Stephen J. Scott Handyman Alachua County. I learned about the process of installing a sink. I also learned what the average handyman would cost for installation of a sink and faucet. This is very useful for me because it helps me gage how much my product should cost to the consumer. It also gave me a better idea of how often a handyman might be needed. He was my domain expert as I would be competing with handymen to install my own product myself.
I was interested in the sales of this company. I wanted to see how much of their sales went to hotels or restaurants and how many went to homes. They were an important supplier in my industry. They offered a very similar product to mine.
I wanted to know how their sales of non electric sinks are. It is very important to know the market that you are entering. I also want to know if they offer an installation package. Consumers want convenience and my company would be able to offer an even more convenient process with an installation package. I added an additional contact to help me understand and recognize the other suppliers in my industry.
Lowe’s
Lowe’s is a major supplier of sinks. They are the expert in my market. Contacting and making connections with Lowe’s would help me learn about how they supply their sinks. I would learn about the portion of online to in person sales that they make and what customers are looking for when they enter the store.
I found that it was very difficult for me to attempt to make contact with people because of the market that I am in. The market that I would get involved with is dominated by large market players that consists of Home Depot, Lowe’s, and Sears. It is very difficult to make a connection with someone who has the knowledge and information that I am specifically looking for. If I were to enter this market I would be competing with these very popular and well known companies. I would also be competing against other companies like Electronic Faucets and Faucet Direct. These companies to a large portion of online sales. After doing this research it has made me realize how competitive and difficult this market is.
This experience made me realize how dominating large companies like Lowe’s, Home Depot, and Sears are. It made me understand why there are not many other players in that market. It would be very difficult to create just a sink business as these big corporations have businesses where sinks are just a small portion of their product. This makes it difficult to network as it is very difficult to reach someone who is an expert in one particular field of their large businesses.
Cameron,
ReplyDeleteGreat job on the post. Seems like you definitely did your research. I actually went and read you idea napkin to see what you where proposing and it sounds like a great idea. For your particular idea, it is very important to know your market especially with the competitors you have.
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William
Hi, Cameron! Like William said, it definitely looks like you did your research. I think your business idea/concept is great too. Do you think you would create your idea and then sell it to a larger company? Anyway, nicely done and keep up the good work! Unfortunately, I did not complete this assignment, but if you want to check out the rest of my blog you can: http://nika-uf-ent3003.blogspot.com
ReplyDeleteHi Cameron! I really enjoyed reading your post. It seems like you were able to get some quality information. Yes, competing with big companies like Lowe's can be very intimidating. However, I would try to focus on what makes YOU different. That on key unique factor can set you apart from all your big competitors and really give you an edge in your market. Other than that, great job! Here is a link to my blog in case you want to check it out: http://morganjohnsonblog.blogspot.com
ReplyDeleteHey Cameron,
ReplyDeleteLet me start off with saying Morgan has the right idea. My company will be competing with the college textbook industry, so I completely understand. Yet, just do something that there is a need and you haven't found a place that offered it and you have that. Don't let a possible conflict stop you or worry about it. Other than that, great job!