What's Next

Existing Market 
Step 1: What's Next
The type of product that I would offer next to my customers would be the now popular technology of parking space indicators. Such technology, now at mall and theme park parking garages, uses overhead sensors and cameras to identify open spaces for drivers. Th system also included large, overhead, electric signs that tell how many spaced are currently open on each level of the garage. It also has lights above each parking space illuminated in red or green so drivers can tell from a distance whether a spot is occupied or not. This system could improve my existing product/service of a parking garage because it makes the process easier for the end user (the driver). Finding a parking space will also become much faster because people will know exactly where spaces are available and where they are not.

Step 2: Interviews

Step 3: Path for the Future
In terms of growing my existing market, I decided it would be a good idea to interview some people in my target market to further understand their needs in relation to my venture. Two of the three people I interviewed said that the only innovation they could think of to expand my venture would be the parking space indicators I had previously mentioned to them. They said that a parking garages is a difficult type of product to expand upon, which I can now see is true. However, they loved the idea and believe that it would make their parking experience a better one.
The other student I interviewed regarding my venture expressed a concern for safety in the garage. Although driving to campus and parking is safer, she said that the idea of a big, empty garage at night is "scary and sketchy." I can see why this is a concern; therefore, I believe her suggestion would be a great solution to such a problem. My garage could also have extensive security, such as cameras and actually guards at night to ensure everyone's safety.

New Market 
Step 1: Identify New Markets
My target customers at the moment are young, college students who do not have immense amount of money to spend. They are paying for their education and saving. My new market would be alumni. The University of Florida often has large events for the alumni association where all who attend drive, thus creating the issue of insufficient parking.

Step 2: Value
My venture concept for this new market would be to create a valet system to make the alumni events as luxurious as possible. Staff would parking their cars for them in the garage, that they, they do not have to worry about getting lost and looking for their car in an unfamiliar place (the new garage).

Step 3: Interviews

Step 4: Reflection
What I learned about this new market was that their needs related most to the events held at the University of Florida. Employees who work at the places where the events are held, such as the Reitz Union, see the parking situation as a problem for the alumni. My expectations and assumptions were somewhat correct, because I anticipated that valet parking could be a great solution. However, I did not think the problem was as big as it is and such a hassle.
One of the interviewees made a great point, that many of the alumni that attend such events are older and valet would be much more convenient to them, considering many parts of campus are an uphill walk. This market is not as attractive as my market of the college students due to the fact that their as simply less customers in the new market, therefore, smaller profits.