Entrepreneurship 2.1

By barendjansen2006 | Updated: Oct. 25, 2024, 2:19 p.m.

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Entrepreneurship 2
Usha Bhaskara
CoreMix
Group 2
Ramone Bronwasser (554951)
Barend Jansen (555675)
The All-In-One Proteïn Powder
Final Video
We will cover 6 main objectives:
Introduction
Market Research (TAM, SAM, SOM)
Pre-Prototype: The Conceptual "Cereal Box"
Prototype 
Preliminary Test Results
Test plan
Future steps
Service Blueprint
Consumer needs and wants and the gap
-
Introduction
Team & Its Functioning:
Methodological Steps
Athletes and health-conscious individuals
Business Idea / Value Proposition
Market Research
TAM - (Total Addressable Market):

- Over 30% accounts for proteïn powder.

- Global Whey Protein Market: Valued at USD 7 billion in 2022.

Source:  (Grand View Research - Whey Protein Market, 2022)
Market Research
SAM - (Serviceable Available Market):

Demographic Segmentation:

- Target group: Fitness enthusiasts, athletes, and health-conscious consumers.

- In Europe, approximately 30% of adults regularly engage in fitness or gym activities.

-Source: (Eurostat, how much do europeans excercise, 2017)

Geographic Scope:

- European Protein Supplements Market: Valued at approximately USD 4 billion in 2022

- Whey protein represents about 30% of the total market, meaning the European whey protein market is worth USD 1.2 billion.

- Key markets would include the NEtherlands and Belgium, due to increase in the fitness culture.

- Source: (Fortune Business Insights - Protein Supplements Market, 2024)

SAM Calculation:

- CoreMix can initially target 18% of the whey protein market in Europe, representing a SAM of USD 216 million (18% of USD 1.2 billion).

Market Research
SOM - (Serviceable Obtainable Market):

Competition:

Optimum Nutrition, Myprotein, and Bulk Powders dominate the European market.

In the Netherlands, Clean Nutrition and Kosso Nutrition are also well-established local competitors with dedicated consumer bases.

Due to high competition, a marekt capture of 1-2% of the SAM within the first few years is realistic.

Source: (British Business Bank, How to calculate market share)

Realistic SOM Estimate:

With a SAM of USD 216 million in Europe, and aiming to capture 1-2%, resulting in a SOM of approximately USD 2.16 million to USD 4.32 million within the first 2-3 years.

Consumer Needs, Wants, and Gaps in the Protein Supplement Market

-  Comprehensive Nutritional Profile: Most products focus only on protein, lacking key nutrients (e.g., omega-3, fiber, vitamins).

- Time-Saving Convenience: Consumers want products that simplify their nutritional intake.

- Ingredient Transparency: Health-conscious consumers demand clear, high-quality ingredients.
- All-in-One Solution: Consumers desire a simplified, comprehensive product that eliminates the need for multiple supplements.

- Beyond Muscle Recovery: Demand for products that support overall health (e.g., energy, digestion) beyond just muscle recovery.

- Trust & Transparency: Consumers prioritize brands that are open about ingredients.
Research highlights a rising demand for omega-3 supplements for cognitive and anti-inflammatory benefits, which CoreMix addresses by including this ingredient (Use of Dietary Supplements in Supporting Immune and Cognitive Functions).

- Many adults, particularly vegans and vegetarians, face deficiencies in magnesium and vitamin B12, a gap CoreMix fills with its nutrient-rich formula (Consumer Trends in Micronutrient Intake and Supplementation).
- Limited focus: Other brands tiunnel vision to only Proteïn powder

- Complexity & Cost: Their approach forces consumers to buy multiple supplements, increasing turnover.

Customer Gap
User Needs
Data & Evidence
Why Competitors Don't Address These Needs
Back side
- CoreMix 
All-in-One Protein Powder
Pre-Prototype: The Conceptual "Cereal Box
Altough we have no pictures of the cereal box, we still menioned some facts which were on the box

Front 
- Details About the Ingredients:
+ Whey proteïn
+ Vitamins
+ Creatine
+ Omega-3
Side 
- Target customer
- Two Promises About the Product
- A slogan: Pure Proeteïn, Total Wellness
- Additional images to enhance atractiveness
- Problem It Solves: Convenience, Purity, Nutrents
- Why the Owner Should Use It
- Where it will be available: Online webshop
- Disclaimers/ warnings
- Additional information
The Digital
Prototype
Service Blueprint 
Test plan

- What we want to learn: Understand consumer interest in CoreMix, focusing on product appeal, ingredient preferences, price expectations, and potential barriers to purchase.

- Why: This feedback will help refine CoreMix’s product-market fit and inform marketing and sales strategies.

- Who: Primarily gym-goers, mostly males aged 16-35, but inclusive of women and other older sport/fitness enthusiasts.

- How to attract them: Engage participants via Instagram to distribute the survey, and fitness community groups in person.

Target Audience:
Objective:
- How to test: Use a Google Forms survey with key questions about product preferences, taste, and pricing. Collect data on what motivates or deters their purchase decisions.

- Test procedure: Share the survey online, with follow-up reminders. Responses will be analyzed to adjust product features and strategy.
Test Methodology:
Testing location
- Where: Primarily online via Instagram and in person at local gyms

When: Testing over a 2-week period, giving respondents time to share in-depth feedback.

Role division
- one person handles the survey distribution

- the other docuses on analysing the feedback

Test result
Test results in pictures with comprehensive questions

A lot of questions!

Because there have been many responses on our survey, we  imported all the quesstions and answers from Google Forms. Also showing us several charts which showcase painpoints.

Test result
Feedback test result summarised

Learnings:

Overall Response: Positive reception, with strong interest in creatine and vitamins.

Feedback on Ingredients:
- Suggested removal of BCAA for better flavor.
- Some recommended adding taurine and electrolytes.
- Mixed views on vitamins; only one respondent found them unnecessary.

Combination Use: Most respondents prefer a single, affordable all-in-one supplement, with minimal use of additional products.

Nutritional Priorities: Emphasis on nutrition over flavor, although flavor remains somewhat important.

Pricing: Preferred price range is €30-40, aligning with CoreMix’s initial pricing plan.

Primary Use: Mostly for post-workout recovery, indicating a focus area for marketing.

Desirability Insights:

Market Opportunity: Limited existing products with a full nutrient profile like CoreMix.

Suggestions to Enhance Appeal:
- Add fruit flavoring for palatability.
- Maintain a reasonable price to encourage repeat purchases.

To analyze the various pain and gain points, we created a "Feedback Capture Grid."

This grid highlights strengths, areas needing improvement, customer questions, and potential ideas for future development.
Feedback Capture Grid
Future steps
Test results

Further Action

Based on our feedback loop analysis, we plan to make the following improvements:

Refine Ingredients: Assess adding ingredients like taurine while evaluating which components may be adjusted or removed.

Enhance Flavor Options: Explore adding basic fruit flavors to increase appeal, ensuring core ingredients remain intact.
Product Aesthetics: Update packaging design to make the product more visually appealing and marketable.

The end 
Coremix, All-In-One Proteïn Powder
Ramone Bronwasser
Barend Jansen

Entrepreneurship 2.1

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