Description:
1. Provided down below.
2. This summary is going to be very short because I really only received one feedback on how to improve my concept overall. Instead of having students pay 5 dollars every time they rent a charger, I instead charge them less money for each rent. Monthly subscriptions will be about 5 dollars, and payment for semester and yearly subscriptions to Study Buddy will vary on the student's needs in their particular area of studying.
3. The only thing I changed in my venture concept was the pricing. I also added the possibility of monthly and yearly subscriptions to the service too.
Venture Concept: Study Buddy (Revised)
Opportunity
The
people I am currently targeting my service with are college age/enrolled
students who invest in their studies. My demographic also stretches to anyone
who studies in general. The unmet need that my consumers deal with are chargers
(wired and wireless) that charges their studying tools (laptops, phones, et.).
The reason this unmet need has occurred is because in areas like libraries
there is a lack of space and plugs for students to use for their chargers. The
market for this service is defined geographically by libraries and any
available area used for studying, and it is also defined demographically by the
plethora of college students both living and studying on college campuses.
Currently
costumers are satisfying their unmet needs by carrying their personal wired
chargers with them to wherever they go to study, while trying to plan ahead and
hoping to gain access to plugs for them to use in keeping their tech online.
Due to the fact that this is currently the only way students who use technology
to study can succeed academically, they are compelled into a forced-loyalty
towards this method. My service would quickly lead them to adapt to my business
though. The opportunity itself is enormous and is simply lying there for the
taking. This window of opportunity will continue to be open for the taking
until someone comes and takes advantage of the opportunity itself and profits
from it.
Innovation
My
service Study Buddy is geared toward the academic success of studying students
who require as many resources possible to earn a successful academic career in
college. What Study Buddy does is rent out both wired and wireless chargers to
customers that they can use to keep their tech that they use for studying
charged. Through a simple purchase of 2-5 dollars (depending on the brand of
charger and whether it is wired or wireless) a month, students may use said
services for as long as they are in the library. If they wish to purchase a
semester subscription or a yearly description, appropriate prices will be
arranged for these students so they may study to the best of their abilities.
Venture Concept
With
my innovative service Study Buddy, I will have helped bring resolution to an
academic challenge that has hindered many college students from achieving
educational success in their college career. My customers will buy this
service’s offers because not only is it financially affordable on a college
student’s finances, but it will also increase a college student’s chances of
achieving higher grades in their courses. It will be easy to have customers
switch to this service, as then they will no longer have to worry about
carrying another item with them to the library for studying and they will not have
to hunt for plugs wherever they may study.
At
the current moment I do not know of any competition in this particular market.
Due to this, I cannot say for certain the weakness and vulnerabilities of
possibly existing competition. Packaging is unnecessary in this service, the
overall price is affordable for students, distribution must make efforts in
finding the different types and brands of chargers available for all student,
customers need to be an important base in the service to spread news of our
business, and libraries are only the stepping stone to places Study Buddy will
reach out to collaborate with in our service.
Three Elements
My
unfair advantage in Study Buddy are the large numbers of locations I can spread
my service to besides libraries. Thanks to the increase and evolution of
technology, people are almost to study almost everywhere. A number of
businesses are limited to certain locations due to the narrow offers their
businesses offer, but my service is capable of reaching out to multiple
consumers of all demographics in the future, not just college students, all
over the world.
The
next step with my service is to add headphones to Study Buddy. Headphones are
required if a student is going to study in an area other students occupy for
their own personal efforts at studying. I would rent out different types and
brands of headphones available, have employees trained to know how to maintain,
clean, and fix them, and make studying overall less of a challenge for college
students.
Five
years into the future, I want Study Buddy to be known nation-wide. I want the
service spread to libraries and multiple locations where people of all
backgrounds study at. Ten years into the business, I want to take Study Buddy
internationally and share my services with the world at large. I would also
like to create a charitable branch in my business that would offer technology
for those in need.
