25A – What’s Next?

Existing Market.

Step 1: Talk about what you think is what's next in terms of products and services for your venture.

My microwave will be available in person by retailers like BrandsMart, Walmart, and others, so that consumers can compare and purchase.

Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next.

My first interviewee stated that using Amazon Prime would be a good idea since it's easy for people to pick styles and compare even more prices. The following interviewee reflected on my idea and then the Amazon Prime one. They stated that online shopping is very useful to a lot of people but that they do not use Amazon Prime because of their poor working conditions. They recommended online shopping through the previously mentioned vendors of Walmart. The third interviewee stated that if the marketing was done right, they would go specifically to the website or business selling our product to get it.

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.

I believe the marketing is going to be extremely important. Young adults are introduced to so many medias and outlets, and when they see a useful product like a microwave with silent capabilities, they will have the desire to purchase it. Especially since my interviews showed that my product met a need that was unknown.

That being said, online purchasing would make it easier for many younger consumers who regularly shop online. With the right marketing, we would not to use the unethical Amazon to reach consumers. Through our vendors or own website, we could sell our microwave for reasonable prices.


New Market.

Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.

A microwave that is even louder! Reaching for an older demographic.

Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!

As people get older, hearing seems to be one of the first things to go. While your food is microwaving, you might want to perform other tasks but are left unable to because you cannot hear the ding of your food from the next room over.

Step 3: Interview two people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market?

My first interviewee has absolutely no use for this product because their hearing works just fine. The second one said that they might use a product. They would recommend having a volume dial to control how loud the beep is for specific instances.

Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on.

I believe I can safety say that the demand for this market is limited. Many older adults already have microwaves and would not want to purchase one because of their worsening hearing unless completely necessary.

That being said, the volume dial is an excellent idea so that consumers can easily adjust the volume on their microwave. Sometimes silent is good, but sometimes you want a normal or loud beep to let you know when it's done.