Existing Market.
-The next step in my venture is to widen the fuel types available for purchase/refueling and then expand into various other states in the US. After conducting three interviews with customers who are included in our market of service, I have realized that the price of the fuel is very important to those who would use the service. This means that the next step in our venture should be focusing on how to get fuel for the cheapest prices.
Growing our market is very important in making this venture successful. At the begginning, we will obviously have to start small and work our way up the ladder. The first step in growing our market is to increase our range of service. To increase our area of service, we would need to put more and more fuel trucks on the road that are able to provide the refueling service via the app. The more trucks on the road will mean that there is a greater area of service.
New Market
A radically different market from what we plan to target would be aircraft refueling. This is a radically different market because of how much fuel is needed to refuel an aircraft. It would require much larger trucks with much larger fuel capacities. First and foremost, it would require a way to enter that market.
The value would be created in this market if we were able to lower the cost of our fuel to lower numbers than our competitors. Aircraft cost a lot of money to refuel, meaning whoever is selling the cheapest fuel will probably be hired.
Hey Chase! Great job on identifying that the “first step in growing our market is to increase our range of service.” I also wonder the feasibility of carrying fuel on the road. I don’t know how many gallons of fuel a truck could hold but in my head I picture it filling up only a few cars and then having to go refuel itself. Once again, for this to be successful you’d just need a LOT of fuel trucks evenly dispersed throughout the area you’re serving.
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