25A

Existing Market

What makes the most sense in terms of growing in my existing market is that I need to find a foothold and then strike in terms where the others are weakest. From my interviews and research I have found that many people are tired of waiting in long lines at coffee stores in order to buy their drinks. So in order to grow in my current market I need to be direct and fast, luckily this is exactly what I had in mind with the vending machines, selling great caffeine and confidence.

Another area that I should strike became apparent when talking with all 3 of my interviewees, was price. This allows me to see an opportunity to grow in the current market of I “undercut” so to speak. If I offer lower priced goods than my competitors it seems feasible that I could grow in the current market. This is where the vending machine once again shines, by not having to pay employees for the creation or distribution of the drinks to customers I can save on overhead and then forward those savings onto the customer.

New Market (affluent and time capable users)

I believe that my product could offer something to these new users with the advent of a “green” campaign. By saying and proving that my product has a lower carbon footprint and or helps a green cause it could allow for such users to appear as a social influencer. This would allow them to have a sense of accomplishment that many seek while still doing very little.

This market was hard to reach as many college students are at a loss for both time and money. However I was able to reach out to some grandparents and the mother of a family friend who I believe to be within some aspects of these parameters.

What surprised me the most was that they did not care how they got their coffee or even the price, but they did care about the motives behind it. One of my interviewees even asked me if my product was “green” before asking how to access or purchase it. My assumptions of this new market not caring about wait time were correct however the other person I asked told me price did matter to her.

This new market after being given some thought does not appear to be as attractive as my existing market. This new market does not have the same passion for time and price that my current target does. It is for this reason and others (such as implementation into college campuses is easier and more feasible than other places) that I have chosen to stay in my current market. My idea of a vending machine is simply meant for wider use in my current target market and as such will more likely see success in it.