Existing Market
Step 1
What I think is next for our venture is to include informational pamphlets that add recipes that are keto friendly.
What I think is next for our venture is to include informational pamphlets that add recipes that are keto friendly.
Step 2
For the three customers I interviewed for this assignment, two of them said the next thing I need for a venture such as my store is my own store brand products. The third potential customer said to create some type of keto friendly bakery, which is actually doable. When I asked them about my recipe list idea, they all agreed it is something that would definitely help the business and increase people's likelihood of going back.
For the three customers I interviewed for this assignment, two of them said the next thing I need for a venture such as my store is my own store brand products. The third potential customer said to create some type of keto friendly bakery, which is actually doable. When I asked them about my recipe list idea, they all agreed it is something that would definitely help the business and increase people's likelihood of going back.
Step 3
For our current market, it makes the most sense to increase the services that we provide. By creating a new recipe list, this would help more people have an interest in shopping keto. It can also help create a greater sense of brand loyalty, especially if people really enjoy some of the recipes they cook.
Another great idea that one of my interviewed customers mentioned is the keto bakery. Having a keto bakery that uses things like almond flour and stevia for sweetener is definitely viable, and would have huge potential to take the business further. Both these business ideas would help to grow our existing market, and generate more interest from our customers.
For our current market, it makes the most sense to increase the services that we provide. By creating a new recipe list, this would help more people have an interest in shopping keto. It can also help create a greater sense of brand loyalty, especially if people really enjoy some of the recipes they cook.
Another great idea that one of my interviewed customers mentioned is the keto bakery. Having a keto bakery that uses things like almond flour and stevia for sweetener is definitely viable, and would have huge potential to take the business further. Both these business ideas would help to grow our existing market, and generate more interest from our customers.
New Market
Step 1
I chose to consider the market for B2B, such as wholesalers and farmers that sell to these primary suppliers.
I chose to consider the market for B2B, such as wholesalers and farmers that sell to these primary suppliers.
Step 2
People in this market have a greater opportunity to generate profit if they are in the meat industry, dairy industry, oil industry (food oils like olive), and nut industry. Keto food involves a large amount of these foods, and having keto grow in popularity means more people buying at a keto grocery store, where their food is supplied by this market.
People in this market have a greater opportunity to generate profit if they are in the meat industry, dairy industry, oil industry (food oils like olive), and nut industry. Keto food involves a large amount of these foods, and having keto grow in popularity means more people buying at a keto grocery store, where their food is supplied by this market.
Step 3
The two people I interviewed said that this kind of business would most help with generating more revenue for farmers and food wholesalers. One adaptation they said I could make it to consider selecting a few grocery items and creating your own store brand version, like almond milk or peanuts.
The two people I interviewed said that this kind of business would most help with generating more revenue for farmers and food wholesalers. One adaptation they said I could make it to consider selecting a few grocery items and creating your own store brand version, like almond milk or peanuts.
Step 4
What surprised me the most in this new market is how few the options are to buy from different wholesalers. There are only a couple of major farmers which is a given for any product, but there were less wholesalers than anticipated. I did not have any expectations or assumptions outside of what has been mentioned thus far. This new market does not appear at all to be as attractive as my existing market. My existing market serves the needs of this business venture perfectly.
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.
What surprised me the most in this new market is how few the options are to buy from different wholesalers. There are only a couple of major farmers which is a given for any product, but there were less wholesalers than anticipated. I did not have any expectations or assumptions outside of what has been mentioned thus far. This new market does not appear at all to be as attractive as my existing market. My existing market serves the needs of this business venture perfectly.
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.
Hello Nicholas,
ReplyDeleteFirst, I really like how you organized this post, it is very easy to read and understand. I like how your steps and points for how to target the old and new markets are straightforward. Having a keto friendly bakery on top of the food I think is a very neat idea since that I don’t think or at least I have never heard of that being done before. That might be a great addition. Great post.