The existing market that I've chosen to target with this product is University students. What is next for my product (a portable computer charger) is to have it sold in the UF bookstore and nearby office stores to begin earning sales revenue.
In the interviews conducted, when asking "what should we be doing" the students all agreed with me that the plan to have it sold in the bookstore is a great way to have it noticed and sold quickly for a sustainable price. The only thing that the interviewees had brought up that I hadn't previously thought to hard on is the idea of cost reduction strategies. If this product is to come to the market, it has to be affordable if consumers are going to buy it. Growing this market beyond university students may be difficult but it is definitely doable. What makes the most sense to me is expanding this products sales beyond storefronts and to create a website to market and sell this product to whoever else may need it.
The new market I intend to enter is the need from consumers who do all of their shopping online- not specifically University students anyway. There is still plenty of value in a computer charger that is as portable as the laptop itself in almost any case besides what I have mentioned on campuses. This type of device can be used in office buildings, beaches, kids' sports games, and a ton of other places where there is no power outlets. For the second set of interviews regarding the new market, I interviewed my oldest brother's girlfriend and my mother - both who gave me immensely good feedback in terms of putting this type of device for sale on the internet. While they brought up the fact that you can buy a similar type of device online already, they are pricey and the reviews show the products are not trustworthy or worth the expensive price.
What I learned here is that there is a much larger opportunity than I thought for a portable laptop charger. It is not only needed in Universities, but parents and the working class all show a very similar need as I for a device like this. There are so many occasions in which a person needs to charge their laptop urgently and as a result, they can't complete their work in a timely manner. While this new market is not necessarily as attractive as the first one I intended to pursue, this one is still worth the time nonetheless.
Hey Joseph! I do think that being able to sell this at an affordable price would be ideal, especially if you're going to sell it on Universities. Or if you do need to keep a high price, then maybe you can sell it at that high price through internet but then have an available student discount or something. That way, you don't lose a lot of money. I also think that selling them through the internet will help you reach much more people. Good job!
ReplyDeleteHey Joseph,
ReplyDeleteIt think a great way to get started selling your product was to have a deal with bookstore so that you can sell your product physically while also advertising the product as an essential part of going to college. I think it is great that you start by only targeting college students and then later trying to expand out to family households as well. Good job.
Hi Joseph,
ReplyDeleteI agree that being able to sell your product at cheaper prices will help drive sales up and make your product more popular. After gaining some popularity and a bigger market share you can start to scale up and sell to other consumers such as family and parents of students. This way you can charge a higher price later on.