Assignment 4A Forming an Opportunity Belief Stephanie Frechette

Assignment 4A Forming an Opportunity Belief

I have a belief that customers who purchase gas at Seven Eleven convenience stores need to be able to use the credit option on a bankcard to pay for their gas. It is not an option at the Seven Eleven stores where I have gone to purchase gas. I go there because sometimes it is less expensive (and I love Slurpee’s). 

The unmet need is that unless a customer uses another form of payment, he/she is forced to use the debit option on his/her bankcard. I believe customers who do not have another form of payment have the need to use the credit option on their bankcard. Since customers may not have a credit card or cash to pay at the pump there is a need. Many people don’t even carry cash anymore because there are so many electronic forms of payment. I believe there is a need because 1) it is unsafe to use a debit card at the pump because of “skimmers”, unethical hackers who have PIN readers who steal card numbers and PINs. Debit cards are linked directly to a customer’s bank account. 2) When a debit purchase is made at the pump the gas station can put a hold up to $150 of a customer’s funds no matter how little they spend on gas. 3)  The prototypical customer is an individual who needs gas and has a debit card.  At this point, I believe the need is being met by using an alternative form of payment or purchase from another gas station. I am 60% certain this opportunity exists. 

Iteration #1 Female 25 year old UCF grad student

1. How often do you purchase gas at Seven Eleven? 

“I only come here once in a while when I go to school.” 

2. What payment form do you use to pay for your gas? 

“I use my debit card sometimes and sometimes cash if I need to go in the store.” 

3. Are you aware of any safety issues related to using debit cards at the pump? 

“No.” Why, what happens?” People can steal your PIN number and bank account information and the station can hold your funds. “I didn’t know that either.” 

4. Do you have a credit card you could use instead of your bankcard? 

“Yes, but I don’t like using it.” 

5. How will you address this issue of debit card use at the gas pump? 

“I will probably use cash or I might not come here since I hardly ever have to anyway.” 

6. If you were able to use the credit option which is more secure, would this be a good solution? 

“Yes. If I can use my debit card and not have to go inside to pay.” 

Iteration #2 Middle aged male

1. How often do you purchase gas at Seven Eleven? 

“Probably once a month.” 

2. What payment form do you use to pay for your gas? 

    “I use a credit card.” 

3. Are you aware of any safety issues related to using debit cards at the pump?

    “Yes, I am.” 

4. When did you become aware of the safety issues of debit card use at the gas pump? 

“A few years ago I had my identity stolen so I always pay with credit if I don’t have cash.” 

5. Are you also aware that your funds are held when a debit card transaction is made at the pump? 

“No. I didn’t know that.” 

6. How satisfied are you with the current payment form you use to pay for gas at Seven Eleven? 

“I am very satisfied.” 

7. If you were able to use the credit option and use your bankcard, how likely would it be that you would choose it as a solution? 

“Not likely at all.” Why? “I still don’t think it as safe as a credit card because it still attached to my bank account.” 

Iteration #3 18-20 year old male gym employee 

1. How often do you purchase gas at Seven Eleven? 

“Not often.” 

2. What payment form do you use to pay for your gas? 

“Debit card, sometimes cash.” 

3. Are you aware of any safety issues related to using debit cards at the pump? 

"No.” Have you heard that people can steal your PIN number and bank account information and the store can hold your funds. “I have heard something about that but not the holding money thing.” 

4. Do you have a credit card you could use instead of your bankcard? 

    "No.” 

5. How will you address this issue of debit card use at the gas pump? 

    "I don’t really need to since I don’t come here much.” 

6. If you were able to use the credit option of the bankcard which is more secure, would this be a good solution? 

    “Yes, I guess so.” 

Reflection:

While I believe that the use of the bankcard with the credit option is a need, after this exercise I think maybe my perceived need may not be a viable opportunity after all. Only one of the three potential customers would even use the credit option and none of the individuals get gas very often at Seven Eleven. I think it is possible I could have dissuaded the grad student from going there at all. 

In summary, my original opportunity isn’t relevant. I started asking the question, “How would I actually make money from solving this problem?” I spoke with my personal banker and she told me that credit cards are protected federally so the customer doesn’t have as much liability if he/she is the victim of credit card fraud. So, my belief is that this opportunity is less accurate. I think entrepreneurs may need to adapt opportunities based on customer feedback, but I also see where much more feedback would be helpful.