Know-How Exchange : Student Questions

If this were my assignment, I would do it in the opposite order. I would begin by thinking about a charter market or group of potential buyers which I am already familiar with. I would then dream up some sort of appropriate product or service.

Why did you come up with that product?
Would you want to purchase it (if it existed)?
If you wanted it, who else do you think would want it?

Private chefs and extravagant amateurs. You might not have to worry about segmentation.

Think. Who uses this kind of product? In what kind of dishes or recipes?

I'm with telemoxie. Start by identifying an important unmet need among a target audience you know well. Then come up with a product that satisfies that need.

For Vanilla oil I think you can get quite creative, but I'm thinking it's probably an ingredient in someone else's product. For instance, presumably this is used in perfume industry, which then takes you to air fresheners, candles, deodorants. Food would take you to ice cream, but then cakes, pastries and products like vanilla sugar and then to candies. In drinks, you'd get to liqueurs and an add-in flavour for cocktails, plus soda pop which can go up market to things like handmade cream soda. And in alternative medicine does vanilla have any claimed healing or soothing properties - that can take you to massage oils and wellness like aromatherapy. Why extra virgin I don't know, but maybe one of these uses will be more concerned about top quality.