Existing Market:
1. What's Next: I want to expand my product line to five products instead of three.
2. I interviewed three customers who are already part of the market for alternatives to plastic. I told all three customers about my business plan and what they think I should do next. The first person I interviewed told me to stick with three products first and have a test run and in a couple months expand my product line. She told me to do this so that I don't get to overwhelmed in the beginning. The second person I interviewed liked my idea and told me to expand my market even more. She thinks there is another target audience out there such as families. She said children should grow up learning about saving the environment. The third person I interviewed also liked my idea and told me to get my products in stores. He said that would help with brand awareness and really getting my product out there.
3. Based on the feedback I got from these interviews, what makes the most sense to me is sticking with my idea of marketing on college campuses but I would also consider getting my product in stores.
2. I interviewed three customers who are already part of the market for alternatives to plastic. I told all three customers about my business plan and what they think I should do next. The first person I interviewed told me to stick with three products first and have a test run and in a couple months expand my product line. She told me to do this so that I don't get to overwhelmed in the beginning. The second person I interviewed liked my idea and told me to expand my market even more. She thinks there is another target audience out there such as families. She said children should grow up learning about saving the environment. The third person I interviewed also liked my idea and told me to get my products in stores. He said that would help with brand awareness and really getting my product out there.
3. Based on the feedback I got from these interviews, what makes the most sense to me is sticking with my idea of marketing on college campuses but I would also consider getting my product in stores.
1. Currently I am targeting college students on college campuses. The new market that I would target is older adults between the ages of 25-50 at sports bars. I think this would be a good idea because I would be selling products with college logos on them.
2. I would create a value for this new market because usually people who go to sports bars watch college football and I think they would be interested in buying my product with their college logo on them.
3. I interviewed two people from this new market. I recently went to a sports bar and interviewed two people there. The first person was in his late 20s and told me that selling products at sports bars is a great idea. He said he's seen people do that before and people were buying them. The second person I interviewed was in her 40s. She loved my idea and said men who bring their wives to watch football would love the distraction and would definitely want to buy my products.
4. Overall, I knew about this potential market, and I like the idea. I want to continue working on my current target market and see where that goes. If I do not see the results I want, I will consider trying a new market.
Yes you have a clear plan on what you're doing. College student would be a great segment for your business to target. Now, do not forget that college student works are a very special segment. It is hard for us to change our habits and having a business like you entering the market will require strong advertising in order to become a successful business. Good luck!
ReplyDeleteThe new market you described is definitely one that is worth pursuing. Alumni and just general fans of the colleges love to show their support and would be interested in products that display college logos. For example, companies like Yeti sell reusable cups with university logos on them. Getting permission to use these logos might be a potential challenge for your business idea, but it's not an impossible task.
ReplyDeleteHey Monica, I think that you have presented a great new idea by targeting people beyond their college years that are still passionate about the sports. People love spending money on school pride and would definitely consider it for a good cause such as the one that you have been developing this past semester. Also, these people could buy products for their children and spread the word to younger generations as well, ultimately creating a chain reaction of sails. Great work!
ReplyDeleteAfter reading your previous assignment, I definitely thought that you could expand your product line to add more business. There are a plethora of disposable plastics that could easily be replaced with recyclable or reusable options. It is encouraging to hear that college students were interested in a larger product line. I would advise to ensure that you have mastered the production of your current product line prior to expanding. In my experience, alumni tend to be huge consumers of collegiate memorabilia. I think this would be a great market for you to expand into.
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