Venture Concept No.1 Assignment 24A
Venture Concept No.1
by Jenna Jaeger
Opportunity.
My potential customers are as follows: a woman of middle age, she has a busy life, she has little expendable income, she works with lots of people, she is married, she has pets or children to take care of, and she cares about her appearance. The nature of the need is the difficulty of at-home whitening strips. She has a hard time with them because of the mess they create and the slippery nature of the whitening strips. The forces creating this opportunity are the lack of solutions to this problem. Most whitening brands do not offer any product that can fix this issue. The market is focused on highly populated areas geographically speaking. Since this customer has to work with customers and needs to look presentable, like having white teeth, they will live in an area with a high population because their work will be in areas with high populations. Demographically speaking, the market is women and of middle to high class. More demographics were listed above. Customers at the moment are struggling with slippery, messy whitening strips. There are some whitening brands that provide thicker strips to help with slipping, but in my personal opinion, they make the matter worse. This opportunity is big. It's proven to be big because many people use whitening strips. The "window of opportunity" is open now and will be until someone fills it. Many people are not marketing for hygiene.
Innovation.
The product I am innovating is at the same time innovating a service for dentists to earn money from and it innovated a cleaning product and tool for the product. My product is called WhiteGuard. It is a retainer that covers all of your teeth while wearing whitening strips. It will not affect the effectiveness of the whitening strips. The other innovation is the service the dentist's are providing. In order to receive your retainer, you have to go to the dentist and have a mold taken of your teeth so the WhiteGuard fits. It's a one-time mold, unless you lose or break or damage the retainer and need a new one. The dentist will profit off of the mold and time they spend on the patient. I am not sure how much the dentist will cost, it will differ on which dentist you go to. The retainer itself will be roughly $40. The opportunity for a cleaning product for WhiteGuard is high. It will get gross from the whitening strips, so a mild cleaner will be sold with the retainer along with a brush to clean it with. I will make money off of the retainer itself. I will be receiving the money spent on the WhiteGuard, and the dentist will be receiving money for the mold and time.
Venture Concept.
The process of WhiteGuard will be as follows. One, a person in our market will discover they have an unmet need. They will then go to the dentist and be fitted for the retainer. They will receive the WhiteGuard in the mail. They will place the whitening strips on, and then place the retainer over their teeth on top of the whitening strips. Once the time is up on the whitening strips they will remove both and clean out the WhiteGuard. My innovation will solve the messy part of whitening strips by providing a barrier, and it will solve the slipping situation by providing a perfect fit. Customers will switch to this because of how easy and effective it is. It is not expensive and fixes all the problems customers have when it comes to whitening at home. I do not think it will be hard to get them to switch to using their whitening strips with the retainer. There are no competitors since this product is not used for this market. The weakness is the lack of advertising. The market will not be seeking this product. It's something dentists will have to push. Based on interviews, my market does not mention their at-home whitening struggles with their dentists. Packaging is not something that plays a huge role in my product. It needs to be simple and chic and catered towards women in their 30s, 40s, and 50s. My price points are catered to my market. These women in my market do not want to spend an exorbitant amount of money on this product because they have a lot they are already paying for, but it's a luxury they want. Distribution is by mail and easy. Customer support would be through their dentist. The customer experience wouldn't be with me, it would be with the dentist. They already like their dentist because it is the one they choose to go to, so the experience will always be good. The location will start in Tampa, and then branch out from there. I would organize a business by myself. The product would ship from the dentist office to the patients house. I wouldn't need any employees. In the future, I would hire people to help spread the amount of dentist offices that sell my product.
Unfair Advantage
My unfair advantage will be my knowledge of the product. I am the only person who knows what it would look like, and I am the only one with the details.
Next for the Venture
My next new product was described above. The cleanser and brush are the products attached to this one.
Next for Me
In five years, I would want to be in contact with an employee of mine that manages all the money, an employee that manages new dentist offices we acquire, and another employee that manages the current dentist offices we occupy with our product.
by Jenna Jaeger
Opportunity.
