Customer Interviews #3

1. The Questions I intend to ask are similar to those before. I just want to make sure that this product pertains to a certain Niche. So instead of seeing if this product is useful, I want to know if they think people will use it over other products. I'll ask the if they think that MentalEdge would be popular among students. Whether or not they themselves would use the product. Finally I'll ask if they have used other products for focus and what they thought about them.

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3. From the interviews, I learned that many people would potentially buy this product. The $35 price range for one months supply may be a little high though, as most said they wouldn't want to pay that much. What made me happy is that most thought that this product could stand out as a Niche product, and not just be another supplement to add to the industry.

Week 6 reading reflection

1. Something that was a big surprise to me was the section about substitute products. You never really think about how much substitute products can limit the cost you can charge for certain goods. When I think of this, I think of generic brands that limit the cost that name brands can charge. When you compare two cereals and they both have the same exact ingredients but one is twice as much, it can cause increased competition.

2. Something that was slightly confusing to me was the chart that showed the forces governing competition in an industry. I just didn’t like how it was laid out, and the three circles surrounding the industry, are those supposed to be like barriers to breaking through?

3. The first question would be about the 3 circles in his chart I explained above. I would also ask about the experience curve as an entry barrier for further elaboration.

4. Honestly there was nothing I could argue with in this article. Michael Porter is an extremely smart Harvard professor and I can agree, or atleast see the logic that he presents in this article

Idea Napkin #1

1. I am Keifer McClain and I am an entrepreneur and I want to help people! I have a background in business, and have done work in real estate and finance. I aspire to create a business to help college age students with focus. If I start this business I see it helping me and other students to increase focus and get better grades.

2. I am offering customers a study aid supplement to help them with focus. I know from experience that many of my friends take prescribed medicine for ADHD but really just use it for studying. I want to create a natural supplement that will increase focus and energy and help students get better grades.

3. My customer demographic is students in general, from high school all the way to grad school. I want to make a natural supplement that will be appropriate for kids and adults.

4. Customers will pay money for this supplement because focusing in today’s society is hard! This supplement will help them be able to sit down and focus on assignments and not spend their time on their cell phones or daydreaming. I want to give people mental clarity to get tasks done and not be groggy or unfocused.

5. I believe what sets this product apart from competition is its quality, and its niche. There are other supplements on the market for energy or focus, but none pertaining to students.

I definitely believe that these five elements fit together and could become a successful product. With the right marketing and quality ingredients I don’t see with this product couldn’t be a best seller, or even a trailblazer for study aid supplements. The only thing that would worry me is the idea of adding to a competitive market, but since there are very limited products sold as study aids, I think