Existing Market:
In terms of my product there is not much I can expand on it. My products is already an expanded on stylus for touch screen devices. If I am successful with my product I can potentially reach into other tech accessories. Maybe a software program for taking notes or cases for one's devices.
Due to my limited opportunities after my current product, I expect myself to sell my product or idea to a major company for a large sum of money. This would be my best case scenario as there is not much I can expand my product on.
New Market:
Currently my target audience is young, technology affluent people. A radically different market I could explore is the elderly who are not tech savy. I think giving older people the opportunity to write on touch screen devices as well as paper would open their minds about technology. Writing is something they grew up doing, so combining something they are used to with technology could possibly open their mind to exploring new things. I could target nursing homes and retirement facilities. Based on my interviews they agree that this is something I could potentially explore. With a huge population of elderly in the world, it would be huge to attract this demographic into my potential customers.
Hey Ashton,
ReplyDeleteIt is very good that with this assignment you were able to define both your existing and potentially new market. It can also be very good if you are able to incorporate the elderly into your target market, so that you can potentially increase your sales, and be a lot more profitable. Definitely keep everything you learned in mind, so that your product can keep growing and potentially be a very awesome one!
Hi Ashton,
ReplyDeleteI think you did a great job defining both markets and how your product would do in each market. I agree with your statement that in the new market, your target would be the youth because we all use these apple products to do our homework and studying. Good work!