What's Next?
Existing Market
In terms of the services for my venture, I think a greater formulation of what I plan to do is required. In other words, I would have to start testing my concept. I must begin to put the services into place, testing how to work with customers and the logistics of it all.
After interviewing three customers of the market that I have already identified, the market of younger to middle aged adults of a middle income (not particularly low or high), they have provided some insight as to what I should do regarding my business concept and the ideas of what my customers might want next. From what they told me, I gathered that I need to focus on teaching the cooking of both affordable and convenient meals. They emphasized the need for meal prep, as people don’t want to have to worry about cooking their meals every single day. They also expressed that my ideas regarding how customers might want to learn about what to do when they're at the end of the week with, basically, a handful of ingredients left are good and intuitive.
Based on my expectations and the feedback I received from customers, I should start to test out my service within a small group of people, or even friends. I will continue to place emphasis on affordability, but without sacrificing quality. I will even include the teaching of how to shop for foods in parallel with the teaching of the cooking of those foods to provide a more wholistic learning experience regarding food literacy.
With regards to specific points brought up by my interviewees, I will need to consider every aspect of cooking and eating. People live fast-paced lives, so, I will have to take cultural and societal norms into account for my services. Even teaching what to do with the random collection of ingredients left at the end of the grocery shopping cycle is important, as people tend to throw away perfectly good food simply because they don’t know what to do with it. All of these separate elements will help my venture grow in my existing market, as I continue to address issues that customers come to recognize through the learning process.
New Market
A radically different market from what I'm currently planning to target is decently wealthy individuals. These market of people do not worry about budgeting for food, but rather can spend freely.
Having interviewed two people from this new market, I have learned that they think I would need to follow a separate set of standards, a different set of aims, to meet the needs of customers like them. I would have to adapt my service to their preferences, where putting affordability first is not a goal. I would have to choose higher quality, even looking at more luxury food items to fit their tastes. They said, to be successful in this new market, I would need to focus on meals that provide the perfect balance of healthy and delicious. The service would be more of a cooking service, as opposed to a teaching one.
With knowledge of this new market, I learned that my proposed service would not work for the new market for how it is set up currently. This new market has a different set of values and, therefore, doesn’t have the same needs as my existing market. My services would have to be tailored to fit a more upscale group of people, which was not my intention upon formulating my business concept.
I wasn’t particularly surprised by the learnings regarding my new market, as I knew this market would have distinctly different wants and needs than my existing market. My assumptions regarding the expected high quality of food and complexity of dishes was correct. People want a more home-cooked meal vibe, but without sacrificing flavor and quality. These foods would not be possible to find in a restaurant, as the atmosphere is simply different. This market, on second thought, does not appear to be as attractive as my existing market. If anything, it's less desirable than my existing market, despite having more money to put forth.
In terms of the services for my venture, I think a greater formulation of what I plan to do is required. In other words, I would have to start testing my concept. I must begin to put the services into place, testing how to work with customers and the logistics of it all.
After interviewing three customers of the market that I have already identified, the market of younger to middle aged adults of a middle income (not particularly low or high), they have provided some insight as to what I should do regarding my business concept and the ideas of what my customers might want next. From what they told me, I gathered that I need to focus on teaching the cooking of both affordable and convenient meals. They emphasized the need for meal prep, as people don’t want to have to worry about cooking their meals every single day. They also expressed that my ideas regarding how customers might want to learn about what to do when they're at the end of the week with, basically, a handful of ingredients left are good and intuitive.
Based on my expectations and the feedback I received from customers, I should start to test out my service within a small group of people, or even friends. I will continue to place emphasis on affordability, but without sacrificing quality. I will even include the teaching of how to shop for foods in parallel with the teaching of the cooking of those foods to provide a more wholistic learning experience regarding food literacy.
With regards to specific points brought up by my interviewees, I will need to consider every aspect of cooking and eating. People live fast-paced lives, so, I will have to take cultural and societal norms into account for my services. Even teaching what to do with the random collection of ingredients left at the end of the grocery shopping cycle is important, as people tend to throw away perfectly good food simply because they don’t know what to do with it. All of these separate elements will help my venture grow in my existing market, as I continue to address issues that customers come to recognize through the learning process.
New Market
A radically different market from what I'm currently planning to target is decently wealthy individuals. These market of people do not worry about budgeting for food, but rather can spend freely.
Having interviewed two people from this new market, I have learned that they think I would need to follow a separate set of standards, a different set of aims, to meet the needs of customers like them. I would have to adapt my service to their preferences, where putting affordability first is not a goal. I would have to choose higher quality, even looking at more luxury food items to fit their tastes. They said, to be successful in this new market, I would need to focus on meals that provide the perfect balance of healthy and delicious. The service would be more of a cooking service, as opposed to a teaching one.
With knowledge of this new market, I learned that my proposed service would not work for the new market for how it is set up currently. This new market has a different set of values and, therefore, doesn’t have the same needs as my existing market. My services would have to be tailored to fit a more upscale group of people, which was not my intention upon formulating my business concept.
I wasn’t particularly surprised by the learnings regarding my new market, as I knew this market would have distinctly different wants and needs than my existing market. My assumptions regarding the expected high quality of food and complexity of dishes was correct. People want a more home-cooked meal vibe, but without sacrificing flavor and quality. These foods would not be possible to find in a restaurant, as the atmosphere is simply different. This market, on second thought, does not appear to be as attractive as my existing market. If anything, it's less desirable than my existing market, despite having more money to put forth.
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