What's Next?
Existing Market
What I Think Is Next:
I think the next step in terms of the Plantiful venture would be to expand beyond just UF/college campuses and into new neighborhoods with broader consumer bases. I would love to try to get Plantiful fast food to be in shopping centers, airports, and urban downtown areas.
Existing Market Interviews:
After interviewing three potential customers in my existing market (UF), they said that focusing on expanding into other areas is good, but that I should first focus on establishing Plantiful in Gainesville at UF. And what customers in Gainesville want is good food at a good price that is served fast. They will be down to try new, healthy food if it isn't more expensive and doesn't keep them waiting.
Reflection:
Although I would love to expand into new markets, that is not the main goal right now. My next move needs to be coming up with a robust menu with plenty of options and figuring out how to keep costs down so that I can serve food at a price that is comparative with other fast food. I also need to focus on the preparation aspect of fast food and how we will be able to prepare food quickly so that it's just as convenient as typical fast food.
New Market
New Market:
Rather than focusing on pitching this idea to college students/UF, I could focus on pitching my idea to a large corporation. Just like how Chipotle is owned by McDonald's, I could sell my idea to a larger company, so that I have more help bringing it to life. Big corporations like McDonald's not only have way more money and resources, but they have more experience selling fast food than anyone else could possibly have.
New Market Interviews:
After interviewing some business owners, they agreed that pitching my idea to a big fast food company might be a good idea, but it depends on what it is that I want. Clearly, I am super passionate about healthy eating and sustainability. Nobody is going to care about my idea as much as I am. They suggested that if I am that passionate about this idea, I should probably find a way to create it on my own. But, if I am willing to release control to a big company, then that is also a viable option.
Reflection:
While there are many pros to having the financial help and resources from a large company like McDonald's, I don't think I would want to give up control of my idea. It has always been a dream of mine to open my own restaurant and share my love of food with people. I want to have control over how my idea gets brought to life. I don't want to have to make compromises to my sustainability practices or my ability to work with local farmers. I would love to one day expand into new markets all over the country, but to start out, I want to just focus on connecting with the students and faculty at UF and serving them delicious, healthy food.
What I Think Is Next:
I think the next step in terms of the Plantiful venture would be to expand beyond just UF/college campuses and into new neighborhoods with broader consumer bases. I would love to try to get Plantiful fast food to be in shopping centers, airports, and urban downtown areas.
Existing Market Interviews:
After interviewing three potential customers in my existing market (UF), they said that focusing on expanding into other areas is good, but that I should first focus on establishing Plantiful in Gainesville at UF. And what customers in Gainesville want is good food at a good price that is served fast. They will be down to try new, healthy food if it isn't more expensive and doesn't keep them waiting.
Reflection:
Although I would love to expand into new markets, that is not the main goal right now. My next move needs to be coming up with a robust menu with plenty of options and figuring out how to keep costs down so that I can serve food at a price that is comparative with other fast food. I also need to focus on the preparation aspect of fast food and how we will be able to prepare food quickly so that it's just as convenient as typical fast food.
New Market
New Market:
Rather than focusing on pitching this idea to college students/UF, I could focus on pitching my idea to a large corporation. Just like how Chipotle is owned by McDonald's, I could sell my idea to a larger company, so that I have more help bringing it to life. Big corporations like McDonald's not only have way more money and resources, but they have more experience selling fast food than anyone else could possibly have.
New Market Interviews:
After interviewing some business owners, they agreed that pitching my idea to a big fast food company might be a good idea, but it depends on what it is that I want. Clearly, I am super passionate about healthy eating and sustainability. Nobody is going to care about my idea as much as I am. They suggested that if I am that passionate about this idea, I should probably find a way to create it on my own. But, if I am willing to release control to a big company, then that is also a viable option.
Reflection:
While there are many pros to having the financial help and resources from a large company like McDonald's, I don't think I would want to give up control of my idea. It has always been a dream of mine to open my own restaurant and share my love of food with people. I want to have control over how my idea gets brought to life. I don't want to have to make compromises to my sustainability practices or my ability to work with local farmers. I would love to one day expand into new markets all over the country, but to start out, I want to just focus on connecting with the students and faculty at UF and serving them delicious, healthy food.
Hi Grace,
ReplyDeleteIt seems like you had an easier time with this assignment than I did. I saw on his weekly message that he suspended interviews for this assignment for future reference :) I think it was resourceful of you to still get in contact with and get the information that you needed to effectively complete the assignment. I think it would be a good idea to pitch your idea to a larger corporation, so you would have brand recognition and credibility.
~Mady
When traveling, I am always in search of healthier fast food options and end up with slim pickings in airports and train stations. Getting Plantiful contracts in airports could widen the market successfully! The most important part of expansion is improving your margins while also keeping the structure and food quality. Ordering in bulk can help lower the cost without sacrificing quality.
ReplyDeleteI love your business name. It's catchy and describes your business perfectly. I agree that you should first establish you concept at UF and let the name and popularity grow before expanding, but I'd love to see this idea eventually expanded to be available to markets outside of college students. I'd personally love to have a place like this to go to when I'm out and about. I also think it's smart to figure out how to serve this healthier fast food option at a competitive price, especially since it's being marketed to "poor college students".
ReplyDeleteHi Grace, I really enjoyed reading your "whats next" blog post. I think you did a phenomenal job at explaining and focusing on all areas of this assignment. I really enjoyed hearing about your product and all the ideas you have for it. I look forward to hearing more about your product and ideas in the future. I very much agree that the target audience of environmentalists would be a great place to market to. Overall, I thought that this was a great post.
ReplyDelete