Existing Market
The future of my venture lies in expansion. I plan to expand my product by partnering with phone manufacturers. This will allow for phones to already contain the emergency reserve battery without any additional installations.
When asking potential consumers what we should do next, interviewee #1 (Male, 27) stated we should allow the reserve battery to access the call function of smartphones as this could create a greater sense of safety within the consumer as well as be more effective in terms of describing the specific situation. When asked about their opinion on our expansion plans, they believed it would be a tremendous step for the company. Interviewee #2 (Female, 16) did not have any immediate advice, however, they suggested making current installations easier for those that aren't as tech savvy. Interviewee #3 (Female, 20) also didn't provide much feedback in terms of progression but they believed our expansion plans would be beneficial so that all consumers may have the reserve battery.
I expected little feedback in terms of improvement, however, I really enjoyed what Interviewee #1 recommended. I think technological expansion is within our grasp. With the right team, and the right mindset, an unlimited amount of capabilities can be added to the emergency reserve battery in order to ensure the safety of the user.
New Market
The market I have identified consists of the Baby Boomer Generation with little experience regarding technology.
This venture may create value for this type of market as individuals in this market can purchase the product for their children or grand children.
When asking consumers in this market segment for advice regarding the future of the product, Interviewee #1 (Female, 70) believed the product would be useful to them if it can be built into various types of phone, such as TracFones. Interviewee #2 (Male, 67) stated the product may not benefit Baby Boomers as other devices exist for the elderly to use during emergency services, such as LifeAlert.
This new market reveals some interesting challenges such as creating a new reserve battery to fit non-smartphone model phones and pre-existing competition. I believe that developing a new battery model for a relatively small market is unreasonable as profits would be diminished. I also believe that the pre-existing competition provides adequate products to these individuals, which would make it near impossible to penetrate the market. Overall, I would not target this new market in the future.
The future of my venture lies in expansion. I plan to expand my product by partnering with phone manufacturers. This will allow for phones to already contain the emergency reserve battery without any additional installations.
When asking potential consumers what we should do next, interviewee #1 (Male, 27) stated we should allow the reserve battery to access the call function of smartphones as this could create a greater sense of safety within the consumer as well as be more effective in terms of describing the specific situation. When asked about their opinion on our expansion plans, they believed it would be a tremendous step for the company. Interviewee #2 (Female, 16) did not have any immediate advice, however, they suggested making current installations easier for those that aren't as tech savvy. Interviewee #3 (Female, 20) also didn't provide much feedback in terms of progression but they believed our expansion plans would be beneficial so that all consumers may have the reserve battery.
I expected little feedback in terms of improvement, however, I really enjoyed what Interviewee #1 recommended. I think technological expansion is within our grasp. With the right team, and the right mindset, an unlimited amount of capabilities can be added to the emergency reserve battery in order to ensure the safety of the user.
New Market
The market I have identified consists of the Baby Boomer Generation with little experience regarding technology.
This venture may create value for this type of market as individuals in this market can purchase the product for their children or grand children.
When asking consumers in this market segment for advice regarding the future of the product, Interviewee #1 (Female, 70) believed the product would be useful to them if it can be built into various types of phone, such as TracFones. Interviewee #2 (Male, 67) stated the product may not benefit Baby Boomers as other devices exist for the elderly to use during emergency services, such as LifeAlert.
This new market reveals some interesting challenges such as creating a new reserve battery to fit non-smartphone model phones and pre-existing competition. I believe that developing a new battery model for a relatively small market is unreasonable as profits would be diminished. I also believe that the pre-existing competition provides adequate products to these individuals, which would make it near impossible to penetrate the market. Overall, I would not target this new market in the future.
Hey,
ReplyDeleteWhile the feedback you received from the interviews from your existing market was very little, I feel like it was also very beneficial. After releasing your original product you can see your market's reaction and from there expand your business. As for the baby boomer generation I agree that this may be an extremely difficult market to target. While possible it would be extremely challenging.