Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Although this assignment is called the Peeve List, I want you to focus on the potential solutions to your peeves more than the problems themselves

Although this assignment is called the Peeve List, I want you to focus on the potential solutions to your peeves more than the problems themselves (theres a reason Potential Solutions comes first on the list below). I know this seems backwards, but here is the reasoningwe must spend the rest of the semester fleshing out the potential solutions by writing a business plan, projecting financials, producing a pitch deck, and a video pitch. If your solution doesnt hold up to those deliverables, you should keep thinking. There is a reason that customers come second here as well. I dont need detailed customer descriptions here yet (well spend a lot of time on those), but if you cannot name at least one set of customers, you should keep thinking. I understand that thinking about solutions and customers is much more challenging than identifying peeves, but your experience in this course will go much smoother if you can start thinking through what a potential solution looks like and if you have customers. I For this assignment, you will complete a brainstorming worksheet that consists of three columns: 1.Potential Solutions (5): Ask yourself things like: Is there a current solution? If so, why doesn't it work? Could Iimprove upon it? If there is no solution, why do you think that is? Would customers pay for your solution?How much does it cost you to produce/implement? Is it realistic? Who are the major stakeholders? 2.Customer (who would buy it?)(5): Think along the lines of: Is this a problem for others? Why or why not? Whoare these people? Who would pay for this problem to be solved? Find customer segments who experience aquantifiable loss due to this problem or ineffective solution. Think about how you could help customers save money, save time, reduce stress, reduce danger, reduce inefficiencies, etc. Describe your customers however you initially perceive them, remember this is supposed to be a raw initial hypothesis. You can segment customers however you see fit at this point: age, gender, geographic location, occupation, income level, socioeconomic status, similar interests, etc., you will likely use a combination. Be specific. 3.Peeve List (5): Come up with 5 things that bother you. 5 things that make your life more difficult. 5 things youdread doing. 5 things that are wasteful. These problems are the roots of innovative ideas and ventures. Bespecificmaybe you're only peeved by a small aspect of a big process... you can think along the lines ofimproving existing concepts. This should be a raw list of peeves that you'd be willing to pay to avoid. 1.SOME PEEVES TO AVOID & WHY Doing Laundry/Folding Clothes There are solutions if you choose: A maid, pickup/delivery laundry exists here, wash-n-fold drop off exists. If youre willing to pay, you dont have to do laundry. Campus Parking/Traffic Yes, this is a problem, but weve heard this one countless times over the years. The customers (LSU/universities) are difficult, the solutions are too vague/have too many unknowns to navigate. Costs/revenues are very hard to project. Getting Gas No feasible solution to avoid this if you drive. Peoples Chosen Behaviors: being late, chewing loud (heard that one a lottrust me I hate it too), other people driving poorly, etc. These behaviors can certainly be annoying, but solutions that involve changing someone elses behavior will not work well for this course. Poor/No Internet Market and solution are way too large scale. Potholes Market and solution are way too large scale. Revenue models dont work.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Exploring The Hospitality Industry

Authors: John R Walker, Josielyn T Walker

3rd Edition

0133762777, 9780133762778

More Books

Students also viewed these General Management questions