Friday, July 20, 2018

25A: What's Next?


Existing Market
  • After speaking to three potential customers I received helpful feedback. My idea to grow was to eventually open a physical store instead of the company being only online based. Two of the girls I spoke to saw potential in the idea. They said that it would help consumers her do not like to online shopping. Placing it in or near college towns would be the perfect location in their opinion as well. One suggested that I wait a few years before I decide if it is a good idea or not. She said if the online store is a success is and stable, then a physical store would be a safe move in her opinion. I agree with these two, but it is still just an idea because it makes me nervous to make such a significant jump from online to storefront.
  • The other girl I interview surprisingly did not agree with the idea to open a storefront and I understand where she is coming from. She said that if the way I am doing it online is successful then what is the point in changing the way things are done. She said it make mess up the way things work and take out the simplicity. She seemed very passionate about it because she explained a story about her uncle's business. She told me that he made a huge change in his business by relocating because he was so successful in his start off location and the turn out was very bad. He ended up losing a lot of money. I understand her side of the venture growth. I see the reason in playing it on the safe side to avoid messing up something that is already going well.
New Market
  • My idea was to add on the selling of male attire for fraternity brothers that are going through rush themselves. I know they usually match and dress professional so I saw some potential in it. After speaking to two boys that are members of fraternities at UF I found out it wasn't the best idea.
  • Both of them had the same mindset about the idea. They thought it would not be very successful because most fraternities wear the same outfits for each round of the process and it is something they usually own already. They claimed the most common is a suit and tie. A lot of men their age already own one from graduating high school or some other occasion in the past that they needed one for. If they aren't wearing a suit then they are usually wearing matching shirts that were created by a company to personalize them. I'm glad I spoke to these boys because I was not expecting this response. I thought it was a wonderful idea until I realized how simple the outfits are for fraternity boys.

2 comments:

  1. I think it is important that you received feedback from somehow who disagrees with your business plan. I believe it allows you to reflect on your own business concepts to make it more appealing to more customers. I also enjoyed reading about your new market. It is interesting to different in consumer demand based on males/females. Overall I think you did a great job connecting with different markets and your potential customers.

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  2. Hey Jaclyn, I really like the way you described the existing market. It allows you to analyze everything we have done so far, and what else you can potentially do. With that being said, I think the idea of a male rush kit as the new market is unique. With myself being in a frat, it is something that is interesting to me, although I myself would probably not be interested in one.

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