25A

Existing Market.

Step 1: I think the net step for VitaVapor is coming out with new vitamins/ flavors for our product line. Another step would be getting into bigger store to get more revenue and to just get our name out there.

Step 2: The general consensus is that they wanted us to focus on advertising. They love the product and think it could really grow. They did say new flavors would make the line complete but that that is not a primary concern.  I asked them what they thought about getting more shelf space in stores, and they said that would be a good way to spread the word of who we are. If that were to be our next step they recommended focusing on branding and product display.

Step 3: I think contacting store to sell our product would be the most logical next goal. In order to get there however, we must focus on who we are as a brand. This includes advertising, packaging, etc. after this we can focus on getting out there and being seen.

New Market.

Step 1: My other market I cold target would be the wealthy. Because I strive to have a cost effective product better off individuals may think of VitaVapor as being cheap or below their status level.

Step 2: I could create a more expensive line for those who are older or have a taste for finer things. This would include better packaging and a name that makes it seem higher class. For example, by calling it “deluxe edition” it seems more expensive, and so does making the packaging gold or not plastic.  

Step 3: They agreed that my alteration would help. They did suggest I make a loyalty program of sorts, only allowing those who are in the top 10% of purchasers to have special perks. I think this is a great idea that would help.

Step 4:  I think this is a market that I really overlooked. There is potential here for me to make significantly more money, for not too much extra work. I am going to look into what I can do to pursue this market.