Existing Market
I believe the next step for my venture concept is to improve on the mechanism behind the application. The whole concept of being user-driven has some flaws within it. Also to finalize on the programming part and have the technology created. Once that is done, it will be to reach out to brands to make agreements on advertising.
After interviewing people within the market, the general feedbacks I received were that the application should take into account scooters and scooter parking. The reason behind this they said is because on our campus, there are more people that own and ride a scooter than driving an actual car. Scooter parking is something I haven't thought of including within the app.
It makes the most sense to establish contacts with the school to register to parking spots on campus within the system, and to also have programmers program those spots within the algorithms. I believe the technology part is at the forefront of the business plan.
New Market
A different target from what I am trying to target would be older generation of people that also have the problem of parking but don't necessarily have the same availability or usage of smart phones and apps. This is a completely different market because my venture concept relies heavily on the people using technology. This market presents a huge hurdle to get over.
An initial idea I had to cater to those people is to set up a phone line where they can call and receive the same updated version of parking map instead of having to utilize the app itself.
The result of the interviews were in line of what I expected, most older people would rather just look around for parking spots instead of calling a number and asking for directions. They also presented a good problem for the venture itself of how will the company make profit off those callers. This is a huge problem that makes the new market far less attractive than the existing one.
Hey,
ReplyDeleteI would like to point out that if you do get the app to be more precise and detailed the effects it will have is amazing. Adding the scooter parking especially on a campus setting will be dramatic because scooter parking fills up so quick. Another advancement is you could broaden the scope from just campus and local parking ideals to anything from parking garages and all those areas of parking where you need to pay it will be beneficial to have the app there as well.
Hey Yung-Teng,
ReplyDeleteOverall, great job on this assignment! Your interviews seemed to have been quite enlightening for your business. As Brandee said, adding scooter parking to your app would be amazing! Especially since so many students on college campuses have scooters, and it would only add to your customer basis. Also, I could see how getting older people to use your app would be difficult, but it would be very interesting to see who would end up actually using your product.
Great job and keep it up!
I like how you listened to your interviews and incorporated feedback regarding the scooters. I do think the opportunity is a bit broader than you noted for new markets. I think its brilliant to crowd source input in an app to report back to other users. Wayz is a great example of the value and demand behind this. I couldn’t help think of leveraging your ability to collect input from others to report wait times at restaurants or other places students frequent. That could take advantage of your core functionality.
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