24 Venture Concept No. 1
The opportunity that has become the primary goal for this venture is clearly the problem of steam filling the bathroom and causing the mirrors to be too foggy to use. This has impacted countless men who need to be able to see their reflection clearly in order to shave, and often causes men and women to be late for events due to the difficulties.
There are certainly some changing environmental factors that may allow the opportunity to be particularly valuable soon. As products around the house start becoming automated or connected via the Internet, the bathroom is the best place to exploit before it becomes too common. The window of opportunity for this product is slim, but I would say that it depends on which market I target.
Regarding the Defoginator, the primary innovation that I have in mind is a variation and improvement on the wiper blade system that is found in all cars. Additionally, there are existing bathroom mirrors with a blade that clears the fog from the mirror, but what makes the Defoginator superior is that it is meant to be used in the shower. With a waterproof casing, drop-proof mirror, portable size, and detachable hanger the Defoginator is the only type of mirror that can be regularly used without difficulty inside of a running shower. Beyond this ability, the product may include blue tooth capabilities enabling users to choose wiper speed, rate, and other customizations via cell phone app. These capabilities are not fully integrated into the Defoginator yet but may be part of later, more expensive models. For the current Defoginator, the cost of building it is low compared to the similar heated mirrors on the market. Most similar mirrors cost upwards of $200 and are not available for the shower. I estimate that the cost of producing the Defoginator would near $10.00 if mass produced based on the cost of the mirror, blades, electronics, waterproof casing, hanger, and labor. Based on this cost, the Defoginator would likely wind up for sale at a retail store for $29.99. I find this price to be extremely appealing considering the influence it may have on a person's success in the future.
Regarding the potential for the venture concept, I believe that the product could be successful if people choose it as an alternative to wasting time in the morning or when they are in a rush. This is eternally valuable because time is money. I think that it will be hard to convince people that its worth buying, but so far I have been surprised how eager people are to use a product like the Defoginator.
I believe that the Defoginator has some weaknesses, but I have determined that they are not important enough due to the change in cost required to fix them. Simply, it would make the final price too much for the target market. Because of this, I prefer to focus on the valuable aspects in order to create the best image for the product in the mind of the consumer.
The secret sauce that will elevate the Defoginator from its competitors is clearly the fact that it is made to be used in the shower, and will soon have a patent to ensure its the only one of its kind. Next in the path to reaching customers, I plan to further develop the design and marketing plan for the venture. Additionally, I am considering opening the concept to a line of products outside of the bathroom. Five years from now I expect the Defoginator to have either failed, succeeded, or changed into something different entirely.
There are certainly some changing environmental factors that may allow the opportunity to be particularly valuable soon. As products around the house start becoming automated or connected via the Internet, the bathroom is the best place to exploit before it becomes too common. The window of opportunity for this product is slim, but I would say that it depends on which market I target.
Regarding the Defoginator, the primary innovation that I have in mind is a variation and improvement on the wiper blade system that is found in all cars. Additionally, there are existing bathroom mirrors with a blade that clears the fog from the mirror, but what makes the Defoginator superior is that it is meant to be used in the shower. With a waterproof casing, drop-proof mirror, portable size, and detachable hanger the Defoginator is the only type of mirror that can be regularly used without difficulty inside of a running shower. Beyond this ability, the product may include blue tooth capabilities enabling users to choose wiper speed, rate, and other customizations via cell phone app. These capabilities are not fully integrated into the Defoginator yet but may be part of later, more expensive models. For the current Defoginator, the cost of building it is low compared to the similar heated mirrors on the market. Most similar mirrors cost upwards of $200 and are not available for the shower. I estimate that the cost of producing the Defoginator would near $10.00 if mass produced based on the cost of the mirror, blades, electronics, waterproof casing, hanger, and labor. Based on this cost, the Defoginator would likely wind up for sale at a retail store for $29.99. I find this price to be extremely appealing considering the influence it may have on a person's success in the future.
Regarding the potential for the venture concept, I believe that the product could be successful if people choose it as an alternative to wasting time in the morning or when they are in a rush. This is eternally valuable because time is money. I think that it will be hard to convince people that its worth buying, but so far I have been surprised how eager people are to use a product like the Defoginator.
I believe that the Defoginator has some weaknesses, but I have determined that they are not important enough due to the change in cost required to fix them. Simply, it would make the final price too much for the target market. Because of this, I prefer to focus on the valuable aspects in order to create the best image for the product in the mind of the consumer.
The secret sauce that will elevate the Defoginator from its competitors is clearly the fact that it is made to be used in the shower, and will soon have a patent to ensure its the only one of its kind. Next in the path to reaching customers, I plan to further develop the design and marketing plan for the venture. Additionally, I am considering opening the concept to a line of products outside of the bathroom. Five years from now I expect the Defoginator to have either failed, succeeded, or changed into something different entirely.
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well written and explained! Great secret sauce. I could see my dad using this product.
ReplyDeleteHey Joseph! You did a great job breaking down the costs and benefits of your products. Showing the production costs and comparing that to the cost of similar products puts into perspective the potential competition the product will have. You do a great job of also expanding on future models with the potential of Bluetooth integration.
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