Existing Market
For my product and services for my venture, I believe that talking to President Fuchs and approving a property where I can buy to build my parking lot is the next step. I believe that once I get the rights to land around where the best location to be, I can focus further on what will draw the customers to my product and what innovative features I would need to attract more. In the customer’s perspective right now, they think of this product as an idea and they really it. I want to show them that this is a real product that is in the making.
In terms of growing my existing market, the thing that makes the most sense is showing them that this is not just an idea, but rather a reality. I want them to know that changes are coming and the best way to show them this is by starting my construction. It would attract people who I did not even know were in my customer segment. In addition, every in my customer segment would be pleased to know that their needs are on the way to being fulfilled.
New Market
Instead of targeting fraternity students are students living near fraternity row, I decided to target University of Florida students who do not live on campus for my radically different market. My venture concept is able to create value for people in that market by giving them a spot to park their car or scooter while they are on campus. If these students do not live on campus and have either a car or scooter, they are using their vehicle to get to class but may not have anywhere to park it. My venture concept covers this issue and provides them a trustworthy solution.
I do not think that this new market would be best to target for my product consumption. Although I do believe that some people from this market would benefit from and purchase my product, it is not feasible to allocate my marketing efforts and resources to draw these customers in. The majority of my customers would not be from this segment, so I would not want to change my product design or features to draw more people from this segment and lose some from my existing segment.
Hi Blake!
ReplyDeleteGreat job on identifying both your existing market and one that you could potentially target. Expanding this idea would be interesting off campus since you have worked the whole semester on the frat row parking. I agree with you and I do not think that it would be the best to target those people for your product. I also agree with you that if you start construction, it would definitely start awareness immediately for the problem and probably get many excited.
Hey Blake! Great job on describing the steps you would take brining this venture to market, I think your thought process was clear and spot on. Parking has always been an absolute nightmare on campus ever since I can remember and I can really get behind your idea to make it better. If this comes to market I'm really rooting for you!
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