1. Opportunity
Who has this need?: The average grocery shopper. Anyone who is in need of reusable bags.
Nature of the need: This is not as much as a need as it is a useful product that someone might think to use in place of others. Using a standard reusable bag is just as smart as using one that attaches to your keychain and comes with a gps locator for your car.
What are the forces or changes in the environment creating this opportunity?: I believe climate change is a real issue and therefore should be approached proactively. Losing reusable bags and buying more every time you go to the store is just as harmful as using plastic bags.
How is this market defined geographically and demographically?: People who usually buy into products such as these are usually western, North American. Seeing as this closely resembles an informercial type product it is more likely to be bought by the millennial generation.
How are customers currently satisfying this need? And how loyal are they to whatever they use now? Currently people are just using standard reusable bags, they are not entirely loyal to a single brand or type of reusable bag because there is not a whole brand that you can buy from. Just individual grocery stores and online sellers.
How big is this opportunity? Fairly big, as people want to make a difference in the world, or at least feel like they are doing something proactive.
How long will the “window of opportunity” be open? Not that long. This market, although fairly new, is constantly changing. Who knows when there will be a new fabric that is more biodegradable or a brand that comes out with something eerily like my ideas.
2. Innovation
Explain what it is, what it does, and how it works. My product is a reusable back that is collapsable that attached to ones keychain, for those with cars it also comes with a small attachment to the keychain that you can use to locate your car. One small locator on your keychain and the other capable of being suction cupped to the inside of your windshield or placed in one of the compartments in your car. The location of your car or keychain can also be located with an app available on IOS or android.
3. Venture Concept
What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch? They would switch because this product solves two issues at once; is just more convenient and also saves them extra time and money that goes into buying new reusable bags every-time you lose your old one. It will not be entirely hard to get them to switch, seeing as if this a product they are interested in, they will invest, if this is not a problem they have in their lives, they will see no need to buy.
Who are the competitors? What are their possible weaknesses or vulnerabilities? Ring and companies selling reusable bags that are collapsable are possible competitions but they are not offering both services.
What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept? My price points shall be on the mid tier/lower range for the product. The distribution will be online, preferably through Amazon or my own website. There will be a customer service line and various pages detailing general questions for IT support as well.
How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture? This business will be fairly modest and have few employees, I would outsource for the creation of my product and only really hire people for advertisement, packaging and customer service. I would additionally hire a team to create a website to buy from and to access the customer service lines from.
Three minor elements:
Besides your actual innovative product, service, or process, what will you have that will make it hard for competitors to copy your success?
Probably the sleek design and the fact that it is two different products sold together.
what’s next for the venture?
Possibly sleeker design, getting this product to be as small and low waste as it can be.
Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision?
I do not really care to be an entrepreneur, this venture is just to help me pass this class.
Hi Tina! I think you did a great job with completing your venture concept. You were honest and even admitted that the window of time for this product could be short because new innovations are constantly being made. I like how your product helps the environment and how strongly you feel about climate change. I also like that it has a GPS to your car because I feel like many times I can forget where I parked and be the awkward lady walking around confused haha. I believe you do have a market here and the only challenge would be setting your product above your competitors. Great job!
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