1. Large market- The market for my audience is very large as my idea is appealing to anyone who uses a laptop
- Valuable: High demand means there is opportunity for high supply
- Rare: Not very rare as many industries have large markets
- Inimitable: Not very hard for other products to jump into the large market
- Non-Substitutable: No other market has such a high demand and low supply
2. Daniel J- Daniel is human capital who has access to many HP and Best Buy representatives who could help boost my product.
- Valuable: Having a person can connect me with a large retail chain such as HP and Best buy opens many doors for my product
- Rare: Not very rare as there are many with connections like these
- Inimitable: Not hard to be copied by others as they could have connections as well
- Non-Substitutable: Daniel could be substituted by another
3. Instagram Marketer- Someone with 4.6 million followers, majority are in college or high school
- Valuable: The person who would potentially market my product on Instagram has 4.6 million college age followers, very valuable
- Rare: Kind of rare, there are not a lot of Instagram stars with a specific niche for college students
- Inimitable: Easily copied by another Instagram star
- Non-Substitutable: This person could be replaced by someone else just as famous
4. Unique idea- My idea is the first of its kind in this market of laptops and chargers
- Valuable: Having a "first" product is valuable since there are no other competitors
- Rare: Although there are many "firsts," none apply to my desired market
- Inimitable: As long as I gain copyright access, I should have control of market long enough for it to not easily be copied right away
- Non-Substitutable: Few resources could provide the same idea
5. Sean R- Sean's ability to help with product placement as a preview staffer really puts me in a great position to start marketing in the fall
- Valuable: Very valuable as Sean can put me right in the path of freshmen, ideal avatar
- Rare: Many preview staffers could do this
- Inimitable: Easily copied by many other campuses or staffers
- Non-Substitutable: Sean could be replaced with another preview staffer
6. Target audience- Having a specific audience to target gives me a chance to specifically develop marketing strategies for them
- Valuable: Very valuable as I can plan marketing and advertising strategies geared towards college students
- Rare: Not very often a brand new product has a perfectly selected audience, pretty rare
- Inimitable: Hard to copy by another product as they cannot gear products to target audience like I could
- Non-Substitutable: No other resource can provide me with a target audience of up to 50,000
7. Clear interest from peers- Knowing there are people who would buy my product is a huge plus
- Valuable: Very valuable knowing I already have consumers
- Rare: Many startups often have pre-set customers so not very rare
- Inimitable: Hard to copy genuine interest from actual people
- Non-Substitutable: Not many resources can offer genuine public interest
8. No competition- Having no competition allows me to hopefully create a monopoly
- Valuable: Extremely valuable as I have the entire market to myself
- Rare: Seeing as there are few monopolies that are popular this is very rare
- Inimitable: Could not be copied by another
- Non-Substitutable: Hard to be substituted for another market this ideal
9. Access to engineers- Going to UF allows me access to engineers who can build my product
- Valuable: Extremely as my product has not been built yet
- Rare: Not very rare as there are a lot of engineers in the US
- Inimitable: Easily copied by another group who has their own engineers
- Non-Substitutable: Could be replaced with a company of engineers
10. My own design- Having a design that I have worked on personally and have full ownership of is extremely beneficial
- Valuable: Very as I can put all of my talents to work
- Rare: Not rare as many startups are solo run
- Inimitable: Could not be copied as only I have my talents and skills
- Non-Substitutable: My passion to see my idea succeed could not be replicated by someone else
After conducting this VRIN study, I have decided that my most valuable asset is the lack of competition in my market because it gives me the opportunity to role out my product into a high demand field and offers me the ability to create my product my way while also marketing and advertising how I chose to the audience.
Christian, this was a great blog post! There was so much detail and articulation. I think you have some great competitive advantages that will make you have good market segmentation. I agree that your best resource is the fact that your market has a lack of competition in it. I also thought it was interesting that you included a person in your resource list. The fact that you already know who is going to help you start this company shows good initiative.
ReplyDeleteChristian, this was a good post. I really think you thought out your resources and could use them all to your advantage. I agree that the lack of competitors would probably be the strongest one since the product is totally unique and you do not have anyone to compete with. This would help your sales and also catch people's attention. I also think the fact you have a large market is a strong point for your product.
ReplyDeleteHey Christian,
ReplyDeleteThat was a lot to go through, I loved how detailed each part was. Personally I think your level of personal advantage could really make the difference for you. While I agree that there are people that want your product I will add that battery banks that can charge a laptop are available but are too bulky for the average user. If you can keep the weight and cost relatively low you will surly succeed.
Christian,
ReplyDeleteYou really did great with this assignment I feel like- it was incredibly detailed and you put a good bit of thought into each resource. The top resource you chose is a good one, but I also believe many, if not, all of these could actually be put into practice. A few of mine I feel like were good in theory but not practice, but I feel like all your really have value that could be implemented in different ways. I think if you keep going with this the way you are, you're going to have a great product on the market within no time.