15 A Figuring Out The Buyer's Behavior

15 A - Figuring out the Buyer Behavior

The segment I chose represents many of my peers who are recently married or who are planning an upcoming wedding, all while facing student loans and other financial hardships that come with collegiate education. Prices for goods and services belonging to the wedding industry have inflated to astronomical highs, serving the average upper-class 27 year old, and not catering to our age group at all. Based on the interviews I conducted within this segment, one alternative solution was to buy floral arrangements and a decorative cake at a Publix or Walmart supercenter instead of hiring a florist. Another couple rented out a barn for the occasion and put in the time to clean up the venue and decorate it. Price mattered more than quality in all of these scenarios; it was almost like the couples felt so pressured to have all of the elements of a traditional wedding that they were willing to sacrifice the authenticity of some. All of the couples who had already enjoyed a ceremony were pleased with the outcome of their wedding, and only had regrets about how much of an expense the event was, while couples still looking forward to the big day wistfully wished that they could enjoy a wedding as lavish as the photos they saw online. Most couples bought their particular wedding decorations online, and also made venue reservations online. Placing orders was much cheaper than paying the transportation expenses to reserve in person, in most cases. Only one couple financed their wedding, while the others planned to pay up front. It seems that because the newlyweds are so young, they would prefer to have the smallest amount of debt possible and not incur interest payments. Of the couples that had already been married, one pair was very pleased with the outcome of their wedding, and the other wished it could have been a little fancier. The first couple had a DIY wedding, and the homey feel was more personal to them than any big-budget wedding could have provided. The second couple felt that the money they did spend was wasted on a ceremony and reception that fell below their standards. All of this information gathered, I think it is appropriate to say that there is absolutely a market for budget weddings for young adults. Based on my interviews, almost all of the couples had doubts about an upcoming wedding or regrets about the past one because of money restraints. They end up searching outside of the wedding industry for services, and often end up with a product that feels a little off. Still, they fed money into the wedding industry in some way because they felt they had no choice. I feel that introducing an affordable wedding service to these people would meet a welcoming market, especially because engaging in a traditional service is still the status quo for marriages in the United States. The proposed service would use organized planners to unite similarly affordable vendors providing wedding services. All of the best options, for a great price, in one place. I chose a temporary service for this specific assignment because I had trouble figuring out exactly what my segments would be and providing enough information to find a correlation in order to complete the assignment.

14A - Halfway Reflection

14A

1) After taking this course before, (and not doing how good I would have liked), I decided to think about what I could do differently this time. I have really improved on my time management, not letting the assignments catch up to me and making sure I complete all, with plenty of time before the due date, in case something were to go wrong. I was unaware of how many points each assignment will add up to, negatively effecting me in the long run. I am now aware, taking full advantage of even the Cupcake quizzes, making sure I get ahead on all possible points.
2) There were a few assignments where I was completely unsure and confused on how to complete it, making me quite frustrated, but I knew from past experience that every assignment matters, and regardless, it had to be completed. I think my original time taking this course and the mistakes I made allowed me to improve as a student and develop this 'never giving up' attitude that will allow me to pass this course with the grade I want.
3) Three skills I would suggest to future students is time management, planning, and giving anything a try. The assignments are somewhat time consuming, however, the course gives you plenty of time to complete them throughout the week, so creating a schedule will allow you to spend the amount of time you want on each assignment. Some assignments are harder than others, so checking each assignment at the beginning of the week will give you an idea of how long it will take you and what you need to for before hand. Each assignment is necessary and some are difficult but nothing you can't try. The grades are more of a completion rather than a right or wrong, so any effort is better than none.

16A What's Your Secret Sauce

16A - What’s Your Secret Sauce 

My personal human capital

• I would say the few qualities that set me apart from others, that effect my overall human capital, are my determination, obsession for perfection, and leadership skills. I have always been persistent with my endeavors, never giving up until the task is completed. My slight OCD allows me to complete my tasks to the best of my ability, making sure I put in as much effort as I have to offer. Lastly, I spent many years as the captain of my softball teams and being promoted as a certified trainer at my job, both positions differing but providing me with several opportunities to strengthen my leadership skills. 

