Friday, April 10, 2020

25A

Currently I am targeting a middle to lower class.People can afford houses and have some extra money to get there drink outside of the house which would allow for them to use my straw at a establishment. I think the commercial market is very much the target I should put my focus on to next. I think commercial places will focus on distribution and will show everyone how great my product is. The value is created by people that do not use the straw on a dialy basis. The value becomes a need and can be seen as a everyday product with the right exposure. If I was to target a poorer market I would try to help them get the product into they're hands and convince them this is just anothere grocery item we need in the house or to help advertise the product . It wont immediately increase my profit margins but over the long run will spread awareness of my product
I think I could sell to a poorer market I can see if the market is big enough to warrant investing money to make a cheaper but less enjoyable straw that will try to mimic the product we want to use for commercial use. I would only cater to different markets if the profit was there overtime . If there is no profit to be made by expansion the resources are better used elsewhere.
I interviewed two people from a poorer part of society. One was a 21 year old man who is middle class and a 25 year old girl who is part of the lower class.
From these two interviews I learned a lot. I learned what they would like to see from my company coming from a poorer background. Two things I took from these interviews is that the cost of everything for everyone no matter the economic class.
From these two interviews I learned a lot. I learned what they would like to see from my company coming from multiple backgrounds. Two things I took from these interviews was that they would like straws that are cheap and last for longer than 5 minutes in a drink. So my solution to this is just to have straws that are affordable, last  long, and are not a mess. I was not really surprised by this. I kind of expected them to answer this why. Straws are about enjoyment, cost, and usability. My product aims for that.


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28A

My exit strategy is hopefully to sell the business for a reasonable return.Every business has its life cycle and when I deem it time for it ...