24 A

Assignment 24A – Venture Concept No. 1

Opportunity:

· The potential customers are people who have busy lives and need a less tedious method of doing laundry.

· The only competitive product currently in existence is rated poorly by Consumer Reports and takes up to 4 ½ hours to complete one load of laundry.

· I plan on using social media to promote my machine.

· After interviewing potential customers, I am creating a feature that allows ust the washer to run for delicates.

· From my interviews I learned that there is very little customer loyalty in this field. Several of the people interviewed could not even identify the brands of their washer or dryer.

· I have a large window of opportunity to help households, Laundromats, apartment complexes, and dormitories to become be more efficient in the way laundry is done.

· My research discloses that there is no product currently on the market that is this efficient.

· A customer will be able to run the washer machine before they leave their residence and when they arrive at home their laundry will be complete.

· There will also be a delicate cycle in which the laundry will not automatically dry.

· For businesses, I will offer the product as a way to allow more machines in the limited space allowing for a potential of more profit.



Venture Concept:

· Consumers will purchase this product because it will be in the same price range as a conventional washer and dryer set. They will be able to purchase it from a retailer or online.

· Businesses will purchase this product because it will create space savings,allow for more machines and provide a greater profit.



Price points:



· I would like to keep the machine in the same price range as a conventional washer/ dryer set. If the product is unaffordable, it will not sell to the general public.



Distribution:



· I will initially make my product available on-line. Afterwards, I will begin to sell the product at big box retailers.



Customer Service:



· Good customer service is crucial for any business. My company will be courteous and friendly. My employees will provide knowledgeable and courteous customer support through a toll free telephone number and live chat over he internet.



Location:



· I will find a location where the overhead is reasonable to serve as a combined corporate office and warehouse.



Packaging:



· I will find an eco friendly packaging company to partner with.



Employees:

· I will begin with only a few employees

· 2 employees to answer phones and respond to social media

· 5 – 6 in the factory manufacturing the machine.

· 2-3 boxing the machine and getting it ready for shipping.



Unfair advantage:



· My unfair advantage is the engineering of the machine. I will have to rely on someone to create the mechanical parts of the machine.

· This product will be a new name in the market. It will take consumers time to trust and realize the product’s long-term viability.



What’s next:



· I want to create products that help people simplify their lives. The success of this product is important because once the brand becomes a household name, I can invent other products.

· I want this company to be known as the company that simplifies household chores.



For Me:



· I would love the company to become a household name, so I could have a successful family business to pass on to my children. I see myself in 5 years, married with children creating products to simplify everyday chores. In 10 years, I see myself inventing another product based on my need as a wife and mother.