Interview 1: Katherine (My Best Friend/Softball Team Member)

• Katherine has been my best friend for several years, playing on many of my softball teams and experiencing, first hand, me as a captain. She explains in our interview that although I always had our friendship in mind, she never let it get in the way of my leadership. She states that I took all team members’ opinions into consideration and made sure to remind my teammates that we are one and we should play as one.

https://soundcloud.com/kinsleymoore/2920-yellowtail-ave-3 

Interview 2: Crew (My Brother) 

• Crew is my 16 year old brother, probably knowing me better than anyone. He describes my slight OCD, explaining my need for a clean room and how “annoyingly” picky I am when things are missed placed around the house. (I think he added the annoying part because I am his sister but we’ll forget that). 

https://soundcloud.com/kinsleymoore/crew-interview

Interview 3: Mimi (My Grandmother)

• My grandmother basically raised me, giving her a good idea of what it takes to increase my personal capital. She describes how sensitive I am and considerate of people’s feelings. She explains how I am the only grandchild she can truly count on for anything and knows she can come to me whenever she needs to talk about something. 

https://soundcloud.com/kinsleymoore/2920-yellowtail-ave

Interview 4: Nick (My Cousin/Classmate)

• Nick is my cousin but has also been my classmate for most of my life. He mentions my lively personality and describes the many friendships I had throughout school. He says my ability to talk to many different types of people will allow me to deal and build with many personalities. 

https://soundcloud.com/kinsleymoore/nick-interview-cousin

Interview 5: Nick (My Boyfriend)

• Nick mentions my selflessness, describing me as one of the most caring people he knows. He thinks my caring and considerate personality will allow me to become a respected leader as well as build a business where I am liked and people are willing to do things for me in return. 

https://soundcloud.com/kinsleymoore/nick-interview-cousin

Honestly, I did not see myself as highly as some of the people I interviewed made me out to seem. I think my personality and ability to adapt to many different types of people is a great quality and is something I forgot about. I think I agree with most of the interviews, other than my brother, who made my OCD out to seem as a bad thing, but is something I think is under control. Considering my list from before, I wouldn’t change anything other than adding the few qualities I did not mention.

13A - Reading Reflection

Reading Reflection : COCO CHANEL By Lisa Chaney 

The entrepreneur I chose was Gabrielle “Coco” Chanel. She struck controversy with her abnormal upbringing and influential designs. Chanel had many drug problems, lesbian affairs, and her World War II lover; all things not discussed or neccessarily accepted in this time period. Chanel came from poverty, something that surprised me as her impeccable taste and skills don’t appear as so. She was heavily influenced by the works of many famous artists, Picasso being one of them. I really admired how she was determined to get to where she ended up, regardless of where she had to start. I wouldn’t say there was anything I least admired about her. Chanel suffered several self-conscious issues, all regarding her background. It caused her to live in an unhealthy mental state, relaying to her becoming addicted to drugs. This is something that, I would not say is her fault, so it is difficult to see the only negative thing in her life as something to not admire.

Chanel was very ambitious and hardworking, starting as a struggling seamstress, to now being one of the most well known designers of the century. Her provocativeness and desire to push the envelope is what helped her establish herself apart from the rest.

It was confusing in some parts when the author was describing Chanel’s work and her inspiration, using words and phrases that are specific to the fashion industry. I had to look most of these words up to get a better understanding of her ideals and perspective on her clothing.

I think the entrepreneur’s idea of hard work is exactly what she portrayed. Working nonstop, with all your effort, until your final goal is achieved. Maintaining that positive and determined attitude, that you know you will end up where you need to be, while putting in the time to get there.      

11A - Idea Napkin

1. My name is Kinsley Moore, a Telecommunications major at the University of Florida. I have a lot of experience in the retail business, maintaining an internship that particularly deals with the buying and selling of products and finding the best way to advertise them. I have a strong passion for fashion and marketing. I am a very quick learner, take directions well, and love working with others. However, I also enjoy leadership positions, as I was elected captain of my high school softball team for 3 consecutive years. This business is something that is original and interesting to me, but unfortunately, is not a passion.
2. My product will allow boaters to have access to a delivery service on the water. For anyone who forgets a certain item, needs casual medical supplies, or wants food/drink while on the open water, my service will deliver it to them. The product/service is, in a sense, a convenience store on the water!
3. My customers or intended audience would be anyone who has/goes on a boat. Whether it be once a week or once a month, this opportunity could be found at any time. The delivery service will only run 3 miles from shore, therefore, the customer must be going for a casual ride, fishing in shore, or hanging at a sandbar. These customers will probably range from young, partying adults to families. The service will be available through an app, so customers would need a smartphone and be willing to use the service, which is why I eliminate the older generations.
4. Customers will care about this service because it adds a sense of convenience to their, already relaxing, boat day. People are lazy and generous with their money, when it comes to services that make their lives easier. As someone who goes on the boat quite often, you spend almost your whole day on the water, forcing you to bring a lot of bunch of items. Getting all of these things together can cause you to forget one or two things, things that could be important and necessary for some of the things you wanted to do for that day. Once on the water, you wont go back to land until its time to go home. Because of this situation, people are willing to pay whatever for what they wanted because they know it is either paying the price or not having it at all, no in between.
5. I think my knowledge and experience on the boat and water will allow me to provide the necessities, making my business even more of an opportunity. My ability to deliver on water, something that has only been done as an “Ice Cream Boat”, (which also makes a killing), will set me apart from everything else.

