Assignment 25A

What's Next?

Existing Market

I think that for my service, the next logical step is to add individual tutoring. This will supplement my original service well because it will allow me to see how my market is utilizing my original service. This will allow me to not only refine the original aspect of my business, but it will also create another revenue driver. Additionally, I believe that this service is necessary for my market to be able to solve their problem. With my original service (creating study plans for individual classes by collaborating with teachers), I will tell students how they should be studying for a specific class. With the tutoring service that I could add, I could help students understand how they should be implementing my study plans, and how they should be learning material while in class.

If I were to interview three people within my market, I believe that they would ask for exactly what I am proposing. While most parents would graciously accept my original service if offered to their children's classes, I believe that parents would be ecstatic if their child were to get one-on-one treatment. In other words, parents like it for their kids to learn better in school, but they would rather only their kids receive help with school. Parents want their kids to get better grades relative to other students, and one-on-one tutoring would offer exactly that. I believe if I told interviewees about this proposal, they would be willing to buy it for their students. Parents with the means to get their children a better education will almost always take the opportunity to. 

The logical step to grow within my existing market is to ask the teachers with whom I will be collaborating with which students in their classes are struggling the most. This will allow me to hone my market for my one-on-one tutoring service to only the students that might need additional help. In order to reach these students' parents, I will ask the school if I could meet their parents in order to discuss my tutoring opportunity. I will describe to the parents how I am already providing study plans, and how I could enhance their education through one-on-one tutoring. I would be willing to provide these services directly after regular school hours and directly before school hours. If students could not make these hours, I would offer times during the weekends. I believe this would allow me to grow within my existing market by creating an additional revenue driver that nicely complements my initial revenue driver. 

New Market

My initial market was targeting private school students that are in middle school and high school, so the next step in order to help students of all socioeconomic statuses would be to help public school students with their studying techniques. 

I believe that I could create the same value for this market that I aim to create with my initial market: studying techniques that are effective and efficient for individual classes. I would achieve this through collaboration with teachers. 

If I were to interview individuals from this market, I believe that they would embrace this idea. Students from all schools need help with their studying techniques, so I believe that public school students would benefit in the same way that private school kids would. Parents of this market would not bear the economic expense of my service because public schools are funded primarily through local governments. Another way a public school could pay for my service is through a fundraiser. I believe that parents of public school students would be willing to pitch in to a fundraiser that would support my service. I believe that if I were to ask them in an interview if they would pay a small fee towards a fundraiser, many parents would be willing to.

I believe that if I were to interview parents of public school students, they would say something similar to what private school parents would. One thing that I might be incorrect about is how much they are willing to contribute to a fundraiser in order to provide for my service. These parents might expect local governments to pitch in in order to keep public school free, as it should be. I feel like this market is equally as attractive as my original market, if not more attractive.