Existing Market:
I learned from doing interview that I should expand my color options and my advertising strategies. I should flyer and maybe expand a color to gold to offer a sense of luxury to customers. Cool ideas from customers!
Personally, I believe that expanding my market, including a new product, will be somewhat difficult. Once you have already branded your company to sell a certain product--in my case, phone chargers, it would be hard to rebrand to include headphones. However, if you have a loyal customer base, it will make selling a new product easier because these customers will be more likely to try out your new product.
New Market:
My new market will switch focus from iPhone users to Samsung/Windows users. I will stay in keeping with my original business venture: focusing on technology. However, I will broaden my market to capture all smart phone users.
I learned from interviewing people that I should make my product easily accessible and understandable to people of an older demographic. They think it will expand my market to parents and adults. I also should advertise using a celebrity or someone that people know. So, at UF I could use Mr. Two Bits! I think this new market will be useful because my product will apply to all smartphone users.
I think a good market to expand to would be adults/parents, and then I would fully capture the smart phone users in my area.
Lillie,
ReplyDeleteI like how you were able to identify that by making your product more accessible and understanding you will be able to target the older generation as well. This will allow you to be more successful and ultimately raise your revenue. I also think that by identifying how you could use Mr. Two Bits you show a very good understanding of your target demographic. With this company as you said, product loyalty will be a huge factor in your success. Check out my blog post and give me some ways to keep improving. http://chrispate25.blogspot.com/2016/04/whats-next.html
Lillie,
ReplyDeleteI really like the insight that you were able to obtain from doing your interviews. It makes sense that once your product is established, it would definitely be difficult to try to re-brand and sell relatable items. I agree that once your established a successful product and a loyal customer base, introducing new products may be somewhat more easy. You did a great job on the interviews, and directing your questions.
Here is the link to my blog: http://jaryprinent.blogspot.com/2016/04/whats-next-week-12.html
Lillie,
ReplyDeleteGood stuff for sure. Your idea is simple yet innovative (in my eyes these are the best ideas). Absolutely agree with the fact that you want to expand to different markets. Why restrict your product only to the United States? Different countries have various smartphone empire (China) that you could potentially go after.
I wasn't able to complete this assignment. Whoops.
Lillie, I think you did a really good job with this assignment. Your idea is awesome. Most people tried to come up with something from scratch but I love that your idea takes something that already exists and basically just makes it better and more fun! I think you did a great job learning from your interviews as well. It seems like you are really organized and creative! keep up the good work!
ReplyDeleteHey Lillie! Nice job interviewing people and getting feedback about your product. This feedback will definitely help you to develop your product further. I agree that taking an existing product and changing is its sometimes better than starting from scratch. Good job! Here's the link to mine http://ufent3003.blogspot.com/2016/03/whats-next-week-12.html
ReplyDeleteLillie, love your product and idea so much! I think if this makes it big, even if it is only in the Gainesville area, a lot of people would benefit from buying and investing in your product since it will be more durable and made of better material. Definitely, colors would be a major factor and would attract customers and would be a way to target and advertise as well. My product would definitely benefit from adding colors as well. Here is my blog: http://kmglickman.blogspot.com/. Check it out!
ReplyDeleteHi Lillie! Great job on this assignment, it seems like a lot of people did not get video recordings so it was nice to see that you did! It really seems like you have put a lot of thought into your business plan and took all of the feedback very well. I agree that using marketing strategies such as flyers and maybe a celebrity shoutout could be beneficial to your venture. Definitely think about adding new colors as that is what will draw in a lot of customers! Keep up the good work!
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