Opportunity:
- Who has the need?
- Parents and students
- Nature of need?
- Parents worry that students are not getting proper nutrition. Students do not always have the knowledge or space to cook in dorms.
- What are the forces or changes in the environment creating this opportunity?
- Students schedules are getting progressively more strenuous leaving them with limited time to cook.
- How is this market defined geographically and demographically?
- Parents that tend to be overprotective
- Students with busy schedules
- Students with little cooking experience
- How are customers currently satisfying this need? And how loyal are they to whatever they use now?
- Many go out to eat and are not very happy with their current situation.
- How big is this opportunity?
- Fairly big
- How long will the “window of opportunity” be open?
- For as long as it is not addressed
Innovation
- What it is
- Interstate food delivery system
- What it does
- Allow parents to deliver food to college students
- How it works
- Parent goes to hub drop off and scans food. Once food is scanned it is then shipped to student, who is alerted via phone. Once alerted student will have pickup code that can be used at the designated hub.
- What are you selling and for how much?
- Delivery service and depending on distance price would be determined but around 5 dollars per pound.
Venture concept
- What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch?
- Because students do not usually eat the healthiest of foods and this would allow them to get a better alternative. I do not believe it would be too hard.
- Who are the competitors?What are their possible weaknesses or vulnerabilities?
- No competitors currently.
- What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?
- That is the entire business.
- How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
- Starting off with 18 employees 3 in each hub with 5 hubs throughout the state. 3 for deliveries. Four roles Hub manager, Inventory supervisor, cashier, delivery driver.
The Three minor elements
- The efficiency in customer service as well as the technology implemented.
- The next step would be to establish more hubs throughout the state.
- In five years I would like to have expanded the hubs out of state to the surrounding states such as Georgia.
3. The venture concept stayed intact but the expansion plan has become more uncertain.
Hey Christopher, good work on analyzing what should have stayed and what should have changed based on your last venture concept. You mentioned that your expansion plan became more uncertain. Sometimes a business thrives under set conditions. If expanding to other states would cause more of a headache, that can be a consideration for a later time.
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