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Kadak day 5

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  • 1. Authentic Asia Tea T4UTotal Customer Interviews: 242 to date(21 in person + 42 online + 3 mall visits + 2 store manager interviews yesterday +BUILT A WEBSITE!) Adeem Fenster Stella Chan Richard James Shashi Shrimali Sanjay Bharadwaj Neeraj Lal
  • 2. MVP Cups Indian Tea Chinese Tea English Tea Herbs & Spices SweetenersEntry Pick a herb Pick a Pick a cup Pick a tea sweetener Boil your tea Pay money Store your TeaId Exit Enjoy your tea and come back
  • 3. Takeaways Tea café Kiosks• High-end tea café in NY city => set for •Low fixed costs/rentfailure • High foot traffic•Key costs: Rent, Utility, Salary, andingredients… •Customized Kiosks available at $20K- $40K•Market for both hot and cold tea • High visibility => low marketing costs• Flagship store => for branding• Way to make money => go outsideNew York City• Sell your products via partners• No brand => no partnering withrestaurant
  • 4. Tested the concept: Kiosk at a mall
  • 5. Click the step that’s most important to your tea experience
  • 6. Validation but still needs improvement… Other What are we missing? I wish the Testing the Kiosk 7% Concept idea were... 13% Hate the Coffee idea 19% 1% Pastries 24% Like the Cold tea idea drinks 86% 22% Food 28% Whats most important? Only if... Would you buy? 8% Choosing the tea leaves that I 59% No way want 10% Remebering the way I made my 41% tea so I dont have to do it againA lounge to hang out and enjoy my 41% Absolutely tea 49% Having someone make the tea for Maybe 24% me 33% Something else... 10% Setting how long I want my tea to 10% boil
  • 7. Kadak – 04/16/2012 What Key Activities do we Who are our Key require? Partners? How will we Get, Keep • Purchasing raw material• Indian stores and Asian • Brewing tea and Grow Customers? Which of our customer’s • Consistent quality stores • Setting up retail outlets problems are we helping • Increase product variety• Eventually tea makers • Advertising, & marketing • to solve? • loyalty program tea card• Indirect distribution Setting up customer feedback • Who are our most channel and analysis • consumer have limited access word-of-mouth from students through -- subway, panda (campuses) important customers? • Business development with to authentic Asian tea in a express • Tea cart promotion via • repeat customers, Asian- campuses retail format • Product mix creation Facebook or Tweeter immigrants consumers Who are our key • FP&A management • Tea tasting event to collect • health conscious customers suppliers? • Hiring customer feedback (via iPad)• Indian store from NJ Which customer needs What are their• Chinese stores from are we satisfying? archetypes? Chinatown • Desire to consume authentic • The Indian• Grocery stores such as Asian tea outside home • The rising teen Wal-mart • Healthy parents• Restaurant • Undergrads utensils/hardware What Key Resources we Through which Channels • Baby-boomers suppliers require? What are the Key Features of our product do our Customer • Money Segments What Job do they want What are we getting • Retail outlets that match customers from them? Giving problem/need? want to be reached? us to get done for them? • POS system to track sales • make the tea (incl. picking them? • taste of our tea (quality) • direct retail • SAP system for accounting• Milk, sugar, Splenda, tea • the availability of tailored • direct-to-home the best ingredients) • License from NY / Campus • education of tea leaves, cups, spices, pots/p approval flavor delivery ans • HR for hiring & training • speed of delivery• MONEY, more revenue • Tea brewing equipment • convenience What are the most important costs inherent in our business model?Fixed How do we make money? What’s the revenue model? Pricing• Rent tactics?• Equipment, furniture and fixtures • Low Intro promotion price to attract customers($1.99) Variable • Keep the price close to Starbucks thereafter• Raw materials & supplies • Never price below breakeven even during promotion period• Employee salaries • Find ways to give them discounts (survey --- buzz discounts)
