1) Pick a segment. In class, we have discussed how you might intuit the existence of segments that might exist in your venture's market. For this exercise, you must pick one segment.
0 Nicotine E-cigarette Market
2) Find three people who would fit that segment and arrange to interview them. These interviews, if conducted properly, should take about 10-15 minutes. Any less, and you won't be able to obtain adequate information.
I interviewed a 20-year-old man, a 23-year-old man, and a 21-year-old woman. Both men have experienced smoking. They have shown enough interest in the emergence of 0 nicotine electronic cigarettes, and believe that if the 0 nicotine electronic cigarette can guarantee the taste, it will replace ordinary electronic cigarettes. A 21-year-old woman said that for non-smokers, 0 nicotine e-cigarettes are a good place to start trying cigarettes without side effects.
3) Begin with need awareness. In earlier exercises, you have identified an unmet need and developed a solution. If the person you are talking to does not have the same unmet, then you need to move on. You may not include this as one of your three interviews. If the person you are talking to does have the problem, then you're on the right track! For need awareness, we need to figure out at what times, situations, places, contexts, etc., their need becomes the most salient. The questions you ask should be related to determining exactly when, how, and where their need awareness occurs.
Their needs are stronger. One is from a health perspective, and the other is to reduce the possibility of violating relevant laws.
4) Move to information search. When the person you are interviewing becomes aware of their need, what is the very first thing they do to find a solution to their problem? What sources of information do they look for? When they search in Google, what are their search terms? Do they talk to friends and family?
They googled for information about 0 nicotine electronic cigarettes. They talked to friends about what are the alternatives to e-cigarettes if they are banned?
5) Report the findings of your research. Simply summarize what you learned in the interviews.
According to my interview, I got extensive information about the demand for 0 nicotine e-cigarettes, which shows that this opportunity can be implemented very well.
6) Draw conclusions. Based on what you know about this segment and what you learned in your interviews, how would you succinctly describe this segment in terms of need awareness and information search?
I will divide the market into two parts, one for each of two different target customers. The first market is for those who have used e-cigarettes. For this type of customer, we focus on the safety of 0 nicotine e-cigarettes. The second market is for customers who have not used it. For them, the taste of electronic cigarettes is the most important. We focus on the rich taste of 0 nicotine electronic cigarettes.
Friday, February 21, 2020
11A – Idea Napkin No. 1
1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specially, regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
My name is Shawn Cao. My talent is good at communication and cooperation, and at the same time,, have a certain business operation ability. My aspiration is to improve the quality of life of others while improving my life through my work. Business is part of life, and even though many of us don't realize it, we are all related to business.
2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
I provide customers with 0 nicotine e-cigarettes to meet customers' health and taste needs.
3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
My customers are everyone who wants to try e-cigarettes. For smokers who want to try e-cigarettes but are concerned about health issues and risks of illegality, 0 nicotine e-cigarettes can solve this problem very well.
4) Why do they care? Your solution is only valuable insofar as customers believe it's valuable to them. Here, explain why customers will actually pay you money to use your product or service.
Because my product can give them a more reliable service. 0 Nicotine Electronics is undoubtedly the best choice for people pursuing health, and there is no risk of breaking the law.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
My core competencies are that my product meets the unique needs of customers, and it is also an improvement of similar products on the market and has good competitiveness.
My name is Shawn Cao. My talent is good at communication and cooperation, and at the same time,, have a certain business operation ability. My aspiration is to improve the quality of life of others while improving my life through my work. Business is part of life, and even though many of us don't realize it, we are all related to business.
2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).
I provide customers with 0 nicotine e-cigarettes to meet customers' health and taste needs.
3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
My customers are everyone who wants to try e-cigarettes. For smokers who want to try e-cigarettes but are concerned about health issues and risks of illegality, 0 nicotine e-cigarettes can solve this problem very well.
4) Why do they care? Your solution is only valuable insofar as customers believe it's valuable to them. Here, explain why customers will actually pay you money to use your product or service.
Because my product can give them a more reliable service. 0 Nicotine Electronics is undoubtedly the best choice for people pursuing health, and there is no risk of breaking the law.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?
My core competencies are that my product meets the unique needs of customers, and it is also an improvement of similar products on the market and has good competitiveness.
Friday, February 14, 2020
9A – Testing the Hypothesis, Part 2
Male age 20
I have just come into contact with e-cigarettes and have requirements for the taste of e-cigarettes, but don't care about the nicotine content
Female age 20
Have smoked real cigarettes and use electronic cigarettes as a substitute for real cigarettes, there is no requirement for nicotine content
Male age 33
Is a loyal customer of e-cigarettes, and has requirements for nicotine content in e-cigarettes, it is best to have multiple tastes at the same time
Male age 29
Living in an area where e-cigarettes are illegal and want to use e-cigarettes without breaking the law
Male age 21
I have used 0 nicotine e-cigarettes and am satisfied with the status quo, but look forward to more flavors
Who: Are there certain people or certain businesses that, although they share a lot in common with the others in your opportunity, nevertheless fall outside the boundary? Why?
