25A – What’s Next?
Existing Market:
(millenials)
From my interviews, I realized that while my idea is solid, I need to make money while also keeping my prices affordable for anyone with a cell phone to have. They all agreed that having a fixed monthly fee in conjunction with there current phone plan fees would be the best because then it would be more affordable than charging a huge price at once.
Also they recommended that after each time someone gets their phone fixed, that their insurance prices increase a bit to prevent people from taking advantage of the system.
Also, one interviewer was skeptical about how I could form good relations with other phone companies. I told her that I would give them part of my profits, which may or may not be feasible.
In terms of growing my existing market, making sure I have affordable monthly fees is important since young people don't have too much money yet.
New Market:
(elderly/nonusers)
My new market would be people who do not currently own smartphones and older people who do have smartphones.
For the people who do not own smartphones, they have never had them so my interviewee did not really know the feeling of "I can't live without my phone." They said that they would get one but they do not want to become dependent on the phone. In the future however, they even agreed that probably everyone will HAVE to own a smartphone. So these people are potential customers in the future.
For the older generations, they are more careful with their phones and do not use them much other than for calling loved ones and such. To attract this market, I could appeal to their children who may want the insurance for them. Additionally, the people who have grown up with technology are getting older and as they know how to use their phones, they will be more likely to purchase my service.
I was quite surprised that the people who do not own smartphones now, even though they aren't too eager to join the smartphone generation, they too know that smartphones will rule the world eventually and down the road they will probably need to purchase one.
Smartphones truly have become an essential part of life, especially in third world countries. They keep us connected in ways humans have never been connected before. With this connectedness comes more responsibility and more ways to learn from each other, so people will continue to flock to cell phones. I learned that eventually, it seems logical that everyone will want my service, which is a good sign.
(millenials)
From my interviews, I realized that while my idea is solid, I need to make money while also keeping my prices affordable for anyone with a cell phone to have. They all agreed that having a fixed monthly fee in conjunction with there current phone plan fees would be the best because then it would be more affordable than charging a huge price at once.
Also they recommended that after each time someone gets their phone fixed, that their insurance prices increase a bit to prevent people from taking advantage of the system.
Also, one interviewer was skeptical about how I could form good relations with other phone companies. I told her that I would give them part of my profits, which may or may not be feasible.
In terms of growing my existing market, making sure I have affordable monthly fees is important since young people don't have too much money yet.
New Market:
(elderly/nonusers)
My new market would be people who do not currently own smartphones and older people who do have smartphones.
For the people who do not own smartphones, they have never had them so my interviewee did not really know the feeling of "I can't live without my phone." They said that they would get one but they do not want to become dependent on the phone. In the future however, they even agreed that probably everyone will HAVE to own a smartphone. So these people are potential customers in the future.
For the older generations, they are more careful with their phones and do not use them much other than for calling loved ones and such. To attract this market, I could appeal to their children who may want the insurance for them. Additionally, the people who have grown up with technology are getting older and as they know how to use their phones, they will be more likely to purchase my service.
I was quite surprised that the people who do not own smartphones now, even though they aren't too eager to join the smartphone generation, they too know that smartphones will rule the world eventually and down the road they will probably need to purchase one.
Smartphones truly have become an essential part of life, especially in third world countries. They keep us connected in ways humans have never been connected before. With this connectedness comes more responsibility and more ways to learn from each other, so people will continue to flock to cell phones. I learned that eventually, it seems logical that everyone will want my service, which is a good sign.
You are so right about older people currently refusing to purchase a smartphone while still being aware that they are the phone of the future and eventually they will probably own one. My grandparents resisted them for the longest time until I consistently pointed out how time consuming it was to have to press a button 4 times just to get the letter S. Also, they realized they could check the weather way quicker on a smart phone than waiting for the weather section to come on the news.
ReplyDeleteI like the idea that the interviewees brought up. A system like the one you proposed can be abused easily and you should rework it so it won't be abused but at the same time pursue your base idea. I have noticed that the older generation is more reluctant to switch to smart phones, my uncle had a flip phone until last year and was still reluctant to switch.
ReplyDeleteMy government teacher in highschool had a flip phone and refused to upgrade. His reasoning was that his phone rarely broke and if it did it was only $30 to replace it. He even joked about having six more at home so that if his current one broke he’d have a backup available immediately. He also doesn’t understand the need for all the extraneous stuff our modern phones have (I.e. social media, visual appeal). He would rather save himself the time it takes to learn how to use the “new equipment”. I believe he would fit in your elderly category well since he matched your description and was in his 60s.
ReplyDelete