25A- What's Next?
Existing Market: In terms of what is next in my existing market, I believe that my venture product-wise looks promising. In my lifetime, I have seen two major recessionary periods, the 2008 recession which strongly impacted my family and the majority of people that I know, and the current recessionary period we are all experiencing due to COVID-19. Due to COVID-19, the stock market lost over 9,000 points in just a two week period. My venture opportunity will allow for consumers to be knowledgable about economic trends and prepared for the effects of the current economy.
Interview Conclusion: Based on my interviews with people already in my target market, I have gained some helpful insight and suggestions on what to aim for next. I was surprised when I spoke with "existing customers" as I showed them my assignment for 24A. The customers consisted of my father, my cousin, and my uncle. All three customers thought that the implementation of various tiers with different levels of access was a great idea. Though my tier concept is nowhere near complete, it gives room for growth and profit.
What makes the most sense as in what is next for my venture is to look into the logistics of the application and figure out if it is even feasible at the level I want to produce and market it as. My interviewees suggested looking for venture capitalists, grants, and startup loans. They also suggested taking more classes on economics and finding contacts in the computer engineering and coding side of the business. My interviewees also acknowledged the fact that entrepreneurship is risky and involved a lot of failures before you come across a success.
New Market: In terms of a new market, I plan to target an extremely affluent side of the market, aimed towards consumers aged 45-65- big business people. In this new radical market, I would target CEOs and CFOs of large companies, both small and large governments, and military and law enforcement agencies. This new market would constitute a more efficient software and I would have to tweak the venture concept to fit different needs not seen in everyday Millennial and Generation Z consumers. I think this concept would create value for this market as it gives them an up to date view of the current economy and provides feedback for what should be done next. Instead of giving everyday consumers projections of what the government MAY do next, it would give this new radical market suggestions of what they SHOULD do next.
Interview Conclusion: In conclusion, when I interviewed my friend's father (Large marketing company CEO) and another friends father (an executive for a medical sales company) both over the phone (because of COVID-19), these men both gave me an insight for what I could do in the future with this venture. I read to them my assignment for 24A and they suggested that tiers may not work in this radical market. Due to this market only targeting my proposed top tier, I should only incorporate the largest and best assets of the software and run with those.
Additionally, they both said that this market would be extremely difficult to enter and hard to market to, as this may already be available to large governments, but not necessarily companies. This thought brings me to my next point, as governments are extremely hard to contract with, maybe this new market should solely be aimed at large businesses themselves. This way, I would have an easier time marketing my product and implementing its concept to the level that businesses want. Implementing this concept at the government level would be extremely complex and a large task.
Interview Conclusion: Based on my interviews with people already in my target market, I have gained some helpful insight and suggestions on what to aim for next. I was surprised when I spoke with "existing customers" as I showed them my assignment for 24A. The customers consisted of my father, my cousin, and my uncle. All three customers thought that the implementation of various tiers with different levels of access was a great idea. Though my tier concept is nowhere near complete, it gives room for growth and profit.
What makes the most sense as in what is next for my venture is to look into the logistics of the application and figure out if it is even feasible at the level I want to produce and market it as. My interviewees suggested looking for venture capitalists, grants, and startup loans. They also suggested taking more classes on economics and finding contacts in the computer engineering and coding side of the business. My interviewees also acknowledged the fact that entrepreneurship is risky and involved a lot of failures before you come across a success.
New Market: In terms of a new market, I plan to target an extremely affluent side of the market, aimed towards consumers aged 45-65- big business people. In this new radical market, I would target CEOs and CFOs of large companies, both small and large governments, and military and law enforcement agencies. This new market would constitute a more efficient software and I would have to tweak the venture concept to fit different needs not seen in everyday Millennial and Generation Z consumers. I think this concept would create value for this market as it gives them an up to date view of the current economy and provides feedback for what should be done next. Instead of giving everyday consumers projections of what the government MAY do next, it would give this new radical market suggestions of what they SHOULD do next.
Interview Conclusion: In conclusion, when I interviewed my friend's father (Large marketing company CEO) and another friends father (an executive for a medical sales company) both over the phone (because of COVID-19), these men both gave me an insight for what I could do in the future with this venture. I read to them my assignment for 24A and they suggested that tiers may not work in this radical market. Due to this market only targeting my proposed top tier, I should only incorporate the largest and best assets of the software and run with those.
Additionally, they both said that this market would be extremely difficult to enter and hard to market to, as this may already be available to large governments, but not necessarily companies. This thought brings me to my next point, as governments are extremely hard to contract with, maybe this new market should solely be aimed at large businesses themselves. This way, I would have an easier time marketing my product and implementing its concept to the level that businesses want. Implementing this concept at the government level would be extremely complex and a large task.