1) The first person I selected is a family member of mine who owns a small restaurant in St. Petersburg, making them an expert in my domain. I knew that they owned a business, and not previously using them in any other assignments, I decided to utilize this opportunity to get more insight from them, considering that they have accomplished what I am talking about doing.
Considering that this was a close family member, they willingly gave me information on the subject without any exchange of favors, which I was grateful for. By knowing this expert in my domain, I will be able to freely consult and gather more insight as time progresses if I were to ever start this business.
2) The second person that I selected is someone who my father is close friends with that sells and distributes products while being head of a warehouse. I discovered this individual just by asking around if any of my family members were aware of someone who sells products and is aware of who market segmentation works. I am offering to help this person out over the summer, doing an internship that will last three months, and in return maybe one day he would be useful in helping me get my business started. Also, having these contacts for insight and information is also an extremely useful tool in making connections with people/experts in your domain and market.
3) The final person I contacted was a little difficult to find, but after locating the second individual, he led me to a contact that delivers supplies to restaurants, business, etc. It was hard to find a certain time to talk to this person, considering that they travel a lot around the country, but I believe that having this person's information will be useful in the future. Maybe I will be able to exploit this person's services to get my concept started and get the necessary materials needed in order to do so.
Reflection
Considering that I have never "networked" in the past, this experience was very useful, even if I never talk to these people again. It was interesting finding the individuals that I contacted, going through so many people in order to find certain experts in different fields to just get someone's phone number for the future if I ever need their help. I do believe that it will one day be very helpful to have the skill of being sociable and being able to offer something to certain experience people to get something from them in return. The most difficult part about this, however, is having something valuable enough to offer people in order to get something valuable from them when you have no experience in their fields.
Thursday, March 26, 2020
19A – Idea Napkin No. 2
1) I am a very sociable person, and always get things done as soon as possible with as much effort as I can. It is very hard for me to procrastinate so when assignments or due dates are announced I strive to to complete them as quickly as I can. I have aspirations of being able to make change in the world for the betterment of people who are struggling in their lives, even if the change is minimal. If I were to start my own business in the restaurant industry I believe that it would be a very unique and interesting change that would be made to my own life, however I would feel very complete and satisfied if this business did become a reality.
2) The need I am helping to satisfy for customers is the urgency or uncomfortable exchanges between servers/service workers and average customers with their loved ones. Almost every interaction I have with servers at restaurants starts out well, but in the end comes the stress of having to deal with whether or not to tip and how much is an "acceptable amount". It is hard for college students especially to be expected to give extra money after a meal, and it is also hard for college students who are working for tips to have to rely on them to make a living.
3) The segmentation of my market can range from ages 20-40, and specifically people who love to go out and eat with friends or family. These people are sociable, and often try to be as generous as possible, even if deep down that is something they do not want to do. They will be generous in order to avoid any awkward situations, worrying about the consequences more than the heftiness of their wallets.
4) I believe that customers would be served at this establishment casually and professionally, and the whole point being that they can just enjoy their meal with no strings attached. The point of the restaurant itself is not to be interesting and cause attention, it is to create a very normal and comfortable experience for the customers, so comfortable that it is in fact a rarity in the United States.
5) The majority of the country enforces tipping and gratuity, which in my opinion is a very big flaw in the development in the country's culture. I believe that starting this business concept would obviously not change the whole serving industry in itself, but maybe it would inspire others to pay their workers more and strive to give their customers a more comfortable experience. Obviously, most companies try to do this themselves, but as stressful as most server jobs are, I believe that there should be some sort of solution to make both the customers of the establishment and the consumers of the service more financially safe.
I truly believe that the elements stated in my "idea napkin" fit together, although they may be somewhat broad. That is really the only issue I sense within this whole concept, is that it is so broad that it may not be successful. This is when a certain setting or city would be appropriate to inhabit a business like this, which I have not researched yet.
Feedback Memo
In the first idea napkin, I literally made a napkin like the one in the first assignment, not knowing that I was supposed to thoroughly explain the five elements and not just draw them on a napkin...That was the major change I made since the first assignment, doing this one correctly and specifically stating the five elements of the metaphorical "napkin".
2) The need I am helping to satisfy for customers is the urgency or uncomfortable exchanges between servers/service workers and average customers with their loved ones. Almost every interaction I have with servers at restaurants starts out well, but in the end comes the stress of having to deal with whether or not to tip and how much is an "acceptable amount". It is hard for college students especially to be expected to give extra money after a meal, and it is also hard for college students who are working for tips to have to rely on them to make a living.
3) The segmentation of my market can range from ages 20-40, and specifically people who love to go out and eat with friends or family. These people are sociable, and often try to be as generous as possible, even if deep down that is something they do not want to do. They will be generous in order to avoid any awkward situations, worrying about the consequences more than the heftiness of their wallets.
4) I believe that customers would be served at this establishment casually and professionally, and the whole point being that they can just enjoy their meal with no strings attached. The point of the restaurant itself is not to be interesting and cause attention, it is to create a very normal and comfortable experience for the customers, so comfortable that it is in fact a rarity in the United States.
5) The majority of the country enforces tipping and gratuity, which in my opinion is a very big flaw in the development in the country's culture. I believe that starting this business concept would obviously not change the whole serving industry in itself, but maybe it would inspire others to pay their workers more and strive to give their customers a more comfortable experience. Obviously, most companies try to do this themselves, but as stressful as most server jobs are, I believe that there should be some sort of solution to make both the customers of the establishment and the consumers of the service more financially safe.
