1.) You. I am a second-year economics major and math minor at the University of Florida from Palm Coast, Florida. I am skilled in finding trends and performing varying analyses. I am currently working on building my human capital so that I can provide value to the public and private sectors. As it relates to my class business, I don’t see myself committing too much time to this idea. This is primarily because I want to focus on my education at the moment and learn new skills that can best help me and my community.
2.) What are you offering to customers? I am trying to bridge the gap between cable television and direct content streaming. As such, I am offering three bundles which include the hardware and software necessary to start streaming. I am also including technical support.
3.) Who are you offering it to? I am offering this to everyone who wants to switch from cable to streaming services, or who just wants to start streaming. I am, however, targeting primarily middle-class people over the age of 40 in Flagler and Volusia counties. These people would also have to notice a price hike in their cable bills.
4.) Why do they care? These people care because many of them tend to be somewhat elastic to price changes. If the cable companies continue increasing their rates, many of these people will search for a much cheaper alternative such as my solution.
5.) What are your core competencies? I lived in Flagler County for most of my life and I am greatly involved with the community. Furthermore, I am well-versed in modern technology: I even built my first computer when I was in 7th grade. Another competency I have is my ability to understand the different economic factors of running a business such as this.
I strongly believe that these elements fit together. Having the analytic perspective is important regarding business decisions and having technical knowledge is important regarding the product/service. As such, I believe that this combination increases the business's potential for success.
Feedback Memo: The feedback I received was super helpful! I was told that having the analytic knowledge from my economics background would help my business succeed while having the technical knowledge would help me in my target market.
Matt,
ReplyDeleteYour ability to see trends and background in economics is certainly a good thing to have going forward with your idea. The feedback given to you by myself and others on your first idea napkin was well incorporated into this one. I too believe the elements you bring to the table as well as your idea fit together well and could be a viable product people want to buy.
Hi Matthew
ReplyDeleteI feel you did a great job show why your skill are unique suited to develop and implement your idea successfully. While you can always do better on this aspect by adding more trait and skill, I feel that is the area is best aspect of this napkin. While your napkin is great in general, I feel you can elaborate more on how you plan to implement your idea. I also feel for part 4 you should consider doing thing more actively, as business could easily react to your entry an do lose leader strategy to take you out before going back to their regular price, after your out of business. This can be done by looking for unique trait that will make customer reluctant to leave at least for the short term, along with planning way to expand your business without waiting for your rival to make a mistake by raising their prices too much.