25A- What's Next?

Existing Market:

What makes the most sense for my venture in terms of growing my existing market, would be a strategy of market penetration. This would involve me targeting it’s market segment in specific geographical locations, and individually targeting specific demographics. As a small company with no competitors in the market, it is important for me to grow my market with my existing product/service, therefore the more people that purchase it, the higher rate of success. The goal would be to ultimately increase market share before competitors enter the market. Once I am able to attain a large market share, this will give any future competitor little avenues to market their company as we would have similar initial marketing segments already targeted and covered.

Also, relating to the purchasing-decision of consumers, considering my product is a once in a life-time purchase,that will leave competitors with no room to sway consumers to do an alternative search, repurchase from a competitor, or switch services. And with my company attaining most of the market share, my product/service will hold high credibility in the perception of future customers due to current customers post-evaluation of the product. Being that my product/service is the only one in the market consumers will have little regret about the purchasing decision considering there is no other company in the market with the same service.

My product is a prestige product due to it’s high technology and specialties, therefore lowering the price for it during future penetration would harm the credibility of it. I want to keep it as a specialty product in the eyes of consumers to create more value of the product/service.

As well as another approach for my current target market- when I attain profits I could target towards the homeless community. This would be a non-profit approach, and ultimately increase brand awareness and social responsibility for my company. This strategy would overall contribute to the safety of the homeless population and help my company build its’ brand perception of being an ethical and socially responsible product/service.

New Market:

My product/service has a direct geographic and demographic market segment in which I target. When it comes to targeting a new market, I would use the strategy of market expansion. This strategy would entail of finding consumers in separate geo-graphics and demographics than my current target segment.

From a completely opposite approach of my original strategy I could target consumers that have other needs for my product/service. This would entail of me switching the use of my product in the eyes of consumers and I could market to those specific demographics all over the nation that don’t feel human-trafficking is a threat to them. Such as, considering other threats of abduction of kids I could create a whole new marketing segment of just demographics; targeting a market segment of mothers and fathers. This would eliminate my geographic boundary as there are families all over the world, introducing a whole new avenue for my product/service. My product/service can be used for anything or any threat when it comes to ultimately finding the location of a person, and I could market value in that to the eyes of consumers.

Instead of going to a manufacturer to create the microchip, I could eventually with enough capital, be able to build a team of engineers and be able to make the microchip in my own facility. This would ultimately lower costs of B2B purchasing and would give me the ability to go directly B2C. I don’t know if this would be the most efficient way of attaining profits as I may have more overall expenses in the beginning, but it is something to be considered in terms of new strategies.