10A

9A

From interviewing a different set of five people, I learned there is actually a lot of variability in my unmet consumer need. When I first thought of this opportunity, I naively believed that everyone who smoked would have an unmet consumer need to quit this behavior. However, this is very far from the truth. From my new interviews, I learned that certain people who share a lot in common with other people from this opportunity don't actually have this unmet need. For example, two of the people I interviewed are heavy cigar smokers, but do not smoke cigarettes. Both of these people told me that they have no desire to give up tobacco products. They say smoking a cigar every day is part of their routine, and they have no desire to give it up. Another one of the people I interviewed works at a tobacco shop down the street from me. He told me that most tobacco shops do not like selling Electronic Cigarettes at their shops, because they believe that it will eventually ruin the demand for smoke shops. From these new interviews it is very apparent to me that even though people share the same characteristics as others that have this unmet need, that not everyone will lie in this boundary.

At a certain point, it seems like the need to quit smoking differs from the need to quit smoking cigarettes. One of the new people I interviewed says that he only smokes vapes, cigars, or marijuana. Thus, even though people would consider him a heavy smoker, he does not smoke any cigarettes whatsoever. Because of this he told me that he does not support the E-cig market whatsoever. Instead, he thinks people who want to quit smoking should find a way to quit themselves. He further went on to say that he does not think it fair to the tobacco industry to have someone practically come in and undercut them in such a way. With all of this being said, it seems that the need I have come up with is actually very conflicting.

The underlying cause for the people who lay outside of this boundary rests in the disruption of the market. Almost all of the people I interviewed stated this as their main reason for not supporting the E-cig market. They believe that it will interfere with all of the people in the tobacco industry. Not only will it directly hurt the tobacco industry, but they also claim that it will hurt our economy as a whole. They claim that so much revenue is brought in from tobacco, that if the sector were to disappear, they fear that we may be taxed may more to compensate for this loss.


                         Inside the Boundary                                    Outside the Boundary
-People who are smokers, and have a desire               -People who are smokers, but either wish to
to quit, especially by switching to E-cigs                      continue smoking or not switch to E-cigs
-The need is to save peoples lives from                      - The need is not to get rid of tobacco, but to
tobacco, by switching to a healthier mode                    have people quit smoking by themselves
of smoking, E-cigs                                                      -An alternative explanation is that smokers
-The need exists because every day lives                     are so invested in this that they cannot stop
are lost due to people smoking tobacco

8A

My selected opportunity involves the usage of Electronic Cigarettes. However, as I learned from my interviews with people, it is not as easy as it sounds to make the switch from tobacco to E-Cigarettes. However, with so much health damage being done by tobacco every day, there is still a substantial amount of unmet consumer need for this product. However, as an entrepreneur I must find a way to make people more willing to make the switch from tobacco to E-Cigs. A product I thought that could solve this issue is a system that phases out the tobacco from cigarettes. Week by week I would introduce a version of an E-Cig that contains less and less tobacco in it, which should help ease the difficulty of moving away from tobacco. Another option is to introduce marijuana and or cannabis in states where it is recreationally legal. Pretty much anything that can get people away from using tobacco would be welcomed in this market. I believe that by using this phasing out system, many more tobacco consumers would be willing to try the E-Cig market, which would boost its demand by a long shot.

7A

1.       The opportunity I have decided to pursue is the emergence of E-Cigarettes, and their opportunity to take over the tobacco industry.

a.       The Who: The Electronic Cigarette industry versus the Tobacco industry

b.      The What: With so many cancer-related deaths every year, more and more citizens are switching to electronic cigarettes, because it is perceived as a healthier option

c.       The why: A change in consumer demand is paving the way for electronic cigarette companies to make some money

2.       I believe that with the change in demand that has come on so prominently with E-Cigarettes, I believe there is a huge unmet consumer need for them.

a.       Testing the who: Other than the two industries competing for consumer demand, people who currently smoke tobacco have a huge unmet need for E-Cigarettes. It could prolong their lives by drastically improving their health.

b.      Testing the what: Would this demand also apply to people who smoke non-tobacco products like marijuana and hookah? Would this be mainly for older citizens, or a conglomerate of ages?

c.       Testing the why: I believe the why I have identified should hold for most of the people who smoke tobacco products. Tobacco has been proven to harm people’s lives, while greatly increasing the risk of cancer. Assuming that most humans are rational beings, the why should thus hold for most of these people?

