What's Next?

Existing Market:

In terms of service for my venture, I think my concept would be applied on campus and not just in locations around the university. I am also thinking that the app could be applied in highly populated cities where traffic are major issues. One interviewee mentioned that I should consider applying this app to places where there are sports arenas because thousands of people attend these events and there is always limited parking. It also would reduce congestion because people would know exactly where to park their car and would not have to spend time looking for where they parked it because it has already been recorded on the app. I would also be making more of a profit because I could be sponsored by the arena itself or the companies that are sponsoring the event.

In terms of growing my existing market, I think it makes the most sense to focus on establishing a strong base with the local contractors and developer companies in Gainesville before I decide to expand my idea elsewhere. I would have to make sure that I would be successful in creating an agreement with the city’s developers and the contractors of the parking garages I am trying to target. I would also have to ask if they would help sponsor the app since the target customer segment would not be paying to use the app themselves. In order to increase the number of people that would be parking in this garage and ensure growth, I could continue to receive feedback from the people who are parking their cars in the garage through the app.

New Market:
If I were to reach a different market and go after a B2C market, I would have to charge my customers directly through the app itself in order to make a profit. One interviewee mentioned how I should consider establishing a relationship with local businesses and restaurants for both of our benefits. For instance, the local businesses could help promote the app by giving their customers a discount if they use the app and show proof at the counter that their car is parked there. In return, the app could also advertise the promotions these businesses are offering once the driver inputs their parking information into the app. Another interviewee mentioned that I should offer a monthly subscription to the app so that they do not have to pay each time they use the app.

What surprised me the most about this new market is their willingness to pay a monthly subscription to use the app because of how high in demand they are for parking in Gainesville. I think this market may seem more attractive than my previous market because I would be dealing with the customers who would actually be using the app directly and would not have to be so reliant on the city developers or the contractors to make a profit. Although this proposal may be beneficial for the people of Gainesville, I would definitely have to make accommodations to other cities once I decide to expand my id

Comments

  1. Hassan MoussaApril 12, 2020 at 7:33 PM

    The idea to work with local businesses in my opinion works better just because it eliminates the university of Florida from the picture. In that case though, is the parking working on making more place for students on campus? I do not know but I think it is a better idea overall. I think there is more potential in it like I said.

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  2. UnknownApril 12, 2020 at 9:43 PM

    Dear Ilana,

    I feel like this is a very good application of the new and existing market as we can clearly see the shift in a small university setting to a larger city setting. I feel like the existing concept will be much easier as a university is large organization that owns a lot of land and spaces. This way it will be easy to track. Smaller businesses do not have as much land to measure so you will probably have to get a lot more relationships than usual as the small companies wont pay you as much as the university will.

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  3. Elise Irizarry ENT 3003April 13, 2020 at 7:22 AM

    Hi Ilana, I definitely could see your targeting the consumer market through and app. A subscription service would be super helpful and I think it would be perfect for students who wouldn't want to pay during summer or holidays. I also could see paying on your phone as way more convenient than using a meter. I think you have a good idea of how your could target a different market.

    ReplyDelete
  4. AnonymousApril 13, 2020 at 8:25 AM

    Hey Ilana, great job on your post I really enjoyed reading about your thoughts of what's next. Incorporating the business is a great idea for your app and if the business give discounts I definitely think customers will be even more incentivized to use your app for parking. That is a great idea.

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