Homework for Week 7
Chapter 2 questions
The solution: On site dispensing machine for common meds can be installed. Patients would have 24 hour access to needed meds without having to travel in search of a pharmacy. Payment on site through cash, credit or insurance would be available so that patients would get their necessary medication as quickly and easily as possible.
2. An App for Meds
Considering the trends and what works for and against the proposed app
Economic trends
For: aging population. Older people like to maintain independence
Against: they may not be able to afford or know how to use a smart phone, so market could be limited.
Social trends
For: There is a desire for busy relatives who may be part time caregivers to have visibility on the meds. Almost all involved want to preserve independence and quality of life.
Against: ability of the caregiver to follow through if notified that meds are not taken, especially if they can’t be there in person (long distance challenges)
Technical trends
For: Smart phones are more popular than ever
Against: are the smart phones affordable for the target audience and are they comfortable with using them? App mustbe simple and intuitive.
3. Everyday life problem
I have no time for household issues such as putting out the recycles, yard waste and garbage, watering plants, draining/filling the pool, re-setting the sprinkler system after thunderstorms, wait for repair people, maybe even do some shopping. Need a house-minder, even though I am not out of town. Need someone to do what I don’t have time for or don’t know how to do. The house minder could be paid a monthly retainer. Could come on a regular schedule, check the basics, perform a list of duties from a set menu. Each customer has their own custom menu. Info about what was done could be reported via app. They would also have a referral list for handyman services for things that are beyond their scheduled duties or abilities. The job would be like a personal assistant, but for house things vs. job things.
Chapter 3 Questions
1, Restaurant Research
Kendall didn’t do the primary research. This needs to be original, not what can be found in libraries. Kendall needs to be out in this market, talking to business owners and customers. He needs feedback from the marketplace. Maybe should even do a couple of focus groups…with some food samples!
2. Concept Statement
City Slips
Product: City Slips offers convenient comfortable, easily transported slip on shoes to wear when you just can’t bear your high heels another minute. The City slips are attractive flats that fold up to fit in your purse or briefcase. They have their own carry case, and the case expands to carry the high heels.
Target Market: The target market for City Slips is women, particularly the urban, perhaps some suburban areas, in professional settings where business or formal attire is required or at least commonly worn.
How City Slips will be positioned relative to competitors: City Slips range from about $12 to $25, so there is a lower end opening price point plain shoe, with many more style and colors in the $20-$25 range. This allows the company to have a wide range of price points that match up with most all the competition. Without a strong name brand competitor in the market, City Slips will position its product across a wide range of price points with a selection of comfort-focused and fashion-focused styles offered.
Management Team: Founders Katie Shea and Susie Levitt attended New York University and studied finance.
3 Insty Meds – Conduct An Industry/target market feasibility analysis…
…using the portions of the “Full Feasibilty Analysis in appendix 3.1 on page 72 of our text book. Include industry attractiveness assessment questions, target martket awareness assessment section and the market timeliness questions.
In the course of answering these questions for the exercise, it will be important to reach out to physicians and staff at local urgent care facilities as well as customers and patients. The Insty Meds concept is unique so there will not be a lot of competition. The margins should be good, based on the industry. Customers likely not satisfied with the current market offers, and the new product offering would be exciting. This is a great concept.
4 When considering market timeliness for elementary school lesson plans, major factors include:
Window of Opportunity
Mood of customers
Market momentum
Recent prominent entries into the market.
5 The Spa industry is enjoying strong financial growth and increases in all key financial indicators, according to Yahoo!Finance. The industry association ISPA (International Spa Association) commissioned a study and the results for total revenue, spa visits, locations, revenue per visit and number of employees all showed strong growth for spas in the United States. Some 2018 figures:
Total revenue: $18 billion, up 4.7% from 2017
Revenue per visit: $96.50 up 3%
Number of visits: 190 million, up from 187 million in 2017
Number of spa locations: 22,160 up 1.8%
With number of visits and dollars per visit both trending up, the state of this industry is certainly looking very solid!
