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. 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 the targeted customers are not
extremely loyal to a current product.
The innovation the company has to offer is in its marketing,
employee engagement 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, a canister
that is well insulated for temperature control 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 first be structured as a small team with me
being the head of the operation/owner, a marketing director and 2 salesmen. I would
operate my company through commission to encourage my salesman to promote my
product to get paid which would be more cost effective than paying by hour. I
would have to work my day job still to be able to provide enough income to help
operate the business until sales were generated. I would work with my marketing director to
have them create different events highlighting diabetes and promote the culture
I want my business to exude.
The feedback I was able to receive was about taking a
realistic approach to my sales platform. I received feedback stating I had a
good product just that I was over stepping the realism of my design. I was able
to reshape the structure of my business from having this major company in
different states to just being the garage company that hopefully explodes into
something I envision with the help of my peers. I feel that through my business
knowledge and strategic partnerships with a marketing major and finding the
right sales people for my company I can find that niche market. The end goal is
to create a community around my product. Like everyone has an IPhone for social
media or its social abilities, I want my product to be in every hikers
backpack, whether it’s a diabetic, an avid hiker who likes to carry additional
medical supplies, or just an extra container, I want my product to be that
choice linked to protection, comfort, and medical.
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