Existing Market
In terms of what is next for my business venture, I really wanted to specify my market and narrow the ranges of certain prospects of the market as well. Considering my current market segment, consisting of more middle class Americans that go out to eat, I believe that I want to focus on a specific service in the restaurant industry that can also appease to another opportunity. An opportunity that I notice about restaurants is that the marketing aspect of the services that they provide is quite unclear and hard to lock down on what exactly restaurants do to promote their business. If the business is local, it may be easy to access local consumers, but I believe that attracting consumers from all over to be able to expand your establishment is one of the biggest problems that restaurants face. The next step in my business venture would be to discover new ways to advertise the business and the service it provides while also trying to expand to different markets.
(No interviews)
New Market
Considering that my current market segment is mainly middle class Americans that are employed, I was thinking that maybe I could find a way to appease to people who may not be as well off as my current market segment is. One of the main necessities of all people is: food. Unfortunately, the poor demographic obviously does not have the privilege of having as much food as most middle class Americans have. If I could figure out a ways to possibly correlate the price of my services to the social and financial status of my consumers, maybe I could translate my services to people who are not as well off as my current market segment.
I think that reaching out to others that say may be less fortunate is a great idea. Although they may not have the most money, they are still things they are willing to spend the money they have on. Food is something that must be bought, it is necessary for survival. So I think fixating a price to be beneficial to them, is a smart thing. It could help you excel.
ReplyDeleteHey Jared,
ReplyDeleteYour new market seems like a great one to target! I believe that if you really wanna target who go out to eat though that this target would not be a great one; however, if you plan on targeting a market who is more likely to use your product and services with what they already own in their own homes than this demographic would be great since these people are more likely to cook something at home than go out to eat. Good job!