19A- Idea Napkin No.2
1. You
I am a second-year Finance major at the University of Florida and I hope to start my Master's in International Business this fall. Academically, I have taken a lot of courses that have given me unique insight on Business Finance, Marketing, Management, Information Systems, and a lot of other things that have given me skills that are applicable to any real-life situation. I am involved in a few business organizations where I have built up and strengthened my leadership skills, thus giving me transferable roles to really any sort of setting. I studied abroad and interned in Madrid, Spain last summer where I gained a unique insight into this global market. This is an experience that I would have never been able to get anywhere else. I am bilingual and I have certifications in a variety of different computer programs. As far as my business idea goes, I see my innovation of creating a retractable, reusable rubber straw as one that will blow up. In other words, I see this becoming widely used by people of various backgrounds, demographics, and interests. I see this business playing a huge role in my life if I were to pursue it because I feel as though it would become very popular. I see myself having to dedicate more hours a week to improving my idea because sales would increase rapidly.
2. What are you offering to customers?
I am offering an all-new, never before seen retractable and reusable rubber straw. This is something that does not exist yet, which is why I have decided to come up with it. Many people love the environment and will constantly put in their personal efforts in order to make sure that they are reducing their carbon footprint. While many people have done so by reducing their use of plastic straws, they have gravitated towards reusable metal or rubber straws. Neither of those, however, are retractable. Not to mention, people absolutely hate having to use paper straws because they just break in your mouth. The introduction of my retractable and reusable rubber straw will create a product that customers have never seen before, but have always wanted. Also, I am going to offer the straw for purchase at restaurants and coffee shops, which I know will definitely make sales go up.
3. Who are you offering it to?
I am offering my product mainly to women who are between the ages of 19-22. A huge portion of my target market will be primarily college students who are extremely environmentally friendly and aware how all of their actions impact the planet. My customers will most likely be involved in a variety of clubs that are oriented around sustainability and emphasize practices that are environmentally aware. I also believe that my customers will be keen on driving cars that have planet-friendly emission, such as electric cars and others similar to Toyota Prius's. All of my customers, beyond straws, take their own personal measures to ensure that they are doing their part to reduce their carbon footprint. They don't use plastic silverware or plates, they recycle a lot, and they don't waste water or paper. All of my customers do not mind spending money on these straws because they know that ultimately they are helping the planet.
4. Why do they care?
Trailing off of the answer to the last question, all of my customers are more environmentally aware than the average human. They take part in practices that they are sure will positively benefit the environment, even if their friends do not care. My customer base wakes up every day with the mindset of knowing that they will do everything they personally can to reduce their carbon footprint. No matter how small the effort is, they believe that they are always taking small steps to save the planet. This is why my customers do not mind paying the extra money if they know that this will positively benefit the environment. They care about my product because it is of personal and societal interest to them to invest in one of my products.
5. What are your core competencies?
What sets me apart from everyone else is that my product does not exist. Yes, it is an alteration of a product that is currently on the market, but the exact innovation is not yet on the market. The unique nature of my straw and the benefits that come with it are what set my product apart from everyone else. Personally, what sets me apart is that I will not stop until I make this product great. I will continue to advertise and push for the promotion of my product until people understand the importance of moving towards a more sustainable tomorrow. I also have a lot of people who I know will be interested in the straw, and those connections will allow me to get the word out while they are doing the same to their friends, and so on. I know how the market works, and I know how to successfully navigate it.
Do these elements fit together?
I believe that all of the elements within my opportunity fit together really well. During my first napkin assignment, I had a good, but sort of loose, idea of who it was that I wanted my main customer base to be. This time around, I was really able to focus on my target market and familiarize myself with their interests, hobbies, and priorities. This allows me to see how I could refine my marketing strategies in order to align with their preferences. Also, I previously thought that this idea could appeal to a similar market segment around the world. Now, I have changed my mind, as I now believe that this can be a very successful opportunity, but only for the United States. I have been able to clarify all aspects of my business idea so that they all fit together much better than they did before.
Feedback Memo:
Overall, I really found the feedback that I received extremely helpful. For starters, I never even thought about selling the straw at coffee shops or other drink shops. I believe that this is a very good idea because people will be more willing to purchase the straw if it is for sale at a place where you know you can use it minutes after purchasing. Starbucks, for example, offers reusable cups for purchase. If I can find a way to also sell my straws alongside these reusable cups, I know that people would be more willing to buy them than if I exclusively sold them at a store. So, I decided to add that into my napkin. Aside from that, I received pretty positive feedback so what I focused on doing was more-so refining my target market in order to make it more specific and really tune in on who it was that I was trying to reach. This allowed me to tighten up my target age and really analyze who it was that I wanted to appeal to.
