25A – What’s Next?

Existing Market:

1.    I think the next step in my product/venture is to create an entire line of products that have the same goal as my original venture. My product line would come in smaller/bigger and cheaper/expensive dimensions.

2.    After interviewing three people that are in my market, I came to learn that (person a) believes that I should start a bigger social campaign for the issue and try to branch out to other businesses that are outside my target market (person b) believes that I should bring this product international and (person c) thought I should keep doing what I am doing and create the same product but in smaller version. After I told them of my idea of creating a bigger product line of similar products with the same goal, (person a) said that “oh that would be good. That way you can sell smaller devices to other people outside your market”, (person b) thought that my idea was great and that that is a different route than the one he would’ve taken but a profitable idea either way, and (person c) loved my idea because she already wanted a smaller device that had a similar goal. 

3.    After seeing what my existing market wants, I noticed that all had different desires. It was interesting to see that even people within the same market had different perspectives of the future path of my venture. I think finding a common ground between all the desires of my existing market would be most profitable. I still think creating a larger product line is in my ventures future. However, starting with the product similar to the Fitbit will be the first step. I think creating a Fitbit BAC device would satisfy customers like person A and C. 

            After I create the Fitbit, I will continue to build my larger product line. If that product line is successful, then I’ll expand international like person B suggested. However, this path may be years if not decades to complete. The profitability of my product line will determine the timeline of this path. 

New Market:

1.    Currently, I am targeting a more affluent part of society. My target market is richer white men with buying power. In my new market, I will try targeting a less affluent market with lower ses status. 

2.    I thought of minority women how are first generation in college and are experiencing college for the first time without any parent previous knowledge. They might be unexperienced drinkers as well wanting to get the college experience without having to spend lots of money on joining a sorority. My business venture can benefit them because they might be more willing to use my product since they are in foreign territory. 

3.    I found two people that fit this new market. Both agreed and thought that my business venture would aid them because their freshman year they were unsure of how they should’ve been drinking (in frat parties) since they were inexperienced. They suggested that the tips on the screen be in Spanish and other languages. 

4.    I learned that this new market is wanting a product like this or similar to this. They liked the idea of the Fitbit however, that type of technology is more expensive for them. I was surprised to hear that they had similar ideas to my existing market. They wanted the product to be modified to their culture. This new market is attractive to my venture if I can find a way to make enough profit with this new market. The existing market is more attractive just because I know they have the buying power.