Authentic Asia Tea is conducting customer interviews and market research to develop an MVP for selling specialty Indian and Chinese teas. They are considering different business models like a tea cafe or kiosks located in high foot traffic areas. The document outlines initial market validation efforts including testing a concept kiosk location and collecting customer feedback.
1. Authentic Asia Tea T4U
Total Customer Interviews: 242 to date
(21 in person + 42 online + 3 mall visits + 2 store manager interviews yesterday +
BUILT A WEBSITE!)
Adeem Fenster Stella Chan Richard James
Shashi Shrimali Sanjay Bharadwaj Neeraj Lal
2. MVP
Cups Indian Tea Chinese Tea English Tea Herbs & Spices Sweeteners
Entry
Pick a herb Pick a
Pick a cup Pick a tea
sweetener
Boil your tea
Pay money Store your TeaId
Exit
Enjoy your tea and come back
3. Takeaways
Tea café Kiosks
• High-end tea café in NY city => set for •Low fixed costs/rent
failure
• High foot traffic
•Key costs: Rent, Utility, Salary, and
ingredients… •Customized Kiosks available at $20K- $40K
•Market for both hot and cold tea • High visibility => low marketing costs
• Flagship store => for branding
• Way to make money => go outside
New York City
• Sell your products via partners
• No brand => no partnering with
restaurant
5. Click the step that’s most important to your tea experience
6. Validation but still needs improvement…
Other What are we missing? I wish the Testing the Kiosk
7% Concept
idea were...
13%
Hate the
Coffee idea
19% 1%
Pastries
24% Like the
Cold tea idea
drinks 86%
22%
Food
28%
What's most important? Only if... Would you buy?
8%
Choosing the tea leaves that I
59% No way
want
10%
Remebering the way I made my
41%
tea so I don't have to do it again
A lounge to hang out and enjoy my
41% Absolutely
tea
49%
Having someone make the tea for Maybe
24%
me 33%
Something else... 10%
Setting how long I want my tea to
10%
boil
7. Kadak – 04/16/2012
What Key Activities do we
Who are our Key require?
Partners? How will we Get, Keep
• Purchasing raw material
• Indian stores and Asian • Brewing tea
and Grow Customers?
Which of our customer’s • Consistent quality
stores • Setting up retail outlets
problems are we helping • Increase product variety
• Eventually tea makers • Advertising, & marketing
• to solve? • loyalty program tea card
• Indirect distribution Setting up customer feedback
• Who are our most
channel and analysis • consumer have limited access word-of-mouth from students
through -- subway, panda (campuses) important customers?
• Business development with to authentic Asian tea in a
express • Tea cart promotion via • repeat customers, Asian-
campuses retail format
• Product mix creation Facebook or Tweeter immigrants consumers
Who are our key • FP&A management • Tea tasting event to collect • health conscious customers
suppliers? • Hiring customer feedback (via iPad)
• Indian store from NJ
Which customer needs What are their
• Chinese stores from
are we satisfying? archetypes?
Chinatown
• Desire to consume authentic • The Indian
• Grocery stores such as
Asian tea outside home • The rising teen
Wal-mart
• Healthy parents
• Restaurant
• Undergrads
utensils/hardware What Key Resources we Through which Channels • Baby-boomers
suppliers require? What are the Key
Features of our product do our Customer
• Money Segments What Job do they want
What are we getting • Retail outlets that match customers
from them? Giving problem/need? want to be reached? us to get done for them?
• POS system to track sales • make the tea (incl. picking
them? • taste of our tea (quality) • direct retail
• SAP system for accounting
• Milk, sugar, Splenda, tea • the availability of tailored • direct-to-home the best ingredients)
• License from NY / Campus • education of tea
leaves, cups, spices, pots/p approval flavor delivery
ans • HR for hiring & training • speed of delivery
• MONEY, more revenue • Tea brewing equipment • convenience
What are the most important costs inherent in our
business model?
Fixed How do we make money? What’s the revenue model? Pricing
• Rent tactics?
• Equipment, furniture and fixtures • Low Intro promotion price to attract customers($1.99)
Variable • Keep the price close to Starbucks thereafter
• Raw materials & supplies • Never price below breakeven even during promotion period
• Employee salaries • Find ways to give them discounts (survey --- buzz discounts)
8. Kadak – 04/17/2012 (morning)
What Key Activities do we
Who are our Key require?
