25A - What's Next?

Existing Market. 
Step 1: I think the next step for my product is to establish itself as a new and innovative product that is not only time efficient, but also cost efficient.

Step 2: Could not conduct interviews due to teacher’s instruction

Step 3: I think what makes the most sense for my product is focusing on establishing for a couple of years and really to increase sales and lower the cost of producing it. After that exploring globalization would be a great route and finding new markets across the world.

New Market.
Step 1: A radically different market would be targeting companies that sell whole products

Step 2: Value could be added for schools or large businesses that are used to buying office supplies in bulk at discounted rates. If I was able to strike a deal with a large office supply company that sells wholesale, then I might be able to increase number of sales of my product.

Step 3: Could not conduct interviews due to teacher’s instruction

Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on. 

I learned that this new market would be a great venture and opportunity to reach a large customer base that has a lot of money. I was surprised that I had not thought about this previously, but I am happy that I completely this assignment and it forced me to think outside the box. This new market does appear to be as attractive as I initially thought, and it would be a great way especially at the beginning to get the attention of a lot of people.

Comments

  1. Bernard BynumApril 12, 2020 at 5:10 PM

    Michael,

    Focusing on highlighting the time and cost efficient aspects of your product are a great way to increase attention to it. I also agree that establishing your product and focus on increasing sales to lower the cost of producing it is important and makes the most sense to take the next step with its awareness in your existing market. Great post!

    ReplyDelete
  2. The Mainzer PostApril 13, 2020 at 9:15 AM

    HI Michael,

    I really enjoyed reading your post about what your next plans are for your company. Your product is extremely innovative and will be a huge stress reliever for many people. With your product it is extremely important to lower the cost to consumers by lowering the cost of production. Doing this will keep your profit margins from decreasing while making your product more desirable to buy.

    ReplyDelete

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