Interviewing Customers No. 3

Before I state my interview strategy, my product again is a water bottle that a had a detachable bottom compartment has a mold that fits smartphones, IDs, keys, and credit cards. This water bottle weighs 7.5 pounds with 12 ounces of water it it, as well. My interview strategy is to get people to realize that having an item that carries all your valuables in one place is a necessity and worth carrying the weight. 

I asked again, random people in different places. 

2. 
https://youtu.be/4TJHp12wKUc
https://youtu.be/ikIEmLC8umU
https://youtu.be/gCgAkXepUPohttps://youtu.be/wtNo-I5rERg
https://youtu.be/70KWV05dpik

3. From this interview, I learned that when you change the strategy for questions to get people to realize what they need, the answers become exactly what you need to hear. I expected people to realize that even though the water bottle weighs, they still can benefit from having all of their valuables in one place. 

Week 6 Reading Reflection

In this weeks reading reflection, we were assigned to read an article in the Harvard Business Journal. I had to access the UF Library which has many sources to other articles and journals on the site.

1. The most surprising line I read in this article is "Powerful customers- flip side of powerful suppliers - can capture more value by forcing down prices, demanding better quality or more service (thereby driving up costs), and generally playing industry participants off against one another, all at the expense of industry profitability". This was surprising due to the bluntness from the author. As a regular consumer, you would not think the customer had that much power over how a business changes their goals and plans. I always thought the business accomplishes what they want to do according to their own rules, not act like a public servant.

2. The most confusing part of the reading for me was trying to understand the paragraph of price sensitivity with buyer groups. "The product it purchases from the industry represents a significant fraction of its cost structure". I understand that customers will bargain for the lower costs, but I still do not get how this relates to the price being categorized as sensitive. Sensitive to the customer finding bargain deals or that the price changes easily when customers do not but it at its "set" price?

3. The first question I would ask the author of the journal is what does he think the number one drive of competition is for an industry, besides the industry structure. The reason for this is his statement of the industry structure is too vague. The second question I would address him with is why does he think security brokers and dealers are the most profitable U.S. industries? I know my own answer, I would just like to compare it against his. The brokers and dealers of the country really do handle the direction of where the economy is driven towards: positive or negative.

4. In the article, the author states that the five forces differ by industry, and to a certain extent I want to argue this. I feel that every industry ever discovered or ran in this country has one goal: making profit. With that being said, I feel that all of the five forces defined in this journal all are comparable to each industry ran in America. So, I do not think they differ by industry, just different goals would make the forces different.

Idea Napkin No. 1

1. Hello again, I am Katherine. My talents consist of anything musical. I have played the violin since I was in the 2nd grade. Just something that calms my mind and makes me feel in control of my fingers. I have quite a lot of skills. I am proficient in English and Spanish. I also am CPR certified and SCUBA certified. I also have worked as a counselor and at a restaurant. My aspirations is to be happy and travel around the world. With this water bottle, I know I could carry everything I need in one hand. 

2. To my customers: I am offering a 2 in 1. A wallet and water bottle essential in the palm of your (strong) hand. For customers who go to the gym and lose their personal belongings, my water bottle is the solution. 

3. If we are getting into specifics, I am targeting muscle heads who carry their protein shakes with them in their hands. I would consider a person as dedicated to their fitness somewhere around the age of 26-37. For women, it would be a little younger, from 24-34. I know this because I used to work in a facility where there would be older men and women working out around those ages. 

4. I care about this product because it is a solution to a careless act to one self. If you pay a lot of money for a well made water bottle that is carrying your wallet, keys, and phone... there is a very low percentage of actually misplacing or loosing this water bottle. On top of that, there is a 4 digit code for you to access your belongings. So if your water bottle is misplaced, no one can have access to your belongings without knowing your code. 

5. This water bottle sets mine apart from every other water bottle because it actually has a separate compartment made for person values. No other water bottle on the market has the separate entity. 

All these elements tie into together. But for other ideas and innovations, they don't have to tie into together. As long as you believe in your product and can sell it to people, there should be success down the road for that entrepreneur.