Venture Concept No.2

"To begin, an opportunity is defined as a group of customers with unmet needs. When coming up with this product I had to carefully come up with who I thought would have this need. After careful consideration, I came up with the realization that an abundance of people had this need, not just a certain group. That is why I decided to propose a zero calorie cat and dog treat. For example, pet owners need it, dog trainers need it, and groomers. The nature of the need just depends on exactly how you live your day-to-day life with your pet. Some people are around their pets all throughout the day, others only a few times a day.  I would say the nature of the need just fully depends on how you live your life. This market is defined on how many pets are to a household plus the varying weights. See I am from a family that has had two overweight dogs, so I am always giving treats that have too many calories, a zero calorie treat could have helped me our pets weight tremendously.  Customers really are not currently satisfying this need since there is nothing to satisfy it. I would have to say that the closest thing to it would have to be a low 2 calorie treat that is on the market right now. Customers have proven to be rather loyal if they are treat givers, so I think with my product I would be perfectly fine in regards to loyalty.  This opportunity is really big in my opinion, I feel like customers would line up out the door to purchase my product.  The window of opportunity would be there for a while, I am sure some other company would try to copy my product but if I keep updating mine I would be fine. You can never get comfortable in a business; whenever you are satisfied that is when you get in trouble. The innovation that I am introducing is a completely calorie and fat-free treat. There is no product like mine on the market today. The closest thing out there is a “low-calorie" treat, which does not even compare to my product today. How it works is simple, it works like just any other treatments out there, just that it is a fully calorie-free treat. No longer will you need to waste your time and money buying those fatty filled treats. I have literally tried three different kinds of them and they all were fattening. That was another point in time when it hit me, and I wanted to find a solution to this problem. In regards to selling my product, it will all depend on what size box you want (60oz, 120oz, 500oz). The 60ozwill run you $12, the 120oz will run you $21, and the 500oz will run you $63. I think with the low prices and the product that you are getting I do not think that customers will have a problem paying this price for my treats. My innovation will solve the problem of not having a fully calorie-free treat on the market. The customers will buy my innovation due to the fact that the opportunity is there and the customers want it. Customers will switch to my product since there is nothing like it, it might be difficult to get them to switch out of their existing products. Once they get out of their product I’m confident they will make the switch. The competitors in this business are all of the other treat companies and how they choose to adapt to my product. Their weakness will be they will not have a treat with the capabilities like mine, so it will be hard for them to compete. Packaging, price points, distribution, customer support, the customer experience will play a big role in my business concept. I have learned you have to give the customers what they desire by figuring out what they want and adapting accordingly. I would support the ongoing production of my new product, pretty much on the demand of my new product. If it is doing really well I would obviously have to hire more employees to fulfill the demand for my product. Without a doubt my unfair advantage would be a fully calorie free cat treat, there is just nothing out there on the market that can compare at the moment right now. What I would like to tackle with my product next is to expand overseas; I think that would help my product grow even more. I would like to be sitting back very successful after 5 years. Working and thinking for my next new innovation, and hopefully will have way more resources to make that happen. This venture will help me realize what it takes to succeed as an entrepreneur."

From my original Venture Post, I have taken feedback and believe that I have a great product that could possibly do well in the market. My main feedback was, that I need to focus greatly on marketing. Since this is a new product that is coming to the market, I will need to make sure I advertise greatly and keep people up to date on where my product is and how they can benefit and acquire it.