Existing
Market:
1. The next step
for my venture in terms of products and services is to continue developing my
courses. This next step is to perfect our teaching to ensure safer riders on
the road. We will conduct before and after experiments of implementing the
courses to determine the percentage decrease in accidents. Also, we need to set
goals for the company and to expand more in the state of Florida. Customers
will want the classes to be fun and entertaining. This step will allow my
business to attract more customers and then I can expand my business.
2. After
conducting my interviews, they suggested that I ensure that I test the market
so then I know that it is the right market to enter. Additionally, the interviewees
mentioned that I must know the best way to contact or get in touch with the
customers that I will be targeting. Finally, I received great information about
my product/service mix and more insight into my market that will help me be
more successful.
3. Based on my
expectations the path for my business’s future starts with testing my current
market. Then after testing it, fix any mistakes found in our product/service
mix and then let the business open. The next step is to advertise and reach out
to the customers to ensure they know our business exists. Marketing our
business to help it grow is the most important part. We need to make sure to
advertise to our customers over mediums they are on or know about like social
media. Another next step could be making an app where it would educate riders
what happens when you are wearing headphones or not wearing a helmet. For
example, it would be first-hand encounters from people that have been in an
accident or were close and decided to take the courses. This app will increase
the number of people taking the classes so more people are being safe on the
roadways.
New
Market:
1. A new market
that I could target, instead of individual people, is reputable dealerships to
I can teach my courses. This will allow my business to grow and it will be
associated with a respected business, so then people will decide to take the
courses.
2. The new market
would benefit from my venture concept because the new businesses that will be
offering my courses will increase their number of sales and revenue from the
new customers they get into contact with. Also, the dealerships can connect
with different people that I wouldn’t be able to connect with like older
people. Also, this will expand my market and save my company more money too.
3. The two
interviews that I conducted in this market stated that to help reach out to other
businesses is by marketing to them and sitting down and talking with the
business. This talk will allow them to understand the scope of your product. To
be successful in this market I wouldn’t need to make any significant
adaptations to my product/service mix. I would change how my company would make
money from the courses and/or from the discounted scooter. Also, how I need to
connect with the dealership is another aspect I would need to change. Both people stated that I would be successful
in going to the dealership first.
4. I learned that
this new market would allow me to get into contact with more customers so then
they can receive safe riding knowledge effectively. The surprising part about
this new market was the effectiveness that they would be able to reach
customers and earn their trust. My expectation that customers would trust
dealerships over individual businesses was correct. This new market appears to
be as attractive as my original market. Branching out into different markets
helps me see how I could potentially get customers attention. I know after
identifying this different market, selling to dealerships would be a successful
market to enter to sell my services. It is great to learn that more people and
businesses would be interested in my product/service mix and can’t wait to make
roadways safer for everyone.
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