19A - Idea Napkin No. 2

For the idea napkin, please describe the following (these are the same elements as in the first idea napkin). However, this time, please adjust your napkin to reflect the feedback you received.:

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

• I am an individual that is very passionate about this unmet need because it is my own as well. This allows me to view inside the business as from our consumers' mindset and use my additional business skills, experience, and drive to build the business to success.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

• I am offering high-quality hair care products at a drugstore price.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

• My customers are all people who want the most for their money.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

• Customers care about my product because it is the best value for their money on the market!

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

• I have a quality at my price that is not matched by any other product.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

• These all fix together very well because the solution matches the need perfectly and allows me, as the business owner and a member of this consumer segment, to build the business and products to fit this need.

For the "feedback memo" -- please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin. 

• Through the last few assignments, I've been able to specify my market even further, allowing me to get a clearer vision for my business plan and marketing efforts.