25A

·     What’s Next: 

-      Existing Market My Opinion:

The next step Hydro Market would take to expand in our current market would be to begin to utilize aquaponics in our production process. This means we would need duplicate tanks for each produce tank in which fish are grown. There waste is filtered into the plants to utilize as fertilizer. This process would enable us to skip the middle man for fertilizer supply thereby allowing us to be self-sufficient and save money. 

-      Existing Market Interviews:

            After my three interviews it has become apparent that many individuals feel as though I should expand my variety of inventory by making plant-based products out of our existing hydroponic produce. There ideas ranged from vegan protein powders to cosmetic skin care products. This was eye opening because it really enabled me to see the need for product variation while still being able to stay in the market of the high-end grocery stores. 

-      Reflection:

My approach was geared more towards becoming an entirely self-sufficient business while my interviewees approach was geared more towards the utilization of other businesses resources to expand the variety of our products. 

I think that with a harmonious balance between both new ventures in the existing market we could implement both. The addition of aquaponics would save us money which we could in turn invest into developing new products for our stores. The trick is to no spread ourselves to thin in either venture. 

-      New Market My Opinion: 

While it would still be in the realm of agricultural production I believe the growth of marijuana would enable us to reach an entirely different market. It has been legalized for recreational use in MI, where I currently reside, and I only foresee it getting legalized in more and more states in the future. Marijuana thrives in hydroponic tanks so we would already have the resources to grow it we would just need to receive a license from the state in order to legally produce it. 

-      New Market Interviews: 

Both interviewees said that they think the growth of marijuana would be a great new market to enter. They would like to see hemp cloth/paper products, food, and cosmetic products being sold on our shelves but think that we should sell THC based products at a different location because it may deter some non-supporters away from shopping at our store. They also came up with the idea to take more of a philanthropic approach and dedicate some of our resources to environmental cleanup. They want Hydro Market to show that they truly care about the community by giving back. This is a great idea because while it would help the environment it is also a way to promote our business and really get our name out there. 

-      Reflection:

After a little research I have realized that entering this new market of marijuana growth, though legal, is extremely difficult and risky. Michigan only allows a certain number of individuals to hold a license in a given area. The way they choose who receives them is through a lottery. You have to pay a $5,000 nonrefundable application fee just to get your name in the drawing. Though this is extremely risky the benefit out ways the cost in my opinion. The amount of revenue Hydro Market could generate from the sale of marijuana-based products would be surpass what our produce would bring in. For this reason, this market is even more appealing than our current market and if we should succeed in getting a license we could experience growth at a much faster rate than previously anticipated.