Geolink by Alex Arnau
Existing Market:
The next step to consider in growing my product in an existing market would be to make the product visually appealing while maintaining functionality and cost margins. Based on the feedback I have received in interviews from potential customers, I have learned that they were initially curious on how the prices will stack up in a retail market. This is a factor, I have been highly considering and I have proposed to keep production costs at a minimum with a focus on maintaining functionality, longevity, and reliability. Another interviewee had the same concern as me with keeping up with design and style trends when focusing on the product.
My future plans for my venture will be to make the device effective, eye-catching, and efficient. I would like to keep the bulk and technological aspects of the device to be relatively minimal and hidden from the device so it is not just another block and screen on a wrist.
Further Development and growth for my venture will be with involvement and cooperation with non-profit organization, environmental movement groups, and health/safety bureaucracies.
New Market:
Implementing my product into a new market, would require me to seek into the approach of using my product as a medical device. In the case of presenting my product as a medical device, I would prefer to make minimum profit if that was the case, and I would proceed to make my device part of a non-profit organization for underdeveloped people in poverty. As I interviewed new people, they have shared with me similar feedback, and that is the recommendation that I need to approach my product with a altruistic and sensible purpose if it is going there is going to be future development that isn't seeking profit.
With the new knowledge I have gained by seeking information from an outside market, I have learned that there is many competing innovations coming out for medical devices, as it is a very growing and demanding field.
I am going to have to keep my device unique and differentiable from other competing devices on the market. This can be done by donating profits to a greater cause, and marketing based on the positivity of my product's purpose. This tactic would be similar to how Toms shoes company donates a pair for every pair bought of their shoes.
Alex, I think it is really clever for you to try and minimize profit, initially at least. Approaching with an altruistic mindset could put you at a slight disadvantage initially as most businesses that prioritize altruism tend to struggle. Good job and best of luck.
ReplyDeleteHey Alex,
ReplyDeleteGood job setting a reasonable and totally doable goal for your existing market. I feel as if fine tuning your product or service is the first step in becoming a more efficient and profitable company. If you are inefficiently creating or providing a service, your organization is not maximizing their abilities. A new market venture will always have its ups and downs, however I think that your idea will do rather well in that new market.
Hey Alex! It’s awesome to start thinking about product design because this will definitely help with your branding and establish the vibe you want to set in your company. I like the idea of promoting it as a medical device because then you could sell it to disaster relief agencies or even the government which is one of the best entities to sell to! For example, you could sell to FEMA to help them respond to natural disasters that happen all across the U.S.
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