Existing market:
In terms of growing within the existing market that we have for our business venture, it would make sense to partner with environmentally friendly brands and stores such as Whole Foods, Seventh Generation or the honest company and partner with them to help support our app. These stores and brands are already well known throughout the community as being environmentally friendly and part of the green movement. By partnering with them and having them support our app it could help generate more growth early on for our venture.
New market:
Our app is more geared towards a more affluent community since eco-friendly products and green products on notoriously a little bit more expensive than your standard products. So to merge into a new market I would try and target the poorer communities or the people who don't have as much money to spend on those eco-friendly products. In order to do this, we would create a section in our app that would be specifically for environmentally friendly products and eco-friendly products that are more affordable and easily accessible.
By speaking with people with in that market, I learned that even the people who do not necessarily have the money to buy the organic eco-friendly products still want to help the environment and make a positive impact on the environment. So this means that adding a section for affordable eco-friendly products that are cheaper than some of the other eco-friendly products out there would be a great idea. I think this new market would do very well with our business venture because majority of Americans live paycheck to paycheck and don't necessarily have extra disposable income to spend on higher end organic products.
Hi Hayley,
ReplyDeletePartnering with an already established firm could give you access to new customers and network connections. Also, if you secure a partnership with a well-known brand, it could attract other firms in the industry. I liked how you assessed the new market and identified a segment that shares a similar need but faces different environmental influences. Many people struggle with getting the right amount of nutrients due to their financial positions. If you could satisfy their needs, your product and business could change the way we see world hunger.
Hey Hayley!
ReplyDeleteI was really impressed with your new market idea, and think it is a great way for you to direct your app in a new way and break into a new market. I was really happy to see that other people had similar ideas of using their business ideas to help the less fortunate, as that is what I wanted to do with my new market idea. I feel that it would be extremely helpful to bring Eco friendly products to the less affluent areas, and would improve the quality of life in these areas greatly.