My potential customers are as follows: a woman of middle age, she has a busy life, she has little expendable income, she works with lots of people, she is married, she has pets or children to take care of, and she cares about her appearance. The nature of the need is the difficulty of at-home whitening strips. She has a hard time with them because of the mess they create and the slippery nature of the whitening strips. The forces creating this opportunity are the lack of solutions to this problem. Most whitening brands do not offer any product that can fix this issue. The market is focused on highly populated areas geographically speaking. Since this customer has to work with customers and needs to look presentable, like having white teeth, they will live in an area with a high population because their work will be in areas with high populations. Demographically speaking, the market is women and of middle to high class. More demographics were listed above. Customers at the moment are struggling with slippery, messy whitening strips. There are some whitening brands that provide thicker strips to help with slipping, but in my personal opinion, they make the matter worse. This opportunity is big. It's proven to be big because many people use whitening strips. The "window of opportunity" is open now and will be until someone fills it. Many people are not marketing for hygiene.
Innovation.
The product I am innovating is at the same time innovating a service for dentists to earn money from and it innovated a cleaning product and tool for the product. My product is called WhiteGuard. It is a retainer that covers all of your teeth while wearing whitening strips. It will not affect the effectiveness of the whitening strips. The other innovation is the service the dentist's are providing. In order to receive your retainer, you have to go to the dentist and have a mold taken of your teeth so the WhiteGuard fits. It's a one-time mold, unless you lose or break or damage the retainer and need a new one. The dentist will profit off of the mold and time they spend on the patient. I am not sure how much the dentist will cost, it will differ on which dentist you go to. The retainer itself will be roughly $40. The opportunity for a cleaning product for WhiteGuard is high. It will get gross from the whitening strips, so a mild cleaner will be sold with the retainer along with a brush to clean it with. I will make money off of the retainer itself. I will be receiving the money spent on the WhiteGuard, and the dentist will be receiving money for the mold and time.
Venture Concept.
The process of WhiteGuard will be as follows. One, a person in our market will discover they have an unmet need. They will then go to the dentist and be fitted for the retainer. They will receive the WhiteGuard in the mail. They will place the whitening strips on, and then place the retainer over their teeth on top of the whitening strips. Once the time is up on the whitening strips they will remove both and clean out the WhiteGuard. My innovation will solve the messy part of whitening strips by providing a barrier, and it will solve the slipping situation by providing a perfect fit. Customers will switch to this because of how easy and effective it is. It is not expensive and fixes all the problems customers have when it comes to whitening at home. I do not think it will be hard to get them to switch to using their whitening strips with the retainer. There are no competitors since this product is not used for this market. The weakness is the lack of advertising. The market will not be seeking this product. It's something dentists will have to push. Based on interviews, my market does not mention their at-home whitening struggles with their dentists. Packaging is not something that plays a huge role in my product. It needs to be simple and chic and catered towards women in their 30s, 40s, and 50s. My price points are catered to my market. These women in my market do not want to spend an exorbitant amount of money on this product because they have a lot they are already paying for, but it's a luxury they want. Distribution is by mail and easy. Customer support would be through their dentist. The customer experience wouldn't be with me, it would be with the dentist. They already like their dentist because it is the one they choose to go to, so the experience will always be good. The location will start in Tampa, and then branch out from there. I would organize a business by myself. The product would ship from the dentist office to the patients house. I wouldn't need any employees. In the future, I would hire people to help spread the amount of dentist offices that sell my product.
Unfair Advantage
My unfair advantage will be my knowledge of the product. I am the only person who knows what it would look like, and I am the only one with the details.
Next for the Venture
My next new product was described above. The cleanser and brush are the products attached to this one.
Next for Me
In five years, I would want to be in contact with an employee of mine that manages all the money, an employee that manages new dentist offices we acquire, and another employee that manages the current dentist offices we occupy with our product.
I love how much detail you went into for the opportunity part. You incorporated the avatar assignment that we have done in the past by describing your customer in detail--including this shows how well you know your potential customers. I also really like the name of your product! It is simple and gives the customer a general idea of what the product might be.
ReplyDeleteHi Jenna, first off I want to say your venture concept was really detailed and it was cool learning more about your business. In addition, I like how you have changed your product based off of feedback and what you have learned in your interviews. I like how the WhiteGuard is effective and affordable. In addition, it seems like not only is you business earning profit but so is the dentist. This is a win-win situation and I think investors would like that.
ReplyDeleteHey Jenna great venture concept. You carefully detailed your business plan and did a great job. I think it is very important that you were able to tweak your product based on the feedback you got from peers. I also did the same. The feedback helped me reflect on my product and also listen to the suggestions my peers gave me to help my product.
ReplyDelete