Assignment 24: Venture Concept, Number 1 For Leafy Lifestyles
Opportunity:
My company is being marketed at homeowner. The unmet need is that they have no real eco-friendly products when it comes to taking care of and furnishings their homes. So we are creating an opportunity for our customers to have this option by using invasive plant species to create these eco-friendly household products.
Demographically I would say that my market is 28-32 years of age. Most of them would probably classify themself as someone who cares about the environment. Considering that we are selling home goods most of our demographic will most likely we owning a home. Geographically I would looks at middle class suburbs for our customers.
Currently our customers are being satisfied my the products already on the market. From our research they are not eco-friendly like our products will be. They are loyal to these products because they are what the customers have and they are working.
I would say that considering that no one is really doing what we are trying to accomplish that our opportunity is very large due to the fact that we are not competing with other companies that are doing eco-friendly household products. But the opportunity will only be open as long as we have invasive plants to remove and make products out of.
Innovation:
Leafy Lifestyles is right now an online company that is working to make household products out of invasive plants. Our innovation is with using these invasive plants to make functional products other than just basic fabrics and paper. Instead we were going to use the oils and barks as well to create products. Along with stepping out of the basic fabric and paper ideas by creating things like bed linens or napkins, and air filters.
One of our products that I will use as an example for how we would make money is the air filter that we prototyped was our air filter. It was made from the paper mulberry tree as we were looking to sell it for $11.50. We would also price our other products and sell them for profit, but as we do not have those processing numbers yet, the air filter is the best example.
Venture Concept:
Our innovation addresses the specific opportunity, because our products are make out of invasive plants. These plant damage ecosystems that they are not naturally found in by killing out sections of the food chains which effects the whole system. So by removing these plant we help to manage our ecosystems and make them healthier. For example, our air filter is made form the paper mulberry tree with is actually native to Asia not the U.S. were it has taken over. If you don't believe me you can even find them on UF campus. I know that there is a stop by Beaty Tower that has them growing. Because of the style of these trees they end up covering up lower level plant, or blocking sunlight form them. By removing them to make the paper for our filter we are helping to clean the environment of these plants. Making our products eco-friendly.
Costumers will switch to our product because we will be affordable and because they want to try and help the environment. And if we can show them that our products work just as well as the already available products do, then we wont have a problem getting them to switch.
Our competitors are people already making our products. So for the example, people making air filters. A weakness to the air filters already being make is that they take 18 months to 10 years to decompose due to the materials they are made with.
The customer is very important because without them our business would not have anywhere to go. Hopefully if we get a large enough customer base we can actually lower prices and be able to make them more affordable.
We will have the basic team of those who come up with ideas to produce, but we will also need people to collect the plants and people to work within processing factors to make the products.
Minor Elements:
I think the most important thing for us as a company is that we are looking to eliminate these invasive plants from being invasive. That this is our mission and that we don't want the material to go to waste, when we can build things out of that we are already doing.
The next service we would like to offer is allowing people themselves to possible collect these plant maybe form their local areas as turn them in for rewards.
For myself I don't know. Do something like this was never something I originally considered, but I do know that I would like to see why self with the company being successful in the next five years and not a failed experiment if we get it off the ground.
My company is being marketed at homeowner. The unmet need is that they have no real eco-friendly products when it comes to taking care of and furnishings their homes. So we are creating an opportunity for our customers to have this option by using invasive plant species to create these eco-friendly household products.
Demographically I would say that my market is 28-32 years of age. Most of them would probably classify themself as someone who cares about the environment. Considering that we are selling home goods most of our demographic will most likely we owning a home. Geographically I would looks at middle class suburbs for our customers.
Currently our customers are being satisfied my the products already on the market. From our research they are not eco-friendly like our products will be. They are loyal to these products because they are what the customers have and they are working.
I would say that considering that no one is really doing what we are trying to accomplish that our opportunity is very large due to the fact that we are not competing with other companies that are doing eco-friendly household products. But the opportunity will only be open as long as we have invasive plants to remove and make products out of.
Innovation:
Leafy Lifestyles is right now an online company that is working to make household products out of invasive plants. Our innovation is with using these invasive plants to make functional products other than just basic fabrics and paper. Instead we were going to use the oils and barks as well to create products. Along with stepping out of the basic fabric and paper ideas by creating things like bed linens or napkins, and air filters.
One of our products that I will use as an example for how we would make money is the air filter that we prototyped was our air filter. It was made from the paper mulberry tree as we were looking to sell it for $11.50. We would also price our other products and sell them for profit, but as we do not have those processing numbers yet, the air filter is the best example.
Venture Concept:
Our innovation addresses the specific opportunity, because our products are make out of invasive plants. These plant damage ecosystems that they are not naturally found in by killing out sections of the food chains which effects the whole system. So by removing these plant we help to manage our ecosystems and make them healthier. For example, our air filter is made form the paper mulberry tree with is actually native to Asia not the U.S. were it has taken over. If you don't believe me you can even find them on UF campus. I know that there is a stop by Beaty Tower that has them growing. Because of the style of these trees they end up covering up lower level plant, or blocking sunlight form them. By removing them to make the paper for our filter we are helping to clean the environment of these plants. Making our products eco-friendly.
Costumers will switch to our product because we will be affordable and because they want to try and help the environment. And if we can show them that our products work just as well as the already available products do, then we wont have a problem getting them to switch.
Our competitors are people already making our products. So for the example, people making air filters. A weakness to the air filters already being make is that they take 18 months to 10 years to decompose due to the materials they are made with.
The customer is very important because without them our business would not have anywhere to go. Hopefully if we get a large enough customer base we can actually lower prices and be able to make them more affordable.
We will have the basic team of those who come up with ideas to produce, but we will also need people to collect the plants and people to work within processing factors to make the products.
Minor Elements:
I think the most important thing for us as a company is that we are looking to eliminate these invasive plants from being invasive. That this is our mission and that we don't want the material to go to waste, when we can build things out of that we are already doing.
The next service we would like to offer is allowing people themselves to possible collect these plant maybe form their local areas as turn them in for rewards.
For myself I don't know. Do something like this was never something I originally considered, but I do know that I would like to see why self with the company being successful in the next five years and not a failed experiment if we get it off the ground.
You bring up competitors making the same products and that their disadvantage is that their air filters take 18 months to 10 years to decompose. I think it is important to know why they have not found easier ways to produce more eco-friendly air filters. Maybe it was the costs rather than the material.
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