Existing Market:
For my three interviews for the existing market, each interviewee had similar perspectives and thought about my business. The three interviewees all work in the environmental laboratories and have the need for the opportunity addressed. My expectations are pretty high for the business to be effective and successful.
Since my business is a consulting firm for the potential customers, much attention is needed in order to satisfy the need of the customers. The opportunity is very plausible to be a success, as each interviewee stated. The existing market is an ideal location to begin the market since these customers are already familiar and aware of the opportunity and business as a whole.
New Market:
For the most part, my business is starting off with the affluent portion of society. The customers are primarily environmental chemists, who have a pretty decent paycheck. I believe, as well as do the interviewees, that it would be essential to target a section of the population that is not as privileged as the previous customers. This business would be an ideal approach to serve a portion of the poorer parts of society. It will a business that is representative of all parts of society. No group of people will have superiority over the other. The prices for these groups of individuals will not be as expensive as those ones for the affluent. They will be readily available to them, as well.
Each of the interviewees were very supportive of the business approach I have created. My interviewees were representative of the new targeted portion of society. I have learned that these customers are in dire need of such a business as do the affluent. I never realized the demand for a business as the one I have proposed. Some consulting firms are more successful than others, yet they are underutilized and do not accomplish their goal. My firm, however, will satisfy the new and existing markets of customers.
The new and existing markets are pretty similar in terms of the opportunity and demand. I think, however, the existing market will be easier to work with than the new market. With the new market, I must establish the business as a credible and reliable source of opportunity, whereas the existing market already assumes its credibility and no initial actions are needed.
Hello Brent,
ReplyDeleteI really enjoyed reading whats next for this business venture as you seem to know very well your opportunity. I really like how the the new markets may seem to become potential targets whenever this business is stable. I also really liked how you decided to pursue a policy of price discrimination for your service by lowering the price for the less affluent classes, which the end result would be more total revenue.
Hello Brent,
ReplyDeleteI agree that you have targeted a really great and fitting segment for your consulting firm. I believe that it was hard for you to figure out this assignment as there is not much room for new product/services when it comes to consulting firms as their key objective it to consult. However, I think you did a really good work listing new opportunities and openings as to where your future business might flourish and use to their advantage. Great work Brent!