Reference no: EM133573411
Make Market Size Estimation addressing the problem and solution embedded below. Indicated below the guidelines how you can make a market size estimation of the solution made called "Smart Pot". Making the market size estimation should be address and locate in Philippines setting as well if your will be depending in a website.
Problem and Solution:
1)Problem Identification: The problem I observed is that many people struggle to take care of their plants, particularly when they have busy schedules or frequently travel. I noticed that plants in homes, offices, and outdoor spaces often suffer from neglect because people forget to water them or are unable to do so regularly due to their commitments and travel.
2)Opportunity: The opportunity here is to make a smart pot, a self-watering plant system that can be controlled through a mobile application. This technology would provide an automated solution for plant care, ensuring that plants receive the right amount of water even when their owners are away or too busy to tend to them.
3) Customer: The customer for this solution would be plant enthusiasts, homeowners, office managers, and anyone who wants to enjoy the benefits of having plants but struggles with the maintenance aspect.
4) Customer's Main Problems:
Lack of time to regularly water and care for plants.
Inability to care for plants when traveling.
Difficulty in finding a reliable plant sitter or caretaker.
Fear of plants dying due to neglect.
5) Job to be Done: The main job to be done is to maintain healthy and thriving plants without the need for constant attention and care.
6) Current Job Getting Done: Currently, people are manually watering their plants or relying on friends, family, or professional plant sitters when they are away. Some may also resort to overwatering plants before a trip, which can harm the plants in the long run.
7) How the Customer Addresses the Problem Today: Customers currently address this problem through ad-hoc solutions such as asking neighbors or friends to water their plants, hiring plant caretakers, or using basic self-watering mechanisms like watering globes. However, these solutions are often unreliable or require additional expenses.
8) Market Size Estimate: The market size for a smart self-watering pot system can be assumed to be significant. As urbanization increases and people lead busier lives, the demand for low-maintenance plant solutions is likely to grow. This could include both residential and commercial markets, encompassing homes, offices, restaurants, hotels, and public spaces.
9) Problem Worth Solving: Yes, this problem is worth solving as it has the potential to have a positive impact on people, the environment, and the economy.
People: It reduces the stress and guilt associated with plant care, allowing individuals to enjoy the benefits of greenery without the time commitment.
Environment: By ensuring healthier and longer-lasting plants, it promotes sustainable gardening practices and reduces the waste of dying plants.
Economy: The market potential for smart self-watering pots and related services could lead to job creation and revenue generation.
10)Feasibility:
The idea of a smart pot with a mobile application-controlled self-watering system is feasible. Existing technology, such as sensors and automatic watering systems, can be integrated into a pot design. The mobile application can provide users with real-time data on soil moisture levels, watering schedules, and even allow customization based on plant types. The feasibility would depend on the development and manufacturing costs, user-friendly app design, and effective marketing to reach the target audience.