Existing Market
The interviewers that I talked to
said three things that we could do that we are not doing now and that includes;
widening the variety of local farmers, diversifying the products so not just eh
regular fruits and vegetables but ore so there are several options as well as
if we are selling other revenue than just being produce make everything a more
organic healthy based with the same aim to price.
The potential for us to grow is extremely
possible you cannot be a successful business without growing to the business of
the people. I think that after a couple months and even years of the new grocery
market the regular produce that we sell will be profitable and dynamic enough that
eventually we can more to more products, more diverse products and more organic
products.
Also I think what will help us
improve with the customer’s request is when we upgrade our farmers when we
start getting more farmers produce in the local community we get more
diversity, variety, taste as well as options. During the time we are expanding
our food we could also expand our market in what everything we sell and how
organic and environmentally healthy things are.
New Market
My market is toward the poor so
if I were to change to the higher income I feel like my market will appeal to
those however, location wise I would have to create the store close enough to
those areas.
The interviewers basically were
saying that the location would need to change and they would want more exotic
products so those that are maybe foreign and even when it comes to farmers for
the revenue to kick in I would need to use farmers related to their epidemic.
This new market may be more
profitable however it will be a lot more challenging and demanding to please
those customers. This would require customers to feel like the products need to
be of a higher standard than below market price. They are not concerned with
price but more where things came from. Nothing truly surprised me because I thought
about if I aimed it towards those of high social economic status it would not
have that much of a big effect on the community and individuals because they do
not have the unmet need of resources.
All of my assumptions were
correct and during the process I would not shy away from the other spectrum of
target customers however I will not lose focus to who I am truly trying to aim
towards and help meet the unmet need with the opportunity I noticed. This new
market through talking about it with the interviewers does not interest me at
all it does not seem to be something worth the risk or the planning.
Hello Brandee,
ReplyDeleteYour analysis on the new market was very interesting and sophisticated. I agree that while catering to the new market of higher income may be more profitable and have a wider variety of produces, it will be more demanding and defeats the purpose of serving to people who cannot afford a healthy lifestyle because the new market doesn't care about price. I think it's good that you are not losing focus on your goal of wanting to help people.
Hello Brandee,
ReplyDeleteI think it’s great that you intend to partner with local farmers. This would definitely increase profit by lowering supply costs because of less transportation costs and more readily available produce. Not only that, but quality would be so much higher especially regarding freshness and health-consciousness. This choice of supplier also helps open your venture to a wider market since many health services don’t partner with local farmers which many of your potential customers want and which you are providing - giving you a competitive edge.
I really like how you are leveraging your interview feedback. I think its very important to let this guide you. I’d also consider what other needs that market has versus trying to address a new market. Nce you have the captive audience in your stores, what other adjacent categories of merchandise could you offer them? Could it be a pharmacy in the store, or a dietician like you posted before?
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