Target Market:
In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.
To grow my existing market I need to talk about how I'm able to keep costs down. This was a concern shared among two people I interviewed. I also need to add some sort of visual graphic to my concept so that it's no so plain looking. Another concern, was how I'm going to retail my item - whether I'm my own company or website, or if I'd partner with other bike companies.
To be quite honest, I'm not sure how I'm able to keep the costs down at the moment. I would probably start off my saying that my business isn't trying to make a 300% profit off of something, when the materials aren't very expensive. A lot of companies hike up their prices, but I'm trying to keep the prices as reasonable as I can. I have photos of prototypes that I've made before, so I could easily insert those photos, as long as some charts that compare my products to its competition based on price/size/efficiency. Last, I could easily add another section to my venture idea talking about how/where I will have my product and where it will be available for costumers to purchase.
Alternative Market:
What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market?
What surprised me the most, was the ability for this "idea" to be implemented is so many other markets. It seems as though the possibilities are endless. I didn't have any expectations of assumptions honestly, I was actually quite interested to see what other people could come up with in terms of an alternative market. All of the markets mentioned: cars, laptops, purses/backpacks are attractive markets - but for my product bikes are the best application. With modification to some components to my product I feel as though these other markets could generate a lot of money for my company. Although I would definitely need a larger source of resources.
Kristiana,
ReplyDeleteGood work on this tough assignment! It is always uncomfortable in my opinion to interview random people and sometimes even people close to you. The modifications you have mentioned are all good ideas to help make your business successful. I posted my blog below if you are interested in reading it!
http://mitchlicht2016.blogspot.com/2016/04/whats-next.html
Hello Krisitiana. I like that you actually uploaded customer interviews! It seems like they had a lot of questions regarding your current market and that’s understandable. Because my product involves children, I randomly went up to people who have children, where I explained what my product is. Then for the new market, I went to an ice cream place and asked people what they thought of my new market. I think your bike lock system is pretty cool and if I owned a bike, I would definitely use it. I’m more a runner than a bike rider. It would probably be easier to transfer from bike lock systems to car lock systems, if that is what your new market consists of. Here is a link to my post. http://clarissaidos.blogspot.com/2016/04/whats-next.html
ReplyDeleteHi Kristiana!
ReplyDeleteReally great job on the interviews. I have an extremely hard time interviewing people that I know, much less people that I don't know! You really got a good amount of information out of your interviews and took it into consideration on how it would impact your business. You could very easily adapt your idea to fit many other markets, which is great news for the future of your company! You can check out my blog here: http://nicmcq.blogspot.com/
I enjoyed your interviews a lot. I think that the people you interviewed had great advice, and provided you with productive feedback. It seems like you idea could be used by many people in very different markets, which is great because you will be able to adapt to the changing markets. Also, this opens up to being able to expand and become more profitable. Overall, I think you did a great job with you interviews and you got a lot of great information. Check out my blog at http://luissoto93.blogspot.com
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