Partners? How will we Get, Keep
• Purchasing raw material
• Indian stores and Asian Which of our customer’s and Grow Customers?
• Brewing tea
stores • Setting up retail outlets problems are we helping • Consistent quality Who are our most
• Eventually tea makers • Advertising, & marketing to solve? • Increase product variety important customers?
• • consumer have limited • loyalty program tea card repeat
• Indirect distribution Setting up customer feedback
channel and analysis • word-of-mouth from students
through -- subway, panda access to authentic Asian (campuses) customers, Asian-
• Business development with
express
campuses
tea in a retail format • Tea cart promotion via immigrants consumers
Who are our key
•
•
Product mix creation
FP&A management
Facebook or Tweeter
• Tea tasting event to collect
• health conscious
suppliers? • Hiring Which customer needs customer feedback (via iPad) customers
• Indian store from NJ are we satisfying?
• Chinese stores from What are their
• X Desire to consume
Chinatown archetypes?
• Grocery stores such as authentic Asian tea • The Indian
Wal-mart outside home • The rising teen
• Restaurant
• Healthy parents
utensils/hardware What Key Resources we What are the Key Through which Channels
suppliers do our Customer
• Undergrads
require? Features of our product
• Segments • Baby-boomers
Money that match customers
What are we getting • Retail outlets problem/need? want to be reached?
from them? Giving • direct retail/franchise What Job do they want
POS system to track sales • taste of our tea
them? • SAP system for accounting model us to get done for them?
• Milk, sugar, Splenda, tea (quality)
• License from NY / Campus • direct-to-home • make the tea (incl.
leaves, cups, spices, pots/p • the availability of picking the best
approval delivery
ans tailored flavor ingredients)
• HR for hiring & training
• MONEY, more revenue • speed of delivery • education of tea
• Tea brewing equipment
• convenience
What are the most important costs inherent in our
business model?
Fixed How do we make money? What’s the revenue model? Pricing
• Rent tactics?
• Equipment, furniture and fixtures • Low Intro promotion price to attract customers($1.99)
Variable • Keep the price close to Starbucks thereafter
• Raw materials & supplies • Never price below breakeven even during promotion period
• Employee salaries • Find ways to give them discounts (survey --- buzz discounts)
9. Tea Lab – 04/18/2012
Which of our customer’s
problems are we helping
to solve?
What Key Activities do we • consumer don’t have
Who are our Key require?
Partners? access to quality tea outside
• Purchasing raw material
• Indian stores and Asian • Brewing tea the home How will we Get, Keep Who are our most
stores • Setting up retail outlets • Formula/proportions are and Grow Customers? important customers?
• Eventually tea makers • Advertising, & marketing off • Unique, customized tea, their
• Indirect distribution • Setting up customer feedback way • repeat customers
through -- subway, panda channel and analysis
• Business development with • Consistent quality • health conscious customers
express Which customer needs are
campuses • Increase product variety
• Product mix creation we satisfying? • loyalty program TEA I.D.
Who are our key • Customers looking for a fun
• FP&A management new experience
suppliers? • Hiring • Tea the “way I like it”
• Indian store from NJ outside the home
• Chinese stores from What are their
• Cool experience / social archetypes?
Chinatown
setting for tea • The Indian
• Grocery stores such as
• The rising teen
Wal-mart • Healthy parents
• Restaurant • Tea w/out tea bags • Undergrads
Through which Channels
utensils/hardware What Key Resources we • Baby-boomers
do our Customer
suppliers require? What are the Key Features
Segments
• Money of our product that match What Job do they want
What are we getting want to be reached?
• Retail outlets customers problem/need? us to get done for them?
from them? Giving • Teal lab stores
• POS system to track sales • Custom tea their way!
them? • taste of our tea (quality) •
• SAP system for accounting Fun/unique ingredients
• Milk, sugar, Splenda, tea • Experience • direct-to-home • make the tea (incl. picking the
• License from NY / Campus • the availability of tailored flavor
leaves, cups, spices, pots/p approval delivery best ingredients)
ans • Online • education of tea
• HR for hiring & training • speed of delivery • cool place to hang out
• MONEY, more revenue • Tea brewing equipment • Convenience
What are the most important costs inherent in our How do we make money? What’s the revenue model? Pricing
business model? tactics?