3.       For my five interviews, I tried to get a mixture of people to ensure that I got the most out of my time. For example, I interviewed three smokers, and two nonsmokers. Among the three smokers, I asked a college smoker, a middle-aged smoker, and an older smoker. This way I could get the most out of my results. From the answers I received in my interviews, it seems that even though tobacco has been proven to negatively affect your life, the people who smoked that I interviewed were not so easy to give it up for E-Cigarettes. Some of the reasons I received is that it helped them relieve stress at work, it was something they have been doing for so long it would be hard to stop, societal pressure, etc. This wasn’t what I expected to hear from the smoking group. However, both of the nonsmokers agreed heavily that the emergence of the E-Cigarette market is a huge gain for society. This will give people the chance to improve their health and their lives, they both stated. So, these interviews really changed what I know about this opportunity. It seems that many smokers may not actually support the emergence of electronic cigarettes because it goes against everything they know. This is an opportunity I would have to do much more research on to get a true conclusion.

6A

1.     1.   The first economic opportunity that I found is the belief that increasing the interest rate by the Fed. This creates unmet customer needs by lowering the demand for keeping money in banks. Instead, people want to hold on to liquid money. This lowers investments in a country, which stunts economic growth. I found out this opportunity through countless economics classes, as well as from reading the magazine The Economist. The reason I think this opportunity exists is through the repeated history of the United States. As the Fed increases interest rates, companies do not borrow as much, and on top of that will have to pay higher rates for what they already have in the banks. This is not good for meeting the needs of consumers, especially entrepreneurs who are trying to receive loans to start up a business. I believe the prototypical customer for this need is current companies and potential companies looking to receive help from banks. Both of these prototypical customers will be hurt by this. This opportunity is hard to exploit since this is controlled by the Fed. People and companies have no say at all in this. The reason I think I saw this opportunity while others do not is my experience in economics. I am able to understand the consequences of the Fed raising interest rates, or changing the open market operations of the economy. Many citizens do not understand what these changes really mean, or what they do to the economy.

2.      2.  Another economic opportunity I found is the emergence of online shopping. I believe this offers a lot of unmet customer needs for consumers. To begin with, when purchasing items online, it is impossible to try things on to see if they fit before you get them. This can cause a lot of problems, because many companies have different size systems. This can lead to a lot of customer dissatisfaction. I found a good online article that describes the pros and cons of online shopping. The fact that so much money is brought in through online shopping is what brings me to believe that there is a lot of unmet consumer needs in this sector. The prototypical customer here is me and you. Just about everyone and their mother has purchased something from an online site. Whether it is clothing, an event ticket, food, etc. there is so much demand in the online retail world. Yet, reading reviews from consumers after their purchases tells a different side of the story. There is a lot of negative feedback about this, which leads me to believe there is a good amount of unmet consumer demands. This opportunity would be relatively easy to exploit due to the fact that there is not a lot of asymmetric information in this market. Everything about the products is usually required to be put on the online sites. I see this opportunity to exist due to the nature of people being consumers. They expect their products to be up to par with what they were buying. Anything less than that will be unsatisfactory.

3.       3. The opportunity described in this article is the possibility of American firms losing ties to Russia. With the relationship between Marco Rubio and Vladimir Putin mounting, it is quite possible that globalization ties with Russia will be severely cut. In this article, it is explained how Marco Rubio’s proposed bill could mean harsh sanctions on Russia if meddling in elections continues. While his intentions are good, this bill could prove to be detrimental to the American economy. Our oil and natural gas sectors would be hit the hardest by this bill. This bill would require firms that are involved with certain key Russian industries to be removed.  What leads me to believe this opportunity exists is through historical examples. Looking at past instances where trade has been restricted between countries usually corresponds to both countries GDP’s being hurt. This is not what either country wants, so something must be done to combat this. The prototypical customer here is the American’s who are employed in the oil and natural gas sectors. They are all in danger of losing their jobs and being forced into a new field, all due to this proposed bill. This opportunity is hard to exploit because again, the government is in charge of whether this bill will be passed or not. The people in the oil and natural gas sectors unfortunately have no say over this. This leads to a huge amount of unmet consumer needs. I saw this opportunity when others might not because I understand the broad consequences of a whole sector being shut down. Not only will these people lose their jobs, but they will then have to apply for other jobs, thus creating a trickle-down effect of more and more people losing jobs.

4.     4.   The last regulatory change I found that might bring about an opportunity is the paid sick leave and minimum wage policies at local and state levels. I found this opportunity on an online article by Business News Daily. The thing that leads me to believe this opportunity might exist is the implications of raising the minimum wage. Raising the minimum wage could see a huge increase in consumer investment and spending. This is a huge example of unmet consumer needs. The prototypical customers here are the people who earn at or near the current minimum wage. An increase in this wage would substantially help their lives out. This opportunity is hard to exploit, especially since minimum wage jobs usually don’t have unions. Thus, it is hard to go about changing the minimum wage laws. I saw this opportunity when others may not because other people may not feel that these minimum wage workers deserve an increase in pay. For whatever reasons that may be, I heavily disagree with that. I think the minimum wage should be increased by some amount.

