Existing Market
1. In terms of my service, my next step would be contacting the Federal Aviation Administration to pitch my idea and see if it is possible within their regulations. I think that this is the most important step before I am able to move forward. I would also be researching laws and regulations to make myself more knowledgeable on the policies and procedures that already exist. I would do my best to mimic procedures that are already in place.
2. In my interviews, some interesting suggestions were brought up. The first was to establish a huge advertising base in order to get out there. This is important because customers could potentially lead the drive to this service. Additionally, I was advised to potentially pair with the military exclusively for my service. Within the military, certain flights are available to military members and their dependents. This would severely lessen my opportunity, but it could be a potential staring point.
3. In terms of growing in this existing market, what makes the most sense is to start in the military community and then grow from there. Moving military families and supplies are a priority. With my knowledge and network, I think that it would be more realistic to get my services implemented within the military community. I would also have much more support from outside forces, due to the inherent need.
New Market
1. My new market would be frequent flyers upon civilian airlines. This is a much broader and larger market.
2. This could expand the demand for commercial flights. By allowing pets on board, more people would be interested in traveling. It could re-design air travel as we know it today.
3. I spoke with commercial pilots and reserve military members who fly often for business. They were rather skeptical of the idea due to the extensive change in their normal routines. They suggested that not everyone has this need and frequent flyers might actually be bothered by this new concept. This could potentially drive customers away instead of increasing the numbers. It would be a huge adaptation to the current norms of flying.
4. I was surprised by the push back that I received. However, it does make sense and their concerns are very rational. I am thinking that instead of incorporating a cabin into existing airlines, I would have to create an entire airline specifically for traveling with pets. That is how I can avoid losing existing customers and accommodating everyone's needs. This new market is not as attractive as my existing market.
Hi Salena,
ReplyDeleteYour first step is very smart. I completely overlooked that when writing up my post. It's so important to do your research beforehand and confirm that there will be no legal issues that will prevent your company's growth. Same goes for the financial aspect. Great work as always!
Salena,
ReplyDeleteAs Nicole said in her comment above, your first step shows logical thinking. The question you are making sure is "Why continue if the idea is not even possible". That is smart because it saves you time. Once you know it is ok with the regulations, then you can continue and knowing this adds confidence to your plan. I can understand how people like their normal routines. This may be an obstacle to overcome by providing benefits or incentives.
Hey Salena,
ReplyDeleteI also found it hard to identify a new market as appealing as the one I picked at first. I think it would be more profitable and efficient for you to focus on the military oat first because your social capital would be more efficient with this segment. Later, to start entering your new market, you could start a partnership with existing airlines to establish a limited number of pet friendly flights and then expand, maybe creating your own airline.