Entrepreneurship and Marketing in Business

Editor's Notes

1. hello we are group 7 
2. Our product is an insect spray, or pesticide, that is able to (literally) freeze insects in their place. I’ll show you - *play video
3. Strengths Novel, innovative and fun to use Less harmful More environmentally friendly Able to freeze various types of insects Weaknesses Higher price than regular insect spray Opportunities Global warming (leads to increase in insect population) New species of poisonous insects spreading (greater public awareness of the danger of poisonous insect bites) Psychological fear of insects (also contributed to by media coverage of deaths and lethal injuries caused by poisonous insects) Threats New market entrants Competitive price pressure
4. So, under customer segregation, demographically we are targeting youth (18-35 years), as well as regular users of insect spray that would be attracted by the novel appeal of the freezing feature and could become potential consumers. What is the targeted customer like? Niche segment of the market Youth-oriented, novel product potential users Environmentally friendly – less harmful chemicals released in the air Fear of insects – spray makes them immobile, so bugs can easily be picked up and thrown outside
5. The barriers to entry are not high – competitors can make a similar product as long as they understand the technology behind it and contract a supplier to manufacture it for them. In the existing market, the competitors are regular chemical pesticides, so the threat here is not so high as the product is differentiated from the market by the freezing feature. The customers in the industry have low power as it is a mass consumer product, so each individual purchase carries less weight. Conversely, the suppliers have greater power as the market norm is chemical pesticides, and the manufacturing of the ice spray would entail personally contracting with a supplier due to the new technology required. This is the reason why the threat of substitute products in the short-term is low – rivals would have to figure out the technology used before they would be able to reproduce it in their own products, although it might be a risk in the long-term, hence the high threat of new entrants, as mentioned for the first point.
6. Unique costs of the product: Contracting suppliers to specially manufacture it Unique revenue drivers: Word-of-mouth advertising peer-to-peer interaction