24A – Venture Concept No. 1

        

Venture Concept 1

          Throughout this class, I have developed an idea that I believe could not only contribute to society and fix a problem that people all over the world are having, but also create a solid business for myself. With my idea involving a more effective alarm clock, I think that the opportunity and innovation are there for this product to succeed. 

     This opportunity arose when I realize the need for people to have a factor alarm clocks in order to help them wake up in the morning. Many people struggle with every day whether that is the factor of a malfunctioning alarm clock or if they are in too deep of a sleep with their current alarm clock cannot wake them up. This product address is this need first hand as we bring in motion to the sound of an ordinary alarm clock. I have tested this hypothesis with many interviews that I have gone through, many people have told me that they have slept through their alarm clocks and I’ll continue to look for an alternative. Many people of told me that they have looked all over the Internet for something that could help them wake up whether that would’ve been medicine or even a more effective alarm clock and there are no real proper products out there. This product addresses that problem as well, this product uses the mattress pad as a mechanism to help wake you up in the morning using motion. The sound of a normal alarm clock would continue to be utilized with this product however, motion would be the most unique factor of this product. The market and demographic area that I would be targeting with this product would primarily be younger generation and younger age group, somewhere in the range of 16 to 40 years old. These are the folks who are either in high school or college or joining the workforce for the first time. Some of these people have erratic office meetings erotic off, erotic office hours, or even early morning appointments that they are not used to. As far as students go, there are many reasons why they would benefit from this product. Not only as high schoolers having to wake up so early in the morning, but also in college due to the fact that frequently students have early morning exams that they have to make and if they failed to make those exams and I could be the difference in a passing grade in their class. Sometimes alarm clocks don’t work, and this has been the experience of the folks who I have interviewed along with my own personal experience. I believe that this opportunity is very big and can be exploited for the first time with my product. I think the window of opportunity for this product will continue to remain open until something changes that something close the window, and I plan for that to be my product. I feel that consumers would not necessarily switch to this product, but they would by end of this product because there’s nothing like it on the market. There would be no necessary switch it would just be a new product to help them fill and fix a problem that has been on fixable to this point with the current products out there. The competitors in this market are all the other alarm clock makers who are working to find innovative way to wake people up, to find a way to wake people up that has not been exploited before, and so the competition in this market is vast, I believe that this product has the potential to compete hand-in-hand with these competitors. The roll of packaging in price points does play into this product however the biggest thing in this particular product would be the uniqueness of it obviously I would need pricing to be an affordable cost somewhere around below $100 because I am targeting a group that is not necessarily wealthy it is a younger age group therefore they do not possess the financial stability of those in the higher age group the employees of this company would be a large amount due to the fact that this product would have to be constantly manufactured on a daily basis. I also believe that the public relations and the marketing aspect in a product like this would be critical to having it succeed. Because I am aware that people are looking for this kind of product but if they are unaware that it is out there, then there would be no success in the business if I cannot exploit the consumers that I know are there.

            Altogether, I do believe that there is a significant market for a product such as this one because of the demand for the need to find an alternative to their alarm clocks that do not currently work, but also for those who are looking for an easier way to wake up in the morning.