To determine what's next for my company, I have to figure out how I am going to fund opening the grocery store. I am going to have to gain investors and take out loans. In order to convince people to invest, I need to keep perfecting my elevator pitch and listening to feedback on different ideas for my store. I think I have highlighted key differences from other grocery chains that can make my company successful right away.
Once I have enough funding, I need to get some employees that will help me with creating my store and managing the food supply. I have to promote the store well or else nobody will even know that they can win free groceries.
New Market
In previous assignments I have highlighted targeting college students and targeting young parents with families. College students was not a great market because they do not spend much money on large grocery runs. Young parents is the ideal market because they are looking to save as much money as possible and still have to make large grocery orders.
A new market that I can look into are retired senior citizens. They often grocery shop in the middle of the day so it would be great to have customers when stores would normally be slow. Senior citizens also are always looking to save as much money as possible because they do not have income coming in. I think senior citizens would be thrilled to have the chance to win free groceries and give them an exciting place to shop at. I was unable to go interview customers on this because of the coronavirus but I would be real interested in seeing if they like the idea and what suggestions they have.
Hi Eric!
ReplyDeleteYou did a great job in identifying a new market. I think retired senior citizens would be interesting to target for your store. I do think that they would enjoy having the excitement of possible free groceries, but I definitely think that this market would not be as beneficial for you as an entrepreneur as your primary market. I think that it is interesting that you commented on how college students do not make big grocery runs. This would definitely make them come to your store less, I think, and I never really thought about that. Great post.
Hey Eric! I really like your analysis of the market and the steps you could potentially make in the future. I think they were practical and applicable. It seems you have really taken the feedback you have received on previous assignments, to heart and used it to transform your idea into a plan that really works for you and your goals! Great job!
ReplyDeleteHey Eric, I appreciate how you gave a realistic approach to your next step for your grocery store. Taking out loans can be daunting but if it is for something that you know will benefit your future it is a no brainer. I hope you can find those individuals or companies that will fund your idea as I am excited to see how it will come about in the future. Great job!
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