Week 7 Reading Reflection

Market Segmentation is something that is very important and somewhat underrated in the business world. It is important because good segmentations identify the groups that are most worth pursuing for the producer. In you know who to target, you can devise an advertisement plan to suit your needs. The biggest surprise for me in this reading was how precise all of the information is regarding market segmentation. Researchers spend millions of dollars a year deciding on not only how to advertise their product, but also who to advertise to. The only part of the reading that was somewhat confusing was the section on the gravity of decision spectrum. I understand that some decisions are more important than others, but I do think a lot of people spend a greater amount of time on smaller decisions to still save money. I would like to ask the author which market segmentation is the toughest to enter and gain customers in. I am guessing it is maybe the older groups of people in this day and age. I do not thing the author was wrong about anything, all of the information seemed very accurate.

Elevator Pitch 2

This is my second elevator pitch for my mobile car service idea in Gainesville.

I received some really good feedback from my first Elevator Pitch that I will be able to use for my mobile car service idea. I have decided I need an app to make it easier for the consumers to reach me, I will offer a car wash and vacuum with every job, and I am only going to stick to small jobs, so my work can be quick and efficient. Really looking forward to applying these fixes and improving my idea. 

Week 6 Reading Reflection

In this weeks reading, it was nice to jump out of the text and read some material from another source. I would say the biggest surprise for me is that I did not know how many forces went in to creating competition. As far as these forces go, I think the power that buyers have is the most interesting. Buyers can drive down prices, demand better service and quality and control the seller in many other ways. The most confusing part of the reading was when the article talked about defining the relevant industry. This is important because it lets the companies know where they stand and who the real competitors are in the market. I would ask the author, "Why does competition sometimes cause the best results for consumers, but sometimes the worst as well?" I would also ask, "What is the number one barrier of entry in most markets?" I would be interested to hear the answer to both of these questions from a very reliable source. I really do not believe the author was wrong about anything. I found all of the information very easy to read and filled with facts.

Idea Napkin No. 1

A couple of quick things about me: I am from Tampa, Florida and am the third generation Ghioto to be involved in the owning of a Buick, GMC and Kia car dealership in the Tampa Bay area. I have grown up around the car business and have seen what peoples needs are on an everyday basis. This is why I have come up with my idea to provide a mobile car service company that will come to you to fix minor issues. Instead of making an appointment and waiting at a body shop, my employees will come to you at a scheduled time and make minor repairs such as battery replacements, light replacements and even gas fill ups for a small fee. I am offering this service (mainly) to college students in the area who simply to not have enough time to handle these fix its on their own! I believe this idea is very convenient and will be used by heavily by college students who don't always have a lot of time on their hands. The services will be available to all people in the Gainesville area as well.

I believe my business idea is a good start, but that it needs some fine tuning. I need to figure out exactly what services would be provided and for how much of a fee. For a start though, I think it is something that most college students would benefit from!

Elevator Pitch 1

My business idea is a mobile car service in college towns all around the country. My company would take calls from college students and see what they need as far as car service goes. For a set fee, somebody would come out to the caller's home and fix whatever is wrong with their car. This is much easier than having to go to a body shop for minor fixes! Hop on board with "Fix it" auto services.

Week 5 Reading Reflection

While reading chapter 9, I realized we are really starting to get to the meat of this class and this chapter was filled with different information.

1) The biggest surprise for me in the text was how much work goes into the profile analysis while evaluating a new venture opportunity. The evaluation process is extensive, but it is necessary to gather all of the information necessary to make a decision. In this same time, a company must also make sure their venture technically feasibility.

2) The only part of the reading that was confusing for me involved the section on growth of sales. I don't exactly understand all of the work that goes behind the scenes in predicting new-venture sales and profits for a company. There are also ways to predict if a company is going to max out at some point along the way.

3) My first question do the author would be, "what is the main reason you have seen most ventures fail?" I would like to know why most companies do not work all the time and if there is a way to prevent the usual causes. My second question would be, "who are the best people to surround yourself with while creating a new-venture start up?" It is always key to surround yourself with successful people in the business world!

4) I somewhat disagree with the author when he did not talk a lot about marketability. I think this is vital to new ideas because it involves reaching people with your product and getting the name out.