What's Next?

Brittany Traynor

ENT3003 What’s Next?

Due: 11/17/17

Existing Market:

Step 1: In my existing market, which is college students, I think I could expand upon my product by linking it to their credit/debit cards, just as physical copies of student ID’s have the capability to do (with certain banks).

Step 2: After deciding what I thought could be next for my potential company, I interviewed 3 individuals who are in my existing market, which is students at UF. One of them suggested having the mobile app connect to Gator1 Central, so that students could have the option to view things like Declining Balance and Flex Bucks, as well as access their Gator1 ID. I think that this is a great idea, because Gator1 ID’s are often used to pay for items that can be purchased with Declining Balance and/or Flex Bucks. This would allow students to quickly check their balance before swiping their card. The next student I talked to suggested that I have a feature that allows students to view their card activity, such as books rented in the library, how many times they have entered the dining hall, etc. I think this is a really good idea because many students are on limited meal plans that restrict them to a certain number of meals per day or week, and this feature could help them keep track of what they have used. The last student I talked to also suggested the idea that I had about having the card connect to a debit or credit card, as she evidentially uses her Gator1 ID as her debit card when she is on campus, rather than carrying around both cards all of the time.

Aside from the student who also suggested my idea, (who obviously agreed with the idea) only one of the other students who I interviewed really liked the idea. The other student felt that she personally, as a member of a bank other than Wells Fargo, does not use her Gator1 ID for that purpose, and it was not necessary to add that component to the application.

Step 3: After reflecting upon my own experience and analyzing the opinions of the three students who I interviewed, I decided that it would be smart to integrate features to the application that could allow users to view their on-campus activity. This would include the option to view Declining Balance, Flex Bucks, books currently or previously rented, games/events attended, meals used, and maybe even bus transactions.

            This addition to my product would allow students to be more aware of their daily activities, and that would be beneficial to them because it would allow them to monitor or reflect upon those activities, and modify them if needed. In addition, it would allow them to make more informed decisions on campus, such as purchasing an item to be paid for with Flex Bucks. Rather than purchasing items like this without taking the time to check your balance, students would have fast and easy access to that information and therefore they would be more likely to take that information into consideration before making a decision.

            This entire application, including the original idea as well as the potential additions to the product, are simply created for student’s convenience. Students already have access to most of this information, but it is not all as easily compiled and accessible. I feel that students would be more likely to utilize this information if they had easier mobile access to it.

New Market

Step 1: I decided my new market would be working class adults. This group of people is very different from my existing market in age, as well as other things. I think there is a chance that this group is typically more financially stable than my existing group, and they have a different outlook on technology. Do to the fact that working class adults do not have a current use for student ID’s, I would slightly change the venture for this group. I would have them have a mobile employee ID that they could use to clock in and out of work, rather than put in a number, use a hand scanner, or whatever other methods they currently use to clock in and out of their work.

Step 2: I think that my venture concept could create value for my new market by also providing convenience in their daily lives. Most adults in today’s society also have smart phones, just like college students, so it is likely that this would not be a foreign concept for them. They could easily and quickly clock in and out of work, and they would not have to remember a number or anything like that.

Step 3: The two people who I interviewed were not as enthusiastic about this product as the members of my existing market who I have spoken to. I think that is because they are a part of a generation that is not as centered around technology as our generation. Although they did not seem to think that my product was a dire necessity, they did think that it would provide convenience in the work place and would more than likely be successful as it is in conformance with other current societal trends.

Step 4: After speaking to a couple of individuals in this new market, I concluded that my product idea is a little less appealing to them than to individuals from my current market. I kind of saw that coming, as I realize that the younger generations are more glued to their phones and more attracted to technological innovations than are the middle-aged and older generations. However, I do think that more individuals than I think would be attracted to the potential convenience that my product could bring them.

            If I were to repeat this assignment, I would try interviewing a younger market than my current market, such as middle or high school students. I understand that they have less daily need for a student ID than do college students, but they usually still have one anyway. I think that younger markets would be more attracted to my product than older markets.