Existing Market:
In the last assignment, I predicted that my next move would be expanding to serve larger geographical areas. After talking to three people, they all came to the same conclusion. They also all said that this type of growth would likely come very naturally to a business venture like mine. Obviously, it will take additional effort each time I want to expand to a new area, but it will be the logical next step in expanding my business within its existing market. One of the interviewees had an interesting suggestion to try to expand in an area where food insecurity is less prominent than other areas of the country. He said that if it is a less prominent problem, people and businesses in the community might be more proactive about trying to solve or help it. I thought this was interesting because I had just assumed that my venture would expand to surrounding areas, not ones in a completely different region.
New Market:
It was pretty difficult for me to think of a different market for my idea. I decided on targeting wealthy philanthropists rather than other businesses to partner with nonprofit organizations providing food to underserved communities. They could donate money, time, and/or food. One of the people I talked to brought up a good point that there is often a lot of leftover food at luncheons and other catered events that philanthropists host. I could seek donations from these kinds of events as well as seek monetary donations.
Hi Beatriz,
ReplyDeleteI completely agree that there is tons of food always left over at catered events. By finding some way to work with larger philanthropic organizations or even large businesses who host catered events like, luncheons this venture can really be helpful and impactful. I don't know how proactive people will be if you target a region where food insecurity is less prominent. Perhaps that's just my cynical view of the world, but if you presented alarming facts about food insecurity no matter where the issue is prominent or not, you may be able to catch people and businesses attention by emphasizing the gravity of the issue.
Hi Beatriz,
ReplyDeleteI love the idea of targeting wealthy philanthropists as a new market. These people host dinners and functions at their homes quite often and I am sure they have leftover food that they usually just throw away. If you can provide them an easy way to donate this food to a local shelter, I’m sure they would take full advantage of this opportunity.