I am a second-year Finance major at the University of Florida and I hope to start my Master's in International Business this fall. Academically, I have taken a lot of courses that have given me unique insight on Business Finance, Marketing, Management, Information Systems, and a lot of other things that have given me skills that are applicable to any real-life situation. I am involved in a few business organizations where I have built up and strengthened my leadership skills, thus giving me transferable roles to really any sort of setting. I studied abroad and interned in Madrid, Spain last summer where I gained a unique insight into this global market. This is an experience that I would have never been able to get anywhere else. I am bilingual and I have certifications in a variety of different computer programs. As far as my business idea goes, I see my innovation of creating a retractable, reusable rubber straw as one that will blow up. In other words, I see this becoming widely used by people of various backgrounds, demographics, and interests. I see this business playing a huge role in my life if I were to pursue it because I feel as though it would become very popular. I see myself having to dedicate more hours a week to improving my idea because sales would increase rapidly.
2. What are you offering to customers?
I am offering an all-new, never before seen retractable and reusable rubber straw. This is something that does not exist yet, which is why I have decided to come up with it. Many people love the environment and will constantly put in their personal efforts in order to make sure that they are reducing their carbon footprint. While many people have done so by reducing their use of plastic straws, they have gravitated towards reusable metal or rubber straws. Neither of those, however, are retractable. Not to mention, people absolutely hate having to use paper straws because they just break in your mouth. The introduction of my retractable and reusable rubber straw will create a product that customers have never seen before, but have always wanted. Also, I am going to offer the straw for purchase at restaurants and coffee shops, which I know will definitely make sales go up.
3. Who are you offering it to?
I am offering my product mainly to women who are between the ages of 19-22. A huge portion of my target market will be primarily college students who are extremely environmentally friendly and aware how all of their actions impact the planet. My customers will most likely be involved in a variety of clubs that are oriented around sustainability and emphasize practices that are environmentally aware. I also believe that my customers will be keen on driving cars that have planet-friendly emission, such as electric cars and others similar to Toyota Prius's. All of my customers, beyond straws, take their own personal measures to ensure that they are doing their part to reduce their carbon footprint. They don't use plastic silverware or plates, they recycle a lot, and they don't waste water or paper. All of my customers do not mind spending money on these straws because they know that ultimately they are helping the planet.
4. Why do they care?
Trailing off of the answer to the last question, all of my customers are more environmentally aware than the average human. They take part in practices that they are sure will positively benefit the environment, even if their friends do not care. My customer base wakes up every day with the mindset of knowing that they will do everything they personally can to reduce their carbon footprint. No matter how small the effort is, they believe that they are always taking small steps to save the planet. This is why my customers do not mind paying the extra money if they know that this will positively benefit the environment. They care about my product because it is of personal and societal interest to them to invest in one of my products.
5. What are your core competencies?
What sets me apart from everyone else is that my product does not exist. Yes, it is an alteration of a product that is currently on the market, but the exact innovation is not yet on the market. The unique nature of my straw and the benefits that come with it are what set my product apart from everyone else. Personally, what sets me apart is that I will not stop until I make this product great. I will continue to advertise and push for the promotion of my product until people understand the importance of moving towards a more sustainable tomorrow. I also have a lot of people who I know will be interested in the straw, and those connections will allow me to get the word out while they are doing the same to their friends, and so on. I know how the market works, and I know how to successfully navigate it.
Do these elements fit together?
I believe that all of the elements within my opportunity fit together really well. During my first napkin assignment, I had a good, but sort of loose, idea of who it was that I wanted my main customer base to be. This time around, I was really able to focus on my target market and familiarize myself with their interests, hobbies, and priorities. This allows me to see how I could refine my marketing strategies in order to align with their preferences. Also, I previously thought that this idea could appeal to a similar market segment around the world. Now, I have changed my mind, as I now believe that this can be a very successful opportunity, but only for the United States. I have been able to clarify all aspects of my business idea so that they all fit together much better than they did before.
Feedback Memo:
Overall, I really found the feedback that I received extremely helpful. For starters, I never even thought about selling the straw at coffee shops or other drink shops. I believe that this is a very good idea because people will be more willing to purchase the straw if it is for sale at a place where you know you can use it minutes after purchasing. Starbucks, for example, offers reusable cups for purchase. If I can find a way to also sell my straws alongside these reusable cups, I know that people would be more willing to buy them than if I exclusively sold them at a store. So, I decided to add that into my napkin. Aside from that, I received pretty positive feedback so what I focused on doing was more-so refining my target market in order to make it more specific and really tune in on who it was that I was trying to reach. This allowed me to tighten up my target age and really analyze who it was that I wanted to appeal to.
Hi Rebeca,
ReplyDeleteI believe your innovative product, the retractable rubber straw, will be a great solution for individuals who seek better ways to reduce their carbon footprint in a practical way. With a diverse set of skills and experiences, you have the technical knowledge and communication skills to establish a niche in the market for green products. I think focusing your efforts on marketing will be a great strategy to bring more awareness to your product and possibly create a movement (since the product itself isn't too complex).
Hi Beca,
ReplyDeleteYou're product sounds awesome and you did a great job improving your napkin idea based on the feedback you got. It is interesting that people suggested you tighten your target market. I was actually thinking thats a pretty small segment, and i could see middle-aged women/mothers liking this product! And once the mother is on board with something, the whole family is :) just something to consider!