- Who has the need? People who regularly buy fresh food items and want to save the most money possible.
- The need is specific to produce items, butcher items, and bakery items. These are items with price that fluctuate weekly so customers never know where and when to get the best deal.
- Geographically the initial market is the Gainesville area. The target demographic is younger adults who shop frequently and are looking to save money in the area.
- Customers currently satisfy this need with coupons. The coupons for these items, however, are limited and expire quickly so I think they won't be all that loyal.
- This opportunity is a nationwide problem and everyone wants to save money. There is a lot of competition in the market for saving people money so the window may not be open for long.
Innovation:
- My innovation is an app called "Bananas." This app analyzes your shopping list and tells you where you should go shopping to get each item. The app will compare the prices of each item you entered at all of your local supermarkets and farmers markets. It will then calculate how much you will spend in gas to get to each store. The app will then run a cost-benefit analysis to determine the best places to shop for each item on your list.
- The app will have a 30 day free trial. After the trial expires the customer will move to a $5 a month subscription.
- This app very easily allows the customer to see where they should shop for their food. Customers will download the app because they don't really have any reason not to at least try it out. The app doesn't exactly rival coupons, but more so works with them. There are really no competitors for this product other than some shopping list apps that don't do nearly the same thing. Marketing for this app is going to be the most important thing. People need to be aware of it and download it in order for me to generate money.
- Competitors will not be able to easily copy the apps algorithm. The algorithm will be patented so that only I can run the calculations.
- Honestly, the next step for this venture would be to sell the app to another, larger company who could implement the algorithm into their company.
What's next for me?
- In five years I want to have sold this venture for a large enough profit to fund my next venture, but at this point I don't know what that'll be.
Hey Peyton,
ReplyDeleteI think you did a good job with the venture concept, each component answered all the question fully and completely. Your innovation section does a good job of telling the reader who has the opportunity, and what the specific market that is being targetted is. Your innovation section is also good, I am a fan of the 30 day free trial you would offer. Your innovation section is concise and answers everything well. However I would like to have seen the document written in paragraph style, I feel that's the way this should be formatted in.
Hello Peyton,
ReplyDeleteYou did a great job with breaking down this assignment and describing your venture. I think the development of the algorithm will be so important to attract that potential larger company who will be able purchase your app. I also said that what's next for my product was to get bought and hopefully used in an even bigger way. I think there is so much to be done with your app. You did a really great job outlining the uses and features of the app!
Hi Peyton,
ReplyDeleteI am really impressed with this venture concept. I love how organized and thorough the whole thing is. Your effort and focus shines through this assignment. Your app has an exponential amount of potential and I hope you continue to grow and develop it further.