Month: February 2021

MGT 5985— Reflections

Assignment 1 Reflection

KARIN FILIPOVA

After having completed an in-depth analysis for one of my potential competitors, I see that it may be harder for my idea to achieve success than I initially thought. Although I am not completely discouraged, this assignment definitely put things into perspective. OpenTable is perhaps my biggest competitor as it offers the ability to make reservations, see which restaurants have no wait times, and even order for takeout or delivery. Additional features of OpenTable include the ability to see parking options, dress code, and Covid safety precautions. This app is not specifically geared towards college students, so I believe that this is where my idea can stand out. 

I would like to integrate all of these features into my app, but I believe there are ways to improve it. For example, I would make the app itself a lot more intuitive to use. OpenTable has been around for over 20 years, but their app isn’t the most user-friendly. I believe that a better and more eye-catching design would help my idea stand out. Also, an app geared towards city students would give my idea a unique value. The only way that OpenTable targets students is by allowing them to reserve tables in campus dining halls. In addition, there is no way to see if there is a current line outside the restaurant. Although there are ways to see how long a takeout/delivery order would take, there is no way to see the wait time if one were just to walk in. OpenTable has a competitive advantage because of the wide array of features they have. Another advantage is that many restaurants already use it to manage their reservations and they may be hesitant to switch. By offering a cheaper price, my idea may stand out, and perhaps I could convince restaurants would switch. 

I will pursue a similar value proposition, but I will target my idea specifically towards city students. This is an area where OpenTable falls short and it is an area where my idea can shine. I would include all of these features but also include additional ones like “end-of-the-day” deals. This would limit food waste, give students cheaper options, and also let restaurants make some money on food that would have been thrown out. Because there are so many features, making an easy-to-use solution is key. OpenTable struggles in this area as well, so I will need to find a way to make the solution intuitive and simple. 

It may not be a good idea to move forward with my idea because OpenTable is already a very established and popular solution used by both restaurants and diners alike. Many people use it to reserve a table and they get all of the restaurant’s information in one place. It will be hard to convince the public to switch to a less-known solution.

MGT 4952—Reflections

Design Thinking Reflection

KARIN FILIPOVA

Design thinking encompasses many different aspects, but to me, it is most important to note that design thinking is human-centered, iterative, and creative. Design thinking is a process that is used to solve problems in a new way using new resources, or a new way using old resources. This process must revolve around adding value to target consumers. If a solution does not add value to consumers or make their lives easier, you most likely have not used design thinking. It is also important to know that design thinking is very iterative and requires a lot of failure. As entrepreneurs, we need to learn to be okay with failure, because each failure brings us closer to success. Every innovative idea came from design thinking, however, not every design thinking session leads to an innovative idea. 

In order to come up with an innovative solution during a design thinking session, you must also practice empathy. Through empathy, entrepreneurs can come up with solutions they may have not previously thought of. Empathy is an important aspect of the design thinking process because it allows thinkers to experience the problems that they are trying to solve. I would argue that without empathy, a successful design thinking session cannot occur, and innovation cannot exist. These three ideas are tightly interwoven, and one should not exist without the other. 

MGT 5985-Product

Lean Canvas- Product Name Unknown

KARIN FILIPOVA
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Problem

In cities across the country, but particularly in New York City, college students have an unlimited number of options when it comes to ordering food. As amazing as this is, it can also be incredibly challenging. When a student only has 30 minutes in between class, finding a place to eat is not a super easy task. Restaurants have unpredictable lines and wait times, which can range anywhere from 5 minutes to over an hour. This makes it really difficult for students to pick a place to eat in their limited time. Oftentimes, students order the same quick and easy meal. 

Solution

Busy students need a way to see all of their food options in one easy place. Many apps and websites that provide this service currently exist, however, there are few, if any, that provide information on wait times, crowd level, restaurant deals, and more. This could be especially helpful during the Covid pandemic. It would also be helpful to know if a restaurant offers outdoor seating, Covid-safe tables, disinfected tables, etc.  A place that conglomerates all of this information and allows users to order ahead ensures that their time is used efficiently. 

