Existing Market
Step 1: I think that the next steps will be to spread my business and become successful. I think I need to promote and expand my business. The product could definitely be a big hit and save/change many lives. The product just needs to get out there!
Step 2: When thinking about responses to interviews that I would have conducted, I think people could have pointed out a lot of important things. I couldn’t conduct these interviews due to the virus.
Step 3: Based on personal experiences and interviews prior to this assignment, I think I need to make big connections with this product. I think that it will be very hard to surpass Apple and make my earbuds a hit while they still sell their Airpods. Although mine are motion sensored, the products are very similar and I think that may cause challenges. Also, I think I need to really focus on the needs of the customers when designing the product. The main part of this product is the motion sensors and I need to hire great designers to make sure that the product looks nice and works perfectly. In my future path, I will focus on not only the designs for the product, but its insides and its competition.
Step 2: When thinking about responses to interviews that I would have conducted, I think people could have pointed out a lot of important things. I couldn’t conduct these interviews due to the virus.
Step 3: Based on personal experiences and interviews prior to this assignment, I think I need to make big connections with this product. I think that it will be very hard to surpass Apple and make my earbuds a hit while they still sell their Airpods. Although mine are motion sensored, the products are very similar and I think that may cause challenges. Also, I think I need to really focus on the needs of the customers when designing the product. The main part of this product is the motion sensors and I need to hire great designers to make sure that the product looks nice and works perfectly. In my future path, I will focus on not only the designs for the product, but its insides and its competition.
New Market
Step 1: If I were targeting buyers in a poorer area, I would probably have to make the earbuds into headphones or some other device to make them more cost effective. I think that people would not want to spend $100 on a pair of headphones, like I have listed in my venture concept. This would drastically change how many I sell because I think that my product is almost more of a luxury product more than a necessity. With this approach, if I were to sell directly to buyers and not go through distributors, I think that would also greatly impact my business. I think that I would have less business because I think having my product in retailers such as Best Buy, Walmart and Target is the reason that my product may be so successful.
Step 2: With this described new market, I think it would create an extra safety feature for those less fortunate. I think that this would actually be very beneficial because maybe the poorer communities are those with more bikers due to transportation troubles. I had never thought about it like this, but maybe this product would actually be better for the poorer people and be more helpful in those communities.
Step 3: I could not do the interviews for this part of the assignment, but I do believe that people in my new market will see the need for this product, or at least it's great benefits for the community that they live in.
Step 4: Once again, since I couldn’t do the interviews, I am going to assume some information that I would have gotten out of my new market. I think that they would have enjoyed this product and I think opening my product up to a different market greatly changed my mindset on the product. I do think that this new market is just as attractive as my existing market. The only major issue that I see with going for this market, or maybe even both markets, is changing the product to be more cost effective. I’m not sure exactly how cheap I can get motion sensored headphones to be while still making good profit. The price may determine the ultimate market, but it was still interesting to think about both sides.
Step 2: With this described new market, I think it would create an extra safety feature for those less fortunate. I think that this would actually be very beneficial because maybe the poorer communities are those with more bikers due to transportation troubles. I had never thought about it like this, but maybe this product would actually be better for the poorer people and be more helpful in those communities.
Step 3: I could not do the interviews for this part of the assignment, but I do believe that people in my new market will see the need for this product, or at least it's great benefits for the community that they live in.
Step 4: Once again, since I couldn’t do the interviews, I am going to assume some information that I would have gotten out of my new market. I think that they would have enjoyed this product and I think opening my product up to a different market greatly changed my mindset on the product. I do think that this new market is just as attractive as my existing market. The only major issue that I see with going for this market, or maybe even both markets, is changing the product to be more cost effective. I’m not sure exactly how cheap I can get motion sensored headphones to be while still making good profit. The price may determine the ultimate market, but it was still interesting to think about both sides.
Hey Carlie, I like how bold you were in assuming your product will do well in the open market. I think confidence is really key when trying to be an entrepreneur and start a business or see a concept through to the end. You did a great job in analyzing a new market and potential buyers. I am excited to see where your headphones lead. Great job!
ReplyDeleteHi Carlie, it is interesting how this assignment has allowed you to think of a brand new market that you have not thought of before. I think this product would be a big hit in the poorer communities if you were able to lower the price. This is because people who cannot afford cars most likely bike more to get places. However, lowering the cost might be difficult without lowering the quality of the product.
ReplyDeleteHi Carlie,
ReplyDeleteI do not think selling into poorer communities would cause you to change how you sell. I think with effective marketing strategies such as raising the price higher and giving a sale or huge discount with some type of incentive will allow you to still profit the original amount and will gain customers. One thing I learned from running my own business, is that people love sales and they like to feel appreciated when spending their money with you. So some type of sale and incentive would most likely draw the audience you are attempting to target.