- Opportunity
The unmet need consists of many different parts
- Kids feet grow at a rapid rate
- Parenets have to constantly buy new shoes to accommodate their growing feet
- These shoes could still be in good condition, and it seems wasteful to toss them after having them for only a couple of months
- The customers/demographic is families with young children
- This opportunity is big because it exists all over the country/world, and will continue to exists as long as there are kids who wear shoes
- Innovation
-The product that accommodates this unment need is adjustable shoes
-the way they work is a lot similar to the picture below. There will be a pin/button on the side of the shoe that locks it in place to the desired size.
-the shoes will be made of an athletic material, with an excess at the “joint of the shoe”
-in the soul/foot of the shoe there will be a mechanism that allows for the shoe to slide forward or backward
-The back of the shoe will be slightly wider to allow space for the adjuster to fit between
-the shoes would be relatively cheap around 50 dollars
-the revenue drivers are the sales of each type of shoe. Different colors being (black, white, blue, and pink).
Prototype drawing
- Venture concept
-people would buy this product because it would save money in the long run
-the shoes will look fashionable
-it is more practical than competitors
Competitors:
-all other shoe brands
-their weaknesses are that they only sell one size & are overpriced for kids shoes
-packaging, price, distribution, and customer experience are all very important to this product. However I believe the functionality of this product is what will define it.
-the business will not have of its own stores. The shoe will be sold at common shoe stores (ex. foot-locker). The energy will be spent on hiring specialist in design/engineering and manufacturing to ensure the shoe design is top quality. Another approach to my concept would be to patent the idea, create a prototype, and then sell it to an existing shoe brand & claim a portion of the profits.
Beau,
ReplyDeleteI love this concept. Everyone with kids will be enthusiastic to purchase this product. Parents spend so much money on kids clothes and shoes when they outgrow them. This is a great idea. I think the main area of concern is ensuring the shoes remain comfortable. I also think patenting is a very good idea as it would allow you the flexibility to sell the idea if you desired to do so. Also correct accomidate to accommodate and excess point to access point. Great job
Hello Beau,
ReplyDeleteI love your idea. I don't know about the need personally, but I have plenty of younger cousins and nephews that are always in need of new clothes. You have a very big market and I also think this can benefit non-profit organizations that provide shoes to those in need. I like that you provided a sketch as well. You did a great job.
Beau,
ReplyDeleteSomehow this is my first exposure to your business concept. I love it! You're right, we waste so many shoes growing up as our feet grow at insane rates. I definitely bought new shoes once a year during elementary school. If we say that kids get new shoes once a year and if you can get the adjustable shoe to reasonably last (normal wear and tear) 3 years, that's already worth the price of $17 per year. Kids get pretty rough with their shoes, though, so I would try to make sure that the shoe lasts long enough to make the cost worth it. Food for thought!
Having a 9 year old daughter, I know the struggles of constantly buying new shoes. Also you could try using maybe velcro, or even elastic. I know with my daughter growing so fast she can almost fit into my shoes. She is already trying to wear some of my heels by adjusting the straps on the back, and with my Converses, she just ties the shoe strings extra tight so they fit her feet. You are on your way to creating a great product!
ReplyDelete