1. What’s next for my line in my MentalEdge Company is an energy drink. A healthy, nutritious, long lasting energy drink to compete with the existing market of sugary unhealthy drinks are what I feel will be my next product.
3. Based on the feedback received, I think what makes the most sense for my venture is to create more products for the product line that target a similar market. I got suggestions like coming out with more supplements to compete in the health and supplement industry. For example, protein powder, branch chain amino acids, and other workout supplements that people use. People also made suggestions towards what I felt was the next step, an energy drink. With my existing college market, I know that the workout market is also massive, as well as the need for sustainable energy in everything we do. The MentalEdge supplement would be perfect for studying, but maybe I could also come out with a pre-workout supplement, or other things that would supply energy to students in my demographic.
New Market
1. For my new market, I decided to switch my company from B2C to B2B. Instead of supplying supplements to customers, I would supply supplement ingredients at wholesale prices to companies who create these supplements for customers.
2. My new venture concept would definitely create value for this market, because companies who create these products need raw supplements in mass quantity. From protein powders to caffeine powder, selling these in mass quantity is all about buying low and selling high. I would have to have a massive amount of capital to buy these supplements in such bulk that I would be able to make money being the middleman.
4. Based on the interviews and what I feel, there wasn’t much to say about this industry. Since it is pretty straight forward, people agreed that I would have to be able to buy these products in mass quantity to have economies of scale, and thus be able to make a profit and run a successful wholesaling business. My assumptions and expectations were definitely correct though, because if I could come up with the capital and make this work, the demand is very high for these products and the business has the potential to be extremely successful. I think this new market is equally attractive as my existing market, except for the fact that it is business to business instead of selling straight to the consumer. Personally I would rather run a B2C business because you get to see how your product positively effects people.
#2 from existing market and #3 from new market: Interviews
Hi Keifer!
ReplyDeleteI think you idea is great! I would definitely want to find an energy drink that isn't as sugary and that is actually HEALTHY! You're right to think that you can branch out this idea to a line of supplements, the ideas are really endless. The fitness world/health world is always looking for new and creative ideas for their costumer market and this has the potential for a lot of success.
Check out my blog post if you have time: http://kristianasimon.blogspot.com/2016/04/whats-next-week-12.html
Hi Keifer,
ReplyDeleteI think you have a really great idea that will appeal to a large target market. I think that after you get established and your customer base grows it would be a great next step to start selling to bigger companies. They might know about your success and that can help you when selling to them. As mentioned in your last interview, I also think it is important to have a variety so you can appeal to a larger group of customers. My idea is to start a foreign language immersion preschool. If you want to check out my What’s Next blog post you can read it here: http://www.emmastetterent3003.blogspot.com/2016/04/whats-next.html.
Thanks for sharing!
What up Kiefer,
ReplyDeleteAnything to do with working out is in right now, and I think that if you could get your prices down, you would be able to compete in the market. I know as a college student, sometimes it is hard to buy particular supplements because of cost. I have walked out of nutrition stores spending $400-$500 on things that only last me a month. I think that your last person was right, you have to get it to the masses. You need to be able to produce economies of scale to bring your prices down. I also think going from B2C to B2B was a smart move on your part.
If you want to check out my blog, the link is attached below.
http://amshiremanblog.blogspot.com/2016/04/whats-next.html