The opportunity that I present is an all in one diagnostic tool for your car. Drivers are constantly driving around with issues on their cars that they do not know about which leads to costly repair bills if they are not tended to in the correct manner. This tool will give you access to all your vehicles functions and be able to view regularly scheduled maintenance. This device will allow drivers to get the peace of mind that they deserve so that they know when something is wrong with their car in all aspects and can attend to them in an appropriate manner.
The need for this exists because there are a lot of drivers who are unaware of the consistent maintenance that a car requires and this device will keep drivers aware of the health of their cars. Newer cars are requiring longer intervals which can cause drivers to be less aware of what items need to be tended to. There are a lot of older cars on the road as well that simply do not have this technology available as standard equipment so that drivers can stay aware of the service needs for their car. These are the forces or changes in the environment creating this opportunity. This device is intended to let drivers know when to get an oil change and when to put air in their tire, when to change the filter, as well as diagnose any problem that may result in a check engine light. This device will plug into the OBD port on a car and sync with a mobile application on your phone.
The device is tailored to customers who are high school and college aged or elderly but are not limited to these audiences. The device will be highly populated in areas where people that fit that demographic live. The reason why this opportunity exists in these markets is due to the idea that they are not as educated on servicing their vehicles due to inexperience or it being to complex. This is not to be mistaken that these individuals are not capable of getting these services done on their own. Customers are currently satisfying the need by following dealer recommendations, personal knowledge, and service intervals listed in the owner’s manual. A lot of people develop a sense of trust with their mechanic and trust their word for any services or repairs their cars may need. This is where a lot of their loyalty lies.
This opportunity is big because it can revolutionize the way people keep their cars on the road. The window of opportunity for this product will be open for as long as there are consumers in this market.
The reason customers will switch to this product is because it is will make owning a car a much simpler and headache-less process. This will simplify and streamline car servicing and repairs. It is easily accessible and will be compatible with nearly every make and model of car. There are currently no direct competitors to this products with the exception to the carsbuilt in computer. The weakness of these competitors is that you have to pay for this features and they are limited to that specific vehicle. The factors of my business concept that play a significant role are the price point and distribution. This product will be affordably priced, $49-$149 depending on the model, and be easily accessible at your local auto parts store like AutoZone or pep boys.
After feedback from prospective customers and from the potential sellers of this product, it has been suggested that research of a current company who currently develops products similar to the product I’m offering should be conducted. This will reduce production costs and reduce the cost of the product long term so that it is more accessible to consumers.
The resource that I see as most valuable is competency of what customers want. I believe this is the most valuable resource because they are the people who will be buying this product so it is essential that we tailor it to our customer needs. The next step for this venture is to help consumers perform the repairs themselves. With this technology, it will be easy to instruct consumers on how to perform simple services or repairs like an oil change. Five years from now, I want this to be a device that everyone own so that they can save lots of money from preventable services.
The feed back that I received on this venture was very minimal. It was suggested to me to look at co-producing with another company who make similar products. This product is very similar to an OBD II module which would allow for production to be relatively easy to establish. This will reduce production cost and allow for the device to hit the markets relatively quick.
I didn’t change my venture concept too much. I received good feedback about the product. The line got blurred when it came to production and the implementation of the product. It has been suggested that I establish a collaboration with an existing company to reduce costs
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