Existing
- I think the next thing within the existing market is really hitting on marketing and advertising. I have a good idea of what people want and do not. Now I need to tell them that what they want is readily available.
- I think what customers in this market want is just to be able to get the product. Specifically, at UF, this means placing in it places near campus like POD markets, Publix, maybe put it in the vending machine in the libraries, and local pharmacies. This way people will know it is available.
- To grow my market, I want to first make the product available all over UF’s campus. Next, word of mouth will lead friends from different college campuses to talk about the product. Eventually students from UGA, UCF, FSU, and more will find out about the product and want a similar solution.
In the end, the market will begin growing in terms of college campus coverage all over the country. Right now, the market might only be college students at UF, but eventually it will grow to other schools as well.
New Market
1. While I was previously targeting B2C, I will now target B2B, helping businesses give their employees (likely middle-age adults) a way to improve their hygiene before working or heading into important meetings.
2. This will be helpful to any business that often has employees going into meetings during the day. With many meetings, a way to improve dental hygiene will make such meetings more enjoyable for everyone involved.
3. While I can’t really interview anyone, I think that customers in this market of businesses would like to have the assurance that something as easily controlled as dental hygiene is not ruining their business meetings.
4. This market might be attractive, but I do not think it is as attractive as most B2C markets because the product is mainly for personal use and does not seem like something that a business would think it needed to supply to its own employees.
On the other hand, if I were actually able to interview people from this market, I would think that it is possible that some upper echelon companies would be okay with providing these products for their own employees. Overall, I think that I will stick to B2C markets, but I will not ignore future possibilities of approaching a larger B2B market.
Hello Max,
ReplyDeleteI really think that you provided a detailed road map about what is next for your business venture in this assignment. You clearly tackled all the steps by writing a detailed description about what is next for the future of your business venture both in your existing market and in a new market to continue growing going forwards. Overall, I really enjoyed getting to know more about your business idea. Great job once again.
Sincerely,
Javier Alfredo Felis Perez
Hey Max,
ReplyDeleteFor both your existing and future market, I think you came up with a few awesome idea for propelling your product into the market in the future. I feel like with the right kind of advertising and research backing your product, it could actually become a very popular product. I say that because I would definitely buy something like that myself. Furthermore, I like how you suggested moving into a B2B market since I find that it would be a cool thing to offer daily to your employees. I could definitely see this becoming something popular! Great job overall on your ideas!
Samuel Ackenine
Hi Max,
ReplyDeleteNice job identifying what the next step in your existing market is. I too think that advertising would be a large next step in my opportunity. In your new market, I think going business to business is a great idea. Having bulk orders is a nice way to push product and not have to worry solely about individual sales. Although I agree that business to customer is probably the best way to go, B2B is still a great option I think.
Best,
Reed Blevins
Hey Max,
ReplyDeleteI like how your goal for the existing market is to focus on your image and marketing strategies, which are critical in gaining more customers and revenue. I also liked your decision to go B2B for the new market, as this will open the doors to more potential customers, and since they are businesses, they will buy at wholesale quantities, which benefit you more.
All the best,
Luis