Existing Market.
Step 1: I think that my product will become very useful and prominent within the retailing and e-commerce industry.
Step 2: All of the three customers that I interviewed stated the same thing with the fact that my service and algorithm will be very important to people shopping online. One of the individuals explained that there should be more products or services that our business should offer. Another individual said that our revenue might be stagnant. The third customer explained that she loved the idea and would be ready to use the service.
Step 3: I think that I agree with one of my customers that we will need to expand our company and maybe break into another industry. I don't necessarily agree with the customer that claimed our revenue would become stagnant because I feel like there will always be another apparel site or another e-commerce industry.
My venture will continue to grow because it is a unique and special idea that clothing sites don't have and that customers don't even know that they want it yet; which is the most important part of an entrepreneurial venture.
New Market.
Step 1: I feel like my company and entrepreneur venture is both B2B and B2C because I am directly targeting customers and designing my algorithm to relate to customers but I am also targeting my business to other businesses because that is who is buying my service.
Step 2: I think that I could alter my service and algorithm to other industries and maybe even in person services like for people to see when they walk into stores and malls.
Step 3: I had trouble with this part of the project because I was having difficulty figuring out what new market I was going into and how to contact these individuals. I did interview one individual that was involved in more male orientated industries and sports.
Step 4: I learned that there is so much more to learn about every other industry and there are ways to adapt your company and service and product to other industries and ways to get the word out there for your product. My expectations were correct in the fact that I need to educate myself more on other industries before I dive in.
Alyssa,
ReplyDeleteI was a little confused by your post. A recap of what your product is would have been very beneficial. I think that if you are marketing to both customers and business I think maybe explain how you plan to do so, or why you chose to do both would be aa good thing to add. It sees, after reading you venture, that you have a good idea and just need some more detail.
here is the link to my blog:
http://poecr.blogspot.com/2016/03/whats-next.html
I really liked your blog post! Although there were no videos so I think you did the assignment incorrectly. With your existing market, the feedback you received was somewhat beneficial. You were very vague with the description of the customer feedback and plainly stated that you wanted to expand into another industry. Maybe go more in depth with this idea. Check out my blog post http://ent3003tb.blogspot.com/2016/04/whats-next.html
ReplyDeleteHey Alyssa, I really enjoyed reading your blog post and listening to your interviews. I agree that a recap would have been beneficial. You, however, should have been a lot more specific with the additional markets you wished to expand into. Its something I tried to grapple with in my interviews, which I would appreciate you reading about over here http://jlopez3003.blogspot.com/2016/04/whats-next.html
ReplyDelete