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VitaVapor Venture by Gabrielle Matson

With a change in legislation, those addicted to nicotine but under the age of 21 will be left high and dry in their addictions. They are now required to find a way to quit because they cannot legally purchase nicotine devices such as Stigs, Juuls, etc. They have a need that is to quit vaping, but still maintain the social coolness that they get from vaping. Vitavapor is the solution to their problems. This cost-effective inhalable vapor satisfies the need for them to inhale something flavored throughout the day. By continuing this all too familiar habit, quitting will be made easier. The vapor in our vapes includes vitamins such as B-12 and vitamin C. Not only do these vapes help people quit their addictions; it provides people an alternate way to take vitamins if they have a very sensitive gag reflex. My demographic will be those under the age of 21 in Florida who are addicted to nicotine, or just any person of any age who wants to quit. Currently people aren’t satisfying this need. Because the legislation just changed, they still have the remainder of whatever nicotine product they purchased before this was set into action. Soon they will need a way to meet their need, which is why I created VitaVapor. This window of opportunity is short. Soon other vitamin vapors are soon to hit the market because this is such a big opportunity. For this reason, I have to act fast to maximize profit.

VitaVapor has a onetime device fee of $15 for the Vita, otherwise known as the actual vape device. After this, you can buy bottles of refillable juice for as low as $10 for the Vapor. Because we do bottles of juice instead of cartridges, we are helping the environment and saving our customers money. VitaVapor Gold is our product line for people who have more money to spend. It is made of higher quality materials and offers different flavors. Those who purchase VitaVapor Gold have the opportunity to be on our loyalty program. This program offers special deals and offers only to those in this exclusive club. Both lines will be sold online or in smoke shops, drug stores, and gas stations. Because this legislative change is so recent, we have big earning potential. Our product works just like the average refillable vape. Although the technology is not innovative, the idea is. Our line of vitamin product will change lives and prevent the next generation of vapers from having lung cancer that could have been prevented. It is easy to use, able to be smoked around children or on school campuses and is a great way to intake vitamins on the go.

My innovation will help people quit their addictions. They will choose my product either because other products did not help or because they can no longer purchase nicotine patches or gum. It won’t be hard for those under 21 to choose my product, because in a way they have no other legal option. However, they could continue smoking by using a fake ID or asking someone else to buy them vapes. One weakness is that other people are already working on developing their own version of VitaVapor. This would cause there to be competition. Our informative and fun packaging, low price, and places of distribution make us desirable. These are all important factors of product success and can really determine profitability. Business success is also a huge part of success. If you only have one location, you won’t be nearly as successful as you would be if you also had an online platform. My business would have a location for production, a PR team, HR team, Advertising team, Financial Advisors, Web Designers, Phone Help Line Workers, Social Networking team and Upper Level Management. As a team we will successfully run VitaVapor and help people fight their addictions.

The three minor elements

-           Our ability to stay on top of constantly innovating and giving the customers what they want. It is our mission to improve our product as our customer needs change. This will ensure we stay relevant in such a busy market.

-           What’s next for my company is creating a product for higher incomes. This will target a new demographic and get more revenue for the company as a whole. We will create a customer rewards and top members program to incentivize our customers to purchase.

-           I want to create a family empire. One that is successful enough that my children and my children’s children can continue to work with and improve. In five years, I hope my business is a success so that I can continue to work towards this goal.

2) I did not get any negative feedback, but people really liked my price point. For “what’s next” people recommended I target another audience, one that is wealthier. If I were to add this to my company, I could do a slightly higher price for my product. This would get my company more revenue.

3) For my updated venture concept, I just went more in depth. Because all my feedback was positive, I only really added stuff based off of my “what’s next” comments. I added more about my wealthier audience and how I could target them.