Existing Market:
1. As stated in my Venture Concept, “I will continue to create products that create small changes to help individuals do their part in saving the environment. I want to create a line of products that are all small changes to the line of technology, such as solar-powered AirPods cases, a portable charger with USB ports that preserves solar energy, etc. It would be really amazing to see my products change the how people view the ways to save the environmental.”
2. My research for this product has taught me a great deal about what could be a potential missing link. I think something we should be doing that we aren’t planning to do is having the appropriate people promoting the product. We also want to be sure to have a strong online presence.
3. I think that my venture should begin by placing the products in phone case kiosk and phone provider stores. By doing so, people who are already looking for a phone case will be exposed to my option in the moment that they are searching for exactly that.
From there, we should also put our product online. A great way to gain exposure at a lower cost is to pay for advertising on social media. Therefore, the social media platforms will do the hard work of finding people in our market and promote our product to them.
Lastly, we will send celebrities, who already promote environment awareness, the phone cases as a gift. The only term is if they enjoy the product and believe in our cause, that they promote it on social media. The combination of these three outlets of marketing will create a great strategy for our products.
Next Market:
1. I think a market we could target is children. The phone case is going to be targeted towards adults with cellular devices, not children. We are missing the market of children.
2. I think a way to tap into the market would be to create a gaming device of some sort that is solar-powered. I know this is a stretch from my original product, but I do not want to encourage children to get phones just to promote my product. I would love to create an environmentally-friendly, educational gaming device for them instead.
3. Interviews are suspended and I have not done research yet on this product/aspect of the market. I do think that children would be open to a new gaming device though, as they are always looking for new ways to be entertained.
4. I think this new market would be an amazing transition for our line of products. It would be truly amazing if we could get children on board with being environmentally-friendly at such a young age. This could eventually lead to them making environmentally-conscious product decisions for the rest of their lives.
I find it surprising that there is not already a product like this for children. It would probably end up being less expensive than most gaming devices and would keep kids entertained for hours, even when outside.
Hello Nicole, you did a really good job establishing your current market and new market. I liked how you included detail and were very specific with your current market, however, I particularly enjoyed how you chose to include children for your new market. I think that that is a great target since the new generation have been using phones more and more. Great work, keep it up!
ReplyDeleteHey there Nicole, I really liked your new market, it is definitely well thought out. It is important to make that impact at a young age. I also think you did a great job outlining your current market, it was extremely cohesive and left little to wonder. Placing phones at kiosks and working your way up is a great way to gain new customers, as you can have those working at the kiosks pitching the products for you as well.
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