I truly believe that the elements stated in my "idea napkin" fit together, although they may be somewhat broad. That is really the only issue I sense within this whole concept, is that it is so broad that it may not be successful. This is when a certain setting or city would be appropriate to inhabit a business like this, which I have not researched yet.
Feedback Memo
In the first idea napkin, I literally made a napkin like the one in the first assignment, not knowing that I was supposed to thoroughly explain the five elements and not just draw them on a napkin...That was the major change I made since the first assignment, doing this one correctly and specifically stating the five elements of the metaphorical "napkin".
Thursday, March 19, 2020
17A – Elevator Pitch No. 2
https://youtu.be/P3Joy6ZGCNI
After my previous elevator pitch, I was aware or thought I was a little nervous. I tend to get very anxious before doing anything like what I did in the first elevator pitch assignment, even though I was alone in my kitchen...I tried my best to keep eye contact with the camera and not to act as nervous as I was before. Obviously, it is going to take a lot of practice to get over my "stage fright" and anxiety, because I can only imagine how I would feel in front of actual people! I also tried to make my pitch more to the point, swiftly giving a brief on some slight flaws in my idea, but also giving major support to the idea while keeping it brief.
After my previous elevator pitch, I was aware or thought I was a little nervous. I tend to get very anxious before doing anything like what I did in the first elevator pitch assignment, even though I was alone in my kitchen...I tried my best to keep eye contact with the camera and not to act as nervous as I was before. Obviously, it is going to take a lot of practice to get over my "stage fright" and anxiety, because I can only imagine how I would feel in front of actual people! I also tried to make my pitch more to the point, swiftly giving a brief on some slight flaws in my idea, but also giving major support to the idea while keeping it brief.
18A – Create a Customer Avatar
Conclusion
I believe that I have a lot in common with the avatar that I created in my mind. I like to think that most of the ways that my customer thinks are the ways I think, and the things I want are outlined in the things that my customer wants. I do not think this is a coincidence, considering that I outlined the main characteristics for the person, and coming from my mind I would want to relate to them in a way to better reach them when finding a solution to a problem.
Thursday, March 12, 2020
15A – Figuring Out Buyer Behavior No. 2
Introduction
I used two of the same people that I interviewed for the last assignment while choosing a third new individual who also fits the same market segmentation that I used for the last assignment.
Alternative Evaluation
Out of the three people I interviewed, all of them stated that price and quality matters when buying a product, however one of the three people, that being of the younger market segment, stated that she may choose price over quality only when it is a matter of convenience or time is of the essence. All of them however did not see style as a large factor when buying products that they need or enjoy using, however I was not really asking questions that regarding "fashionable" items that would be purchased, mostly just talking about necessities or things they buy regularly.
How? Where?
Two of the people I interviewed were close to my age range, and they said they do most of their shopping online, however needs are done out of convenience in-stores. They both said that they only use cash when they have it, but mostly use cards. The other person I interviewed is 42 years old, and does most of their shopping in stores, and only finances when it is something expensive. The two younger people I interviewed do not buy many things in which they needed to finance for.
Post-Purchase Evaluation
This question was pretty unanimous in that my interviewees all agreed that they are very mindful when they purchase items and most of their thought process is based on need and saving their money, which I think is a "rightful" way to go about spending anyways. However, they also stated that when a purchase was a "bad idea", it is when they bought something that was expensive, not good quality, and not something that they needed at all.
Conclusion
Considering that my market segment is quite broad, I thought that these interviews helped narrow down the age ranges of the segment. The younger customers pay more attentiveness to what they are spending and how much they are spending, while the older customers have the money the spend so spend a little more freely every now and again. I think that this makes sense since some college students are focused more on money and saving it, and other adult middle-class citizens who have full-time careers feel the right to treat themselves more.
I used two of the same people that I interviewed for the last assignment while choosing a third new individual who also fits the same market segmentation that I used for the last assignment.
Alternative Evaluation
Out of the three people I interviewed, all of them stated that price and quality matters when buying a product, however one of the three people, that being of the younger market segment, stated that she may choose price over quality only when it is a matter of convenience or time is of the essence. All of them however did not see style as a large factor when buying products that they need or enjoy using, however I was not really asking questions that regarding "fashionable" items that would be purchased, mostly just talking about necessities or things they buy regularly.
How? Where?
Two of the people I interviewed were close to my age range, and they said they do most of their shopping online, however needs are done out of convenience in-stores. They both said that they only use cash when they have it, but mostly use cards. The other person I interviewed is 42 years old, and does most of their shopping in stores, and only finances when it is something expensive. The two younger people I interviewed do not buy many things in which they needed to finance for.
Post-Purchase Evaluation
This question was pretty unanimous in that my interviewees all agreed that they are very mindful when they purchase items and most of their thought process is based on need and saving their money, which I think is a "rightful" way to go about spending anyways. However, they also stated that when a purchase was a "bad idea", it is when they bought something that was expensive, not good quality, and not something that they needed at all.
Conclusion
Considering that my market segment is quite broad, I thought that these interviews helped narrow down the age ranges of the segment. The younger customers pay more attentiveness to what they are spending and how much they are spending, while the older customers have the money the spend so spend a little more freely every now and again. I think that this makes sense since some college students are focused more on money and saving it, and other adult middle-class citizens who have full-time careers feel the right to treat themselves more.
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