Assignment 25A: What's Next?

Existing Market

The next thing for my products and services for my venture that would be in my existing market that was mentioned in my previous post: insurance coverage education. This would be different than my current product, which teaches you how your claims can affect claims and risk statistics. But this course will educate new drivers on insurance coverages and what they are. This will minimize the rate of uninsured drivers and educate people on what coverages work best for them. This will also make it less overwhelming for drivers when they speak about insurance agents about coverages because they will know what each coverage means.

Based on my three customers, the feedback I received was awesome! Some of the interviewees don’t know much about their coverages and rely on their agents to choose things for them since they don’t know what they are. They all know what “full coverage” is, but truly does not know what defines “full coverage”. They all think it’s a wonderful idea and would love to learn themselves. One of the interviewees is one of my good friends who is an insurance agent, and she stated around 80% of her customers do not know what each coverage means.

Based on the feedback, by the time I would want to execute this plan, my company would already have established a good relationship with the DMV and school counties, and our product and service would already be available to all drivers and students. I would want to introduce to the DMV this course, which will essentially become necessary for drivers to take and pass prior to obtaining their license.

New Market

For a new market, I would want to introduce the same concept: educating people insurance coverages. However, I would want to introduce this as a book that would sell for the public. This would not be mandatory to purchase and will be available in any book store or as an eBook. My target goal would be to sell to places likes Amazon, Apple Books, etc. For any reason, if both of my “existing market” and my “new market” products are available at the same time, potential drivers can choose to “test out” of the required course when trying to obtain a driver’s license since they already learned it. This product is great because drivers can save time and learn the subject prior to getting their license to save time.

Based on my interviews, my interviewees thought this was a great option and think that it would become successful. Sometimes young drivers are eager to get everything done ahead of time so they can get their license early, therefore, this product will be in high demand. Also, this product is also available for anyone who wants to just learn about policy coverages.

What I learned about this new market is that, there will be a lot more opportunities for growth. However, since I am entering retail, there will be a lot of competitors. However, if I can make this product special by being DMV pre-approved, there will be more reasons for people to purchase it.