12A Figurig out Buyer Behavior 1

The segment I chose was people in Florida that are middle to lower class. The people I interviewed was a classmate, a bus driver, and a person working at the gym. The need awareness is depending on the terms of the peoples health because my product deals with prescription meds. So if the person is specifically sick then they are in need of my product per say during the flu season. One of the interviewees (bus driver) has ADHD so his needs is year around figuring out how to pay for his medications at all times, so it really depends on the persons health needs. To help there need awareness the people I interviewed said they begin with simple research on there symptoms and then consulting a doctor to figure out what medication they need is the next step in the process. My product would come in  once they figure out what medication they need. To summarize the interview with the classmate the only medication he needed this past year was for strep throat so he went to the doctor and got prescribed for over the counter meds once the past year. He said if he had access to my product he most likely would have used it to save money but since he had a one time only prescription it wasn’t a big deal to him. The next person the bus driver is a year round prescription medicine user so he said he is very aware of his condition and that he would definitely use my price saver generator to save money. Lastly the gym user has only used prescription meds once as well last year which was for congestion and cough. He said his awareness for a solution began when he had trouble breathing but wanted to hold off paying for any meds because he was low on money. He eventually was forced to get over the counter medicine because it got so bad; and he said my product would have helped get him cheaper and quicker solutions. All in all I can draw conclusions that my product can help people get the medications they need depending on there salaries and current situation faster than ever before!

11A napkin

1.I am a very personable person with a knack for sales and interacting with people in the business environment. I have experience in guest services from ushering UF baseball games and working with fans that need assistance. My aspirations include working full time as well as having a side business in which my concept will come into play and kind of be a side role for income and my career.

2.My product will be able to provide assistance to the exact people that need assistance in buying medications in prescription form. The generator that I will make will take into account current assets, annual wage, how many people in the household, and much more to figure out who needs how much assistance for a product that people spend billions on every year. It then finds the correct assistance company payer for them.

3. The people that will be using this generator is middle to lower class people looking for any help with paying prescription meds. Third world countries is the ultimate goal but with limited technology it may be a few years before that happens.

4. The value comes to the customer from paying a one-time fee for the generator that they can use for a year until next payment which in return can save them hundreds of dollars a year through savings. So essentially the customer will use it to benefit there wallet.

5.The great difference between my product is that it is made for people that are less fortunate, lots of entrepreneurs make products to make millions and for rich people so they can take there money but not this product! This product is aimed for the greater good of people.

I think that most of the qualities of my product blend together pretty well, with that being said there are some minor adjustments that I could make such as finding a way to propose the product to people that can actually afford prescriptions, such as having a different setting on the generator for them. The overall value and intention of the product goes hand and hand with the customer and there needs. I think that it’s an overall good start.

10A Elevator pitch

https://www.youtube.com/watch?v=WOMIujFelo8

9A-Testing the Hypothesis

Who: Although most pharmacy's overall prices for prescription drugs are usually expensive there are different boundaries for different prices through companies such as RX which can drop the prices around 90%. Walmart and CVS usually appear to be the same as others but are usually cheaper.
What: The need I mentioned of not having cheap over the counter drugs differs when it comes to comparing it to other needs because its unique in its own way because sometimes people entirely rely on this need or have to have it to stay healthy.
Why: The cause of people inside and outside the boundary for the need is overall the same.

Inside the boundary                                    Outside the boundary
Common price pharmacy                         Cheap pharmacy
Find a way to save                                     It's not expensive
People need medicine and want cheap       Medicine is naturally expensive

I found that people will usually pay whatever for the prescription drugs that they NEED, howver most people try and find a way to save money if and how they can.

8A Solving the Problem

The solution that I came up for the expensive medications is a two step plan to help people that can't afford there medications. First of all there employer will cover 25% of the medications because an employer is supposed to look out for the well-being of there employees. Obviously not every employer will agree to this so it will have to be some kind of regulation put forth by the government in a sense where it is passed as a law. Secondly a second joint or solo option through the pharmacy will be available. This opportunity allows for the assistance from state and national pharmacy groups that help cover the costs of the prescription drugs as well as lets you pay for them over a period of time. The emphasis to my solution is on the incremental payment options which allows for you to save money weekly or monthly and pay for the expensive product over a period like a car. 

7A Testing Hypothesis

Pharmacy's in the US are unable to give fair, cheap prices on prescription drugs because the drugs are naturally expensive.

Who-Pharmacy's in the US
What- unable to give fair, cheap prescription drugs
Why- Expensive to make

Testing who-Most people can say that prescription drugs are too expensive and everyone shares this.
Testing the What-The boundaries of the need is what prescription drugs are the most and least expensive, who is complaining about prices? Do people pay for them with insurance? What makes it so expensive?
Testing the Why-  The prices hold about the same everywhere s it probably holds about the same for everyone.

From the interviews I was able to grasp a better idea of how to approach this opportunity. The pharmacy's try and work with you and not against you essentially. The unfair prices may seem alarming but from interviewing there are ways around it. You can simply switch to the generic medicines that aren't prescription and anyone can get. Also national and state assistant programs can help generate money for people that can't afford there medicine. Unless there is new technology then the prices will stay just abut the same of the prescription meds.

6A- Identifying Opportunities

1. Economic Trend- Nearing Full employment-a. I found and thought of this due to watching the news a lot and they always talk about the unemployment being the lowest it's ever been.B. This leads too opportunity because there are more jobs available for everyone in the US. C.Anyone that is looking for a job or currently applying for a job.D. People can exploit this opportunity if they work hard enough. I formed a belief that there is opportunity in this trend while someone might not because I believe in statistics about jobs and my history of getting jobs I apply for makes me positively look at it.

2.Economic Trend- Baby Boomers aren't retiring.- A. I found and thought of this through personally analyzing the economy and how a lot of people have been working into older age. B- This leads me to believe that the only opportunity that exists is you will have more money for your older years.C The customers are in the example which is baby boomers. D The way they can exploit this opportunity is to work as long as they can. Someone might look at this different if they have personal experience of retiring early as a Baby Boomer, it's all about who you know from that era.

3.Regulatory Changes - Changing tobacco purchases to 21A- I found this from just going to gas stations. Having been over 21 when the change occurred, it didn't effect me too much but rather friends. B- An opportunity to stop kids getting addicted to tobacco is in place. C- The customer will anyone over 21 years of age and it knocks out the younger users from buying. D- The regulation will have some effect but kids will still get tobacco. Someone might argue that young kids can just get there older friends to to get the product.

4.Regulatory Changes- Minimum Raise is going up_ A- I found this from working jobs and seeing my wages go up. B- It makes me believe there is and opportunity because more money is better for anyones pocket. C- Anyone with a job is a customer for this.D- The way you can exploit this is by working. Someone can't really argue that more money for you won't help.