I think my skills will help me further the business by having background knowledge, needing the service, and having the abilities that I do. I think the only downfall is the lack of knowledge in creating an app, which is something that can easily be fixed, and the lack of passion I have for this project.

10 A - Elevator Pitch

Elevator Pitch

https://www.youtube.com/watch?v=3HRM3YwhGdw

9A - Testing the Hypothesis

Testing the Hypothesis

How often do you use/drive your boat?

• Probably 3-4 times a month, only on the weekends.

Do you ever go out on your boat and forget something you wish you would have brought/ you could have used?

• Yes , pretty often.

Would you use a service that delivers most items held at a convenience store, by boat , with the help of an app?

• Probably not. Any time I go on the boat, I normally go so far off shore that the charge of the delivery wouldn’t be worth the little item I wanted.

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How often do you use/drive your boat?

• 2 times a week, if the weather is nice.

Do you ever go out on your boat and forget something you wish you would have brought/ you could have used?

• All the time!

Would you use a service that delivers most items held at a convenience store, by boat , with the help of an app?

• I usually don’t have service/battery/or sometimes bring my phone, I just rely on my radio, so it’d be hard to order without having the app.

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How often do you use/drive your boat?

• Once or twice out of the month

Do you ever go out on your boat and forget something you wish you would have brought/ you could have used?

• Yeah

Would you use a service that delivers most items held at a convenience store, by boat , with the help of an app?

• I could see myself doing this. Would it sell meals? I am not sure if I would pay the fee for one single item, would it even be worth it to the driver?

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How often do you use/drive your boat?

• Once a month

Do you ever go out on your boat and forget something you wish you would have brought/ you could have used?

• Not particularly but I am sure I have before.

Would you use a service that delivers most items held at a convenience store, by boat , with the help of an app?

• I usually don’t bring much on the boat , would probably only use this service for something medical incase I had a small emergency.

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How often do you use/drive your boat?

• About every weekend.

Do you ever go out on your boat and forget something you wish you would have brought/ you could have used?

• I could name a few times, yeah.

Would you use a service that delivers most items held at a convenience store, by boat , with the help of an app?

• I use my boat for mostly off-shore fishing, making this service kind of difficult.

After conducting these interviews, I found that this opportunity is not needed by people who go offshore, don’t have or use their smartphones, and people who find the delivery and fees worth more than any item they would particularly want.

Inside the Boundary

• Who Is In? : People who use and bring their smartphones on the boat, when staying in a 3 mile radius from shore, and need/want more than one particular item
• What The Need Is? : The need is for convenience items, food and drinks, or medical supplies being delivered by boat, 3 miles from shore.
• Why The Need Exists? : People often forget certain items, wants certain things, or unprompted events occur causing them to need something they did not bring, when on the boat. Because of the time and effort it takes to retrieve any item from land, once already on the boat, the delivery service on water will be much more convenient and sufficient.

Outside the Boundary

-  Who Is Not? : People who do not use/have smartphones, are willing to pay the delivery fee, or spend most of their boat time offshore.

- What The Need Is Not? : The need is not for a restaurant on water? (I had trouble figuring this one out)

- Alternative Explanations? : I think another concern is the cost of the delivery and whether or not is it worth the item itself. With the app, it will be easy to scroll through all the offered items, leading people to probably purchase more than one item after seeing what all is available. The customer may also need/want the item so bad, they are getting regardless, making them purchase more items so that the fee IS worth it.

8A - Solving The Problem

Solving The Problem:

The opportunity I selected is the need for a convenient service on the water. When people are on the boat, they don’t have the luxury of running to the corner store to get something they need/forgot/want. Normally, boat excursions are a full-day adventure, meaning once you are on the water, you aren’t going back unless it’s to go home. People who fish in the intercoastal, party on the sandbars, or just want to go for the drive, are always needing small convenience items or minor medical supplies that they either need because of an unprompted incident or forgot to bring a certain item from home. I will create a service that will deliver these items by boat, only able to go a couple miles off shore. This service will be used through an app, similar to ubereats, where the buyer is able to choose which items he/she wants, orders, and pays. The app will allow you to track your deliverer, just like ubereats. I chose to call this service/app Aquadega, a combination of "Aquatic" and "Bodega". Bodega is a small grocery store or convenience store and aquatic refers to anything regarding water, so I thought the combination was fitting.