ENT3003

Friday, November 15, 2019

25A – What’s Next?

Existing Market. 
Step 1: In terms of products and services for my venture, what is think "is next" is to reach out to specific nursing homes and assisted living facilities in order to form partnerships or contracts were if they provide me or if I provide them with patients/customers, we would each get a commission for that said patient/customer.
Step 2: After interviewing three customers who are already part of the market I have identified and asked them what they believe is next for a venture like mine, I have colluded the following: when creating a customer's plan as to what they should be doing next in order to have a safer, healthier, more fulfilling lifestyle, maybe I could implement dietary programs where I provide them foods that could improve their health as well as provide them with reputable nursing homes/assisted living facilities that best tailor to their needs and wants, always keeping in mind their budget and preferences.
Step 3: In terms of growing my existing market, I believe that it would make sense to branch out of South Florida to both Central and North Florida considering these areas are also heavily populated with elders that would most likely benefit from a service such as the one I offer. Now by expanding my business in terms of location, I would also expand my business in terms of services provided such as those mentioned above that were recommended or rather suggested by three customers who are in my current market. I believe these make the most sense because it is not too big of a jump and could potentially be good moves that will create profit.
New Market.
Step 1 & 2: A  market I have identified that I have deemed radically different from my current market is low-income households. This is because as one may assume, most reputable nursing homes/assisted living facilities have expensive rates that only increase in pricing if the patient at hand needs specific care such as being bathed, needing help walking, eating, taking medication, etc.
Step 3: After having interviewed two people from this new market, I have concluded the following: they believe, just as I suspected, that they would be immensely thankful and interested in a service like mine that tailors to not only medium or high-income households but also those on a smaller budget so that no elder must suffer due to their income if they have the option to live a better life that would be provided by my service. I would help them by using their Medicaid and Medicare benefits to their advantage in the process.
Step 4: In conclusion, I have learned that this new market is in some ways similar to my original market event hough I would have to tailor my service a little bit in order to successfully reach both target markets and thus be beneficial to both of them. I don't believe this new market is as attractive as my existing market but if I were to implement this new market, my business would gain respect and admiration by those in every social class which could potentially drive word of mouth and thus affect my business venture positively in the long run.
Posted by NATHUS at 12:37 AM
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2 comments:

  1. Amanda GonzalezNovember 17, 2019 at 6:01 PM

    Hi,
    I think your steps are very clear and very detailed out. You should most definitely reach out to nurses because they will be the ones that will help you actually be able to form this business of yours. I really like how you decided to branch out in South Florida because I believe that would be a great place to be able to make your business flourish.
    Amanda Gonzalez

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  2. AnonymousNovember 18, 2019 at 11:06 AM

    Hi Nathan,
    I like how detailed your steps are for your plan for what's coming next. Networking is definitely key in your situation. Reaching out to people who may be able to help in your business would be very beneficial. There are many aspects and situations of your company that need to be covered. Finding people who are already in the market would help you to market to specific demographics and areas.
    Sarah

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Blog Archive

  • ▼  2019 (28)
    • ▼  November (9)
      • 30A – Final Reflection
      • 27A – Reading Reflection No. 3
      • 28A – Your Exit Strategy
      • 26A – Celebrating Failure
      • 24A – Venture Concept No. 1
      • 25A – What’s Next?
      • 23A – Your Venture’s Unfair Advantage
      • 22A – Elevator Pitch No. 3
      • 21A – Reading Reflection No. 2
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    • ►  August (1)
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