24A

Opportunity:

1.     Who has the need?

            College Students and On the Go Users.

      2. What is the nature of the need?

                        They require caffeine quickly and aren’t willing to wait for the long lines of most coffee stores.

     3. What are the forces or changes in the environment creating this opportunity?

            As a society in recent years we have been more and more pressing on convenience and time saving activities.

     4. How is this market defined geographically and demographically?

                        This market is less defined as there are few competitors in it, however it could be defined by the tastes of each location.

     5.   How are customers currently satisfying this need?  And how loyal are they to whatever they use now?

            They are using home brewers, coffee shops, and off the shelf drinks. I believe that they are loyal only to the price and flavor with few having undying loyalty to a brand.   

    6.  How big is this opportunity?

            This is a huge opportunity as striking any large unserved market could be, most people in some shape or form are willing to spend money on caffeine.  

    7.  How long will the “window of opportunity” be open?

            Until their caffeine needs are satiated.

   Innovation:

   My innovation is designed for those who require caffeine and are on the go and in a hurry, with a focus on college students and other odd hour users. I want to create a network of machines that sell and distribute customized caffeine beverages to the users quickly and consistently. I feel that there is opportunity here as many students and users are walking with purpose and don’t have time to wait in line or drive/walk to the nearest shop (which may or may not even be open). So in short I am selling the convenience of a 24/7 very fast personalized coffee shop for users with little overhead.

  

  

Venture Concept:

1.      What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?

            I think college students would want to switch to my machines as they offer better service time and prices than the largest competitor (that being coffee shops). This is because the product is designed to be used quickly and effectively sells itself to the users on cost alone (which my research showed to be a big factor in switching), which will get them to switch.

2.     Who are the competitors?  What are their possible weaknesses or vulnerabilities?

            Starbucks is the largest competitor and other coffee shops. The weakness is that they cost a lot and take a lot of time to get their product to the customer after they have paid.

3.      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 largest defining features are the time to customer, price, and distribution. I defined my product on selling quick, cheap, good cups of beverages to customers. This means that I have to ensure that my quality and repetition of service is up to my standards.  

4.      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? 

            My idea aims to serve the customers of caffeinated drinks. It will consist of a fleet of vending machines that will be maintained through use of mechanics and distributors. For this reason I would hire a small group of employees that could maintain the machines while I and a board maintained the logistics of the company.

1. My most important resource is the family recipe for spiced coffee.

2. My next move for this company is to start prototyping machines and drinks to sell.

3. In 5 years I hope to have some semblance of reach when it comes to college campuses. I want to be successful and at least a recognizable service on any scale. The success or failure of my machines will dictate where I will be, that and the voice of the consumer.