Fixed • Online sales for home consumption
• Rent • Data – based on the TEA ID card!
• Equipment, furniture and fixtures
Variable • Keep the price close to Starbucks thereafter
• Raw materials & supplies
• Employee salaries • Never price below breakeven even during promotion period
• Find ways to give them discounts (survey --- buzz discounts)
10. Tea Lab – 04/19/2012
What Key Activities do we
Who are our Key require?
Partners? Which of our customer’s How will we Get, Keep
• Indian stores and Asian Purchasing raw material
problems are we helping and Grow Customers?
BRAND – Tea Lab to solve? • Unique, customized
stores Who are our most
• Eventually tea makers Brewing tea tea, their way important customers?
Setting up retail outlets consumer don’t have access • Consistent quality
• Indirect distribution
Advertising, & marketing to quality tea outside the • Increase product variety
through – franchises in home repeat customers
Setting up customer feedback • TEA I.D.
airports, hotels?subway, Formula/proportions are off health conscious
channel and analysis • word-of-mouth from
panda express customers
• Business development with students (campuses)
Customers looking for a
campuses • Tea tasting event to collect
Who are our key fun new experience
• Product mix creation Which customer needs customer feedback (via
suppliers? • FP&A management are we satisfying? iPad)
• Indian store from NJ • Hiring What are their
• Chinese stores from Tea the “way I like it” outside archetypes?
Chinatown the home
• Grocery stores such as Tea w/out tea bags The rising teen
Wal-mart Cool experience / social Healthy parents
setting for tea Undergrads
Tea merchants
Kiosk manufacturers What Key Resources we
require? Through which Channels What Job do they want
Restaurant What are the Key
utensils/hardware do our Customer us to get done for them?
Features of our product Segments
suppliers • Money that match customers
• Retail outlets want to be reached? Custom tea their way!
problem/need?
What are we getting • POS system to track sales Fun/unique ingredients
• Tea lab stores
Tea lab kiosks
from them? Giving • SAP system for accounting Taste of our tea (quality)
make the tea (incl. picking
them? • direct-to-home delivery the best ingredients)
• License from NY / Campus The availability of tailored
Milk, sugar, Splenda, tea • Online education of tea
approval flavor
leaves, cups, spices cool place to hang out
• HR for hiring & training Speed of delivery
MONEY, more revenue Convenience
• Tea brewing equipment
Experience
What are the most important costs inherent in our
How do we make money? What’s the revenue model? Pricing
business model?
Fixed
tactics?
Rent
Equipment, furniture and fixtures • Online sales for home consumption
Variable • Data – based on the TEA ID card!
Raw materials & supplies • Keep the price close to Starbucks thereafter
Employee salaries • Never price below breakeven even during promotion period
• Find ways to give them discounts (survey --- buzz discounts)
11. Tea Lab – 04/20/2012
• Tea
Purchasing raw material
manufactures • Unique, customized
BRAND – Tea Lab
tea, their way
• Mall Brewing tea
Setting up kiosks • Consistent quality Mall shoppers
managers Advertising, & marketing consumer don’t have • Increase product repeat customers
• Other raw Setting up customer access to quality tea variety health conscious
feedback channel and outside the home • TEA I.D. customers
material analysis Formula/proportions
• Product mix creation
Customers looking
suppliers • Hiring + training are off • Tea Pots for a fun new
experience
Kioskåmanufactu Tea the “way I like it”
rers outside the home
Restaurant The rising teen
utensils/hardwar Taste of our tea Healthy parents
(quality) Undergrads
e suppliers • Money
• Custom kiosks The availability of
tailored flavor
Milk, sugar, Sple • POS system to track
Remember me
• Tea lab kiosks Custom tea their way!
nda, tea I.D Experience • Flagship store
Fun/unique ingredients
Have us make your tea
leaves, cups, spi • HR for hiring & Cool experience / education of tea
ces training social setting for tea cool place to hang out
Equipment • Tea brewing
equipment
Fixed
Rent
Equipment, furniture and fixtures • Mall kiosks
• Online sales for home consumption
Variable
• Flagship store
Raw materials & supplies • Data – based on the TEA ID card!
Employee salaries
12. Our Journey in this class ……
Walk Beginning End of End of End of End of
in with Day 1 day 1 day 2 day 3 day 4
an idea