Unique Value Proposition 

To my knowledge, no other application contains all of this information in one place. This solution would include a map of nearby restaurants, wait times, menus, discounts and offers, crowd levels, safety ratings, ordering options, an indication of outdoor seating, and covid protocols. Students only have a limited amount of time between classes, and having all of this information in one place reduces anxiety and increases time-efficiency. Students can even order ahead and know exactly how long it will take them to get to the restaurant, pick up their food, and walk back to their school. 

Unfair Advantage 

There is no doubt that there are many food-ordering apps and websites, however, many of these companies do not solve all of the users’ problems. While ordering food online has become easier, the process can definitely be improved. In addition to consolidating all of the above-mentioned information, this solution would also allow users to input waiting times, reviews, and more in exchange for different discounts. Perhaps restaurants can even offer “end of the day” deals instead of throwing out perfectly good meals. There can even be a daily “spin-the-wheel” feature that gives users the chance to win different offers. Everything combined gives this solution a unique edge when compared to other food ordering options.

Customer Segment 

This potential solution mostly targets college students in city areas, specifically Baruch students in New York City. Given that I am most familiar with the problems of Baruch students, this is my target audience. Baruch students have very busy class schedules and often have limited time between their classes. In addition to this, we might as well take advantage of the fact that we reside in one of the most diverse cities in the world. Rather than ordering the same fast and easy meal multiple times a week, this solution enables students to pick from a diverse array of food while remaining punctual for each of their classes. 

Existing Alternatives 

There are plenty of food-ordering alternatives on the market. Many of these options only allow users to order food for pick-up or delivery without providing any additional information about the restaurant. Seamless is one of the most popular food-ordering solutions. Although this app/website is widely used, many restaurants hike up their menu prices on Seamless because the company takes a large cut from their check. Another option is Ritual, which vows that users will never have to pay more on their app than they do in-store. This is another great option, however, it does not indicate wait times, a map of nearby places, and other features that would elevate the process of ordering food. 

Key Metrics 

Since this is a solution for ordering food, it would be most wise to measure success by the number of orders placed on the app. This will give an accurate calculation of how many users are interested in using the application. With this, we can also see how many frequent users there are. The more frequent users, the more satisfied customers there are. In addition, we can measure success by the number of app referrals there are. If users send referral links that successfully acquire another customer, they would receive a discount offer. The more users that send referral links, the more popular the solution is. 

High-Level Concept 

There are many food ordering apps, however, there is currently no app that combines all of the above-mentioned information in one place. This means that my potential solution is a one-stop-shop for food ordering. This would make it extremely easy for users to get everything in one place, without having to flip around different apps for reviews, menu prices, Covid protocols, and more. When I usually order food from a new place, I would have to visit Yelp, Seamless, Grubhub, the restaurant’s website, and other places before I decide. A one-stop-shop would save so much time and effort.  

Channels 

The most effective channel for this solution is a website or an app. A website allows users that are connected to WiFi to plan out their meals effectively. However, an app may be even more efficient. An app enables users to order on the go, whether stuck on a Baruch escalator, or on a delayed subway train (with service, of course). A mobile app also means that the map of nearby restaurants automatically updates with users’ movement. With an app, users are able to see what restaurants are open around them at any moment in time. 

Early Adopters 

Though this solution can definitely gain some tracking with working professionals in New York City, I assume that its early adopters will mostly be city college students with smartphones. College students tend to be some of the more tech-savvy residents of NYC, which makes them the perfect users. Also, busy college students are always out and about in the city, meaning that they frequently order food.  Although using an app to order food may not be super difficult, it can prove challenging for older generations. This means that it may take some time for this particular solution to become popular with older generations. 

Assumptions

There are a few assumptions that must be true in order for this solution to be successful:

  • Ordering food through the app is just as easy as ordering food on a different app
  • Restaurants are willing to use this food app to sell their menu 
  • People are willing to leave reviews and other important information in exchange for potential discounts and offers
MGT 5985-Product

To dine or not to dine?

