Existing Market-
In the future I see that we could go towards more specific shopping experiences, such as appealing to the collector market and or find rentals for production and so on. I see this as a big possibility for the future of the venture. I interviewed 3 potential customers who are part of the market I have already identified. I asked them what they thought could be the next thing for my venture, more specifically what should the business think about. One of them replied that we could potentially try to become partners with manufacturers. Another interviewee said that we should look into strengthening the businesses position in the market through advertisement. The third interviewee said that we should expand by directly purchasing the selling the cars. Next I asked them about my idea to move towards appealing to high end buyers, and or car rental service. They said it was a viable option for a move to growth, but does not lead to diversity in the venture.
The path for the future of this business venture include expanding the business to appeal to all the customers possible, including those who look for high end automobiles. This includes potentially adding a rental service. I do think that becoming involved with advertisement could be a strong move, but think that moving to selling cars is against the basis of the venture. I think that trying to become a venture which includes a lot of different business ideas could lead to growth.
New Market-
The new market will include this upper class citizen that is looking for the high end luxury automobile. While the old market focused on the general population. I think the venture could create tremendous amounts of value in the affluent market as high end and rare cars generate lots of money and attention. I interviewed two individuals which were potentially in the market for high end cars, and asked them if they thought the service would be of use and if they would change anything. They replied that they thought the service could be of use, but they said they would want everything to be in person.
This new market could bring a lot of growth to the business, although the market is smaller and it would be more costly to provide them with the same service overall. I was not to surprised at anything as I knew how the buyers in the market would act. Overall, I would say that the existing market is more valuable, but the new market has some advantages.
Akash,
ReplyDeleteI do believe that you are on the right path with your business. You have a good understanding of how to begin and grow your market in order to maintain profits. However, I do believe that you should take things one step at a time. The suggestions from your interviewees all imply different directions to take your business, I believe you should stick with one at first, maybe even two. Great post.
Akash,
ReplyDeleteI do trust that you are on the correct way with your business. You have a decent comprehension of how to start and develop your market so as to look after benefits. Nonetheless, I do trust that you should approach things slowly and carefully. The recommendations from your interviewees all suggest distinctive headings to take your business, I trust you should stay with one at first, perhaps even two. Extraordinary post.