Most companies that produce e-cigarettes have plenty of flavors to choose from, but not many of them offer 0 nicotine e-cigarettes. The interviewees chose not to choose from these electronic cigarettes. One of the reasons is that electronic cigarettes are illegal in some areas, and the other is hesitation about the safety of electronic cigarettes.
What: At what point does the need you identified differ from another need? (Is thirst the same as hunger? Or is the desire to appear fashionable the same as the desire to be loved by others?)
My opportunity meets consumer demand for e-cigarette taste while avoiding the risk of breaking the law.
Why: Is the underlying cause of the outsiders' need different than people who are inside the boundary?
Basically the same, but there are a few different requirements for taste and nicotine content.
I have just come into contact with e-cigarettes and have requirements for the taste of e-cigarettes, but don't care about the nicotine content
Female age 20
Have smoked real cigarettes and use electronic cigarettes as a substitute for real cigarettes, there is no requirement for nicotine content
Male age 33
Is a loyal customer of e-cigarettes, and has requirements for nicotine content in e-cigarettes, it is best to have multiple tastes at the same time
Male age 29
Living in an area where e-cigarettes are illegal and want to use e-cigarettes without breaking the law
Male age 21
I have used 0 nicotine e-cigarettes and am satisfied with the status quo, but look forward to more flavors
Who: Are there certain people or certain businesses that, although they share a lot in common with the others in your opportunity, nevertheless fall outside the boundary? Why?
Most companies that produce e-cigarettes have plenty of flavors to choose from, but not many of them offer 0 nicotine e-cigarettes. The interviewees chose not to choose from these electronic cigarettes. One of the reasons is that electronic cigarettes are illegal in some areas, and the other is hesitation about the safety of electronic cigarettes.
What: At what point does the need you identified differ from another need? (Is thirst the same as hunger? Or is the desire to appear fashionable the same as the desire to be loved by others?)
My opportunity meets consumer demand for e-cigarette taste while avoiding the risk of breaking the law.
Why: Is the underlying cause of the outsiders' need different than people who are inside the boundary?
Basically the same, but there are a few different requirements for taste and nicotine content.
|
Inside the boundary: e-cigarette company
|
What the Need
Is: health need, flavors and no risk against laws
|
Why the Need Exists: raise of attention
to physical health
|
|
Outside the boundary: traditional
cigarette company
|
What the Need Is Not: a new brand of e-cigarette
has no difference with other companies
|
Alternative Explanations: No exact
substitutes
|
Friday, February 7, 2020
8A – Solving The Problem
My opportunity is to provide e-cigarettes with 0 nicotine. Its functions are similar to commom electronic cigarettes, while avoiding the risk of violating the law. I chose this opportunity based on the health and legal multiple perspectives, the market for e-cigarettes with 0 nicotine is underdeveloped and at the same time has a great potential. To be more specific, e-cigarettes with 0 nicotine could have a wider consumer group, not just people who smokes. Although there is no research evidence that e-cigarettes with 0 nicotine is completely harmless, it is much healthier than cigarettes and common electronic cigarettes, which will become its greatest competitiveness.
7A – Testing the Hypothesis, Part 1
The opportunity I pursue is to provide e-cigarettes with 0 nicotine
Who: Everyone who loves e-cigarettes
What: E-cigarettes are addictive, and they also run the risk of being banned by law.
Why: e-cigarettes with 0 nicotine is not at risk of being banned by law because nicotine is the cause of addiction.
I believe that all customers who smoke e-cigarettes are my customers. At the same time, e-cigarettes with 0 nicotine lowered the threshold for those who want to try e-cigarettes, reducing the possibility of addiction and avoiding the risk of breaking the law. This is a challenge for all e-cigarette users. Many people who like e-cigarettes just like its own taste rather than addiction to nicotine. The reason people choose e-cigarettes with 0 nicotine is because it is more beneficial to their health, maintains the taste, and does not have the risk of addiction. However, some people will choose cigarettes as an alternative to electronic cigarettes, but the rich taste of electronic cigarettes is unmatched by cigarettes.
Everyone I interviewed had similar answers. Those who have not tried e-cigarettes have shown enough interest in e-cigarettes with 0 nicotine. For those who are already using e-cigarettes, they don't care about the nicotine content in e-cigarettes, they care more about taste. However, in order to avoid their own nicotine addiction, they also showed enough interest in e-cigarettes with 0 nicotine, while maintaining the taste.
Who: Everyone who loves e-cigarettes
What: E-cigarettes are addictive, and they also run the risk of being banned by law.
Why: e-cigarettes with 0 nicotine is not at risk of being banned by law because nicotine is the cause of addiction.
I believe that all customers who smoke e-cigarettes are my customers. At the same time, e-cigarettes with 0 nicotine lowered the threshold for those who want to try e-cigarettes, reducing the possibility of addiction and avoiding the risk of breaking the law. This is a challenge for all e-cigarette users. Many people who like e-cigarettes just like its own taste rather than addiction to nicotine. The reason people choose e-cigarettes with 0 nicotine is because it is more beneficial to their health, maintains the taste, and does not have the risk of addiction. However, some people will choose cigarettes as an alternative to electronic cigarettes, but the rich taste of electronic cigarettes is unmatched by cigarettes.
