Assignment 25A - What's Next?
Existing market
Interview summation - After asking 3 people who are already part of my market, I was told that I should look at other ways to optimize certain parts of people's day. I was told this would be a great way to ensure that my company will be sustainable and will not have only 1 product that it can rely on.
Path for the future - For the current short term, In should focus on starting my company and securing funding to actually produce my product. Then we would start manufacturing and larketing the foam panels until we are profitable. Once I felt that the company was in good hands and in stable condition, I would step back from the company and shift my focus towards a different venture.
I would start to focus on optimizing other parts of people's lives, Instead of just focusing on ways to optimize sleep, I want to find ways to optimize people's daily lives. This company would work on developing products to help with daily optimization. Eventually, I would want to launch numerous products to accomplish this goal.
Finally, I would want to sell my company and retire. After successfully running my company for a number of years, I would want to retire from the company.
New Market
If I were to target a different market I would likely turn the foam panels into decorative pieces. They would become very expensive and each one would be handmade to fit the customer's exact specifications. This would be very different than the budget minded people who were targeted in the previous market.
I found 2 people who were very affluent. These people said it would be interesting to try to market something with a practical purpose, as a luxury piece. It would be similar to how watches have a practical purpose, but often target an affluent market. Both interviewees said that the handmade aspect would definitely help convince people to spend more money on the product. This is because they would feel the object is unique.
I think this new market is a very interesting concept. Marketing a practical object as a luxury art piece would be very interesting. It would definitely be a challenge for the marketing team. My expectation about spending time on a handmade piece wold make it more desirable to people with the ability to afford it. I think that while this market seems interesting, it would be much easier to just focus on budget minded people. It makes more sense to market the product for its practical application and not it's possible looks.
Interview summation - After asking 3 people who are already part of my market, I was told that I should look at other ways to optimize certain parts of people's day. I was told this would be a great way to ensure that my company will be sustainable and will not have only 1 product that it can rely on.
Path for the future - For the current short term, In should focus on starting my company and securing funding to actually produce my product. Then we would start manufacturing and larketing the foam panels until we are profitable. Once I felt that the company was in good hands and in stable condition, I would step back from the company and shift my focus towards a different venture.
I would start to focus on optimizing other parts of people's lives, Instead of just focusing on ways to optimize sleep, I want to find ways to optimize people's daily lives. This company would work on developing products to help with daily optimization. Eventually, I would want to launch numerous products to accomplish this goal.
Finally, I would want to sell my company and retire. After successfully running my company for a number of years, I would want to retire from the company.
New Market
If I were to target a different market I would likely turn the foam panels into decorative pieces. They would become very expensive and each one would be handmade to fit the customer's exact specifications. This would be very different than the budget minded people who were targeted in the previous market.
I found 2 people who were very affluent. These people said it would be interesting to try to market something with a practical purpose, as a luxury piece. It would be similar to how watches have a practical purpose, but often target an affluent market. Both interviewees said that the handmade aspect would definitely help convince people to spend more money on the product. This is because they would feel the object is unique.
I think this new market is a very interesting concept. Marketing a practical object as a luxury art piece would be very interesting. It would definitely be a challenge for the marketing team. My expectation about spending time on a handmade piece wold make it more desirable to people with the ability to afford it. I think that while this market seems interesting, it would be much easier to just focus on budget minded people. It makes more sense to market the product for its practical application and not it's possible looks.
Tucker:
ReplyDeleteEven when I believe that I am doing some good “outside of the box” thinking, people truly amaze me. As the entrepreneur how likely would you have been to create the differentiated product suggested by your new possible market. I now that when I was speaking with someone that fell inside my new market, they provided some great advice on something in which I would not have thought.