Existing Market
In terms of what is next, I want establish the domestic market to ensure my product is sustainable. After that, I want to expand it internationally because I feel like the need exists there as well. After speaking with a few people, it's evident that a need for effective marketing needs to be put into action to advertise to different age groups. In terms of what customers want next, if they see the value in the initial product, they're most likely going to look for other products the company offers. I would want to either make an extension of the product or create a new product for a different line.
New Market
A market that I'm planning to target is the college student market. College students are often ordering products online so that results in a higher number of packages being put out. College students are always on the move so it's important that they're not wasting their time trying to deal with the hassle of a missing package. Aside from the time, most college students are living on a budget so having their package being stolen or misplaced wouldn't turn out too well for them. After interviewing a couple people, they again spoke about how the marketing of the product is essential especially to different age groups because nowadays, people are drawn in by creative marketing strategies.
Reflection
What I learned about the new market is that there is definitely opportunities there because I'm a college student and I feel like this product would be useful. That was later confirmed by other college students which actually made it believable. I'm not sure if it's attractive as my initial market because college students don't have the luxury of disposable income so it may be tougher for some students to buy products that they don't use on a regular basis.
I like the way your post is organized. The only suggest I would have would be to put more detail into your explanations. You just mention the very tip of the iceberg and it is understandable, but it is a little difficult to actually visualize your product and your markets because there is not a lot of detail in your post.
ReplyDeleteMohammed, I feel there could be more details within your post. It is apparent where you are trying to take your business idea next, but it still is confusing as to how big and where exactly. I feel you are only hinting at your idea, but it is hard to visualize. Other than that, I believe the organization of your post is good.
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