19A- Idea Napkin #2
I am a senior economics major here at the University of Florida. Some of my talents are my analytical skills and the ability to make a quick decision when needed. I would also add that I have great networking skills. Most of my experience has been from working with my parents in real estate and attending seminars. I aspire to be a successful investor and to have different streams of passive income by the time I'm 35. I see my business concept as a main source of income in my life so that I can begin to build my investment portfolio.
The product I am offering my customers is a cheaper self-scanner that eliminates the job of the cashier. My product will be cheaper than existing scanners because I will target decreasing manufacturing costs so that the product can be sold at a cheaper price than my competitors. By implementing these scanners at every register, retailers will be able to reduce wait times at their store and satisfy the needs of customers. It is often the case that retailers fail to schedule enough cashiers in the later hours and this leads to long lines. The goal is for my product to fix this problem.
I am selling my product to the upper-management of major retailers. These are all intelligent individuals who are business-oriented. A majority of these people are above the age of 40 and are experienced in making difficult decisions for their respective companies.
Retailers will be willing to buy my product because they all want to keep their profit margins as high as possible and see the company progress. My product will decrease expenses in the long run because they will no longer have to pay cashiers a wage. Also, by responding to the needs of customers there is a high chance that their sales will increase because consumers will be more satisfied. They care about how their customers view the buying experience and how they can improve this overall experience.
What sets me apart is I put myself in the eyes of a consumer when coming up with this idea. I see the benefits this could bring to retailers all around the globe. By focusing on what the consumers want and decreasing costs in the long-run, the result will be a win-win situation for both the company and the customer.
Feedback: Two main points of feedback that I received is to identify what sets my scanner apart from current scanners and that some older generations would be against taking away the human element of going to the store. I incorporated this into my idea napkin by explaining that I will place importance on decreasing manufacturing costs to decrease the price of my product. In regards to the concerns of older generations, this is a long-term solution so it is aimed more towards younger people.
The product I am offering my customers is a cheaper self-scanner that eliminates the job of the cashier. My product will be cheaper than existing scanners because I will target decreasing manufacturing costs so that the product can be sold at a cheaper price than my competitors. By implementing these scanners at every register, retailers will be able to reduce wait times at their store and satisfy the needs of customers. It is often the case that retailers fail to schedule enough cashiers in the later hours and this leads to long lines. The goal is for my product to fix this problem.
I am selling my product to the upper-management of major retailers. These are all intelligent individuals who are business-oriented. A majority of these people are above the age of 40 and are experienced in making difficult decisions for their respective companies.
Retailers will be willing to buy my product because they all want to keep their profit margins as high as possible and see the company progress. My product will decrease expenses in the long run because they will no longer have to pay cashiers a wage. Also, by responding to the needs of customers there is a high chance that their sales will increase because consumers will be more satisfied. They care about how their customers view the buying experience and how they can improve this overall experience.
What sets me apart is I put myself in the eyes of a consumer when coming up with this idea. I see the benefits this could bring to retailers all around the globe. By focusing on what the consumers want and decreasing costs in the long-run, the result will be a win-win situation for both the company and the customer.
Feedback: Two main points of feedback that I received is to identify what sets my scanner apart from current scanners and that some older generations would be against taking away the human element of going to the store. I incorporated this into my idea napkin by explaining that I will place importance on decreasing manufacturing costs to decrease the price of my product. In regards to the concerns of older generations, this is a long-term solution so it is aimed more towards younger people.
Hi Felipe, I enjoyed reading your idea napkin and I think it really helps show how your product could be successful. I think you did an excellent job at using the given feedback to paint a clearer picture of your product and its use. I like how you identified who you will be selling your product to, and then expanded on how it would be beneficial to both the buyer and the store customers.
ReplyDeleteHi Felipe,
ReplyDeleteI think you did well in explaining how your product is different from existing ones because last time I was a little confused. Being able to buy these scanners for a low price plus not having to pay so much in employee wages could lead to the stores cutting a lot of costs, which could also mean lower priced products. Great post and idea!
Hi Felipe,
ReplyDeleteI really enjoyed reading this post. It shows that you have a good grasp on what retailers like and what they would look into when it comes to clients. I believe that you will be successful investor as it shows within this post that you know a lot about it and when it comes to your product, I can tell that many of your customers would like to purchase it as a self scanner would definitely help customers within stores. Great post!
Hi Felipe,
ReplyDeleteI like your aspirations and how you want to have multiple sources of income. I Think you did a good job explaining your product, how it works and how it will be implemented on the market. I agree that retailers would like to purchase your product for higher profit margins. I haven't read about your idea before but I think its a good idea and you did a good job on your post.