Existing Market.
Step 1: Talk about what you think is what's next in terms of products and services for your venture.
I think what's next for my product or service would be the creation of a website and the expansion to more airports located within North America. The website would provide insight of what the actual business is, how the service itself works, and pricing for the service. This would be huge in optimizing satisfaction in customers as they have a basis of what to branch the business off of.
Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next.
Interview #1 Morgan Crumley, frequent traveler, 22 years old. When asking Morgan about what I should do next for my company she mentioned making it available in places besides airports to return the book. She said a lot of times she likes to read the books slowly to truly understand the book and said she feels the limited time of the flight could prevent that. She said if there were more convenient locations for drop-off/ renting could allow for the business to expand even further.
Interview #2 Cole Maxey, 26 year old, student at UF. When talking to Cole he really loved my idea for a business but then mentioned about giving people to option to completely buy any book/magazine they wanted to keep right at the point of purchase and not have to deal with renting it. He brought up the idea of how people like to mangle and mark up book as they read and if they could buy books that would allow them to do so.
Interview #3 Stacia Smith, mid 40s, Mother of 2. When chatting with Stacia she brought up the point to me of making sure that people don't get confused with places for drop-off as when my business first starts I won't have store locations in all major airports yet. This could lead to confusion of customers and the need to have numerous stores open in all major airports is a huge key to success.
Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.
Based off of what I heard and what I already know there is some key points that need to be addressed in the future that will determine its survival in the market.
The first of this involves being able to expand my business to all major airports that would be able to use this service. This will allow the expansion of the business to be able to be effective in all parts of North America and not limit my service to only the select few that would receive benefits from this service. I need to test the market t accurately decipher trends within the market and once this is done and research gathered I can figure out the main airports that are used, favorite genre of books/magazines, and greatest number of frequency of flyers would find this service useful. Once all this info is gathered I will be able to determine which airports I should be focused on using and implementing into my service to make it more nationally expanded.
New Market.
Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.
The target market that I am aiming is people who do not have a passion for reading and like to past time through technology. (Specifically kids who play games all the time to pass time)
Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!
I think my venture concept could create value for these people by providing them with gamer informer magazines and others that relate to whatever games they are playing currently. These magazines could have some cheats or other tips that can make the game more enjoyable so they would find interest in actually reading. They would in essence be reading about a game they are about to play but in the moment they would find benefit from my service by providing them with the info to read.
Step 3: Interview two people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market?
Rylein, one of little girls my roommates girlfriend baby sits. I talked with her over the phone and she told me how much she loves to play a game called Baby Mama's coking game. I asked Ryelin if she would read a book, and she instantly replied no, but when i asked her if she wanted to read about Baby Mama cooking she was all for it. She told me that anything about Baby Mama or Nintendo switch games are some of the only books she would enjoy reading.
Dylan, 22 year old gamer. Dylan is one of my close friends and is addicted to playing video games. of course his favorite is Fortnite which is very popular game amongst everyone in this generation. I asked him the last time he read a book and he said he couldn't even tell me then i asked him the last time he played fortnite and he replied 15 minutes before i came over. I told him about my business and asked him if he would read anything. He said the only thing he would even have an interest in reading would either be fanatsy football or Fortnite, both of which have magazines that talk about both heavy in detail.
Step 4: Reflect, in two to three paragraphs, on what you learned about this new 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? And so on
What I learned from these interviews in this new market is that there is a way to bridge the gap between an old and new market. For my market specifically to appeal to a market who prefers to play video games or use technology as an alternative to past time I learned that if I included books/magazines that were about they topics they enjoy they would be willing to bridge the gap and read.
This new market is attractive but not as attractive as my old market. Much more research and dedication needs to go into the appeasing of the new market compared to my older one. Once my business has developed and is running smoothly I will make this bridge of the gap to incorporate this new market into my most desired.
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