What's Next?

Existing Market

1. First our products and services will consist of the information system itself and support and troubleshooting services.

2. My interviews informed me that my information system should include an introductory video that will explain how to use the information system. They also informed me that our services should include teaching services to show users how to use the system through support services. Last they informed me to make the information system easy to use. This may be harder to achieve because of the current complexity and security needed.

In response to the interviews I have decided to consider implementation of the introductory video and design it to show how the information system is to be used. This would be shown to potential investors and redesigned for finalized distribution. I have also decided to devote part of our services to train proper teaching methods and consultation techniques to prospective customers.

               My interviews recommended that this information system is easy to navigate and use. We would not want to risk security and efficiency in development so it may be hard to make it seem simple to use. Therefore, we will have to have an explanatory element to our product initially. I think that if we can effectively explain how to use it, it will be easier to use.

New Market

1. We plan to go direct to consumer by providing the entire trade through our platform. Instead of having the various firms using our information system we are planning to develop our own trading platform using our information system that will allow you to trade safely and legally.

2. The interviews advised me to advertise primarily online and on TV. One of my interviewers said that advertising is going to be a necessity in my product/service mix. With a much stronger need for customer awareness, I would initially try to advertise online. I was also advised to create a security software for the information system to use and potentially to sell to others.

               I learned that this market may require a lot more resources and human capital to acquire. This differed with my expectations. It would also mean we would be competing and risking cannibalization of lucrative deals. I would continue to consider this potential market, but my primary focus is going to be on the information systems development. I was surprised by the amount of advertising that is going to be necessary to inform this segment.

This market is still attractive after my considerations. If I am providing the service to firms and customers, I believe I can create a larger market share. I learned a lot from my interviews. They provided me with useful ideas that I hadn’t considered yet and I realized that they had direct applications to my idea.