Business Project
For this project we were tasked with creating our own business. We started off with having a month to think about what we would like to do and to draw drafts for our product. We then had our peers critique our idea, after we had looked at all the suggestions we made adjustments to our products. In order to figure out how much profit we would make we had to first calculate our costs. After getting our costs we needed to figure out who our target population was and out of them who would buy it. We had to survey about 50 people in order to get a decent amount of data. We took that data and plugged it into a website that gave us a linear regression, we took our numbers from that and created a quadratic regression. The quadratic regression told us our break even points and our optimum price. We took those prices and estimated how many units we thought we could sell per day in order to figure out how much profit per month we'd make. The last component of our project was to pitch to a panel of parents, teachers and venture capitalists.
Product Photo
My product is a vending machine that helps the homeless. I am wanting to place it outside of homeless shelters so people will know what it is for. When you insert your money instead of getting the item like a traditional machine you will get a certificate similar to the ones above. You can either hand it to the homeless person yourself or to the shelter the machine is outside of. I am wanting to partner with homeless shelters across San Diego and with the city in order to get help where I may need it. I would like to start off by doing a pilot program. I will create one machine and test it in a location for a couple months to see how it does. If it does well I will try to expand my business, if it does poorly then I will change the location to see if that helps.
Click Here To View My Pitch Slideshow
Click Here To View My Pitch Slideshow
Product Proposal Letter
Have you ever wanted to give money to a homeless person but weren’t sure if they would use it for good? I have a simple solution for that. I am creating a product called Materials From The Heart. It’s a vending machine that will be filled with items that the homeless may need such as blankets, shoes, jackets and personal hygiene items. It will operate similar to a regular vending machine but instead of dispensing your item as soon as you put the money into the machine it will print out a certificate. Once you receive the certificate you hand it to the homeless person and they then go back to the machine and choose their items. The machine will be all black with the logo printed on top, a touch screen will be on the side of the machine where the donators will have the opportunity to see what items are inside.
Click Here To Read My Full Product Proposal Letter
Click Here To Read My Full Product Proposal Letter
Product Portfolio Packet
Before we were able to figure out our pricing we had to get all of our costs to produce first. We then chose prices we felt would be fair and then surveyed a group of 50 people. We said our pitches then asked how much they would pay for our product. We collected all of the data and put it into a linear regression. After we had our linear regression we took that data and plugged it into another table to get our quadratic regression. Our quadratic regression gave us our price points, it told us our optimum selling price and our break even points.