Opportunity
The people who have the need are middle-aged working class people who shop online as their preferred method of obtaining goods. There's also a market for college students out there because they often use the internet to order their textbooks or apartment essentials. College students don't have much time and money on their hands so it's important that those things are well accounted for. In terms of the nature of the need, people want their packages to be delivered safely on-time. Often times, that's not the case since the package can be reported as missing or it could've been stolen. I've spoken to several people about this topic and it's evident that this is an issue they experience as well. Having to endure long wait times on the phone about a missing package is not what people would prefer doing. Also, sometimes a police report is required if the package is believed to be stolen and that requires even more time and effort. The forces in the environment creating this opportunity is the increasing use of online shopping, especially in times like this where traditional shops are limited due to the virus. Aside from that, some people live in apartments where the package is just sitting in front of the door waiting to be claimed and often times, it isn't the right people claiming it. The market can vary based on geographical locations. For example, an apartment complex with college students would probably bring about more customers for this product in comparison to a gated community. Now just because a community is gated doesn't mean any crime can't take place so there's also that to consider as well. I see the opportunity being pretty bug because I have't heard something like this in the field before and the benefits that come along with it are tough to pass up. I say the window of opportunity will be open as long as online shopping continues to be a prominent component of shopping.
Innovation
To give an overview, this product helps facilitate the safe delivery of products to consumers front door. The product would be a hard plastic box that is installed outside the front door/porch of people's residence. This box will be secured with a unique pin that allows access to the box. The box will alos be available in different sizes and the price would vary based on the size of the box. The original style sized box would be sold for $29.99 with free installation and a lifetime guarantee. By doing this, we show our confidence and value in our product. Manufacturing the box shouldn't take much money so the margins will be beneficial to the company.
Venture Concept
In terms of switching to this product; there isn't a true competitor in this field so it's mainly just selling the customer on this new product and it's effectiveness. It'll take elaborate marketing strategies along with tutorials on how to use the product just to ensure there isn't any confusion. We don't want our customers to be mislead so being transparent is also another large part of what we stand for. Customer support is something that the company really wants to focus on because the purpose of this product is to reduce any hassle involved with the delivery of packages ordered online and we want to ensure that is taking place. We will receive customer support and feedback through surveys and reviews. When thinking about creating a whole business instead of one product, that is something that I definitely have in mind because I want to create multiple products of this nature. That would require hiring more employees and assigning managers to work with these employees.
Three Minor elements
The most important resources would be satisfying our customers to a level where they are doing the advertising for us, in a sense. That is by them taking part in word of mouth to their peers and family members. What we have will make it tough for competitors to match since I'm establishing this to be more than just a product, I want the customers experience to be unmatched. Next for the venture, I want to expand the product line where a need for safe delivery is present. In 5 years, I want to have fully established my product in the domestic market and then integrate it internationally. This first venture will give me experience as to what will and won't work in terms of the product and customer service.
No comments:
Post a Comment