25A

Existing Market. 

Step 1: In terms of products and services for my next venture, I think my next step is to set up a meeting with Dove to create a joint partnership. 

Step 2:  I interviewed three customers in my existing market. I told them about my idea to partner with Dove and they thought it was a great idea, except the profit share may not be fair, since Dove is already such a well established company. One of them suggested contacting Listerine to ask about their manufacturing, since that is the most similar product to mine. 

Step 3: What makes the most sense is to call big companies and ask them to get in touch with their manufacturers. Doing the business myself with my team rather than a big corporation would generate the most profit and would benefit the business best. Once I get in touch with the right people, I can use my network to get advice from the people I know that have started a business from scratch. I think that using my network and choosing members of a team whose skills complement each other would help the company more than partnering with someone who can do all of those things for me. 

New Market.

Step 1: I’ve been targeting college students and student athletes in warm weather. I could also target all college students or market it in retail in general, since everyone wears deodorant even if temperatures are low. 

Step 2:  Though those in colder weather may not be in dire need of this, they will still need deodorant, and the portability of my product will prove successful, even if the purpose is unintended. 

Step 3:  I interviewed my friend who goes to school in Baltimore, and my aunt who lives in Chicago. They think the business would succeed near them but only in the Spring and the Summer. I think to succeed in this market, I have to emphasize the portability of this product to convince the audience they need the product. 

Step 4: I learned that this new market doesn’t seem to have a dire need for this product because they have seasons in the north and don’t sweat every time they walk outside. My assumptions were correct at the fact that the portability of my product is what I should capitalize on and use it in my marketing strategy. I underestimated how much people would actually want it, because everyone wears deodorant no matter the weather. I don’t think this market is as attractive as the first one because the main purpose of the strips were to prevent sweat and smell. If this audience lives in snow and cold weather then sweat won’t be as great of an issue. Overall, I still think it’s possible to succeed in this market but think the existing market is most profitable for my product.