Opportunity:
This opportunity exists because people are now becoming more aware of what is harmful to them. Alarm clocks startle you awake and that is not good for your heart and it is not a pleasant way to start your day. This is a huge window of opportunity because most people do not even realize that there is a need for a substitute product. The window will not be open forever as someone other than me will come along and create a device that makes my product and alarm clocks obsolete. My product applies to nearly everyone, but I see that there might be a problem in convincing people to switch from their reliable alarm clocks to my method.
Innovation:
My product is innovative because it is one of a kind. It is a small pad that slides underneath your mattress. It is controlled through an application on your phone and runs on wireless battery. You simply slide it under your bed and open the application. You can then use the application to set up a specific time in which you want to wake up and adjust the strength of the vibration. After the vibrations go off and you are awake you can then turn off the alarm through the application. I still have to work out my production costs, but I would estimate to sell this product for $50.
Venture concept:
The competitors that I have in this market are old fashioned alarm clocks and smart watches. It is going to be hard to make people try my product instead of relying on alarm clocks. This is something that I have to figure out still but I believe when people try my product they will never want to go back.
I received an overall good feedback from my peers. One person did make me see that although I do not have anyone else creating a product similar to mine, I still have to worry about not being able to get people to switch over to my product and leave alarm clocks behind.
What I decided to change is how aggressive I plan to attack the old concept of alarms. If I am able to make people see that this product is obsolete than they will automatically turn to my product as a substitute.
I received an overall good feedback from my peers. One person did make me see that although I do not have anyone else creating a product similar to mine, I still have to worry about not being able to get people to switch over to my product and leave alarm clocks behind.
What I decided to change is how aggressive I plan to attack the old concept of alarms. If I am able to make people see that this product is obsolete than they will automatically turn to my product as a substitute.
Hi Gonzalo,
ReplyDeleteYour venture concept has improved greatly from the first one you made. I can see clearly how you incorporated the feedback from your peers to improve upon your old venture concept and overall create a better product and marketing for it. The presentation was clear and detailed, I could understand perfectly your intentions with the product.