Assignment 23A- Your Venture's Unfair Advantage
Assignment 23A-
1. Lack of competitors: I believe there are some competitors out there but I have never heard of people using any of them. They're not easy to use.
1. Lack of competitors: I believe there are some competitors out there but I have never heard of people using any of them. They're not easy to use.
- Valuable: This is valuable because I want to stand out from the rest.
- Rare: Even though I will be easy to use, it does not mean I will be successful and that no one else will come up with something better.
- Inimitable: Someone can come out with something similar which others may think is better.
- Non-substitutable: As of now, I have not heard of anything similar.
2. Social capital: I believe my connections and having family working for the government can benefit me and give me more insights on what to improve.
- Valuable: This is very valuable, connections mean a lot in business.
- Rare: Many people don't have these types of relationships it can be considered somewhat rare.
- Inimitable: Connections cannot be imitated because it's very unlikely we'll know the same people. Everyone's experiences are different.
- Non-substitutable: Cannot be substituted.
3. Bilingual: Being from Miami, I will be able to communicate effectively with many Spanish speaking individuals.
- Valuable: This is very valuable, I will be able to cater my product to non-English speaking people.
- Rare: Not everyone speaks Spanish so it is rare.
- Inimitable: It can be but after many years
- Non-substitutable: No.
4. Living in a college town: I can have students test out the product beforehand.
- Valuable: It'll give me insights on a specific target market
- Rare: Many people live in college towns so it's not rare
- Inimitable: People can choose to live in a college town for this purpose
- Non-substitutable: No.
5. Time management: It'll keep me up to date on the things I need to do without falling behind.
- Valuable: Allows me to be on top of the things I have to do which will help me when introducing the product.
- Rare: Many people have this skill
- Inimitable: Others can obtain it and work on it but might not develop it as well as others
- Non-substitutable: No.
6. Social Media: Nowadays, this is a skill most of us obtain. But it helps others know what's going on and how useful it is, etc.
- Valuable: It is valuable because even though many obtain it many do not.
- Rare: It's sort of rare nowadays for people not to use social media
- Inimitable: It can be learned but maybe not be better
- Non-substitutable: There are other ways but social media targets a wide range of people nothing else could.
7. Advertising major: I will have a background in different aspects of what works well with consumers.
- Valuable: Yes, it has taught me a lot about target markets and how to research what social media accounts work best with what ages, etc.
- Rare: yes, not everyone is an advertising major
- Inimitable: Kinda, unless they're willing to study 4 more years.
- Non-substitutable: Maybe other majors can.
8. Connection with the consumer: My product is something many people will rely on and it will build a connection with others. Also, the app will provide testimonies.
- Valuable: This is valuable, it's nice to touch consumers on a personal level.
- Rare: Not many companies provide this
- Inimitable: People can copy this idea and implement it
- Non-substitutable: Yes.
9. Reasonably priced: It won't cost that much and will come with an app.
- Valuable: Yes, this can be to many people
- Rare: Many things can be reasonably priced
- Inimitable: It can be copied and implemented
- Non-substitutable: Yes
10. Easy to use product: Everyone loves easy to use things that don't complicate their lives.
- Valuable: Yes, people will take this into consideration when purchasing
- Rare: Can be, many competitors are more complicated
- Inimitable: Yes, something similar can be created
- Non-substitutable: No.
Social media to me is really important especially if I want to market nationwide. It's a great way to put my product out there by sponsoring it and including reviews of the students who will test it out.
Hi Guiliana, I think being bilingual is a really useful skill. It will allow you to bring business to other customers who may not speak/understand English. Although non-Spanish speakers can learn the language, it can take some time for them to fully pick up on the language. This could take anywhere from a couple of years to maybe even four years. Learning the language is one thing but knowing how to use it the right way can be difficult.
ReplyDeleteHi Guiliana! I agree with you point about social media being a universal thing in society nowadays. Many businesses have definitely started to use social media as the main marketing platform to spread their word or market their product/service. It is also a really great way to get reviews from all different groups since everyone uses social media and are willing to leave comments if anything catches their attention.
ReplyDeleteHi Guiliana,
ReplyDeleteI had some benefits in common with you! I had lack of competitors and connection with customer. I believe that both of these benefits are great additions for an entrepreneur to have. Not having any competitors gives you a crazy advantage but it also opens up the possibility for someone to come along and try and copy your idea. That is something you always have to keep in mind when creating a new product or service.
Hey Guiliana,
ReplyDeleteI'm not sure if I know what your product/service is but it seems like you know your advantages pretty well. You went into each one and clearly described it through VRIN. I also agree that social media is a great advantage and even though it is open to everyone you I feel you have and added advantaged because you're an advertising major. And then you can promote your product to a wider community because you're bilingual. Sound great, keep it up!
Hey Guiliana,
ReplyDeleteYou touched on some really good points in this one of my favorite points that you made was that people love using things that are simple to use and is making their lives less complicated. Which most people do not realize how true that is. I also think you are lucky to already have people in the area that you are targeting so you already have a foot in the door.
Hi Guiliana,
ReplyDeleteYou had a very good job at your post. I have to agree with you that social media does play a major role in society now. I believe that it is easier to market your product since it is the most efficient for reaching a target market in a short time period, and it is the most cost effective. Also, another thing that I found interesting was that I also put that I am bilingual in my post. I think this is super important because you are able to reach a wider target audience. Also, it is a very unique skill to have since not many people possess that ability.