In this week’s Tio video, Austin talks about his belief in his product as a new type of savory snack meal that could appeal to busy Americans. Think about your “big idea” and what makes it different from other products or services.
“This week Austin explains how he made his product distinctive. As he prepared to launch his company, he studied all potential competitors, noting their different features, formats, target market, and branding strategies. Although his inspiration came from a Spanish product, Austin adapted the idea to suit the U.S. market. Instead of a soup for a sit-down meal, he envisaged the product the way he would want it, as a healthy, nourishing drink, convenient for busy consumers. This important detail positioned Tio somewhere between beverages, soups, and ready-made, on-the-go foods.
By differentiating his product, based on his vision of a “single-serve soup in a drinkable format,” Austin defined a new category in the U.S. food market. His innovative thinking made an opportunity for his product, in a similar way as hummus or Chobani Greek yogurt had done in their respective markets”
Then answer the questions below:
• What is the unique value of your “big idea?” “Opening an Authentic American BBQ Restaurant in Germany”
• Who are your customers? How will this product satisfy their needs or wants? “The German people who are looking for that true American BBQ”
• Who are your competitors? What makes your product different from theirs? “Their will be zero competitors in this style of restaurant for the German people as there is no other like it in Bremen Germany”
References to use for at least one source listed below. “UPLOAD PROVIDED for the below references”
• My Unique Idea
• Lecture Notes
• Chapter 2 – Kawasaki, Guy; The Art of the Start 2.0: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything. ISBN-13: 978-1591847847
• Lopez, Passion before Profit: Following Your Passion is the Essential Entrepreneurial Trait https://www.forbes.com/sites/adrianalopez/2013/08/07/passion-before-profit-following-your-passion-is-the-essential-entrepreneurial-trait/#3b336ebf4517
• Chick, The Why of Innovation https://disruptionhub.com/why-innovation-isabela-chick-7082/
• Small Business Administration, Business Guide: Plan Your Business https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan#section-header-2
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