Assignment 19 - Idea Napkin No. 2
1) You
My name is Alexander Tolkov. I’m a junior here at the University of Florida. My most notable talent is my ability to learn quickly. This has aided me in pursuing my many passions including music and car modification. I have developed my emotional intelligence, analytical, and leadership skills through participation in Alpha Kappa Psi (a professional business fraternity) and as an employee at Publix. My aspiration is to be in a position where I am able to coach, lead, and develop others. I want to help people become the best version of themselves that they can possibly be. If I were to start my portable chair business, then I would see it playing a large role in my life. When I get into something, I get into it very deeply.
2) What are you offering your customers?
My product is a portable chair. The chair will be roughly the same form factor as a fifteen-inch laptop, but come in at about three inches thick. It will be constructed using hollow aluminum tubes and canvas in order to keep it light enough to carry for longer durations for time. Additionally, it will have a small, attachable desk that one can use to take notes on or rest one’s items on.
3) Who are you offering it to?
I am offering my product to two main groups of people. The first group includes avid concert-goers and the second group includes outdoor/sport enthusiasts. The first group typically has an age range of 18-26 and the second has a broader age range of 22-38. What my customers all have in common is frequently being in situations where seating is not available.
4) Why do they care?
I believe that my customers will care about my product because of the convenience it provides them. They will no longer have to sit on the cold, hard ground during long lines for tickets, outdoors, or at sporting events. People ultimately purchase a product or service for its convenience.
5) What are your core competencies?
What ultimately sets my product apart from competitors is its portability. Comparable foldable chairs are several times the size and weight of my product. They are not something that one would want to tote around for more than a few minutes. The ability to stow the chair into one’s backpack and forget about it is what will attract consumers to my product.
Evaluation
I do believe that the elements listed above fit together. As with all things, there are parts of my business concept that are weaker than others. One of my largest hurdles is generating awareness for my product. A classmate gave me advice on this problem in my first idea napkin, and suggested that I place my product in retail stores to combat exposure and awareness challenges. That is how I will address this challenge.
Feedback Memo
The first point I took away from my feedback was how to deal with the issue of informing customers about the existence and benefits of my product. I incorporated that feedback into the evaluation section of the post. I addressed that weak point in my business concept and how that feedback would help it. The second point of feedback that was given to me was to focus on fewer segments rather than target several. I incorporated this feedback by reducing the number of targeted customer groups to two.
1) You
My name is Alexander Tolkov. I’m a junior here at the University of Florida. My most notable talent is my ability to learn quickly. This has aided me in pursuing my many passions including music and car modification. I have developed my emotional intelligence, analytical, and leadership skills through participation in Alpha Kappa Psi (a professional business fraternity) and as an employee at Publix. My aspiration is to be in a position where I am able to coach, lead, and develop others. I want to help people become the best version of themselves that they can possibly be. If I were to start my portable chair business, then I would see it playing a large role in my life. When I get into something, I get into it very deeply.
2) What are you offering your customers?
My product is a portable chair. The chair will be roughly the same form factor as a fifteen-inch laptop, but come in at about three inches thick. It will be constructed using hollow aluminum tubes and canvas in order to keep it light enough to carry for longer durations for time. Additionally, it will have a small, attachable desk that one can use to take notes on or rest one’s items on.
3) Who are you offering it to?
I am offering my product to two main groups of people. The first group includes avid concert-goers and the second group includes outdoor/sport enthusiasts. The first group typically has an age range of 18-26 and the second has a broader age range of 22-38. What my customers all have in common is frequently being in situations where seating is not available.
4) Why do they care?
I believe that my customers will care about my product because of the convenience it provides them. They will no longer have to sit on the cold, hard ground during long lines for tickets, outdoors, or at sporting events. People ultimately purchase a product or service for its convenience.
5) What are your core competencies?
What ultimately sets my product apart from competitors is its portability. Comparable foldable chairs are several times the size and weight of my product. They are not something that one would want to tote around for more than a few minutes. The ability to stow the chair into one’s backpack and forget about it is what will attract consumers to my product.
Evaluation
I do believe that the elements listed above fit together. As with all things, there are parts of my business concept that are weaker than others. One of my largest hurdles is generating awareness for my product. A classmate gave me advice on this problem in my first idea napkin, and suggested that I place my product in retail stores to combat exposure and awareness challenges. That is how I will address this challenge.
Feedback Memo
The first point I took away from my feedback was how to deal with the issue of informing customers about the existence and benefits of my product. I incorporated that feedback into the evaluation section of the post. I addressed that weak point in my business concept and how that feedback would help it. The second point of feedback that was given to me was to focus on fewer segments rather than target several. I incorporated this feedback by reducing the number of targeted customer groups to two.
Hey Alexander,
ReplyDeleteI like how in depth you went in with your idea napkin. What you were offering was clear, with the construction material planned out as well as accessories for the device. You have a broad audience which can help you appeal to more people. Your secret sauce seemed competitive and your exposure strategy is a nice idea that can direct a large group of people your way.
Hi Alexander,
ReplyDeleteGood job on your idea napkin. I think you did a really good job describing the product you are offering to consumers. I really like the detail on how it will be constructed and what it has to offer. I agree that consumers should care because of how convenient it can be. I use a long foldable chair when I have to go sit outside but it is highly inconvenient to carry.
Hey Alexander,
ReplyDeleteYou did such a good job of adjusting your feedback to fit your opportunity and idea. It's obvious that you know how to present this idea to your market and you're confident in your personal strengths to help carry you to the finish line. Great job.