My opportunity involves people that are 20 all the way up to
40 that have young kids and live a busy lifestyle that puts a harness on the
tasks they need to get done during a day. Along with my focus market listed
above, I have a secondary target market which is people with diabetes that are
functioning members of society, and live a lifestyle of little to no time in
the morning before they start their day. The need that both two focused markets
are both very similar. For the people with kids a breakfast item is needed that
is fast and healthy. The people with diabetes that live their lives as normal
people, while working, going to school, etc. need a fast meal in the morning
that is sugar free and healthy therefore to keep their sugar and insulin levels
regulated. This opportunity has arisen recently because of many people choosing
to live a healthier lifestyle. Customers currently take copious amounts of time
in the mornings to prepare breakfast, or they go to fast food restaurants and
get unhealthy foods, or they just go without. I believe this opportunity is
large and widespread throughout America, and other developed countries. I think
the “window of opportunity” will not close for quite a while since it has
opened.
My innovation includes a Cereal that is made to be healthy,
organic, sugar free, vegan and tasteful for all people. It will include 3
different fruit flavors that will be extracted naturally from the fruits of
taste. Many cereals that are listed as healthy, are generally filled with
sugars, etc. reading the ingredient labels will prove that. This cereal will be
sugar free and healthy. I will be selling the idea to general mills because of
the company’s slumping cereal sales. The product will be sold at a general
price point like the rest of all cereals, around $3-4 for a regular sized box.
I think that keeping the cost and product price low will create an advantage
for my product because people will see it as healthier than other products
therefore it will be “worth more,” but still be at the same price point as less
valuable cereals.
The venture concept of this product is to provide it to the
opportunity of people with fast paced lives that try their best to live a
healthy new generation lifestyle, that is fast paced and bustling. I think it
would be relatively hard to get people to switch to this product because of the
interviews I have done so far. Many times, people would rather listen to
friends suggest things that are good to them and ignore many adds. Maybe as a
pitch to get the product out and people buying there could be small trial boxes
for free for the first month of production, limited to one box per person.
There are many “healthy cereal” competitors but they lack being healthy, my
advantage lies in being sugar free which would also appeal to a new market of
diabetics. packaging, price points, distribution, customer support, the
customer experience and the business location play a small role in the business
concept. My business concept is more to fill people’s needs rather than to
attract a large crowd, even though it is desired, my business concept is to
help others. Since I am pitching this to General Mills where they could take it
over I wouldn’t have much to do with the “business.” After development for a
while I would eventually start to incorporate more flavors to the product line.
According to many interviews I have conducted and feedback I have received on
my posts, the majority of people think that I should make sure the product will
sell and market share will grow before I implement new and updated flavors to
satisfy more taste buds.
In my opinion, my ventures most valuable resource will be
the people that help me and advise me. I have spoken to so many people that
have fast lifestyles, have diabetes, etc. These people have showed me how
important it is to have a support base to help you along.
Along with slumping cereal sales in General Mills, Yogurt
sales have declined too, I’d personally like to expand the cereal out into a
yogurt brand that is also vegan, sugar free, and tasty.
If I was able to sell this product I would hope sales would
take off and I would be getting a decent percentage of sales. I would like to
be able to help designing other products that are healthy for not only you, but
the environment.
2. Many people believe that My venture concept is very good and profitable. On the other hand in the "whats next post, I had people telling me that I should add more flavors right away. Everyone that commented on my discussion post in turn, said that doing this would be a bad idea to incorporate into the company right away. They both agreed that some run time of the original three flavors would allow the market share to increase, and get profit rolling for development on new flavors.
3. I just changed the "venture concept portion" of the assignment by adding a few more sentences detailing that it would be a while before i decided to improve flavors due to the fact that the Financial factors may not be in line to develop soon after original production.
4.
