Who has the need?
To be general, anyone could be in need of budgeting. This need would be specifically for people who struggle with money or have a hard time figuring out what they make every month and how to disperse it properly.
The nature of the need?
The best way to describe the nature of the need would be helping people who need that extra push. The need is very apparent for people to realize they need it. If someone can't budget, their bank account will show it.
What are the forces or changes in the environment?
The economy would be a huge affect on this need.
How is the market defined geographically and demographically?
This is pertaining to the service industry, anyone who doesn't have a set pay. It could be beneficial for anyone, but I see it being more useful for people who don't know what they're making everyday.
How are customers currently satisfying this need? How loyal are they to whatever they use now?
Some people use calendars and mark down what they make. I don't believe they're loyal to any ideas as of now. The app could notify you everyday to make sure you don't forget to jot down what money you made.
How big is the opportunity?
It's an app, so it's a great opportunity. It can target all markets and all areas.
How long will the "window of opportunity" be?
I don't think there's much time left to create this app. Everyday people are coming up with new ideas and new applications.
Innovation- The app will be set up like a calendar. It will be a free download with upgrades available. One way this app could make money would be by supporting other companies and advertising. There would be a charge for every time an advertisement was displayed on the layout of $100. By running at least 5 a day, that would make a decent profit overall. There will also be different levels. The first level would be a charge of $5 a month. That would include mapping out the least amount to budget for every month. The next level would be $10 a month and that would give options to input your bills, so that the app can calculate what is left over and how to spend it.
Venture concept
What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch?
Customers will switch to this product because of the quality. It won't just be a budget app for bills. This app will help people save for things like vacations or just to save in general. The customer service will make it well worth it to switch over as well.
Who are the competitors? What are their possible weaknesses or vulnerabilities?
The competition would be other budget apps.
What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?
Customer service is going to be my number one priority. There will be someone available 24/7 to ensure that payments are processed correctly and that the glitches are sorted through in a timely manner.
How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?
Whenever technology is involved, there has got to be a person who can fix glitches and technological problems. There will be a couple of people for marketing, so the word can get out about the app. I would like to hire someone who can work overnights that is somewhat tech savvy so that problems can be resolved at all times.
Minor Elements
My most important resource will be my customer service. It's very rare that you find good feedback on how well you were taken care of or accommodated when something isn't working the way it should.
The next new product would probably be a new app that links to this one and can pay your bills for you. It can also set aside money for vacations, but won't allow you to use it for anything else.
What's next for me would be managing. It would be nice to just sit back, hire good employees, and possibly travel the world while making money.
Changes- I fixed the formatting, so it's not all out of whack anymore. I also added a better reason of why people would switch to my idea. I also added a picture!
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