Existing Market.
Whats next for my product is to make it customizable. I want to enhance its uniqueness and ability to fulfill its overall purpose. I will add more infusion to the technology powering the jacket and create an overall successful and reliable product the is definitely worth the buy.
What make most sense is to approach my business professionally and optimistically. I know i can fail and i have accepted that possibility and i will not let that stop me. I can develop my venture to successfully provide customers with their unmet need and the customers i interviewed were very interested in my product. They were even impressed as to how i explained the technology functions the jacket. This overall gives me feeling of accomplishment because understand my product and that is an advantage.
New Market.
A poor part of society will be a radically different market. People that do no workout, see the use in any type of special jacket or whom aren't easily persuaded into buying such a intricate product will be a different market for my ULTIjack.
I may create a value for this market by carefully explaining the benefits of the ULTIjack and even providing them with a free trial so they can see how the ULTIjack works and formulate their own opinion based on experience instead of me trying to convince them to purchase it.
Step 3: Interview three people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market? Video or audio record these interviews.
I learned that not everyone can be convinced, and not everyone wants something like the ULTIjack. I expected no's and disappointment and i got it. This new market does appear to be as attractive as my existing market mainly because it has the added benefit of trying the product for a free trial. That alone can do the convincing and help me better develop my business and product from healthy feedback.
Dear Cristal,
ReplyDeleteReading your post gave me very little information about your product and how the existing and new markets relate to it. I could understand that it was some type of jacket but it would have been helpful if you gave a little background at the beginning. Also, both of the videos that you uploaded did not work so I was not able to see the interviews. Please take a look at my what's next post here http://taleemreflections.blogspot.com/2016/04/whats-next.html. Thanks.
Farrukh
Hey Cristal!
ReplyDeleteI think you did a great job on the assignment overall, despite the videos not working properly. Skimmed some other parts of your blog to find out what your product actually is, and it's a really cool idea. I'd like to see a physical prototype down the line. I wouldn't worry too much about the people who aren't interested in your product. Not every product can appeal to everyone. Focus on your target demographic and I think you'll do fine. Here's a link to my blog http://jdlopezent.blogspot.com/
I had a hard time understanding your business concept based upon this post. From the information that I read I think that the opportunity you have is something to do with a multi functional jacket? I'm sorry if I misunderstood. I do think that it is great that you are prepared to for customers who will like your product, and those who won't, because as you said, it may not be for everyone. Your videos aren't working properly here. I do not have a post to share with you because I did not complete the assignment.
ReplyDeleteHi Cristal! I really liked how you came out strong at the beginning of your post. I think a lot of entrepreneurs struggle with the confidence and motive behind a product, just because there are always doubts of failure, but I can tell from your post that you’re very confident in your idea, which is awesome. Unfortunately I wasn’t able to view your videos, but I imagine you got a good grasp on your market. Keep working hard, girl. Here’s my blog if you wanted to take a look: http://youreamuggle.blogspot.com/2016/04/whats-next.html
ReplyDeleteHey! The video did not work so I cannot comment on it. Also, I am not sure what the concept I exactly. It seems to have to do with a jacket for working out, but I am not sure. It would be helpful in your posts if you gave a little background. It sounds like you have a clear idea of where you want to go and what you want to achieve though! I did not do this assignment, but you can check my blog out at http://entreprenuerintraining.blogspot.com.
ReplyDeleteThat's a pretty neat concept/idea and the possibilities are quite numerous as far as implementing it correctly and ensuring it takes off. I see how this can be a product used by people who are outdoors such as construction or labor workers as well as commuters who ride a bicycle or people who run. Great concept and I'd like to see where it goes and how it turns out. Good luck with your venture and with the rest of the semester. If you'd like to read my blog, you can find it here: http://ruben-s-castro.blogspot.com/2016/04/whats-next.html
ReplyDelete