25A – What’s Next?
Existing Market:
Step 3:
After consulting the three customers and reflecting about
what to do next, the best route to take in order to grow in the existing market
is to make customers aware of the existence of the café and to introduce new
drinks and possibly foods. One of the common things that the three customers
said was that they like to eat when drinking milktea. Thus, the idea of
incorporating food into the café is on the horizon.
The food could be added later in the café, however, the
main thing that the three customers’ advice was to get the name of the café out
there in order for people to be familiar with the name. Some of the tips that
they gave were very useful, such as starting to market the café online, such as
Facebook, Instagram, and Youtube.
New Market:
Step 2:
The new
market that I will be targeting is the B2B business. The venture concept will
be a value to the people in the market because they are able to make an income
from the café. The will be able to by the “name” of the café and start their
own.
Step 4:
In step
three, I decided to interview people who were interested in possibly opening
their own café, such as Kelly or Nick. They said that they depend on whether if
the café was making a profit. If the café has a lot of customers than they
would buy the name, however, it was more likely that they open their own café. They
think that to be successful in the new market, the café has to show a professionalism
and the café has to run smoothly. The adaptations make it more likely that
other people will want to buy the “name”.
In the
new market, it was expected that the customers want the café to be doing well
for them to want to buy the “name” of the café. But, the think that surprised me
the most was the fact that people who want to buy the “name”, because I personally
like to start my own business. The new market is also as attractive as the old
market. However, the café needs to be successful in the B2C market in order to
become be sold in the B2B market.
Hi Tan. Your new market was wisely chosen for your business. The way you provided feedback on this new market was effective and showed you are aware of upcoming circumstances for your business. This is the steps in taking good care of your business and owning it well.
ReplyDeleteHey Tan,
ReplyDeleteI think the ideas that the interviewees gave you about your existing market makes a lot of sense. I think that a business created solely for drinks is a little difficult to operate in a location. So you should try doing a food truck for that since its easier. I would have loved to hear more about your ideas on the existing market before you talked to the interviewees though.
Hi Tan,
ReplyDeleteI have liked your idea the whole way through until you mentioned food. I think you should make your environment because you don’t serve food?!?! I just feel people can sometimes judge somewhere because they messed up their favorite dish. I think if you were to sell food only sell simple things such as grilled cheese. There is a restaurant in St. Augustine that is famous for their grilled cheese and they offer live music and just a really friendly environment with couches and relaxed lighting. Oh and offer beer.