purchases in order to build their credit. When thinking about a purchase, they often access their daily use of the product and the impact it has on them.
3. 34 year-old, college graduate
At this point in this person's life, the main thing concerning them is the quality of the product. They believe that better quality products last longer and perform more consistently than their competitors. This person would also decide to finance such purchases since they believe it doesn't make sense to always use cash. They evaluate the effectiveness of the product by accessing how much they paid for it in relation to how much value it brings them.
Conclusion:
It's apparent that although price plays a part, the quality of products is what truly attracts the customers and makes them want to come back for more. The price seems to play a larger role in consumer decision for the younger crowd.
Subscribe to:
Posts (Atom)