Assignment 11A- Idea Napkin No. 1
- Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
- My name is Ramar Huntley. I am a General Business Studies major who intends on joining the MBA program. I am taking public speaking classes in order to improve my speaking skills. I aspire to help different people across the globe. I see the business playing a role in my life. I would feel good about people with skin acne because it is something that even I have experienced.
2. What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
- I am offering customers a business product that helps prevent and stop skin acne. For individuals, I am solving the unmet need for a skin care product that fits their certain skin type. Although there are many skin care products in the market already, there are still products that use harmful chemicals and that are made only for a certain skin type.
3. Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
- I am offering my product to one group: teens and adults. The individuals will range from 12-24, the age that is mostly affected by acne. The product will be marketed to both women and men. This includes middle school and high school students, college students, and young adults that need the product. The products that are not specifically for your skin will be low priced. The high priced products will be the ones that are specifically made to fit your skin.
4. Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service
- I believe that individuals will pay me money for my product because there are a lot of skin care products that irritate and harm your skin. Most people have to extensively search to find the perfect match for the skin type. With Smart Wash, there will be a product already made for any skin type. My product is valuable because of the use of natural products and customization.
5. What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
- I'd say my leading competitor would be Proactiv. Proactiv is well known and popular due to its commercials. For some people, Proactiv dries their skin out. To stand out, I have connections in marketing and also I know chemical engineers who could possibly help me develop my skin care product. Having marketing connections would build up my product's consumer base rapidly. Also, Proactiv uses a lot of unknown ingredients. My product would only use natural ingredients that are gentle on the skin.
In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.
- I believe that all of these five elements work together. I believe that one element is weaker than the rest. I do not many connections that would allow me to fully develop this business and product. In order to carry out the business, I would need to make more connections. Besides that, I would make a good business leader for Smart Wash and have no trouble selling its skin care products.
Hi Ramar,
ReplyDeleteNice job this week! I think you did a good job at reflecting and acknowledging what your strengths and weaknesses would be for this business venture. One aspect that I think you should look into more is who your main competitors would be. I have not done the research so I may be mistaken, but I think that Proactiv has lost its popularity. I think your more prominent competitors will be drug store brands such as Neutrogena or Murad.
Hi Ramar,
ReplyDeleteI keep following you posts because I think you're onto a product that will serve an ongoing need. I agree that there are many skincare products available, but they use harsh chemicals which can aggravate a skin problem, or even if it prevents and heals acn, some of the chemicals in these products can cause other health issues. The products of the future are heading toward energy that is sustainable, products that are environmentally friendly, and cosmetics and skincare products that are more natural and homeopathic, as well as effective. An additional point to take into consideration when producing and then marketing your new skincare line, is "no animal testing." Nice post. Best, Emily
Hi Ramar,
ReplyDeleteThank you for sharing. How big is the market size of acne skin care? Is it in the billions? I like how you tied together lower end and higher end products. I don't know how much science there is behind matching different types of acne products to different skin types but I am interested in learning more. I think there is room for improvement in the industry with all natural ingredients.
Best,
Grant