Assignment 25a - What's Next?

Assignment 25a

What’s Next?

Existing Market

Up next for my venture would be to branch out into other addictions. This could go for certain drugs or alcohol. Since we’d have the resources geared towards fighting addictions, changing the type of addiction we are combatting wouldn’t be a major shift.

Interviews:

The first person I interviewed said that we should try to create a product as a replacement for the vape so that people can use that to help them get over their addiction. When I told them about my plans, they said that they can see how it would work and that it would make my business expand greatly.

The next person I interviewed said that we should try to also make the service more personal at times and provide private consultations. When asked about other addictions, they said that it could work but that it would add lots of competition.

Finally, the last person I interviewed said that we should try to collaborate with high schools and colleges and make the business centered around that. Then I asked about branching out to other addictions and they said that it would need lots of different specialists and it could be logistically very hard to accomplish.

Based on the feedback received, I feel that the best idea would be to make the service more personal. As I’ve explained, I want a concept where I am creating a community in which individuals can go to for help and motivation. However, some individuals need that extra knowledge and expertise provided by someone qualified and giving them that attention would make them feel really cared for.

In addition, this would not require much change to the business model, simply adding an extra layer and service geared towards a more private experience. Not only would this give individuals more focused help, it would really make us competitors against private practitioners who won’t have the resources required to compete. This new fold to the business could really open up new areas and directions to go in.

New Market

 A new target market would be large research corporations or even the government. My venture could be valuable to people in this market because not only could we be helping individuals get over their addictions, we could conduct research in the behavior as well as the affects of nicotine products and transfer them to such organizations.

Interviews:

            The first person I interviewed said that it is a strong possibility that we could be able to conduct research, facilitating it for the government. In addition, they said it would be better since customers would feel more comfortable in an environment they trust. However, he said that it could also backfire if customers feel like they are the lab rats so he suggests making a different division independent of the service.

            The next person I interviewed said that it could be a hard thing to do because we wouldn’t have resources and experts geared to performing such research. He said that the most likely thing we can do is obtain feedback from customers about our methods and how successful they are via surveys.

Based on the feedback I received, this new market could be harder than initially thought. In terms of revenue and everything, it would be more complicated and probably less profitable to do. Also, as one interviewee pointed out, it could backfire on our customer base who may lose trust in our company. This is against the ideals I want the company to be based on.

However, I was surprised at what the second one proposed, conducting surveys for feedback. Not only would this be beneficial to the company in letting us know what we do right and wrong, but it could also serve as some form of research to help learn about this addiction. This way, we’d be able to benefit everyone without harming anyone.