Existing Market
What’s next in my venture is choosing a location to build my
factory. This location will eventually
become my company headquarters. It will
consist of a manufacturing section and a management/corporate section.
Customer 1 would like to see my product tested to extreme elements. He wants to know the maximum conditions of
temperatures where my invention will still function correctly. Customer 2 would like to see the disclaimers
and warranty policies. Customer 3
wonders if my invention can be self-assembled or must be installed by a
mechanic.
To grow a successful business, I have solutions to satisfy
each of these customers needs. I will
communicate with a laboratory to do professional testing of my product. This will establish the limitations of my
invention, which allows me to further develop my idea. I need to write the warranty statements and
clearly outline when a product will be accepted as defective.
New Market
I now want to
target a market focused on environmental conservation. First, I want to become a certified
sustainable company through a well-known environmental organization. I will get raw materials from recycled
plastic. Environmentalists will increase
support for my product once they learn about my sustainable efforts.
Person 1 proposed
that I provide discounts on my seat belt cooler for individuals who own
electric cars. People may be convinced
to buy electric vehicles to receive deals and protect the environment. Person 2 wants me to donate a portion of the
profits to environmental events. Once
such event would be community beach cleanups.
I was most
surprised by the unique ideas presented to me during my interviews. Some of my initial expectations were correct
as I anticipated environmentalists would favor brand name recycling and
sustainability. Although the
environmental market does appear to have potential, it is not as attractive as
my initial market. However, I will still
pursue appealing to environmentalists because it will additionally help grow
the success of my invention and business.
Hey Adam! I didn't even think about incorporating environmental themes into my product! I'm sure it'll help you since society is shifting into a more green mentality. I agree that it's super niche though. I like your next step and it makes sense to secure your base of both manufacturing and operations.
ReplyDeleteAdam,
ReplyDeleteMy venture involves ocean conservation, I like how you are trying to incorporate that feature in your venture. One of the things you wish to include in your venture is to include recycled plastics, utilizing recycled ocean plastics is definitely an appealing eco-friendly option. Im including the purchase of recylced ocean plastic products in my venture, recognizing how it can bring more awareness to what we are trying to do.
Hey Adam,
ReplyDeleteI like your analysis of the environmentalist market. I think everyone likes to know they are doing their part in helping make a difference, even if it is just a little. Donating to environmental events or efforts could be apart of your corporate social responsibility, which could be attractive to your company. Customer three brought up a good question, so I wonder if it could be either? Making it user-friendly by installation would be an incentive considering no one’s car has it yet. I know you had mentioned before about selling it in AutoZone, and they are good at installing things you buy from there at no charge.
Adam,
ReplyDeleteI like the idea of giving back and supporting conservation of the planet through your product. You could even team up with your fellow classmate Eric and try to work out a deal to promote your brands together. There is a lot of upside to this idea and making connections is one reason we took this course. Good Job.