Regulatory Changes:
1.) The first opportunity I came across what actually something I first heard about from my professor and then I researched it more in the gator sun. The first regulatory change I came across was Gainesville county raising the tobacco buying age to 21. This made Gainesville one of the first counties in the state of Florida to pass such a law. This leads me to believe that after this law is in effect there is an unmet needs for tobacco users under the age of 21 to be looking for a new way to get their hands on tobacco products. This wont be effecting any customers over the age of 21 but will definitely effect the younger crowd that relies on tobacco. This would be a relatively difficult unmet need to exploit, however the law doesn't penalize 18 year olds for smoking tobacco only makes it more difficult for them to acquire it.
I came across this as an opportunity for myself because back when I was younger I use to vape and I would go to a local smoke shop and be able to purchase everything legally at 18, but now with this new law an 18 year old won't be able to do that any longer. So just being I've had a personal experience with this back in the day I can relate.
Link: https://www.gainesville.com/news/20190122/county-raises-tobacco-buying-age-to-212.)
2.) The next regulatory change that lead to an opportunity was sports betting. This has been a growing business since the first day it started and it hasn't looked back. Some states allow for sport betting and others don't. This has been a growing issue as everyone believes that they should be allowed to make sport bets within their respected state. FanDuel, DraftKings, MyBookie and so many more of these websites permit the use of sports betting. I believe there is an opportunity here because the people within states that allow it prosper and love the game and those who live in states where they can't bet legally have to find either loopholes and illegally gamble or not gamble at all. The prototypical customer would be anyone wanting to make sports bet and has a need to want to make risky bets. This opportunity is relatively hard to exploit in states where sport betting is still illegal as doing the act is technically against the law in those states and could lead to harsh punishments.
I believe an opportunity exist here because when I was a little younger I use to always make football FanDuel lineups with my dad. I know how nerve racking but invigorating this activity can be and have a personal experience of it.
Economic Trends:
1.) The first economic trend opportunity I found involves the Oak Mall. Within the mall there is thousands of people passing through it everyday. Knowing this companies has invested their time and started to focus more on adding into the mall. The mall now is expecting a few new shops to open up within it. Some of these stores include a new music shop and clothing shop. I believe an opportunity exist here because the mall is already very popular as is and the addition of new shops can help generate more customers and more revenue for the mall all together and the new start up companies starting in the mall. The prototypical customer is any person who comes into the mall with the intent to buy new items from the stores, so most likely a more family oriented customer looking to shop in numerous shops. This opportunity is relatively easy to exploit because it is already in a very crowded area so it has high potential to be successful.
I can relate to this personally because I've gone to the Oaks Mall before and have shopped their before. I can see how it is growing business and can lead to many successful opportunities for new stores starting up in there.
2.) The second economic opportunity I found involves gas prices. I actually came across this news from the last assignment we had to do. But basically gas was in a downward decline in price not all too long ago but over the past weeks it has been rising and rising and it is expected to continue to a rise and then steady out. But sooner or later we will come across the transition into summer gasoline where prices sky rocket and reach an all time high for the year. This increase in gas price is going to lead to unmet needs of people who are tight on money and can't keep up with the funds needed to pay gas and all the other necessities, which is why I believe and opportunity exist. I believe the customer range is basically anyone who relies on gas as a mean of traveling. This unmet need is very hard to exploit because there is very little we can do to make a change and effect gas prices.
I figured this was an opportunity because when I had my first job I had to buy my own car and once I purchased my first car the gas price was insanely low so funds and all that were consistent and I had some surplus, but once I experienced my first summer gasoline I realized how much the raise in gas price can effect one's economic decisions.
Hey Daniel, I like the way you described the economic trends and were able to relate the opportunities to yourself. I agree that the Oaks Mall could benefit from a lot more stores. I feel like whenever I go there I do not find a lot of the things I am looking for, especially now that Macy's closed. Opening new stores and finding out what consumers want is a must before opening so they do not go out of business. I also agree with you in that there is not a lot of that can be done for the increasing gas prices since it is a complex trend with many factors, but using public transportation over summer can surely decrease how much money you spend on gasoline.
ReplyDeleteHey Daniel! I really enjoyed reading the list of economic and regulatory opportunities that you found, especially because you found so many applied to you and your personal life. I really appreciate that Gainesville has made progress in terms of reducing underage use of tobacco by raising the purchasing age to 21. I believe that children should not be allowed access to tobacco products until later in life because of the addictive effects it can have, especially during an age that you aren’t always making the best decisions. I also support the notion that the Oaks Mall needs more stores, because shopping is so limited there. I think they can benefit from a store that caters to twenty-year-old females and focuses around going out/ date attire.
ReplyDeleteDaniel,
ReplyDeleteI enjoyed reading your post very much. I liked how you were able to relate a majority of your findings to either personal experiences or to something that everyone can relate to. I found the trend involving the Oaks Mall to be the most relate able and pertinent to the majority of us taking this class, seeing as many of us live in Gainesville and use the mall as a way to relax or shop for necessities. This was a great post all around.