- After talking with three new people I figured that the next logical step in my business would be to expand to more than just items from the butcher, baker, and produce isles. I could open the app up to all food items. The app could specifically be looking for deals and sales offered at each store to give you the best prices. This is a much more difficult venture to pursue and would require several employees and very, very good contacts within the retailers.
New Market:
- After interviewing two potential customers I have come to the conclusion that my app could expand into the B2B market. I could take the (hypothetically) patented algorithm that my app uses and apply that to businesses purchasing items from their suppliers, specifically small businesses. This would allow small businesses to know where to purchase their items from for the cheapest prices. I could see this being effective for small restaurants who frequently buy produce and other food items.
Hey Peyton,
ReplyDeleteI think you did a good job of identifying the two markets and how you could expand upon both. I like the idea of broadening the scope of your app with the current market, the same idea could also apply to things that aren't groceries as well. For a new market, tapping in the B2B market is a very lucrative position, it has a lot to offer and I like how you presented a logical step by step plan as to why/how you think it would work.
Hey Peyton,
ReplyDeleteAfter talking to some new people it looks like you have a clear idea of where your business could go in the future and how your app could even be marketed for businesses to use as well as consumers. I think that your app would do very well in the hands of businesses and would help them to control their expenses and maximize profit.
Hello Peyton,
ReplyDeleteI definitely think you should expand the app to include more than market priced goods. I think there will still be a great demand for how much regular goods cost and how they compare per retailer. I would have to disagree with you when you say it would be more difficult to track the goods other than market price goods. Most of those prices and deals are made public on websites and do not fluctuate as much as market priced goods do.
Hi Peyton,
ReplyDeleteYou did a great job at keeping this assignment short and sweet while still providing enough information. I have mixed feelings about the expansion. If you look online, most places such as Walmart, list there non perishable items with prices already. On the other hand, it would be nice for the customer to have it all in one convenient place. You would have to look into if the cost of the extra labor is worth the potential pay out.