25A- What's Next?

Existing Market

1. After moving forward and having success with my current fishing rod rack product, I could see my venture moving forward in a variety of different ways. Since I'm mainly targeting a younger, less affluent market, I need to continue producing products at attractive price points, whether it be fishing rod accessories or something else.

2. After the interview process, I received some fairly consistent advice. Potential customers seemed to all think my venture should move in the direction of creating cheaper fishing rods or lures (to attract fish). They all agreed fishing rods are expensive and said they would definitely buy a cheaper rod if I could figure out how to make one with similar quality as popular choices currently.

3. After careful consideration of my own thoughts and customer feedback, I think there is one clear direction my venture should head in next, pertaining to this specific market. I believe my venture should work on creating a new, innovative fishing rod that is at a price point cheaper than most currently on the market. There is a strong, proven customer base that would be interested in buying this product, and we might have the current technology to create it.
     More research is required in the material side of things, but we might be able to create fishing rods out of the same fiber material we created our fishing rod rack out of. Once we figure out how exactly to design this product, I think it's only a matter of time before we become a relevant player in the market, because so many people are looking for cheaper options. Once this is established, we can continue expanding into fishing rod accessories, etc.

New Market

1. My new market will focus on fishermen/fisherwomen who are older and more affluent than my current market. These people are not highly concerned about the price point of their fishing products and are interested in more up-scale things.

2. I think my venture could target this market by creating similar products in a more luxurious way. To begin, I would focus on the fishing rod rack that we already offer. Instead of focusing on how to make this product cheaper, we could instead make it something luxurious by offering better materials (titanium, gold plated, diamond embroidery) that affluent people may be interested in. We could also offer further customization by allowing engraving or a host of other options. Furthermore, we could extend this idea onto fishing rods and offer the same services.

3. After interviewing some older fishermen in this new market, I received some helpful advice about future direction. They were interested in my luxury fishing rod idea and said they would consider buying a rod that could be engraved/embroidered. One said they would definitely do this to buy as a gift for a family member.

4. I have learned a lot about this new market. I think there is some potential to expand into  a more affluent customer base by offering luxurious products (Fishing rods, fishing rod racks, boat covers, etc.). I was definitely a little surprised people liked my ideas as much as they did, because I never considered these kinds of products to be much of a need.
     However, I do not think this new market is as attractive as my current market. This market relies too much on a want but does not really offer any room for products people actually need. Some people may be interested in these luxury products, but I think it's a little risky. My original market offers a need, where people actually need to spend less money on these products, so I think my product line is more guaranteed to sell. On top of that, this new market can still move down into my original market (Not even all affluent people want to waste money), whereas my original market is priced out of this new market.