For this assignment, I have interviewed some of my close
friends as well as some of the people that live in my neighborhood.
Who: I think there are definitely certain types of
people and businesses that fall outside the boundary. An example of this would
be experienced stock traders and hedge funds managers who are professionals in
the industry and use various computer algorithms to buy and sell stocks immediately.
What: The need I would compare learning to get
started with the stock market (my opportunity) would be the need to make money
as a young adult. Although they fall under a similar category, the ideas behind
them are different and use different timeframes as well. Learning to invest is
a strategy for people who have some cash lying around and plan to increase it
over the course of many months and years. Making money as a young adult,
usually means they do not have the initial cash amount and wish to make money immediately
to provide for their daily needs.
Why: Not necessarily, the outsiders I had mentioned
were experienced investors as well as hedge fund managers. Although the
outsiders might not benefit from my product, I think the end goal is the same –
make money/have a sustainable form of income. The point of my solution is to
teach inexperienced people to make better investment and financial choices.
The goal of this idea is not to target every person in the
world, it is meant to capture the right audience (young adults, inexperienced
investors) and ensure that they are able to use this product to their best advantage.
Hello Rahul,
ReplyDeleteI believe you write the analysis throughly. Truly, the app is effective and useful, but is is only good for beginers. I agree that the people who is already professional in this investing field do not need the app at all. In addition, some people do not want to invest at all do not need the app. But I still think it is a great idea since there are still a lot of beginers and the app can truly help them learning.
Hi Rahul,
ReplyDeleteI find your topic very interesting and think you did a great job with the process so far. The only suggestion I have is to maybe interview more people outside of your area and more people in businesses and who deal with the stock market on a daily basis. Other than that, I think this app is a great idea and many people will use it when they start hearing more about it. Keep up the good work
Hi Rahul,
ReplyDeleteI think that it definitely is important to point out that experienced people in this field would most likely be outside of the boundary. Even with that being said, I think it is not a significant loss to your customer base as you were not initially targeting them anyways. I think it is important to note that if you try to appeal to the experienced investors then you might make your product less appealable to the inexperienced investors.