The Business Concept: The problem and solutionIn both developing and developed countries, energy is one of the main problems that these countries must face. The common source of energy for industries is commercial power mains. Other common sources of power includes solar and wind, some developed countries use nuclear energy. All these energy sources are expensive, solar and winds are relatively cheaper. Energy is used in all households to provide light and power for electrical appliances. Since commercial power is expensive and installed only in residential places. If there is a power outage due to failure of a transformer, or torrential rain and other forms of disasters, an entire town or estate can go without power; this significantly affects the life of the residents.
In some cases, solar and wind energy may be ruled out because it takes time to construct and relatively expensive considering that this process is only temporary. More so, in camping sites, batteries and rechargeable light sources are commonly used; this is a major disadvantage because it means dependence of distance energy source for recharge, more so carrying batteries and torches to camping sites is a burden (Blyth, 2009, p. 123).
As a result, it is clear that there is need for a much cheaper and simple to use form of light which can be used in occasions explained. Gravity Lights is the chosen business concept because it solves the identified problems and hence commercially viable. Gravity lights work by using gravity as a source of energy. In essence, the user only attaches a weight for a few seconds and the device produces light for up to 30 minutes.
Gravity Lights can be used when power outage occurs, it can be used for camping, it is good for people who prefer to save energy, it is by far cheaper than solar energy and wind energy, it only cost less than $20, considering that it only uses gravity, no batteries are required as it is the case in other alternatives like solar and wind, and it is also friendlier to the nature. Business Opportunity AssessmentMarket, customer, and industryThe target customer demographic ranges, the main target for this particular product is people interested in saving the cost of camping activities through eliminating the cost of lights, the other target groups is the customer base interested in maintaining emergency source of light in the event of a disaster that demands other forms of light.
People who also need to save energy is another potential target customers as they will purchase this form of new energy that does not use batteries or electricity (Blyth, 2009, p. 124). As evident, it is clear that the market for this product is available and can thus be exploited. Since the energy sector is the driver of any economy, new forms of energy are always welcomed.
This particular product is creative; it fundamentally provides energy for a unique client base. This is important because it focuses on the market gap available in the energy sector. It also has advantages over other products service the same purpose in this sector. By focusing on weaknesses of similar products in the industry such as expense, flexibility and requirements that should accompany the products as well as the effectiveness of the product as compared to other similar products, this product has a clear and distinct market focus in its industry (Blyth, 2009, p. 124).