Assignment 25 - What's Next?

Existing Market

        What is next for my venture and product/service is complicated and could take a few different routes. What I intend on doing would be to successfully grow the geographic range of my idea. First from Gainesville, Florida I would then target the rest of Florida. After this, I would grow regionally, and finally target customers on the national level. With regards to the specific idea, my next idea stemming off of the fitness app would be to help inform customers on specific meals and recipes that benefit them and their healthy lifestyle. This would tell the customer what to purchase at the grocery store and how to prepare the meal.

1.        The first individual I interviewed was a college aged male who was an upperclassmen. I asked him what he believed was to be the next step in a venture like this one. He described that he would work on developing the app so that there are no weak spots and try to grow and reach a large amount of potential customers. After describing the business, I asked him what I should further do that I have not already planned. This individual highlighted that he would suggest finding people to use as examples that prove that this app actually works and that customers benefit from it. Last but not least, I asked him about what he thought about my ideas of what customers may want next. Initially, this question puzzled him, he could not think of an answer. But after a minute or two, he explained that this would be a holistic approach to ensure that the customers reach their goals, and he supported the idea.

2.        The second individual I interviewed was a college aged female who seemed to be in graduate school. I asked her what she believed was to be the next step in a venture like this one. She explained that she would hire professional trainers to ensure that the app has information that is correct and accurate. After describing the business, I asked this individual what I should further do that I have not already planned. She expressed that she would do research on people to see that the app would actually be successful and that customers would have an easier time reaching their goals. Last but not least, I asked her about what she thought about my ideas of what customers may want next. At first, this interviewee respectfully disagreed, but then she explained that with the proper work, this would be a great approach to help the customers reach their goals even further.

3.        The third individual I interviewed was another college aged male who was a freshman. I asked him what he believed was to be the next step in a venture like this one. He highlighted that he would strategically advertise and market the app in order to successfully gain new customers. After describing the business, I asked him what I should further do that I have not already planned. This individual revealed that he would talk to other entrepreneurs and investors and try to acquire a loan in order to have the money to work on the technology behind the app. Last but not least, I asked him about what he thought about my ideas of what customers may want next. He expressed that this would be hard to manage, but if successful, it would benefit the customers even more.

        Based on my expectations, and the feedback I received from these three individuals, setting a path for the future seems more applicable and able to be completed. Regarding my venture, in order to grow in the market I believe it makes the most sense to effectively advertise and market along with focusing on customer experience. These two qualities would separate me from any potential competition and allow for the idea to be successful. Effectively advertising and marketing the venture will allow me to attract a larger amount of customers. I would efficiently start with Florida and attempt to branch out regionally, and then nationally.
       Focusing on customer experience is another path for the future that is important. I would hire employees with experience in fitness and communication skills in order to maximize the customers and their experiences. This will allow the customer to not lose sight of their goals, and feel welcomed to asking for help and further guidance. Good communication skills is an important quality to have, especially for a business idea that is electronically controlled. This would also further separate my venture idea from competitors.



New Market

        The radically different market that is the topic of this section would be individuals who have recently retired. I believe my venture concept will be able to create value for people in this market as well. Individuals who are retired tend to have a lot of free time that is new to them. In this stage of one's life, this new daily routine is very different and can lead to a decrease in physical health. I believe my venture concept addresses this problem. By having the app, the individual will be able to have a diet and workout routine that is specifically tailored to their own needs. This will ensure that the individual remains active throughout the day.

1. The first individual I interviewed was a recently retired male in his late sixties. After describing my venture concept to this individual, I asked him how he thought my business idea might help customers like him. He explained that the biggest factor would be how user friendly the app is. This individual further described that he is not great with technology and would prefer that the app be easy to access and manage. In order to be successful in this market, he explained that adapting the technology would be the biggest factor. He emphasized that if the customers his age can figure out how to work the app, I would be very successful with the idea.

2. The second individual I interviewed was a female in her mid sixties who has been retired for a few months. She explained that this was a huge milestone and now her daily life looks very different. After describing my venture concept to her, I asked her how she thought my business idea might help similar customers. She explained that now without a solid income, her financial situation is extremely different than what it was when working. She argued that if the app was very expensive, many elders would not purchase it. Her biggest advice was to think about the cost and price factors when thinking about customers. In order to be successful in this market, she explained further that focusing on the customers would be a major role. This individual highlighted that if the customers are happy, I will be too.

        I learned a great deal about this new market that I previously did not know. From interviewing these two individuals, I gained valuable insight on methods of ensuring that my business idea is successful. Overall, I was not surprised with the answers. I realized that they had a point of view that I was not aware of and I welcomed this knowledge and advice. This market definitely is attractive, and I believe I can target both successfully with my venture concept.
        I learned that the technology behind the app needs to be user friendly and easily accessible. This will allow customers to feel motivated to reach their goals. Additionally, this user friendly technology will prevent any confusion and minimize negative customer experiences. Furthermore, by focusing on cost and price factors of my app, I will be able to target more individuals and have a larger market. This will generate more revenue, along with minimizing the amount of people that are intimidated by the financial risks that come with the business idea. From these interviews, I believe that I have more knowledge on methods to strengthen my idea even more.