25A – What’s Next?
Existing Market.
Step 1: The next step in terms of products for my venture would be newer and updated models of my first Bluetooth wireless phone model.
Step 2: After interviewing three customers, they said I should set goals for years to come, which will allow me to have something specific to work toward. What customers might want next is a more advanced technology, so just keep advancing and getting better with each product I produce.
Step 3:
Step 1: The next step in terms of products for my venture would be newer and updated models of my first Bluetooth wireless phone model.
Step 2: After interviewing three customers, they said I should set goals for years to come, which will allow me to have something specific to work toward. What customers might want next is a more advanced technology, so just keep advancing and getting better with each product I produce.
Step 3:
Although I would grow my venture right off the back, I must first create this technology. I am not very familiar with the technology part of things, so I would have to find a partner, and I am not sure how to how long it will even take to create it. Then we must test my market, etc.
So I term of a timeline, I am unsure it seems unreasonable for me to create one as they will be unrealistic. But if I were to come up with random numbers maybe spend five years building it, one year testing it, one year creating me a strategy to market, then release it to the public.
New Market.
Step 1: I could, instead of targeting actual individuals, target organizations, or businesses as a whole into adopting my product.
Step 2: To target even a college with the most advance technology on the current market would be an excellent selling point because they want to be the best and have the best resources.
Step 3: they also agree that a business like colleges would be a great consumer market. I would need to make adapts to the product by making it a service and the way I pitch my idea.
Step 4:
I learned that this market would provide me with an excellent way to consumers. By providing services for colleges, I would be providing services for students making them more likely to buy my product for themselves later on down the road!
What surprised me most is that I never thought about this market idea before this assignment. My expectations and assumptions were correct. This would definitely be a market I would consider pursuing.
New Market.
Step 1: I could, instead of targeting actual individuals, target organizations, or businesses as a whole into adopting my product.
Step 2: To target even a college with the most advance technology on the current market would be an excellent selling point because they want to be the best and have the best resources.
Step 3: they also agree that a business like colleges would be a great consumer market. I would need to make adapts to the product by making it a service and the way I pitch my idea.
Step 4:
I learned that this market would provide me with an excellent way to consumers. By providing services for colleges, I would be providing services for students making them more likely to buy my product for themselves later on down the road!
What surprised me most is that I never thought about this market idea before this assignment. My expectations and assumptions were correct. This would definitely be a market I would consider pursuing.
Hey Savannah I this that your interviewee gave you really good suggestions. As I had mentioned before this will be an extremely hard market to compete in just because there are many other industries that have wireless headphones. I think what would give you an edge would be if you could come up with the technology before anyone else can because that would give you an advantage to patent the technology so that no matter what you could have revenue.
ReplyDeleteHey Savannah, that's the beauty of your venture, it never really ends and is extremely vast. The only thing I would suggest is try to think a step ahead and figure what the next platform will be, the latest and greatest. If you're the first to get a leg up on what comes after bluetooth, faster speeds, more reliable connectivity, you could also make money on the patent, everyone would have to pay you just to use it in their products.
ReplyDeleteHey Savannah,
ReplyDeleteI think you did a great job describing what would be next for your venture. You seem to have a clear idea of what it is you need to do to bring your product to market, and then adapt it as time goes on. I loved your new market idea. I think a lot of people don't consider colleges as business entities, and being able to market your product to colleges would be awesome for your business. I was also very surprised with my new market, and am glad this assignment brought us both to a place we did not think of before.
Great job!
Hey Savannah,
ReplyDeleteGreat work in mentioning how the future could look like for your Bluetooth wireless headphones, both in your current market and in a new one. I think in setting your goals, you can also set realistic expectations for yourself and also for the market, that way you can act accordingly in order to maximize profits.
Savannah,
ReplyDeleteYou were right to point out that timelines are not always followed exactly as they are planned to be, but just as your interviewee suggested that you set goals for your business, perhaps setting goals in a timeline would be helpful too! Also, targeting big businesses into adopting your product could lead to more exposure to a larger population. Good job.
Hi Savannah! Updating and enhancing products is a smart way to boost the sales and popularity of your product no matter what you are selling. I like your idea to expand from B2C targeting to B2B markets, such as businesses, colleges, etc. This will not only increase the availability of your product to consumers, but it will also allow your brand to be advertised on multiple forms of media and publications.
ReplyDeleteHello, excellent post! I believe that you have highlighted every part of this assignment. More so, I want to create some type of software/ product service; however, I am not very familiar with the technology aspect of the product. So, I would have to find a partner too. More so, I believe that in order to create a business, one must first devise a plan and determine what it is they are going to do as well as sell. I feel as though you have highlighted each aspect. Overall, great job!
ReplyDeleteSavannah,
ReplyDeleteAnother excellent option could be different colors, designs or abilities to personalize the headphones. Also, targeting the professional market could work as well. I know that everyone walking around New York City is wearing AirPods (one of your competitors made by Apple) so you should definitely reach out to young professionals and commuters as well! I think your product is going to do well, good luck with your endeavor and everything else!
Hi Savannah,
ReplyDeleteI had a very similar reflection to yours - this assignment got me thinking about really different ideas and markets that I would never have thought to address before. I felt like I was stretching the limits of what I could bring - in a good way. I agree that marketing it to organizations could be a good move, and even more so than college campuses since each person on a college campus makes their own choices about phone usage, but companies may mandate or provide company phones. Thanks for sharing a great post!
Savannah,
ReplyDeleteI also agree that trying to target enterprise customers would be a very good choice for this product. When I was reading your post, I thought of how this could be of use to telemarketers, or other people who have to spend lots of time on the phone for their job. If you were able to get your technology into a business or institution on a contractual basis, it would likely be very profitable. I also agree that doing this may require some alteration to your method of presentation. Thanks for your post.