Assessing Market Size and Share
In week 9 we assess our capabilities in identifying our market and its size. The steps we take in knowing these are as follows; as a starter we try to identify our customer and their market need, we did a thorough research to identify the size of the vending machine market, gather appropriate findings in knowing our potential competitors both local and international, we estimated the growth potential of the vending industry and lastly we identify our Total Available Market which is the TOM, Serviceable Available Market which is the SAM and lastly our Serviceable Obtainable Market.
As a starter we found out that vending industry here in the Philippines is still a small retail channel and also due to the pandemic the decline of sales in the industry is also showing however these vending machines are those machines that dispense food, beverage, coffee, and snacks. Honestly, if we we’re given a chance to open a small business starter our machine will be the completely first vending machine that dispense an eco-brick which can be used as a wall, furniture designs and even buildings. Moving on, the significant part I truly understand in this week’s task is the TAM, SAM, and SOM. It opens a wider perspective on how calculating the size of the market. From your potential customers, geographical locations, machine prices and other involving factors. It also surprises us as a start-up creator that Philippines is adapting to these changes and it is a good signal to every business starter or entrepreneur projects.
All in all week 9 is a week of discovery and fun!