- Insty Meds
The solution: On site dispensing machine for common meds can be installed. Patients would have 24 hour access to needed meds without having to travel in search of a pharmacy. Payment on site through cash, credit or insurance would be available so that patients would get their necessary medication as quickly and easily as possible.
2. An App for Meds
Considering the trends and what works for and against the proposed app
Economic trends
For: aging population. Older people like to maintain independence
Against: they may not be able to afford or know how to use a smart phone, so market could be limited.
Social trends
For: There is a desire for busy relatives who may be part time caregivers to have visibility on the meds. Almost all involved want to preserve independence and quality of life.
Against: ability of the caregiver to follow through if notified that meds are not taken, especially if they can’t be there in person (long distance challenges)
Technical trends
For: Smart phones are more popular than ever
Against: are the smart phones affordable for the target audience and are they comfortable with using them? App mustbe simple and intuitive.
3. Everyday life problem
I have no time for household issues such as putting out the recycles, yard waste and garbage, watering plants, draining/filling the pool, re-setting the sprinkler system after thunderstorms, wait for repair people, maybe even do some shopping. Need a house-minder, even though I am not out of town. Need someone to do what I don’t have time for or don’t know how to do. The house minder could be paid a monthly retainer. Could come on a regular schedule, check the basics, perform a list of duties from a set menu. Each customer has their own custom menu. Info about what was done could be reported via app. They would also have a referral list for handyman services for things that are beyond their scheduled duties or abilities. The job would be like a personal assistant, but for house things vs. job things.
Chapter 3 Questions
1, Restaurant Research
Kendall didn’t do the primary research. This needs to be original, not what can be found in libraries. Kendall needs to be out in this market, talking to business owners and customers. He needs feedback from the marketplace. Maybe should even do a couple of focus groups…with some food samples!
2. Concept Statement
City Slips
Product: City Slips offers convenient comfortable, easily transported slip on shoes to wear when you just can’t bear your high heels another minute. The City slips are attractive flats that fold up to fit in your purse or briefcase. They have their own carry case, and the case expands to carry the high heels.
Target Market: The target market for City Slips is women, particularly the urban, perhaps some suburban areas, in professional settings where business or formal attire is required or at least commonly worn.
How City Slips will be positioned relative to competitors: City Slips range from about $12 to $25, so there is a lower end opening price point plain shoe, with many more style and colors in the $20-$25 range. This allows the company to have a wide range of price points that match up with most all the competition. Without a strong name brand competitor in the market, City Slips will position its product across a wide range of price points with a selection of comfort-focused and fashion-focused styles offered.
Management Team: Founders Katie Shea and Susie Levitt attended New York University and studied finance.
3 Insty Meds – Conduct An Industry/target market feasibility analysis…
…using the portions of the “Full Feasibilty Analysis in appendix 3.1 on page 72 of our text book. Include industry attractiveness assessment questions, target martket awareness assessment section and the market timeliness questions.
In the course of answering these questions for the exercise, it will be important to reach out to physicians and staff at local urgent care facilities as well as customers and patients. The Insty Meds concept is unique so there will not be a lot of competition. The margins should be good, based on the industry. Customers likely not satisfied with the current market offers, and the new product offering would be exciting. This is a great concept.
4 When considering market timeliness for elementary school lesson plans, major factors include:
Window of Opportunity
Mood of customers
Market momentum
Recent prominent entries into the market.
5 The Spa industry is enjoying strong financial growth and increases in all key financial indicators, according to Yahoo!Finance. The industry association ISPA (International Spa Association) commissioned a study and the results for total revenue, spa visits, locations, revenue per visit and number of employees all showed strong growth for spas in the United States. Some 2018 figures:
Total revenue: $18 billion, up 4.7% from 2017
Revenue per visit: $96.50 up 3%
Number of visits: 190 million, up from 187 million in 2017
Number of spa locations: 22,160 up 1.8%
With number of visits and dollars per visit both trending up, the state of this industry is certainly looking very solid!