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What’s next?
I think that the next step for my company, based on the success of my bamboo straws, would be something that further helps replace paper straws, but rather in higher end restaurants. This would be a straw that would function like a utensil and be put in the dishwasher and reused for each customer.
Interviews
**Corona Prevented**
Existing Market Reflection
Although I was not able to interview or get ahold of interviewees due to the pandemic. I did ask friends and family what they thought of my market. The main answer I got was that while this does provide a solution, no one is going to change their restaurant choice because one has bamboo while the other has paper. This being said, I understood exactly how necessary a price would be in this market. My brother told me that I should make sure that businesses know my product is equally priced and explain all the key differences. My dad told me that I could solve the same problem by creating a glass straw that could be put in a dishwasher with all other utensils that higher end establishments would serve. In order to grow in an existing market I would have to fully convince business owners to switch to my product because it is that much of a better quality for the same price.
New Market
A new market that I have yet to broach would be higher end restaurants. While the plastic straw ban affected them the same way, customer satisfaction at these establishments would be a much higher priority than say, a local dive bar. These places would have the budget for a straw that functioned similar to a utensil that is sanitized in a dishwasher. While I was also unable to interview people in this new market because of corona virus lockdown, I did ask friends and family about this new idea.
Reflection
When speaking to other individuals about this market idea, I realized that this may be even greater than the market I had originally planned for. In this higher end industry, customer satisfaction is actually the greatest priority of these restaurants. I expected everyone to respond as if this idea is a bit far fetched but in reality everyone I mentioned it to thought it was a great idea. They thought that businesses not in plastic straw banned cities may even use it as well because it is a fancier, more expensive thing to do.
Limiting my straw business to plastic straw banned city bars is clearly not the most successful option in what I realized now. I could expand my business and focus mainly on using high end restaurant orders to maintain most of my sales. If more successful I could even do away with the paper straw aspect of my business.
Hello Jordan,
ReplyDeleteI think that you did a great job explaining what is next for your business venture. I also believe that you did an amazing job overcoming all the current worldwide limitations by substituting the existing market interviews for others to your closest relatives and friends in order to get proper feedback about your product. Later on, you followed through by identifying a new market for your product, and then you provided a thorough reflection based on the new obtained feedback from your family and friends. Great job!
Sincerely,
Javier Alfredo Felis Perez
Hey Jordan,
ReplyDeleteI actually think that you're headed in the right and only potentially profitable direction for your straw company when it comes to planning the next step. My brother actually had a very similar idea one day at the dinner table for restaurant in which they would buy a kit with a load of metal/ alternative straws, as well as a custom machine that would only serve to clean these straws thoroughly inside and out. I feel like an invention as such would bring a lot of attention to your company and I'm actually really convinced it's a great idea that you might actually be able to use. Aside from that, I really liked the logistics of your post although you weren't able to acquire any interviews, of course. Great job overall!
Samuel Ackenine
Hello, Jordan. You did a great job explaining how your product works and how it is going to be used. I think this idea is great for consumers and for the world overall. I like that you asked your family about the idea and that each of them gave you a unique opinion. Understanding how others think is important to succeed because we have to realize that not everyone thinks the same.
ReplyDelete