1. Venture Concept
Opportunity
People nowadays are very concerned about what they put in their bodies. Food quality isn’t what it used to be, despite the fact that we have more knowledge than ever before. There is an opportunity to create a food product that is safe and healthy to eat. A product that parents trust enough to give to their kids. The product is infant formula that contains zero traces of toxic ingredients. This market can be (roughly) defined geographically. Geographically speaking, this product would be marketed in progressive cities where people have more access to information. People in these areas are going to be more open to the product than rural areas in the south, for example. There’s already organic baby formula out there, but all the brands I researched still have traces of toxic substances. I think this could be a huge opportunity because mothers care about what they put in their child’s body. This opportunity will exist until there are several companies on the market with zero-toxin baby formula.
Innovation
Like I said, my product idea is infant formula that doesn’t contain any harmful toxins. All of the ingredients will be high quality and locally-sourced. I would like the price of the formula to be about $20 for 12.5 ounces of product.
Venture Concept
Customers will want to switch to this infant formula as soon as they know how safe and healthy it is for their children. Also, the fact that it will be just as expensive as name brand formulas is impressive. Especially since most of these brands contain sketchy ingredients. There are plenty of competitors, but they can’t ensure safety like my product can. In addition, the packaging and pricing of the infant formula will be key to getting customers. I will initially start the business by opening a manufacturing facility and hiring around 20 employees. Hopefully the business will take off so I can expand and hire more people.
The most valuable resource for my product is the locally-sourced milk. Milk is arguably the most important ingredient in baby formula, so it needs to be high quality. I would like to make more high-quality infant products, so that’s probably the future of this company.
2. I didn’t complete the first venture concept, so I can’t discuss any student feedback. I also didn’t receive any comments on my “What’s Next” assignment.
3. Since I didn’t complete the first venture concept, I’m unable to discuss what I learned from the feedback. I did learn a lot from the feedback on other assignments and I applied that knowledge to this venture concept.
I really like that yours will be locally sourced because that provides a lot of good opportunities in the area, so its a win win situation for a lot of people! I think your marketing is going to have to be very strong so people understand the importance of switching to your product.
ReplyDeleteI love the concept you have created. It is very important for people to know what they are putting in their bodies and what's in the food they eat. A lot of people are unaware of this. I think infant formula could be a success because parents are very concerned about their newborn children and I think they will definitely be willing to buy the best products for their young children.
ReplyDeleteWith your product I do think that the marketing aspect will be a big part of your success in your venture. Getting a new product like yours out so the public can see will be important to show your market they need your product instead of the one they usually use. I also think it is good for your product tells consumers what's in your product because that is a popular demand for people to know what goes into their body.
ReplyDelete