In growing in an existing market, I would be adding a new product to a busy market. As the straws have shifted from plastic to paper across the country, I will be bringing a better model of an existing product. My goal would be to phase out the paper straws because they do not work and are not liked by their customers. With my product I will incorporate the idea of the plastic straw, yet I am still making a postive impact on the environment.
The existing market really has two competitors: The plastic straw, and the paper straw. The plastic straw exists because it has been around for a long time, as well as it is comfortable and works well. The paper straw exists now because people decided plastic straws were the worst thing for the environment and needed to get rid of immediately. However, the paper straws are almost useless because you need multiple of them to even finish a drink. They become soft and do not work overtime. Therefore my product will take a spin off of the better option, but will provide customers with the comfortable and effective feeling of the plastic straw.
New Market
A new market I would have to focus on would be places in landlocked states, as the straw epidemic has not really hit there yet. In places like Florida and California and Oregon, they have turned to the paper straws because they are located near the oceans. However, a new market for me would be cities in states such as Kansas, Missouri, and Kentucky as they all are landlocked and are not known for focusing their efforts on the environment. Not saying that they do not, but a landlocked state like Colorado or Arizona focuses their efforts on the environment and the natural beauty it possesses rather than those other states.
Therefore, a new market might exist in Jefferson, Missouri for me as I can pitch them my idea there. I would tell them about my product and try to get into their market by challenging them to be environmentally friendly. It is such a simple change they can make, and then proclaim themselves to be such. I think it is easy to change the people who have been impacted by the paper straws, but harder for people who are not affected. This new market would challenge me but I would stick with my platform of wanting to save the environment and by making a small change, can make a huge impact,and then continue to target places like this to change different cities and make them more environmentally-friendly.
I like how you defined your new market in geographical terms. It is interesting to see how most paper straw changes have been in states that have the ocean bordering them. This makes sense because we don't want plastic straws entering oceans from beachside restaurants. I think it does make sense to target other states because if you're going to want the planet to be more eco friendly, why not reduce landfill waste everywhere?
ReplyDeleteHey Danielle,
ReplyDeleteI really enjoyed this blog post, and how you were able to describe so eloquently the geographical constraints to your market. It was especially cool to see how you could describe both your existing market in such detail, and then swing to the other side of things and describe a new market so well. Your blog post was very well written. Great job!
Hello Danielle,
ReplyDeleteI agree with you on your existing market competitors. I believe your biggest competitor in the existing market is the plastic straw. Although, in the near future, I believe the bigger threat is the paper straws. while, your product might be more efficient, research and development has already produced paper straws and will continue to make them cheaper. Competing with paper straws cheap pricing will be hard as restaurants might want to cut costs and save a couple thousand dollars.
Danielle, you are right and I can agree that your biggest competitor will be the plastic straw. In the near future, as far as the Gainesville area your biggest competitor would be the paper straws. I say that because most other cities have not made the switch over to completely paper, but it is on the horizon to happen. Overall, great job.
ReplyDeleteHey Danielle, I believe you did a great job evaluating your competitors as the plastic and paper straws will be large competitors. I see the value behind your product because not only does it solve an issue that people have, but its also environmentally friendly. It's interesting to see how different states make various decisions about things of this nature. I can definitely see this product in the market in the future. Great job!
ReplyDelete