5A

1.       https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AORLB%21Orlando%2BSentinel%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0902%21September%2B02&f=advanced&action=browse&format=text&docref=news/16E2F09158909300

·         The opportunity that I found in this article is the creation of many jobs in Brevard County, thanks to the reemergence of the space industry

·         Title: New Space Race Fueling an Economic Comeback

·         This article describes the comeback of the economy in and around Brevard County. Most of it has been attributed to the reemergence of the space industry. The main component of this has been the Kennedy Space Center. Space shirts have once again become a staple product around here because of the three recent shuttle launches.

·         The problem described in the story has to do with the Kennedy Space Center. With the emergence of big space companies like SpaceX and Blue Origin, the future of the KSC hangs in jeopardy.

·         SO, the person who has this problem is the entire Brevard County. The emergence of these big companies is a dark spot in their economy. They must do something to combat the pressures of these big companies.

2.       https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AORLB%21Orlando%2BSentinel%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0907%21September%2B07&f=advanced&action=browse&format=text&docref=news/16E494AA13BB54A0

·         The opportunity in this article is unionized workers from Central Florida getting the opportunity to improve their standard of living. The way they plan to do this is by phasing in a higher minimum wage.

·         Title: Disney Union Workers “Ok” Historic Contract

·         This article describes the path that union workers must overcome to achieve a higher minimum wage. Many of Disney’s workers believed that they were not receiving wages that were fair for their work. So in return, almost 99% of the workers voted in favor of phasing in a higher minimum wage. This is set to be completed by 2021. This increase in wage will also come with up to $1000 in bonuses.

·         The problem described in this story is the workers of Disney not being satisfied with their wages. With Disney not having many substitutes to go to instead, (besides Universal) they are able to control the wages that they pay their workers. To compensate this, the union is trying to have its voices heard.

·         The people who incur this problem will be Disney and other tourism destinations around the state. They will have to raise their wages to compete with Disney. If they do not, they will not be able to keep their workers, because their employees will now have better options.

3.       https://infoweb-newsbank-com.lp.hscl.ufl.edu/apps/news/document-view?p=WORLDNEWS&t=pubname%3AORLB%21Orlando%2BSentinel%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0907%21September%2B07&f=advanced&action=browse&format=text&docref=news/16E494A96463CFA8

·         The opportunity described in this article is the chance for oil companies to explore oil regions that have previously been off limit. The opportunity to tap into untapped resources is a big opportunity for big oil companies across the country.

·         Title: One More Time: No Oil Drilling

·         In this article, it is explained how drilling for oil near Florida’s coasts have been illegal for many years. However, big oil companies are lobbying for this to change. The American Petroleum Industry has been the biggest lobbyist for this. They claim to only want to know what oil and gas lies in these non-drillable regions. However, the Department of Defense is keeping a firm stance on this issue. They want to protect up to 125 miles around the coast of Florida from being drilled by oil companies.

·         The problem described in this story is the issue of whether to allow oil companies to begin to explore the coastal regions of Florida for oil and gas resources.

·         The people who have this problem are both the people of Florida and the Department of Defense. The people of Florida would like to see their natural resources untapped, and the DOD have the problem of deciding which side of the spectrum to be on for this issue.

4.       https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3AORLB%21Orlando%2BSentinel%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0907%21September%2B07&f=advanced&action=browse&format=text&docref=news/16E494A780A94020

·         The opportunity described in this article is the possibility of American firms losing ties to Russia. With the relationship between Marco Rubio and Vladimir Putin mounting, it is quite possible that globalization ties with Russia will be severely cut.

·         Title: Rubio Plan Could Deter Jobs Without Deterring Putin

·         In this article, it is explained how Marco Rubio’s proposed bill could mean harsh sanctions on Russia if meddling in elections continues. While his intentions are good, this bill could prove to be detrimental to the American economy. Our oil and natural gas sectors would be hit the hardest by this bill. This bill would require firms that are involved with certain key Russian industries to be removed.

·         The problem described in the story is American firms in the oil and natural gas field. Thousands of jobs for Americans could be lost if this bill is passed.

·         The American people who work in these two fields will be hurt the most by this bill.

5.       https://infoweb.newsbank.com/apps/news/document-view?p=WORLDNEWS&t=pubname%3AORLB%21Orlando%2BSentinel%252C%2BThe%2B%2528FL%2529/year%3A2018%212018/mody%3A0909%21September%2B09&f=advanced&action=browse&format=text&docref=news/16E53CB435085310

·         The opportunity described in this article is American schools giving better opportunities for children to learn in public schools by introducing new technology into the schools.

·         Title: Charters struggling to pay required resource officers

·         This article describes how schools are struggling to fulfill the necessary costs to upgrade technology because of the extra costs that are from new security measures. Having these extra officers on campus every day will cost a school over $80,000. This is taking away the opportunity of improving human capital in our country.

·         The problem described in this article is the extra costs of security in today’s society.

·         The students of America, especially Florida are the main people who are hurt by these extra costs. However, at least they will be safer in school now.