What I Think Is Next?
Existing Market:
I believe that the next step in my market would be to cater the restaurant services specifically to college students. The more that the college students support and promote the services, the more that the general public would support and promote them. In terms of growing my business in an existing market, I believe that it would be best to partner with local businesses. They would be willing to help and support the business as well as help me with ideas on how to better promote the business.
New Market:
A radically new market for my company to emerge in would be an older, more sophisticated and family oriented crowd. I don't think that our apartment would do as well in this type of market because those that are in families are less likely to order meals to eat instead of cooking. The reason that this market is intriguing for college students because they tend to have little time to cook for themselves. It is also more expensive to cook for one person then it is to cook for four people.
Reflection:
After interviewing for the new market, I realized that it would in fact work better in a college market then it would in a more family oriented market. After interviewing a family of four, they decided that it is much cheaper to cook for a family of four than it is for a single college student to cook. I don't believe that this market is as attractive as the existing market, however I think that there are ways to change my idea to cater to different markets. One of my interviews said I had a great idea but it was very much catered to the market that I was trying to pursue.
Hey Haley. I also came to the conclusion that working with other local business' could be rewarding, to grow and expose my innovation to the market. The information you got from interviewing families is interesting and true. College students are where this idea shines, and that relates to the fact that you did originally design it to pursue that market. While the idea could be expanded to cater to many more markets, the student market is so large, that it isn't necessarily better. If you focus on only students, it makes marketing and distribution much simpler and cheaper, in the end leaving you with more profit.
ReplyDeleteHey Haley,
ReplyDeleteI think the idea you have to work with local businesses is a great one. I know that with my product this would be the easy way to get my products on a stores shelves so this is the first place I plan to reach out to. I’m sure this would benefit you immensely as well. I would have to agree that your market is with the college students but I do think that you could adapt your product to sometimes target families, possibly on holidays so that they can spend more time with visiting relatives.
Thanks, Zach L.