25A

Existing Market

1.       I think that the next thing for my venture is an upgrade and maybe an expansion to other types of services in the market. To be more specific I think it needs to expand to an security system, not just airports. There are a bunch of places that check your bags for security reasons.

2.       Interviews:

a.       The first person I interviewed was named Karen. She is already in the market because she has traveled a lot with me on study abroad. I explained my product to her and asked what she thought and she said that it was a great and idea and that the targeted market seems doable. When I asked her what she thought I should do next she said that I should spread my market segment and aim globally, especially because travel is a global thing. She also said that it would be cool to expand to other markets.

b.      The next person I interviewed was named Robert. He is in the market because he also travels with me regularly. He said that I should be focusing on making technical advancements in my product rather than try to take it to another market.

c.       The third person I interviewed was Daren. He is in the market because he is a world travel and my global cities professor. He advised that I stick to the basics and try to make my product the best that it can be in my targeted market. He doesn’t think it will work well outside of the targeted market.

3.       The thing that would make the most sense for my growing venture right now would be to look into other markets but make technological advancements to make product first to make sure it is at its top quality in the market it is already in.

New Market

1.       The radically different market I am going to target is the concert security systems. I am going to modify my product to meet their needs so that their security is improved and more efficient and safe.

2.       My product will create value to people in this market by offering a new way to enjoy their time at concerts. With the new security system they will have so much more time to find their seats and buy other items at the concert.

3.       Interviews:

a.       The person I interviewed for this segment was Jenna. She is someone who goes to a lot of concerts. She said that this type of technology wouldn’t really be necessary in this type of atmosphere. She said I would have to make some huge adaptations to the point that it wouldn’t really be my product anymore.

b.      The second person I interviewed said that this idea might work, but it might not be worth the cost. Her name was Megan. She emphasized the fact that this is not a market to enter. I might work but it isn’t worth it.

4.       Reflect:

a.       I learned that my idea really only works for this one specific segment of the market. I wasn’t really too shocked by this because of the crowd I was targeting. My assumptions of the market were pretty accurate with some exceptions.

b.      The market that I was looking at targeting definitely wasn’t as attractive as the market I had before. This is due to very specific targeted marketing. I think I should focus on my own market for now.