Assignment 25A

Existing Market:
1) It's hard for me to think of what is next in terms of products or services for my venture because my product is about curing hangovers. There's just not much else to do or go from there. One direction I can think of is maybe create alcoholic drinks that when you drink them, they won't give you a hangover.

2) For my interviews, I found three people that like to consume alcohol and experience hangovers by standing outside of turlington and asking people if they had time for an interview. I described to them my business and afterwards I asked them the questions: What is next for a venture like mine? What should we be doing that we aren't planning to do? Do you think people would be interested in an alcoholic drink that by itself won't result in a hangover?

3) I got mixed reviews from the customers that I interviewed. At first they thought the same as me. We all struggled thinking of what direction to take since my product scope is kind of narrow. Some feedback I got is that I should just continue what I am doing. Others said I should look into finding other ways at getting rid of hangovers.
What makes most sense for the future of my venture is just to keep doing what I plan on doing in the short term. In the long term we could think of new and easier ways to cure hangovers. One way to grow my market is getting more people to drink alcohol but I am not a fan of that because I don't wanna encourage addiction. A great thing about my market is that it is always expanding as more people become of age to drink, my market expands.

New Market:
1) A radically new market that I could target could be those that don't drink alcohol.

2) One way I might be able to creep into this market is by marketing my hangover pill as a supplement. Since it has compounds that counteract with toxins, it can counteract with any other toxins that are in the body, just not from alcohol.

3) The two people I interviewed about my product did not seem that amused in my product. They both stated that if they were feeling fine, why would they need to take a supplement. They also mentioned that my product sounds like a vitamin. Because of that statement they thought that rebranding my product as a vitamin or supplement would make my product better suited for their market.

4) I didn't learn too much about this market, as it is just those who don't drink alcohol. For most of my life I was also a part of that market so I understand it well. I learned that rebranding my product as a vitamin or supplement would make my product more attractive. I assumed that I would have to market my product differently in order to be effective in this market and that was true.
This market definitely does not seem as attractive as my first market. The customers I interviewed did not seem like they would be interested in a product like this. This makes sense because my product was originally marketed as an anti hangover pill. So trying to market it to people that don't drink alcohol would be a little hard.