KARIN FILIPOVA

As a student at Baruch, I always loved the idea of having the city as my campus. Since Baruch is in the heart of the Gramercy District, I am never limited by my options. Whether it be for grabbing a quick meal or stopping at a clothing store, I could walk one block in any direction and find something of interest. Before the pandemic, I would often grab lunch with friends between classes, whether to dine-in or take-out. Planning my time was a very delicate game, especially if I had less than 30 minutes before my next class. This was a very big problem for me, particularly because I am a very punctual person and being late makes me anxious. 

When trying to pick a restaurant to grab lunch from, I would always consider how much time I actually have to spare. Before I decided on a restaurant, I would have to take into account the fact that there may or may not be a line outside the restaurant. This usually meant that I would settle on something fast and easy each time since I didn’t want to risk being late to class. Because of this, I would generally get the same meal each time. In addition, ordering ahead was not always a possibility since some Professors frowned upon technology use in class. Spending time ordering lunch during a lecture would also take away from important class time. 

This problem is worth solving for me because it would save me a lot of anxiety and time. A potential solution for this would be having a way to know how crowded a restaurant is before you go to it. If there was a way to know how long the line is, that would make settling on a place for lunch much faster. This idea may also be especially helpful now because of the pandemic. By seeing exactly how crowded a restaurant is, people can decide whether or not they want to dine-in, take-out, or choose a new place altogether. Perhaps an app would be the best way to target this problem. An efficient app would include a map of restaurants nearby, a way to see line times, crowd level, seating times, menus, and even a way to order ahead. 

MGT 4952—Reflections

What is innovation?

KARIN FILIPOVA

“Innovation” is an increasingly hard word to define, and I do not know if it can accurately be defined in a single sentence. A specific definition that stuck out to me was created by Pete Foley who says that innovation is “a great idea, executed brilliantly, and communicated in a way that is both intuitive and fully celebrates the magic of the initial concept.” I believe that this statement most precisely reflects my perspective on innovation. It is important to note that “innovating” does not mean that one has to reinvent the wheel. I believe that innovation can also occur on a small scale. As stated in “Innovation is a Discipline, Not a Cliche,” (Week 1 Article)  “big bangs” are rare and should not be the main focus of innovation. It is my understanding that if you try to focus on creating the next Apple, you may miss many smaller, but valuable, innovative ideas along the way. To circle back to Foley’s definition, innovative ideas, though executed well, also need to be communicated well. If not communicated properly to the public, it can be a “right idea, wrong time” situation, similar to the stunted success of the Google Glass. 

MGT 5985— Reflections

The Rise of the TikTok Empire

KARIN FILIPOVA

TikTok and I have somewhat of an unusual relationship. To this day, I still refuse to make my own TikTok account, however, I really respect how quickly the app has been able to make a name for itself. I know that if I download it, I will get hooked on it and waste multiple hours of my day. This is exactly the reason why TikTok was the most profitable app in 2020. The “advanced AI algorithm” is what allows users to gravitate to the exact kind of content they like to see, enabling them to spend hours on the app. For some, it might be cooking videos, while for others it may be painting videos. TikTok has refocused social media in the way that it has allowed content creators to create content that they enjoy, not just content that will gain “likes” on Instagram. 

Before the app really blew up, I remember seeing extensive ads related to TikTok on all of my other social media platforms. The ads were so excessive that I remember wondering where they were getting all this marketing money from. Musical.ly, another app, paved the way for TikTok. In 2016, Musical.ly was worth around $533.5 million before being bought by the Chinese company ByteDance. This merger resulted in TikTok, the internationally popular app as we know it today. Part of its popularity is related to its business model. The founder of ByteDance decided to create two versions of the app; one for China (with censored internet content) and one for the rest of the world. This idea of running a “borderless” company really helped TikTok reach users all around the world. In this way, TikTok has achieved its original goal and has stayed loyal to its original idea. I wasn’t able to find a slide/pitch deck from its early days, (the websites require a premium membership to see this) however, I did find a slide deck that teaches creators how to get more views. This, in turn, results in more advertising, and more money for TikTok.