Assignment #25

Existing Market

1.    What is next for the venture would be to actually start developing the innovative products that my business will use. We have to start making the machines and gathering information from potential customers to get their opinion on this business idea. Possibly creating a customer input inbox to allow customers to recommend foods that they would like us to put on the market, especially people that are from different countries so they can help us truly embrace the great foods of each culture. 

2.    After I explained my business idea to these three customers, I asked them: “What should we be doing that we aren’t planning to do? And what do you think about my ideas of what customers might want next?”

a.    Emily: I would suggest trying to make dishes that have different cultures in it. Or a buffet style so you can have an even better way to choose what you want. I also think customers would want a way to express their own opinions of what dishes should be served. 

b.    Doreen: Maybe try making a way for customers to have combo meals of different cultures. I would say you can try having a bunch of entrees from different cultures and a bunch of sides from different cultures and let people mix and match. I do agree that customers should have input in what you are serving. I think it will help your business be successful. 

c.    Carmen: I think you could focus more on advertising to customers, because the concept of mixing different ethnic foods kind of seems a bit weird. Once people get used to the idea then it will start being successful. 

3.                What makes the most sense for my venture in terms of growing my market would be to assess various locations and see what their opinions are. I would do concept tests and test marketing in various locations and gather data to create the best product for my customers. One thing that seems to be very important is letting customers have a say in what is being served. 

To be successful, my company has to focus on marketing to the right groups of people. I want people to focus on the inclusivity and diversity of this restaurant. Some towns may not see value in that, so we would definitely have to do extensive research on where this business would thrive the most. 

New Market

1.     A radically different market would be the entire US population. I want to make this a place where everyone any anyone can eat at. With so many choices, there will be an item that appeals to almost anyone. We would target the wealthy and the poor. We will try to reach as many people as possible and make the biggest impact as possible. 

2.     We would create value to people in this market by being so inclusive. We will stand out as a restaurant and we will reach the ends of the earth. Adding value might be hard to add to the people that simply don’t want anything to do with my business. We will start by doing personalized advertising and online delivery. 

3.     After I described my business to these two individuals, I asked them: “How do you think my business would help to meet customers like you? What kind of adaptations to the product mix do you think I should make to be successful in this new market” 

a.     Arie: I think you just need to focus on segmenting your market and figure out a way to target each segment differently. You might want to consider narrowing your market and only focus on a select group of people. 

b.     Anne: I really like your business idea! I think that you could possibly incorporate a deal or discount to certain individuals. Also, I think you could work more on trying to appeal to individuals in different ways using different marketing techniques. 

4.                I learned that my new market might possibly be too large. One thing that I would have to focus on would be targeting individuals in different ways based on their typical lifestyles. I did assume that some people would like a discount where others wouldn’t be bothered that much. 

This new market could be more attractive that my existing market if I target each individual correctly. I think I just have to focus on making each person into a certain group of ways I market to that specific group. Classifying individuals will be most beneficial to my advertising success.