ENT3003 Assignment 29A – Venture Concept No. 2
Venture Concept No. 2
1) Venture Concept:
- My product will prevail mainly because of it's features that make for an improved pencil. Plainly put, the Capable Pencil is a superior product to it's competitors but doesn't charge a price similar to a premium brand. This results in the best of both worlds including a premium, quality product with a price point that is competitive with the inferior products available. Customers will switch from standard pencils, pens, and current mechanical pencils as they will receive the many benefits discussed in the innovation section while paying the same or slightly greater/less amount. All other things equal, paying the same price for a better product is always the better choice. Current competitors on the mechanical pencil market include BiC, Pentel, and paper mate. Additionally, competitors exist in the arena of substitute products, these products include #2 wooden pencils, colored pens, iPads, laptops, and "smart pencils". The exploitable weaknesses in my competitors are the fact that their prices are significantly above the costs, leaving room for my product to be initially made a smaller margin while providing features that none of them offer. For production of my product, I believe that it will steadily grow from a small family business into a large company with factories around the world.
2) Feedback Summary
- I didn't get much feedback, but I did ask other friend of mine to tell me their feedback which I then tried to use to make adjustments. One friend said I needed more information about production whereas another said my opening was weak.
3) What I Changed:
- I made slight adjustments to my production and overview in my venture concept. I did this because I learned from my feedback that I didn't have enough detail in my production and I needed a stronger introduction to my venture concept.
4) Picture:
Hey Jared,
ReplyDeleteOnce again, I totally support your venture concept and I believe you came up with a great idea. It would be really nice to actually see your price on the shelves of retailers a few years from now, I would definitely look forward to try it. You did a pretty good job giving a deeper feedback on how the production would work. It makes more sense and it helped me understand a bit more of your product. Funny picture btw!
I loved reading your venture concept number two. I thought it was extremely well written and I felt very informed of your business and company after reading it. I like how you mentioned the main adjustment you made was focusing more on the introduction because I feel like that is a very important part and it really sets the scene for how the rest of the venture concept is going to go.
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