  • 8. Kadak – 04/17/2012 (morning) What Key Activities do we Who are our Key require? Partners? How will we Get, Keep • Purchasing raw material• Indian stores and Asian Which of our customer’s and Grow Customers? • Brewing tea stores • Setting up retail outlets problems are we helping • Consistent quality Who are our most• Eventually tea makers • Advertising, & marketing to solve? • Increase product variety important customers? • • consumer have limited • loyalty program tea card  repeat• Indirect distribution Setting up customer feedback channel and analysis • word-of-mouth from students through -- subway, panda access to authentic Asian (campuses) customers, Asian- • Business development with express campuses tea in a retail format • Tea cart promotion via immigrants consumers Who are our key • • Product mix creation FP&A management Facebook or Tweeter • Tea tasting event to collect • health conscious suppliers? • Hiring Which customer needs customer feedback (via iPad) customers• Indian store from NJ are we satisfying?• Chinese stores from What are their • X Desire to consume Chinatown archetypes?• Grocery stores such as authentic Asian tea •  The Indian Wal-mart outside home • The rising teen• Restaurant • Healthy parents utensils/hardware What Key Resources we What are the Key Through which Channels suppliers do our Customer •  Undergrads require? Features of our product • Segments •  Baby-boomers Money that match customers What are we getting • Retail outlets problem/need? want to be reached? from them? Giving •  direct retail/franchise What Job do they want POS system to track sales •  taste of our tea them? • SAP system for accounting model us to get done for them?• Milk, sugar, Splenda, tea (quality) • License from NY / Campus • direct-to-home •  make the tea (incl. leaves, cups, spices, pots/p •  the availability of picking the best approval delivery ans tailored flavor ingredients) • HR for hiring & training• MONEY, more revenue • speed of delivery •  education of tea • Tea brewing equipment • convenience What are the most important costs inherent in our business model?Fixed How do we make money? What’s the revenue model? Pricing• Rent tactics?• Equipment, furniture and fixtures • Low Intro promotion price to attract customers($1.99) Variable • Keep the price close to Starbucks thereafter• Raw materials & supplies • Never price below breakeven even during promotion period• Employee salaries • Find ways to give them discounts (survey --- buzz discounts)
  • 9. Tea Lab – 04/18/2012 Which of our customer’s problems are we helping to solve? What Key Activities do we • consumer don’t have Who are our Key require? Partners? access to quality tea outside • Purchasing raw material• Indian stores and Asian • Brewing tea the home How will we Get, Keep Who are our most stores • Setting up retail outlets • Formula/proportions are and Grow Customers? important customers?• Eventually tea makers • Advertising, & marketing off • Unique, customized tea, their• Indirect distribution • Setting up customer feedback way • repeat customers through -- subway, panda channel and analysis • Business development with • Consistent quality • health conscious customers express Which customer needs are campuses • Increase product variety • Product mix creation we satisfying? • loyalty program TEA I.D. Who are our key • Customers looking for a fun • FP&A management new experience suppliers? • Hiring • Tea the “way I like it”• Indian store from NJ outside the home• Chinese stores from What are their • Cool experience / social archetypes? Chinatown setting for tea • The Indian• Grocery stores such as • The rising teen Wal-mart • Healthy parents• Restaurant • Tea w/out tea bags • Undergrads Through which Channels utensils/hardware What Key Resources we • Baby-boomers do our Customer suppliers require? What are the Key Features Segments • Money of our product that match What Job do they want What are we getting want to be reached? • Retail outlets customers problem/need? us to get done for them? from them? Giving • Teal lab stores • POS system to track sales • Custom tea their way! them? • taste of our tea (quality) • • SAP system for accounting Fun/unique ingredients• Milk, sugar, Splenda, tea • Experience • direct-to-home • make the tea (incl. picking the • License from NY / Campus • the availability of tailored flavor leaves, cups, spices, pots/p approval delivery best ingredients) ans • Online • education of tea • HR for hiring & training • speed of delivery • cool place to hang out• MONEY, more revenue • Tea brewing equipment • Convenience What are the most important costs inherent in our How do we make money? What’s the revenue model? Pricing business model? tactics?Fixed • Online sales for home consumption• Rent • Data – based on the TEA ID card!• Equipment, furniture and fixtures Variable • Keep the price close to Starbucks thereafter• Raw materials & supplies• Employee salaries • Never price below breakeven even during promotion period • Find ways to give them discounts (survey --- buzz discounts)
