Opportunity Belief
I believe there is an opportunity of a product that would
sell very well. Which would be a machine that fixes bills. I work as a teller
so am constantly dealing with old gross bills that people bring in that are
folded creased and crinkled. All credit unions, banks and stores will have a
need for this machine. This need has always existed, just maybe hasn’t ever
been thought about or maybe it’s too difficult to make the machine or perhaps
the technology isn’t there yet. As of right now the bills are just unfolded or
straightened out by hand or even set to the FED to be remade. I am 100% this
opportunity exists.
CVS store manager: I started off by talking about the idea,
and if they would find the machine beneficial, she said it would be a useful sometimes,
but certainly not a necessity. Have you ever encountered a real issue with
folded or creased bills? She said not really that often to where they really
needed to do anything about it, and said if they did they would just smooth out
the bill on the edge of a desk or counter.
Campus USA Credit Union Head Teller: Basically went off the
same questions as before. She loved the idea of a machine that could smooth out
bills, which would make using the counting machines significantly easier as
they only are able to count straight flat bills. She even said that she has
brought an iron to work to flatten out bills. So I asked you experience this a
lot? Yes all day every day we are bound to get folded crinkled and filthy
bills. I finished off by saying would you buy the machine, she personally said
no, but she would certainly try to get upper level management to make the
purchase.
Boost Mobil Manager: I started off by telling her what the
machine does, and she said that would be useless as we rarely touch money and
if we do its just to count by hand and put it into a deposit bag.
I believe the opportunity is still there just for a smaller
market for instance places that actually use cash counting machines. Maybe
setup something where it can be sold as complementary products.
I believe the opportunity is more accurate as it’s not all
businesses, but instead ones that deal in large amounts of cash.
Adaption in my opinion is the best way to go, as it allows
you to perfect your product to fit the very specific needs of those who will
buy it or how to make I a general product for all to use. For instance in my
case the machine would need to be able to perfect a large amount of bills in
short periods of times.
Great post Richard. I wonder, did the bug list help you at all with this assignment? I’m not sure the need for this machine is wanted enough to warrant big opportunity but follow up research should be made just for the heck if it. With more people using electronics for monetary transactions the need for this machine has come and gone.
ReplyDeleteHey Richard, it is crazy that a usa credit union teller brought an iron to work in order to flatten bills. I like the idea of a machine that could fix a bill, because you could put it in a vending machine and it would never reject the money. I see how it could also make banks and business manage the massive influx of cash money they get on a daily basis.
ReplyDeleteHey Richard! nice post, I think your idea for a machine that fixes bills is a great idea. I work in a fast food restaurant and I hate when the customers give me crumbled money. I feel this opportunity would be great for the banks because they would not have to go through certain measures, like "smoothing out the bill on the edge of a desk or counter", to deposit the customers cash.
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