Weekly Reading Reflections Vol. 6

What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

The article brought up an interesting point in "why a fast-growing industry is not always a profitable one, how eliminating today’s competitors through mergers and acquisitions can reduce an industry’s profit potential". If I recall correctly it is taught in Economics classes that when companies are first founded, they're most profitable because the low competition. 

Identify at least one part of the reading that was confusing to you.

The charts on profitability seemed strange because I've interpreted it as a very abstract and subjective measure, but I suppose they do solidify the evidence.

If you were able to ask two questions to the author, what would you ask? Why?

1) How come only 5 points?

 2) Does this still apply today because it was created in 1979?

Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I think that it would be wise to examine Porter's theories in today's more modern society in order to count for any new variables.

Customer Interviews No. 3

 Well, it took three assignments but I'm finally starting to not hate customer interviews and to have fun with it. For this round of interviews, I typed up a brief synopsis of my business model and product and had the person read it. From there I could get a better idea of if people understand the concept and how interested they were. I interviewed at my apartment complex, politely informing people walking towards their cars that I was a UF student with a few questions about an entrepreneurship project. I also asked if they enjoyed sharing music at parties or in the car, how much they were willing to pay for my system, and what types of audio equipment problems they faced in work or at school? I decided to survey people in my complex because they are of different upbringings and can shine light on family use, and because I could get interviews with participants of varying age.

  I liked seeing people react positively to my pitch. I learned that older people would definitely not be the most interested customers, but that middle aged people will be the main purchasing customers because they have more channels to distribute to (kids presents, for their workplace, they use bluetooth radios themselves frequently) I also discovered I need to make my pitch or even parts of my product simpler to understand. A couple people had to have me repeat what I meant about the functions.

The last participant stated she preferred not to be video recorded. I will transcribe the results.

Emma (30)

So how do you feel about the idea?

I think it's really smart. It really is a constant problem of getting your music to work correctly. I like that you thought of personal and professional uses too. So, Is this something you're actually building for class or something? 

Do you enjoy sharing audio with friends? Is it something you do often?

Yea we do that a lot in the office, and I always try to have a cord in the car for friends.

How much would you be willing to pay for a product like this?

Uhm, I'm not sure possibly 30 or 40$.

What type of audio issues have you encountered at work or school?

The usual bluetooth connection problems. For work we have presentations often and some of the older employees choose not to use powerpoint because they don't feel comfortable with that type of technology, that's just something i've noticed. I really am clueless with cords so  thats a problem I have, and where your system could come in handy.

IDEA NAPKIN NUMERO UNO

ME. Anthony Davila. That's my name at least. At the heart of my being, I am ambitious, creative, laid-back, and observant. Currently I am in the midst of my sophomore year at the University of Florida, and have learned that I have considerable talent in the form of networking, public speaking, leadership, and persuasion. By the end of my college years, I want to turn degrees in business and advertising into the foundation of my own social entrepreneurship venture. When it comes to my aspirations for my other concept, JUKEB(AUX), I see it becoming a time-consuming, yet fruitful, side project. If anything, it will turn from a personal success, into one I can share with the world.

WHAT? Despite all the advances in the music and audio industry, there are a few key inefficiencies yet to be addressed. Why does it take so much effort to connect to speakers? Why do we waste so much time with adjustments and errors in between presentations? Why is sharing music, the very thing that links us all as human beings, not instantaneous and intuitive? JUKEB(AUX) serves to answer all these questions and more. There are two components to the system. An antennae receiver and a mobile app. The anttennae plugs into any speaker/amplifier input and opens up a channel where several users can connect their bluetooth devices simultaneously. From there, the mobile app will allow people a chance to instantly take turns sharing and organizing playlists. Everyone will get a chance to contribute, and all information is stored in the app so you can revisit and download tracks you enjoyed at your leisure. This system has benefit for the professional industry as well. For conferences, forums, or performances, JUKEB(AUX) will allow the real-time organization of speakers and acts so that the audio in every performance is handled smoothly and efficiently. Rather than waste time and resources adjusting mics, switching outputs, and waiting impatiently for audio clips to cue, my system will have each presentation be able to cue their audio on the app and effortlessly move forward one after the other.

WHO? There are two main use categories I am targeting: personal use and professional use. For the personal use, my demographics will be aimed heavily at the younger population (< 35) as they dominate usage of music sharing services and sales. However, im in luck. Since music has no limits or boundaries, there is no set psychological or ethnic group I would have to focus on. Economically, this product would be aimed towards the middle and upper classes. The product itself will not be incredibly expensive, but because it incorporates the use of smart phones and speakers (expensive products to begin with) there might be some need to differentiate the economic audience.

When it comes to the professional market, there will be a shift in this rationale. This market is older and wealthier. Rather than individual consumers buying for entertainment, companies would pay for this service. While my product can and should be used for any type of meeting or presentation, I believe that mostly companies within the entertainment or presentative community would have the most interest.

WHY? Customers continually stay on top of current music technology trends, and half of these products can't even be considered innovative. Here comes JUKEB(AUX), a product that solves many people irritants and problems with the current system of music/audio sharing AND is priced moderately. I think consumers will jump at the chance for something like this since they already do for more expensive and pointless audio products.

BOTTOMLINE. I have the idea. I have the ambition. I have the solution to a continuing inefficiency within the audio tech industry. I have the marketing knowledge and selling power to make this dream product a reality. As I have proven again and again throughout my life, if there is something I want: I GET IT. Many people have ideas and skills, but if anything sets me apart it will be my persistence to achieve what I set out to do, no matter how or the time it takes.