  • 10. Tea Lab – 04/19/2012 What Key Activities do we Who are our Key require? Partners? Which of our customer’s How will we Get, Keep• Indian stores and Asian  Purchasing raw material problems are we helping and Grow Customers?  BRAND – Tea Lab to solve? • Unique, customized stores Who are our most• Eventually tea makers  Brewing tea tea, their way important customers?  Setting up retail outlets  consumer don’t have access • Consistent quality• Indirect distribution  Advertising, & marketing to quality tea outside the • Increase product variety through – franchises in home  repeat customers  Setting up customer feedback • TEA I.D. airports, hotels?subway,  Formula/proportions are off  health conscious channel and analysis • word-of-mouth from panda express customers • Business development with students (campuses)  Customers looking for a campuses • Tea tasting event to collect Who are our key fun new experience • Product mix creation Which customer needs customer feedback (via suppliers? • FP&A management are we satisfying? iPad)• Indian store from NJ • Hiring What are their• Chinese stores from  Tea the “way I like it” outside archetypes? Chinatown the home• Grocery stores such as  Tea w/out tea bags  The rising teen Wal-mart  Cool experience / social  Healthy parents setting for tea  Undergrads Tea merchants Kiosk manufacturers What Key Resources we require? Through which Channels What Job do they want Restaurant What are the Key utensils/hardware do our Customer us to get done for them? Features of our product Segments suppliers • Money that match customers • Retail outlets want to be reached?  Custom tea their way! problem/need? What are we getting • POS system to track sales  Fun/unique ingredients • Tea lab stores Tea lab kiosks from them? Giving • SAP system for accounting  Taste of our tea (quality)  make the tea (incl. picking them? • direct-to-home delivery the best ingredients) • License from NY / Campus  The availability of tailored Milk, sugar, Splenda, tea • Online  education of tea approval flavor leaves, cups, spices  cool place to hang out • HR for hiring & training  Speed of delivery MONEY, more revenue  Convenience • Tea brewing equipment  Experience What are the most important costs inherent in our How do we make money? What’s the revenue model? Pricing business model?Fixed tactics? Rent Equipment, furniture and fixtures • Online sales for home consumptionVariable • Data – based on the TEA ID card! Raw materials & supplies • Keep the price close to Starbucks thereafter Employee salaries • Never price below breakeven even during promotion period • Find ways to give them discounts (survey --- buzz discounts)
  • 11. Tea Lab – 04/20/2012• Tea  Purchasing raw material manufactures • Unique, customized  BRAND – Tea Lab tea, their way• Mall  Brewing tea  Setting up kiosks • Consistent quality Mall shoppers managers  Advertising, & marketing consumer don’t have • Increase product repeat customers• Other raw  Setting up customer access to quality tea variety health conscious feedback channel and outside the home • TEA I.D. customers material analysis Formula/proportions • Product mix creation Customers looking suppliers • Hiring + training are off • Tea Pots for a fun new experienceKioskåmanufactu Tea the “way I like it” rers outside the homeRestaurant  The rising teen utensils/hardwar  Taste of our tea  Healthy parents (quality)  Undergrads e suppliers • Money • Custom kiosks  The availability of tailored flavorMilk, sugar, Sple • POS system to track  Remember me • Tea lab kiosks  Custom tea their way!  nda, tea I.D  Experience • Flagship store  Fun/unique ingredients Have us make your tea leaves, cups, spi • HR for hiring &  Cool experience /  education of tea ces training social setting for tea  cool place to hang outEquipment • Tea brewing equipmentFixedRentEquipment, furniture and fixtures • Mall kiosks • Online sales for home consumptionVariable • Flagship storeRaw materials & supplies • Data – based on the TEA ID card!Employee salaries
  • 12. Our Journey in this class ……Walk Beginning End of End of End of End ofin with Day 1 day 1 day 2 day 3 day 4an idea