Sunday, April 3, 2016

What's Next

Existing Market. 
Step 1: Talk about what you think is what's next. You may rely on your analyses from "The Amazon Whisperer" exercise (when you discussed what product you thought might come next.)
New additions to the app would be alcohol deliveries (after age approval and ID verification)
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. Video or audio record these interviews.
What do you think of the product?
Person 1: "I think it's innovative"
Person 2: "I think it's cool."
Person 3: "I think you may need more clear focuses." 
What do you believe is next for a venture like mine? 
Person 1: "Maybe you could have it instagram based somehow--people like taking pics."
Person 2: "I think you may need to make it free. Is it free?"
Person 3: "I can't really think of any."
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.
What makes the most sense in the existing market is to launch the app and monitor its usage in a 12 month span for up to 2 years. Depending on whether the growth of usage increases, we can move from there. Research is one of the most crucial things about businesses. We have to also research the market we are targeting to make sure we are not wasting our time. 
 
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 plan to target adults.
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!
Adults are consistently busy. They have to work a 9-to-5pm job (sometimes more hours), they have to grocery job, take the kids to school/dance class/soccer practice, etc. I believe that with this app, their lives-- food-wise-- will be easier.
Step 3: Interview three 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? Video or audio record these interviews.
Person 1: "I think it's innovative"
Person 2: "I think it's cool."
Person 3: "I think you may need more clear focuses."
 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.
I think what surprised me the most was the willingness of the older generation to try new things.

3 comments:

  1. You didn't include any videos, but I like the idea of alcohol deliveries. I wonder if there would be any laws related to that that might prevent you from doing that like if you need a license of some sort. You can check out my blog post on this here: http://sirahmora.blogspot.com/2016/04/whats-next.html

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  2. Hi Lauren, alcohol deliveries seems like an interesting idea, but you may run into some trouble with fake IDs and however the law plays into your venture. Like Sirah said above, not including the videos (even if it's just audio) means you didn't really complete the assignment. Keep in mind that instead of running the risk of someone turning you in for "cheating", you can do YellowDig to make up the missed points.

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  3. Hi there!
    I really enjoyed your post. I see you did not include any videos however. I too had problem with recordings so I hope you still get full credit! At least you still submit something unlike myself. I really enjoy your concept however I see you possibly running into some issues with the law. But great idea!

    Please feel free to check out my most recent post!
    http://efp13.blogspot.com/

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