Everyone I interviewed had similar answers. Those who have not tried e-cigarettes have shown enough interest in e-cigarettes with 0 nicotine. For those who are already using e-cigarettes, they don't care about the nicotine content in e-cigarettes, they care more about taste. However, in order to avoid their own nicotine addiction, they also showed enough interest in e-cigarettes with 0 nicotine, while maintaining the taste.
6A – Identifying Opportunities in Economic & Regulatory Trends
Provide students with out of school tutoring
a) I have experienced in out of school tutoring which helped me on my grades, and many friends around me have also taken tutoring out od school .
b) Candidates for the 2020 presidential champian have proposed the cancellation of student loans, which will promote enthusiasm for entering university.
c) All high school and undergraduate college students
d) Relatively difficult to use because providing out of school tutoring requires a high level of knowledge
Why did you see the opportunity?
This is related to my experience. Before I came to the United States, I often participated in domestic out of school tutoring, which effectively improved my grades. Many Americans cannot afford the high tuition fees of universities and are therefore unwilling to attend college, but this situation will soon be changed.
2. Provide more convenient paper straws
a) News report a plastic straw ban officially began to be enforced in Gainesville on Jan. 2.
b) Friends complain that the paper straws provided by the restaurant are not convenient to use
c) All restaurants and stores in Gainesville
d) Relatively easy to use, as the competition in the straw industry is not very strong.
Why did you see the opportunity?
Many people are willing to give up the relatively convenient use of plastic straws for the environmental protection of paper straws. But a few people are complaining about the bad taste of paper straws, and I happen to be one of them.
3. Provide e-cigarettes with 0 nicotine
a) News reports that many US cities have banned e-cigarettes, including San Francisco and Michigan.
b) People's mistrust of e-cigarettes mainly comes from the nicotine contained in e-cigarettes, which has led young people to be likely to become addicted to cigarettes through e-cigarettes.
c) All e-cigarette customers
d) It is difficult to use. The production of electronic cigarettes requires high-end technical support. At the same time, there is a lot of competition in the field of electronic cigarettes.
Why did you see the opportunity?
I have tried e-cigarettes and cigarettes and learned about there commons and differences. The closest thing to e-cigarettes and cigarettes is that they both contain nicotine, which is also the culprit of youth addiction.
4. Provide health care supplies including masks, disinfection water
a) There have been multiple cases of coronavirus infection in the United States, which has become a global problem
b) Americans are beginning to realize the seriousness of the virus and have increased awareness of self-protection
c) All Americans
d) Relatively easy to use, the production cost of masks and disinfection water is low, and the competition is relatively fierce.
Why did you see the opportunity?
I came from China and I have a clear understanding of the harmfulness of the virus. By understanding everything that has happened in China, I have foreseen what might happen in the United States in the future.
a) I have experienced in out of school tutoring which helped me on my grades, and many friends around me have also taken tutoring out od school .
b) Candidates for the 2020 presidential champian have proposed the cancellation of student loans, which will promote enthusiasm for entering university.
c) All high school and undergraduate college students
d) Relatively difficult to use because providing out of school tutoring requires a high level of knowledge
Why did you see the opportunity?
This is related to my experience. Before I came to the United States, I often participated in domestic out of school tutoring, which effectively improved my grades. Many Americans cannot afford the high tuition fees of universities and are therefore unwilling to attend college, but this situation will soon be changed.
2. Provide more convenient paper straws
a) News report a plastic straw ban officially began to be enforced in Gainesville on Jan. 2.
b) Friends complain that the paper straws provided by the restaurant are not convenient to use
c) All restaurants and stores in Gainesville
d) Relatively easy to use, as the competition in the straw industry is not very strong.
Why did you see the opportunity?
Many people are willing to give up the relatively convenient use of plastic straws for the environmental protection of paper straws. But a few people are complaining about the bad taste of paper straws, and I happen to be one of them.
3. Provide e-cigarettes with 0 nicotine
a) News reports that many US cities have banned e-cigarettes, including San Francisco and Michigan.
b) People's mistrust of e-cigarettes mainly comes from the nicotine contained in e-cigarettes, which has led young people to be likely to become addicted to cigarettes through e-cigarettes.
c) All e-cigarette customers
d) It is difficult to use. The production of electronic cigarettes requires high-end technical support. At the same time, there is a lot of competition in the field of electronic cigarettes.
Why did you see the opportunity?
I have tried e-cigarettes and cigarettes and learned about there commons and differences. The closest thing to e-cigarettes and cigarettes is that they both contain nicotine, which is also the culprit of youth addiction.
4. Provide health care supplies including masks, disinfection water
a) There have been multiple cases of coronavirus infection in the United States, which has become a global problem
b) Americans are beginning to realize the seriousness of the virus and have increased awareness of self-protection
c) All Americans
d) Relatively easy to use, the production cost of masks and disinfection water is low, and the competition is relatively fierce.
Why did you see the opportunity?
I came from China and I have a clear understanding of the harmfulness of the virus. By understanding everything that has happened in China, I have foreseen what might happen in the United States in the future.
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