Venture Concept No.2 (Week 15)

Opportunity:

            The products I'd like to create are meant for the beach for any occasion. The 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 (14-18) to older adults (18+), 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 issues that come alone with going to the beach. The forces in changes by creating this opportunity can include a cleaner beach by deducing litter. The idea of a cooler married to a beach bag can reduce the use of plastic made by coolers. There will be a division between the two. A zipper will separate the top half (beach bag compartment) with the bottom half (cooler compartment). This makes it a lot easier to find what you need without rummaging through your sandy, sun-screeny items). 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 (anywhere near water). Demographically, my product does not limit any specific type of people. The products will prominently be used by early teens to older adults (possibly even seniors near the Florida region) for any beach occasion. To be more specific, ages from 14-60+, but that’s the most detailed can 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. The customers satisfy their need by using everyday supplies, or generic products, customers aren’t technically “loyal” to any specific brand or company. I believe customers will react positively to the beach line products because it alleviates the annoyance and messes that is 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. These products can only make it easier for customers. Their simple to use, no instructions needed! 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 because they seemed more difficult and less simplistic. However, I haven't found the towel with the compartment concept just yet.

Innovation:

My products are predominately used for the beach, lake, or just for a good time when you want to lay out. A more updated 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. Not only for your valuables and products, but if you'd like to stuff a pillow in there to prevent it from getting sandy while laying comfortably, you can! 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. I wouldn't be selling without intermediaries. Retailers that are the typical convenient stores (Target, Walmart, Kmart, etc) located near strip malls or plazas 5-10 minutes away from customers.  The 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 towel will also be created from a material that would let it dry quicker than normal towels. The cooler is made of a durable insulator to preserve anything that’s put in it. Also, it includes two separate compartments divided by a zipper and a durable divider.  

Venture Concept:

            My beach products listed will address the irritating problems that people may encounter at the beach. For example: keeping your food and drinks cold and fresh, preventing sand from getting into your valuables, and keeping your valuables near you in a safe compartment, and resting comfortably without neck pain. These will all be prevented with the help of the beach line. Customers will buy these products out of the convenience factor. It makes going to the beach easier by making your trip a more care free one. Even though they aren’t necessarily 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. These ideas are pretty novel and unique. I haven’t seen any of my products in retail stores, or e-stores like amazon. In that case, getting customers to switch isn’t a difficult sector in my business. My competitors aren't 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’d be competing with the cooler aspect, but not the full concept because my product differs by including the bag department. 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”. My products aren't exclusive or selective. This means my products will be open to everyone, without any limitations (anyone can buy them). The prices are reasonable due to the durability of the material used and how they were made. They're made to last long and to keep your things safe. Packaging will be super simple for both products, and will have simple explanations and helpful 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’ can't. Human Resources could also help with complaints and discuss with our consumers one on one. 

My feedback only consisted of primarily positive feedback. The comment commended my work but mentioned that I missed out on the minor details. So above in my post, I made sure to be more detailed and specific with my products, demographic, geographic and what not. I specified my team members and what they'd be doing to help create my entrepreneur team. My classmates believed that my idea was indeed unique and quite unheard of. They agreed that it would appeal to many different target markets and would surprisingly be used not just for the beach or lake. They mentioned in specific that it could also be used in the springs or by rivers, which was something that I didn't think of. Also, they agreed that creating designs and anything aesthetically pleasing to the eye will draw in customers and differentiate my product from others.