My Venture Concept:
Opportunity- My opportunity for my entrepreneurial idea, Bubble Tea Paradise, especially for those who feel as if they want to enjoy a delicious bubble tea after a busy say. I found myself in this situation, so I surveyed others and received similar feedback, especially needing a market for quick, tasty drinks.
I am offering this online delivery service specifically to those who enjoy tea and want to design their own kind of tea. I myself fell into this category as a college student, wanted to try out different options. When I pitched this idea to my classmates, they helped me realize it wasn’t only my demographic that is having this issue. As a young professional years ago, people struggled with the same issue- not able to customize their drinking preferences. I am confident that there is a market and a demand for this type of service, I just have to research on how to best penetrate and deliver to this market effectively. This solution could cater to those customers in remote areas as well with innovative delivery options. This opportunity can be available for the immediate years in the future since the demand seems to be trending upward especially with a more health conscious society.
Innovation- I am offering customers an online ordering delivery service which will offer different kinds of tea from markets and grocery stores in the surrounding area named Bubble tea Paradise. You can pick your own ingredients on the list out of a menu online, and it will be delivered to you in seconds. You can order up to a week’s drinks, freeze it, and have a variety of options to pop in the microwave or oven at your convenience. I am also thinking of asking online retailers like Amazon to invest in my service. This way, if Amazon were to become a provider, these drinks options wouldn’t be confined to just the local areas. There wouldn’t be too much variety in the drinks since they would come from Publix or Fresh Market, but allowing an online retailer to ship these drinks around the country would supplement the local delivery service as well. This will cut down the time it takes people to think about drinks options.
For my pricing strategy, I would offer individual drink for $5 each on a per need basis. If the customer bought a combo of two different set of tea on a per need basis, I would offer the package for $9 dollars, and ultimately if the customer wants the drinks for the week (Monday-Friday), the price drops to $4 dollars each due to the bulk quantity.
Venture Concept- Bubble tea Paradise will solve the unmet need of lost time to prepare and enjoy high quality tea by delivering a healthy, tasty and affordable drinking option to the customer’s door to cut down on stress of drinking for those with busy schedules. I believe my customer base will switch to this product because through my interviews, I learned that people want another delivery option that is healthy, inexpensive, and ready to serve instantly. My competitors are places like Bubble Tea Supply, who already serve the bubble tea ready to serve options. However, I think I can beat out the competition because they aren’t a mobile food option. College students especially don’t have always have a mode of transportation to go pick up these drinks options, nor the time to cut out of their busy schedules. The delivery service I am offering is vital to making Bubble Tea Paradise a competitive company over the alternatives.
I added a feature to my company similar to Amazon Prime to boost customer loyalty and satisfaction, which also relate to increased sales. This feature will be on a subscription basis, instead of the one time ordering, and will ensure your drink is delivered in under 10 minutes, hot or cold, and ready to serve right on the spot with utensils provided. I would eliminate the delivery fee/charge, just like Amazon eliminates the shipping charges for Prime members. This way, it will compete with pizza delivery and Jimmy Johns times with a healthy, ready to serve, personal portion meal quickly.
Hello Wendy!
ReplyDeleteIt’s nice to see a familiar concept again! I still like your concept, but I think it may need a little bit of tweaking. I like your price amounts, I think that they are rather reasonable. I think that you might want to change your venture’s name, though, especially if you might expand. I just think it is a bit too long. Other than that, I think you are golden!
Our concepts are not alike, but feel free to see mine: http://kwallaceent.blogspot.com/2016/03/venture-concept-no-1-sharespace-hostels.html
Good luck!
Katherine Wallace
Hi Wendy! Good job on the overall assignment. I think that your idea is great. Like previous comments I think that by choosing a more general name, you will be able to expand more and have more of a variety of products. Other than that, I think the opportunity that you are taking looks like it is going to work. Unfortunately I didn’t do this assignment but you can check out my blog: http://courtneysrymer.blogspot.com/
ReplyDeleteHi Wendy,
ReplyDeleteGreat work with assignment,the concept that you have for business is fascinating. I choose a business that relies off studying tool as its main product oppose to a business with actual product to sell. I think that it would better that you would create a more variety of kinds tea with variable price, that way makes it easier to choose the kind of tea base on affordability. Here is the link to my venture concept, check it out if you have time, http://jzent3003.blogspot.com/2016/03/venture-concept-no1.html.