Assignment 25A - What's Next?

Assignment 25A

Existing Market. 

Step 1:

After launching the subscription-based lecture notes, the next step in my product/service line would have to be exam preparation materials that are class-based and whether it be practice exams or flashcards, they would be tailored to the professor’s previous exam techniques.

Step 2:

All three interviews I conducted were with business students who had two or more classes they are currently taking online, and in addition, they all admitted to using a supplemental material to help with class/exam preparation. The first student, a third-year Finance major who was a female, believed my core opportunity was a clever adaption to current available techniques, but disagreed with my future path because she thought it was too saturated in the status quo. Instead, she believed that I should expand my boundaries beyond basic business classes and offer the same core product to students of all majored. My second interviewee, a first-year General Business Major, was initially skeptical of even my core business product but eventually warmed up to the idea. He also believed my future could take the path I had planned, but he voiced concern with larger brands already holding down the exam preparation market. While he could not give me a specific alternative, he voiced his opinion against that technique. Finally, a second-year accounting major was not a proponent of my future plan while being the most vocally for my core opportunity, and instead, she instructed me to find certification exams (excel, access, etc.) and provide students/professionals with detailed notes to help prepare for those non-educational practices.

Step 3:

In terms of providing the most growth to my company within the boundaries that stand today, I believe fully unlocking both educational and close but not quite educational spin offs allow for the most monetary success. Given the feedback from my three interviewees, I believe that my initial plan would still be successful and specifically creating exam preparation guides that fit the teaching styles of professors and give out aspects such as note cards and practice questions would be a good fit for my vision. Additionally, this path then expands my future horizon within a similar viewpoint, as adding these additional elements does not retract from my core competency of giving lecture summaries the day that they air. In every facet of business success, because I am using similar processes to create a different addition for purchase, this remains a net-positive.

Using my interviews to aid this line of thinking, I believe the idea of Microsoft Office certification exams or another level of technical ability attracts a similar customer within a different marketplace. Because of the technological infrastructure I possess, adding this as a feature will not inhibit growth within the original concept, but will provide a monetary stream that was not seen with the original viewpoint. Certification exams, however, might not be able to be had because of patent concerns, and if so, I would be happy to create practice exams for the given exams. This would fit my business even better than the exams themselves, as summaries and executive questioning before the exam is eerily similar to my initial planning.

New Market:

Step 1:

Although my core concept was a B2C idea based on educational gain within the lecture halls and understanding of teaching material, I believe I can transfer the skills of summarizing speeches into the summation of books for people who either do not have the time or will to read an entire book.

Step 2:

Gaining information is one of the hallmarks of personal and intellectual growth. With this expansion of my product line, which will be similar to a pay-per-view model in terms of a singular book being condensed into a newspaper article view, I am adding an ease and sophistication to the art of reading. Unlike ever before, individuals will be able to harbor the same anecdotes and knowledge that would be gained from reading an entire novel in just a few minutes time.

Step 3:

For these last two interviews, I decided to interview my uncle, who happens to manage a local antique bookstore in Winter Park, and my previous boss who is one of the most avid readers I have ever met. First, when explaining the concept to my uncle, he immediately wanted to understand how my business was different than Sparknotes. While this was a fair question, I quickly explained that the surface-level summaries that sparknotes gives out fail in comparison to the comprehensive analysis that I hope to give with each book I review. His suggestion, after further understanding, was that I should offer a complete packet with each book, which includes character analysis, plot breakdowns, and author background. On the other hand, my former boss was much more understanding and receptive to the idea, claiming that he would use this service, especially if a friend or family member recommended a piece of literature. His suggestion would be, to attract more users, to create a reading guide that helps a reader understand what he/she is reading while they actually read the book, so in essence, provide help if needed.

Step 4:  

After reflecting, I realized that I knew relatively little about the ins-and-outs of the book market, whether it being my idea of summarizing and how readers would understand or the reading guides. Due to the fact that other sources in one way or another make up the majority of this standing market, I need to research and find ways to which I can differentiate myself while still using upstanding parts of my core and original ideas. Coming from two individuals who know the space that is foreign to me, it didn't take much interaction to realize I could be over my head with expanding in this radical and different of a direction.

Because of my relative lack of knowledge within the space that I could expand, I believe the best fit for myself relies in the market revolving around lecture summaries and exam preparation. My assumptions regarding my success potential with this potentially new business venture were found incorrect, in fact, I was almost 100% wrong about the pace and knowledge necessary to create a proper alternative that would become cohesive with my existing structure. Due to these realizations and a lack of knowledge needed to provide a complete plan that will withstand market constraints, I do not believe that this alternative product is within my best interest.