Assignment 21A - Reading Reflection No. 2

Assignment 21A – Reading Reflection No. 2

1.     The general theme of the book I chose, “The Long Tail” by Chris Anderson, is the shift in commerce and preferences from mass markets and “hits” to an increasing number of niche products.

2.     The book enhanced what I am already learning in ENT 3003 by emphasizing the need for niche products; things that appeal to a very specific audience, no matter how large. We’ve already done numerous assignments in which we were defining our targeted market and narrowing its’ parameters. This book only emphasized why that exercise was so important.

3.     If I had to design an exercise for this class based on this book I would have students give examples of niche products that they themselves consume, making them aware of what “The Long Tail” is. Then I would have them research further into the different methods that make all of these niche products so readily available, giving examples and explaining what makes them so successful. Finally, I would have them come up with their own niche market/product and how they would appeal to them.

4.     The most surprising part of the book was probably the idea that the book presents in and of itself. I had always thought that oversaturation of the market was a bad thing, but the book shifted my viewpoint. It actually means we are moving away from a culture where “hits” and popularity are the only way to succeed. We can instead have our own unique preferences and tastes and we know that there will be products to meet our needs. It means we are more satisfied as consumers and more producers are given the opportunity to enter the market.

Assignment 22A - Elevator Pitch No. 3

The feedback I received on my second elevator pitch was similar to the feedback I received on the first. My reviewers gave me all positive feedback again, saying that my pitch was very professional with appropriate hand gestures and speed. Because of this positive feedback, I felt even more confident in my pitch and didn’t feel the need to change anything. However, it can always be improved so I just tried to memorize it even more and I dressed business professional to make it seem real. I think I felt more comfortable in front of the camera than I did in my previous pitches, emphasized the right words, and added in more hand gestures.

Assignment 20A - Growing Your Social Capital

Assignment 20A – Growing Your Social Capital

1.     Domain Expert: For the domain expert, I talked to a manager at my local Publix. He had worked at Publix in every role possible before becoming manager so I knew he would be knowledgeable about the food industry as well as the food delivery industry. I go to this Publix about once a week, so it was easy to simply ask for a few minutes of his time to pitch my business idea. He said he thought my idea had a lot of potential and it would be interesting to see if something like that could team up with Publix, for example, to ensure that all the ingredients the chefs are using are coming from Publix. They might even give some sort of a discount for that. That is obviously a huge opportunity if my business could team up with a large-scale grocery store.

2.     Market Expert: I reached out to someone getting their Master’s in Marketing, because I knew they would be knowledgeable on how to market to millennials and early Generation Z’s. I knew this person from high school so it was easy to reach out to them. After explaining my business idea, she thought it was definitely something this age group would be interested in. Because of millennials’ and Generation Z’s priority of eating healthier, natural, and organic foods, she thought they would be willing to pay the extra price necessary for the service. She also told me that the best way to market to this age group is through social media and influencers, and that if I just get a couple of well-known influencers on board, the idea will take off. If I ever went through with this business idea, I would hope that I could utilize this person’s knowledge even further.

3.     Important industry supplier: For this component, I talked to an Uber driver because this is someone who has experience being a supplier in the type of industry I’m going into. It was easy to talk to one because I had to uber somewhere anyway. After explaining my business idea, he said that it shouldn’t be hard at all to find people willing to sign up as chefs. He also enforced what I was thinking about needing people to go through a background check and security clearance since they are going inside other people’s homes and using their kitchens. This person would help me exploit my opportunity by bringing knowledge of how Uber works and what Uber drivers need in order to be satisfied service-providers. After all, I would want my chefs as well as my customers to be satisfied.

Reflection: I am not very experienced in networking, so this was a learning experience for me. It helped me get out of my comfort zone, talk to new people, and hear what they had to say in regard to my business idea. They gave me a lot of useful advice and insight according to their expert knowledge. If I were to ever go through with my business, I would definitely be reaching out to them again to help expand my idea further. It is super important to have these connections in order to improve my product/service.

Assignment 19A - Idea Napkin No. 2

Assignment 19A – Idea Napkin No. 2

“Feedback memo”: The feedback I received on my first Idea Napkin was mostly positive. They liked my business idea and thought it was a great alternative to eating Chipotle or Chik-fil-a every day. They also thought that it would be relatively easy to find chefs, which gave me even more confidence in the effectiveness of my idea. One person brought up a good point when she asked if customers would be able to pick a recipe off of a list or if they would be providing the recipe for the meal they want. I incorporated this feedback into my second idea napkin by including the parameter that each chef will have specialized dishes instead of just being able to make whatever you want.

1.     You.

This part has not changed from my previous idea napkin. My name is Hope Dougherty, I am a sophomore Business student majoring in finance (soon to be accounting) and I plan to do the 3/2 Masters in Accounting Program. I am extremely hard-working and dedicated and love to find balance in all of my intellectual, academic, physical, and emotional pursuits. If I were to start this business I would anticipate that I would put my entire life and soul into it, because that’s the kind of person that I am. I would work hard to ensure that I am putting the best possible product/service out into the world and hope that it would change people’s lives for the better.

2.     What are you offering to customers?

I am offering customers the chance to find balance in their own busy lives by providing another way to get healthy meals at home. MyChef is that way. When they don’t have time to cook or would rather spend that time doing something else at home, they can simply order any personal chefs signed up with the program and in their area to come over and make their specialized dish. That way, you are getting healthy, home-cooked meals without any of the time-constraints associated with it.

Based on feedback, I am adding that the chefs signed up with the program will have specialized dishes that they have experience with. This way, they will also have the ingredients prepped and there is no extra time allotted for the chef to pick up the ingredients they need. Customers can pick the meals they want by choosing from different chefs.

3.     Who are you offering it to?

I am offering this product to any busy, working professional who sometimes can’t find the time to cook at home. They are also the ones who care about their health and the ingredients in their food which is why they don’t simply want to eat out all the time or order take-out on their way home.

Since my last idea napkin, I have changed my targeted consumer base to just the single, working adult who has recently started their career. They are still getting used to their new lives and time commitments and may need a little extra help food prepping. They would also rather have healthy, home-cooked meals versus picking up fast food.

4.     Why do they care?

These customers will be the ones that care greatly about their health and happiness. They don’t want any of the health hazards that come with eating out, especially eating fast food all the time. They also want to find balance in their busy lives and would rather spend time with their family, workout, or anything else instead of spending countless hours cooking after a hard day of work.

5.     What are your core competencies?

I don’t think there are any other products/services quite like this one on the market today. Or if there are, I am not aware of them. There are food delivery services, countless fast-food options, and new “healthier” fast food options, but there are no services that will create home-cooked meals for you in your own home. What sets me apart from my competitors is the fact that you don’t have to step one foot outside your house to get this service.

The cohesiveness of my business idea has not changed since my last idea napkin. If anything, it has actually improved. I believe that all aspects about this business mentioned here fit together nicely. My business is about health, happiness, and time management. It is for the working professional who needs a little extra time to do things for him or herself, while getting healthy meals at the same time. The weakest aspect of this idea is that I would need personal chefs to first sign up with the program. I would also need for them to go through a background check and obtain a security clearance before they could be eligible to be a chef.