25A What's Next?
Existing Market.
Step 1: Talk about what you think is what's next in terms of products and services for your venture.
I believe what's next in terms of products and services for my venture are new meals, seasonal drinks, and more upgraded applicances in my business.
I believe what's next in terms of products and services for my venture are new meals, seasonal drinks, and more upgraded applicances in my business.
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.
All three people work in this type of industry and they all mentioned the same things. To keep it cheap, quick, very clean, and healthy. They said to start really working with the customers make more marketing and everything because that will help in the long run. If it's cool and hip, young adults will stay around. I asked them what they think about the loyalty program I want to start and give customers those small gifts or discounts and they said that's a great way to work with the customers because you gain customer loyalty and I give them the option of which prize.
All three people work in this type of industry and they all mentioned the same things. To keep it cheap, quick, very clean, and healthy. They said to start really working with the customers make more marketing and everything because that will help in the long run. If it's cool and hip, young adults will stay around. I asked them what they think about the loyalty program I want to start and give customers those small gifts or discounts and they said that's a great way to work with the customers because you gain customer loyalty and I give them the option of which prize.
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.
So, in terms of making a set path for the future I haven't really given it that much thought. I think what makes the most sense for my venture in terms of growing is to keep a few things the same. Such as: keep updating meals, adding things in the loyalty program, and making more networking connections. The networking connections are for in order to expand and get more people to work for me. I will have to set up a company organization hieracry and open up like a customer service team, as well as a marketing team. I will have to schedule team meetings every week and I will also offer customers surveys on their experience and the food. I would also like to open up a sustainability team that can promote sustainability methods throughout the business. I'd also like to have a board of the foods of the day and where they are bought from to show customers we are buying from local farmers.
So, in terms of making a set path for the future I haven't really given it that much thought. I think what makes the most sense for my venture in terms of growing is to keep a few things the same. Such as: keep updating meals, adding things in the loyalty program, and making more networking connections. The networking connections are for in order to expand and get more people to work for me. I will have to set up a company organization hieracry and open up like a customer service team, as well as a marketing team. I will have to schedule team meetings every week and I will also offer customers surveys on their experience and the food. I would also like to open up a sustainability team that can promote sustainability methods throughout the business. I'd also like to have a board of the foods of the day and where they are bought from to show customers we are buying from local farmers.
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.
I believe I can target ordinary people and families, and probably a very poor part of society. I can target upper middle class to upper class families in the local area.
I believe I can target ordinary people and families, and probably a very poor part of society. I can target upper middle class to upper class families in the local area.
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 would be able to create value for the people in that poor part of society because I would charge them no more than $1 (with documentation if they have any). With the upper middle class and upper class people and families, I would still promote and sell everything the same.
I would be able to create value for the people in that poor part of society because I would charge them no more than $1 (with documentation if they have any). With the upper middle class and upper class people and families, I would still promote and sell everything the same.
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?
They both think that my business would be able to function perfectly like that. They just think having the poorer part of society might drive some other customers away because sadly some people can be like that. I didn't think of that and can't really think of anything different besides not doing anything at all about it. People are people and they must learn how to live with each other.
They both think that my business would be able to function perfectly like that. They just think having the poorer part of society might drive some other customers away because sadly some people can be like that. I didn't think of that and can't really think of anything different besides not doing anything at all about it. People are people and they must learn how to live with each other.
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 the most about this new market is targeting other customers that arent my ideal customer group. Not knowing what to do in certain situations and still not being able to figure it out. A few of my expectations/assumptions were correct. I believe this new market is to appear as attractive as my existing market and so on because it still gives out the same message: producing quick, healthy, cheap food. Despite the income level of each person, they will receive what they came for.
What I learned the most about this new market is targeting other customers that arent my ideal customer group. Not knowing what to do in certain situations and still not being able to figure it out. A few of my expectations/assumptions were correct. I believe this new market is to appear as attractive as my existing market and so on because it still gives out the same message: producing quick, healthy, cheap food. Despite the income level of each person, they will receive what they came for.
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