24A – Venture Concept No. 1 (RediTravel)

RediTravel's MediCapsule

When reviewing the product the company has to offer we need to look at the forces or changes in the environment the business lays in and how it can create opportunities. The company RediTravel is in a current market that has little innovation.

The market the product is going after are people located all over the united states but targets a diabetic or a person that needs to carry some sort of vial with them just in case. Or the product can be utilized in a medical kit giving another form of medication extra protection.

Potential customers do not have a product that offers the same level of protection for their medication. Competitors only offer another item that can preserve the medications. I feel customers are not extremely loyal to a current product.

The innovation the company has to offer is in its marketing and employee and customer engagement. My company is going to promote an environment of trust and simplicity. The product is going to be extremely easy to use. When purchasing my product you become part of a family and we strive to enrich the purchase of our product with other events giving new life experiences when you bring our product home. The product is simple canister that is well insulated and protected from physical damage. The product is designed to store insulin or other vials that require protection. My product will be sold for $50 initially and new products will be developed and designed to meet new customer needs.

The overall venture concept of the business is to provide comfort to its customers as well as a product. My customers will switch because of the experience they will have when interacting with the company. Customers will engage in events sponsored by the company and they will engage with 

employees at these events as well.

Current competitors are MediCool. Their weakness is their marketing strategy and networking capabilities. I look to take full advantage of the marketplace by offering an extra level of experience which includes events hosted by the company.

The customer experience is going to drive my product and keep the company relevant in the extremely fast changing environment. My company looks to engage through the sale of our product and what that does for the individual and also through ongoing customer outreach and product development past the original design.

The business would be organized with a CEO, CFO, a Marketing Director and four marketing specialists, a subcontracted and in house phone service and sales team depending on the need or reason for the call, a sales force consisting of 1 lead sales manager and 10 salesman within each of the 5 states we are currently present in and salesman will be paid on commission structured to promote a strong growth environment, we will also have an event director and 5 assistants, events will be run by mostly volunteer staff from within the communities they take place. This team will be the start to help maximize my business growth until we become nationwide and expand our product list to provide a diverse product line and increase the customer base to become the next thing trending on twitter a few months out of the year.