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.
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.
I think that although not very long your changes to this concept were good. By explaining that you should wait to incorporate more flavors you let the readers know your mindset for the future. To an investor this would be a very important thing to know. Readers of this venture concept want to know all of your thoughts and plans for this business and by adding in those you let them know even more than you did in the first post. It is a very good concept and I really was able to get a feel for your business.
ReplyDeleteI like how you pulled from other assignments in order to best decide how to fix your venture concept. I had to do something similar because like you I also got mostly positive feedback on my first venture concept, so I really had to think deeply about how I could improve my company idea and the different sections of the venture concept.
ReplyDeletestill agree that a few dominant flavor combinations are more important than having a wide range of flavors. Product adaptation is what you want and there is higher chance of repurchase if the flavors are well known.
ReplyDelete