Existing Market:
1) I think that one thing we can potentially work on is becoming a vendor at local events and sporting outings. Not only would this get our brands name out there but also generate profits. We would likely target active events because that is where it would be easiest to sell people on the benefits of acquiring energy in a healthy way.
2) I was able to interview three current customers within the acai market. The first person I interviewed was my girlfriend who is a lover of acai. She falls within my segment of college students. Next, I interviewed a girl who is in my girlfriend's sorority who is also a lover of acai. She falls within my segment. Next I interviewed a fraternity brother of mine. He does eat acai often and falls within my segment.
3) From what I was able to gather from my interviews I think that there is definitely opportunity to grow this opportunity into what I was able to see of it in the future. I believe that the idea was loved by my interviewees and they also helped with ironing out some of the details. At the beginning we will be focusing mainly on growing the idea of a customize-able acai option. The we will attempt to spread our brand into other avenues within the market.
The main avenue that we want to expand our brand out too is to be a vendor at local sports events and different outings like the fair or something like that. This idea was praised by the people that I was interviewing. Not only will it expand our reach and get our name out to the public eye. But, people will be curious as to what acai even is if they are not in the market or never seen it before. Also, it will generate profit from these events so it is a win win.
New Market:
1) Ideally our product was trying to market to college students from the age of 18-22 and either male or female. These people would likely be very physically fit and active. Now, we will try to reach a new segment, more than likely 25-40 year old women who are looking for healthy eating habits.
2) I think that my product can definitely create value for people in the new market we are trying to infiltrate. I think that women of this age group, are looking for a healthy option that is also pleasing to eat and also a quick option, that will give them value and bring women into our doors.
3) I was able to interview two people that are within this new market. First I was able to interview my house dad's girlfriend. She falls within the segment. Next I was able to interview my older sister, who falls within the segment we are trying to infiltrate.
4) From my two interviews within the new market I am trying to infiltrate I was able to learn a lot of new information. First, I was able to tell that there is a opportunity within this market as well. I think that from my interviews, I was able to tell that these people not only loved the idea of the acai bowl and were willing to try it, but also of the idea of customize-able option for the bowls. I think that there is definitely potential within this market.
However, I do not know for sure if this marker is more attractive than the market that I originally set out to infiltrate. The only way I could figure this out would be to conduct as many interviews that I conducted within the first segment. However, in my opinion I do not think that this new market could be more attractive than my original one. The excitement of the original market, about the product, was not matched by the new segment.
1) I think that one thing we can potentially work on is becoming a vendor at local events and sporting outings. Not only would this get our brands name out there but also generate profits. We would likely target active events because that is where it would be easiest to sell people on the benefits of acquiring energy in a healthy way.
2) I was able to interview three current customers within the acai market. The first person I interviewed was my girlfriend who is a lover of acai. She falls within my segment of college students. Next, I interviewed a girl who is in my girlfriend's sorority who is also a lover of acai. She falls within my segment. Next I interviewed a fraternity brother of mine. He does eat acai often and falls within my segment.
3) From what I was able to gather from my interviews I think that there is definitely opportunity to grow this opportunity into what I was able to see of it in the future. I believe that the idea was loved by my interviewees and they also helped with ironing out some of the details. At the beginning we will be focusing mainly on growing the idea of a customize-able acai option. The we will attempt to spread our brand into other avenues within the market.
The main avenue that we want to expand our brand out too is to be a vendor at local sports events and different outings like the fair or something like that. This idea was praised by the people that I was interviewing. Not only will it expand our reach and get our name out to the public eye. But, people will be curious as to what acai even is if they are not in the market or never seen it before. Also, it will generate profit from these events so it is a win win.
New Market:
1) Ideally our product was trying to market to college students from the age of 18-22 and either male or female. These people would likely be very physically fit and active. Now, we will try to reach a new segment, more than likely 25-40 year old women who are looking for healthy eating habits.
2) I think that my product can definitely create value for people in the new market we are trying to infiltrate. I think that women of this age group, are looking for a healthy option that is also pleasing to eat and also a quick option, that will give them value and bring women into our doors.
3) I was able to interview two people that are within this new market. First I was able to interview my house dad's girlfriend. She falls within the segment. Next I was able to interview my older sister, who falls within the segment we are trying to infiltrate.
4) From my two interviews within the new market I am trying to infiltrate I was able to learn a lot of new information. First, I was able to tell that there is a opportunity within this market as well. I think that from my interviews, I was able to tell that these people not only loved the idea of the acai bowl and were willing to try it, but also of the idea of customize-able option for the bowls. I think that there is definitely potential within this market.
However, I do not know for sure if this marker is more attractive than the market that I originally set out to infiltrate. The only way I could figure this out would be to conduct as many interviews that I conducted within the first segment. However, in my opinion I do not think that this new market could be more attractive than my original one. The excitement of the original market, about the product, was not matched by the new segment.
Nick,
ReplyDeleteI also was thinking the same thing for awhile about my newer market not being as good as my current one. I believe that being in a situation like this, if you are able to find a newer market to benefit from, you will be see a dramatic increase in popularity and sales. I think of it as a point where a lot of entrepreneurs get stuck and don't continue to improve with it.