25A- What's Next?
Existing Market
1. The next step in the current market is to market my product so that the company name begins to float around in the industry. As of now, people might just think it's a cool product but I need to fully convince them of the benefits this product could bring to their company. With proper marketing in the beginning phase, my product will become a household name based on the inherent value it brings to major retailers.
2. After having interviewed three customers they were all curious to how the robotic arm will be featured in my product. The next step is to figure out how we will develop this feature in a way that won't drastically increase the price. They highlighted that it's important to make it as consumer-friendly as possible. For example, there should be a button to let the scanner know that it's time to start bagging the items. I'll try to cut out parts of the product that seem to be unnecessary in order to decrease the price as much as possible.
3. What makes the most sense to grow in my existing market is to write up a plan of how the logistics in production will work. This includes assigning people to specific roles and writing up a specific plan of how the product will get from manufacturing to the retail stores. For example, I need to decide whether I want to have different production levels at different facilities or have the whole production process done in a single facility.
New Market
1. I came up with my product to sell to major retailers by a business-to-business transaction. A radically different market would be selling these self-scanners to consumers directly.
2. In order to sell my product directly to consumers, I would need to target a niche group of people who have the financial backing for a product like this. Since this is a very technological and expensive product it's meant for businesses but the right consumer can benefit from it as well. For example, someone who is very rich most likely has a larger closet and wardrobe than the average person. This type of person might benefit from an inventory system to keep track of their clothes. Each clothing item would be assigned a barcode that can be scanned with our product. The self-scanner would keep track of all their clothes and keep track of where it is located in the closet. Again, this would only benefit someone who can afford the product and has a large enough wardrobe selection that would require something like this.
3. I interviewed two of my friends and they said in order to be successful in selling this product to a direct consumer I would have to adapt my product. The product is currently intended for businesses and I can't sell it to consumers the same way I would a business. One possible solution is to take out the robotic arm feature which would drastically decrease the price. This feature was mainly for the bagging of items at the store but it's unnecessary in this market. People who want this product for their homes won't need that feature and wouldn't pay the price for the product if the robotic feature is included.
4. I learned that you have to make changes when trying to sell a product by business-to-business and business-to-consumer. What works for one market might be detrimental to the other because of the fact that businesses are able to afford more expensive products than individuals. Selling to businesses is more attractive for my product because a self-scanner is more applicable for a business than it is for a single consumer. What surprised me the most is how useful my product can be outside of it's intended use.
1. The next step in the current market is to market my product so that the company name begins to float around in the industry. As of now, people might just think it's a cool product but I need to fully convince them of the benefits this product could bring to their company. With proper marketing in the beginning phase, my product will become a household name based on the inherent value it brings to major retailers.
2. After having interviewed three customers they were all curious to how the robotic arm will be featured in my product. The next step is to figure out how we will develop this feature in a way that won't drastically increase the price. They highlighted that it's important to make it as consumer-friendly as possible. For example, there should be a button to let the scanner know that it's time to start bagging the items. I'll try to cut out parts of the product that seem to be unnecessary in order to decrease the price as much as possible.
3. What makes the most sense to grow in my existing market is to write up a plan of how the logistics in production will work. This includes assigning people to specific roles and writing up a specific plan of how the product will get from manufacturing to the retail stores. For example, I need to decide whether I want to have different production levels at different facilities or have the whole production process done in a single facility.
New Market
1. I came up with my product to sell to major retailers by a business-to-business transaction. A radically different market would be selling these self-scanners to consumers directly.
2. In order to sell my product directly to consumers, I would need to target a niche group of people who have the financial backing for a product like this. Since this is a very technological and expensive product it's meant for businesses but the right consumer can benefit from it as well. For example, someone who is very rich most likely has a larger closet and wardrobe than the average person. This type of person might benefit from an inventory system to keep track of their clothes. Each clothing item would be assigned a barcode that can be scanned with our product. The self-scanner would keep track of all their clothes and keep track of where it is located in the closet. Again, this would only benefit someone who can afford the product and has a large enough wardrobe selection that would require something like this.
3. I interviewed two of my friends and they said in order to be successful in selling this product to a direct consumer I would have to adapt my product. The product is currently intended for businesses and I can't sell it to consumers the same way I would a business. One possible solution is to take out the robotic arm feature which would drastically decrease the price. This feature was mainly for the bagging of items at the store but it's unnecessary in this market. People who want this product for their homes won't need that feature and wouldn't pay the price for the product if the robotic feature is included.
4. I learned that you have to make changes when trying to sell a product by business-to-business and business-to-consumer. What works for one market might be detrimental to the other because of the fact that businesses are able to afford more expensive products than individuals. Selling to businesses is more attractive for my product because a self-scanner is more applicable for a business than it is for a single consumer. What surprised me the most is how useful my product can be outside of it's intended use.
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