Reply to these two other posts with at least 3-4 sentences of constructive feedback and new information/ideas.
The episode of Shark Tank that I analyzed was Season 9 episode 16. I decided to analyze Joâ€™s Fish Fry. The husband and wife, Jo and Patricia were hoping to get investors in their product. They are already doing pretty good, selling over $409,000 with their product being placed in over 800 stores including over 200 Walmart. Americans need this to have the â€œtastiest seafood around.â€
The best part of their pitch was their back story. They told how they started out in the restaurant business. After Hurricane Katrina, they lost their business and had to start fresh. The couple talked about their tenacity, going to fairs, cookouts, and other events to get their product out. One of the sharks commented on how this was a great way to avoid needing things like focus groups, they were able to interact directly with their customer base. Their energy levels were amazing.
They did make a deal, they were asking for $150k for 15%, but they sold for 25%.Four of the five sharks expressed concern over the product before the last shark inevitably was sold. I also see their concerns. The biggest red flag for me is the fact that the couple presenting the idea actually did not own controlling shares; Joâ€™s father owned 85% of the company. I would have liked to either have him there to also discuss his views, or I would need to see in writing that he has given control of the company to Jo and Patricia.
Seeing how my product is a mobile app, the design of the product is extremely important. It must be streamlined and easy to use, or else it will never hold sway over the general population. The design that my app will have is formatted much like Snapchat, their latest format. I feel that this will appeal to my target customer because of familiarity. Like Jo and Patricia did with their Fish Fry, I hope to be able to brand my App so it will be able to reach as many customers as possible.
Select a product/service that was pitched on Shark Tank to analyze. What is the name of the product/service?
Pavlok. A wearable wristband that not only tracks what you do, but changes what you do.
Why did the contestant (s) say that America needs their product/service?
Help people across the globe take control of their own behavior.
What was the best part of their pitch?
This was one of the funnier shark tank episodes Iâ€™ve ever seen. The best part of the pitch was the mission statement. In addition, he was able to handle Marks optimistic comments as well as being called a con artist. He was able to stay collective under the judges heat.
Did they make a deal? If no deal was made, what reasons were given by the sharks for not investing?
A deal was way out of sight. Miraculously, Kevin made an offer and was turned down because â€œMr.wonderfull is the only person I wouldnâ€™t want to make a deal with.â€ This was the funniest thing Iâ€™ve seen, Kevin got mad and started swearing telling him to â€œget the **** off the stage.â€ Ultimately, he turned down Kevin because he believed the business wasnâ€™t as money driven as Kevin would have wanted it to be.
If you were a shark, would you have a made a deal? Why/why not?
No. I would not have made a deal because he did not have any clinical data that was compiled by himself/the company. In fact, the whole business was stemming off other peopleâ€™s studies. Lastly, I didnâ€™t like how the product only worked when I used it from my phone. If I went to bite my nails for example, I would have to open my phone and click a button to feel the electronic shock from the wristband. If the wristband could shock on its own, I may have considered it.
Consider a design for your product or service for your course project product.
My product is canned soup. Aside from graphic design I believe the can itself would be pretty slandered. I have considered using glass Jars as a more aesthetically pleasing alternative. I believe in the shelves it would stick out more but my biggest deterrent would be the reduced margins due to jar costs. My soups itself would be made from organic ingredients to make a traditional Mediterranean meal. This will solve the hassle of eating junk when either time, or knowledge is pressed. I believe selling in Jars would compliment the quality of the soup and help distinguish from the cheap mass produced and artificially tasting canned food.
I could do an observational conductive study and sell the same soup two ways. I will stock a shelf with the tin can design as well as jarred version of it. My hypothesis is jarred soup will win. I can further study this by increasing the price of the jarred soup to see if customers are willing to pay extra for something that looks that of higher class.
I would Pitch this soup by including analytical data regarding households who donâ€™t cook. In addition, I would mention the natural and organic ingredients that our bodyâ€™s will love. It goes without saying that we lack at getting our daily nutrients, my soup will not only offer many, but will taste good for the price and convince of typical fast food.
ABC was not working for me so I included the full episode on youtube. If you have not seen it, it’s pretty funny. Would recommend