Venture Concept No. 1 (Week 12)

Opportunity:

            My products are used at the beach for any occasion and are very helpful for people that go often, or not so often. My products include: a towel with a zipper compartment near the top of the towel (a great pillow or compartment to keep your things safe and clean), and a built in cooler beach bag (made with an insulation good enough to keep your food and drinks cold for hours). The customers with the need for my product can range from young teens to older adults, because the beach isn’t limited to anyone. Even though the need isn’t a crucial everyday need, it’s a need that can be extremely useful and a great preventative for many dilemmas that include going to the beach. The forces in changes by creating this opportunity can include a cleaner beach by deducing litter. Also, the idea of a cooler married to a beach bag can reduce use the use of plastic made by coolers. Clearly, my products will be sold in areas near beaches or lakes. Geographically, my products will be sold in areas like Florida, California, Hawaii, Delaware, Maryland, etc. Demographically, my product is not limited to many people. The products will only be used by early teens to older adults primarily for any beach occasion. To be more specific, ages from 15-60+, but that’s the most detailed it will get. Customers are currently satisfying this need by putting their cell phones in Ziploc bags to avoid sand/water, using smaller bags or purses to hold their valuables, and bringing a beach bag and a separate cooler which might be considered to be pretty hefty for a day at the beach. Since the customers satisfy their need by using everyday supplies, or generic products, customers aren’t technically “loyal”. With that being said, I believe customers will react positively to the beach line products because it helps with the difficult problems that are paired with going to the beach. Also, this gives the company a chance for customers to be loyal, and possibly create brand equity if everything is accomplished and administered as planned. Many people will have a better experience at the beach if the products are being used. I don’t think the “window of opportunity” will be open for long, due to the searches I’ve made on amazon. I’ve found some bags with built in coolers, but they weren’t up to my standards.

Innovation:

Both of the products are used for the beach, lake, or just for a good time when you want to lay out. The new and improved towel is used to keep your valuables in a safe compartment where it can’t get sandy or wet. It’s also a great way to keep all your things together, if you tend to lose things. The bag combined with the cooler will be used to keep your food and drinks cool even in the scorching heat. Also, it’s a bag that’s big enough to hold your towels and any beach equipment you desire to take with you. I’d be selling both my products to retailers and wholesalers. Retailers that are the typical convenient stores located near most people around the world. The nifty towel will be sold at the price of $29.99, and the cooler will be sold at $39.99. The towel compartment includes a zipper and smaller pockets within it, to keep your things safe. The cooler is made of a durable insulator to preserve anything that’s put in it.

Venture Concept:

            The products I’ve mentioned will address the annoying problems that people may encounter at the beach or lake. Problems like keeping your food and drinks cold and fresh, getting sand in your valuables, and keeping your valuables near you in a safe compartment will all be prevented with the help of these products. Customers will buy these products out of the convenience factor. It makes going to the beach easier making your trip a more care free one. Even though they aren’t necessary products for your everyday life, they do indeed only benefit customers in such an efficient and convenient way. It eliminates the minor, but frustrating problems when attending the beach. What’s great about the products is that there isn’t competition. My products are pretty novel and unique. I haven’t seen any of my products in retail stores, or e-stores like amazon. So, getting customers to switch isn’t a difficult sector in my business. With that being said, my competitors are true competitors because their products are similar but not the same. For example; Igloo creates coolers but doesn’t offer the same benefits as my product. I’m competing with the cooler aspect, yet it’s different because my product includes the bag aspect. Their vulnerabilities would have to be lack of innovative ideas that are designed to suite our culture and lifestyle. My products will be available in stores like Walmart and Target, super convenient for most people. This will define my products as products that aren’t necessarily “high-class”. This means my products will be open to everyone, without any limitations. Limitations meaning, anyone can buy either products. The prices are reasonable due to the durability of the material used and how they were made. Packaging will be super simple for both products, and will have crucial explanations and information written on the package. My team would include: Director of Marketing, CEO, a sales manager, the Chief Technology Officer, and the Chief Financial Officer. The director of marketing will help with the section of advertising and generating appropriate media for the target market. The sales manager is considered to be the brand manager, focusing their energy on brand equity and keeping our products brand reputation up. The technology officer will make sure manufactures are running things smoothly to prevent technical errors. Clearly, the financial officer will keep payments, prices, costs, all in check and aligned with our businesses goals. I’d like to have a Human Resource team to provide other services that some of my team members’ cant.