Assignment 25A- What's Next?

Assignment 25A- What's Next?

Existing Market

Step 1: For my service, I think the next steps are to ultimately begin putting this idea into practice and begin receiving funding for its implementation. Then, once my business has begun, I would work on expanding to other college campuses across the nation and see how geographical location may alter the needs of the students and how we can begin the process of improving conditions depending on location

Step 2: Interview component suspended

Step 3: For my venture, I think it would be smart to first gather a group of students who would for sure use my facilities should it actually come to life one day. I think it would be important to ensure there is a waiting market segment and available government funding so that once this business venture begins, there is steady income to keep it maintained and growing.

New Market

Step 1: A new potential market I could target are specifically international students

Step 2: My venture concept could benefit international students because they also seek affordable, clean housing when coming from across the world to attend an institution. They also shouldn't have to resort to dirty houses or strictly on-campus dorms for living just because they may not have the funds to find something luxurious since they're already paying 3x more than U.S. residents for tuition
Step 3: Interview component suspended

Step 4: Through this market, I learned more about the demographic that I identify with than I've ever known. I got firsthand experience speaking with potential customers and I learned about many different opinions from people who all fit into the category of my targeted audience. I think introducing this business design to this new market would open up a lot of opportunity since they are also a large population of individuals who seek the services I am providing. This market appears equally attractive and maybe even more desirable since there are less options for housing for international students than just low-income students in general. I would definitely consider this market in the future after my business has successfully taken off.