Eco 306 First Assignment
First Assignment
I am going to run a chain of retail stores to sell emergency batteries and chargers for digital devices.
Why did I start the business in the first place?
We are living in a digital world. With smartphone or other types of portable devices, we can easily communicate with friends, read latest news, check emails, listen to music and watch videos on-the-go. According to comScore Mobilens’ report, 133.7 million people in the U.S owned smartphones (57 percent mobile market penetration) during the three months ending in February, up 8 percent since November. In October, 2010, smartphone market penetration was only 29.7%.
With the importance of our digital devices growing every day, the life of battery starts to play an important role. When a device’s battery is running low, we usually have the following three options: 1) Let the battery die (can’t use the device until it is recharged) 2) Use charger to charge the device immediately ( hard to find electrical outlets and time consuming) 3) Replace the old battery with a new battery (expensive to buy a extra battery and time consuming)
By analyzing the three options above, I have identified that there is inefficiency existing. As we all know, when a car almost runs out of gas, people will drive it to the nearest gas station. When digital devices are out of power in the public area, especially smartphones, it's hard to find a place to charge them. Even though people could find a coffee shop nearby to charge their devices, it’s always time consuming, especially for business professionals. In addition, people just don't bring chargers with them all the time. As a result, people need a better solution for charging their devices on-the-go.
How I determine what to sell?
In order to solve the power issue of our digital device in fast pace environment, I come up with an idea to run a chain of retail stores that focus on selling battery related products. Our products will be
I am going to run a chain of retail stores to sell emergency batteries and chargers for digital devices.
Why did I start the business in the first place?
We are living in a digital world. With smartphone or other types of portable devices, we can easily communicate with friends, read latest news, check emails, listen to music and watch videos on-the-go. According to comScore Mobilens’ report, 133.7 million people in the U.S owned smartphones (57 percent mobile market penetration) during the three months ending in February, up 8 percent since November. In October, 2010, smartphone market penetration was only 29.7%.
With the importance of our digital devices growing every day, the life of battery starts to play an important role. When a device’s battery is running low, we usually have the following three options: 1) Let the battery die (can’t use the device until it is recharged) 2) Use charger to charge the device immediately ( hard to find electrical outlets and time consuming) 3) Replace the old battery with a new battery (expensive to buy a extra battery and time consuming)
By analyzing the three options above, I have identified that there is inefficiency existing. As we all know, when a car almost runs out of gas, people will drive it to the nearest gas station. When digital devices are out of power in the public area, especially smartphones, it's hard to find a place to charge them. Even though people could find a coffee shop nearby to charge their devices, it’s always time consuming, especially for business professionals. In addition, people just don't bring chargers with them all the time. As a result, people need a better solution for charging their devices on-the-go.
How I determine what to sell?
In order to solve the power issue of our digital device in fast pace environment, I come up with an idea to run a chain of retail stores that focus on selling battery related products. Our products will be