Assignment 25A

Existing Market. 

What I think is next:

If my product were to take off, I think the next step would to be to target larger customers like event planners. They could use this technology to more efficiently keep food warm on the way to and while setting up events. This might also encourage the use of direct power instead of batteries in my product.

Interview 1: Interviewed my mom for this since she is always buying new stuff for her house

·      What’s next: She says that she liked the idea and hopes to see them in stores next (she is my mom though, so she might be biased)

·      What should we be doing that we aren’t: Advertising on television.

·      What do you think about my next steps: She thought that my focus should be on regular consumers, not event planning companies.

Interview 2: Interviewed my brothers girlfriend since they are moving into a new apartment and buying new things for it

·      What’s next: She said if I wanted to succeed I should probably start a marketing campaign.

·      What should we be doing that we aren’t: Not looking into brick and mortar stores like Macy’s where it could be seen by a lot more people.

·      What do you think about my next steps:

Interview 3: Interviewed someone I work with because he always tries to buy the newest gadgets and products that he sees online

·      What’s next: He said raising capital for the company would be the next step.

·      What should we be doing that we aren’t: Looking into sponsorships and partnerships with established companies in the industry.

·      What do you think about my next steps: He said it is always good to expand your market but not to stop there.

Reflection:

After listening to these interviewees’ responses, I was reminded about the fact that ideas need to be adaptable to different customer needs. This was something we worked on during multiple assignments in this class so that was a solid reminder.

I think that the biggest addition to my plan would be a marketing campaign. Originally, I thought I would do it with personal connections but I now think that other kinds of advertising would be beneficial. Targeting specific networks and times that ads would be aired on would also help improve customer reach.

Lastly, I was reminded in my third interview about the importance of raising capital for new projects. I also was able to think about different ways to expand the business organically.

New Market.

I think a completely different market that could be targeted would be large corporations and other companies. If they are putting on company luncheons or other events, food storage and warming would be necessary. I am not sure if they would hire someone else for the job or do it themselves, but it could work.

Interview 1: I interviewed my uncle who has a management position in a roofing company.

·      How it could help them: He told me that his company probably wouldn’t have a use for my product, but he had an idea about someone who would. He said many roofing companies come together for single day conventions where they are provided some kind of food for the day and he could see my product being used.

·      Adaptations: He suggested larger containers to be used in a buffet style instead of one per person.

Interview 2: I interviewed my friend’s dad who runs the training arm of an investment company.

·      How it could help them: He mentioned something similar to my uncle in that they have in house training for his company and they provide lunch to new hires.

·      Adaptations: He said that the food is usually all prepared at once and then left out so larger containers would be better.

Reflection:

After these interviews, I realized that I had never thought about this application of my product. I was honestly surprised about their attitude about switching from the conventional metal pans with heaters under them.

I did ask my friend’s dad why he I open to the solution with a heating pad instead of the metal containers with heaters and he said that the heaters are only single use and sometimes hard/messy to deal with. Since he has been the one setting everything up he would like an easier alternative.

I think this market could potentially be as attractive as my existing market. Maybe there wouldn’t be the same volume of customers, but it would definitely require larger orders and more people would see my product.