25A – What’s Next?

Existing Market

I'm attempting to target the existing market of pizza enthusiasts in the United States. The subsequent move for my Drive Thru Pizza Place company would involve targeting a pizza lovers. We should take advantage of our existing segment in order to continue to expand/promote our company to a wider customer base. If successful, we can pursue expansion opportunities, both domestically and internationally. Following my 3 interviews with the consumers within my market, they collectively suggested that I explore the pizza segment to a greater degree, as well. Although my product will certainly appeal to those who love fast food, my company would also satisfy those who indulge in pizza services. This is because my company prides itself on serving individualized pizzas to customers as efficiently as possible. The interviewees also suggested that I focus on targeting the younger audience, consisting of mainly millennials as well as college students. This is chiefly because younger people generally purchase pizza quite frequently on a daily basis. Therefore, by targeting a younger audience, my total revenue and profit margins will increase drastically due to an increase in my customer base. 

Reflection: Following the feedback I received from the three customers, I intend to perform further market research in order to determine the most appropriate target audience for my service/product. Once I have finalized the market research, I will be able to deduce which market I should focus my efforts on in order to remain successful and sustainable in a highly competitive industry. 

New Market 

A new market in which my product/service would fit into would be the fast food industry. My company can serve a crucial role in terms of providing effective competition alongside the other fast food companies. A Drive Thru Pizza Place is practically unheard of and is a completely new idea. My company will actually benefit other fast food companies due to the increased competition. If we can advertise/promote our company with success, then we will certainly be able to gain a plethora of customers, ranging from all ages but mainly the younger audience. Following my interviews with two individuals, I have determined that my potential company can achieve sustainable success if we offer promotional deals and focus on the quality of our products, as well. Due to our promotional deals, our company would need to negotiate reduced prices with the suppliers in order to maintain a profitable status and possess tremendous profit margins. 

Reflection: my new market of fast food enthusiasts is quite different than my existing market of pizza enthusiasts. This is primarily because there are more individuals who indulge in fast food than pizza, so we would have to accommodate a significantly larger consumer base, as a result. I would also have to advertise or market my company in a completely different manner for the new market of fast food enthusiasts. I would need to offer various promotional deals in order to attract the fast food lovers since the pizza lovers will purchase the pizza regardless of the promotional deals being provided.