Biz Model 2 Blogpost #2

Since my group and I decided to split our solutions up based on different parts of CookIts BMC, I volunteered to research and learn about their customer segmentation. Therefore, I have spent the last few weeks learning about different types of Singaporeans and their eating habits, in the hope that this will allow me to find the perfect target audience for the product that CookIts offers. Furthermore, there are have been sources which I have identified that are given me insight to different possible target audiences for specifically Cook Its primary service - meal kits. Based on this one source I found from a news network AsiaOne, out of the 500 residents locals surveyed only 20% enjoyed and often cooked their meals. The other 80% often received their meals through eating outs in cheap and efficient platforms such as hawker centers. Therefore, one perspective I found showed that CookIt should not include locals in their customer segment as this demographic seeks no value from their meal kit service as they don't cook. However, during my interviews, their was an opposing perspective from Sanjeet, 51 one year banker, who stated that based on his observations of his local colleagues, they, in fact, do enjoy cooking but more importantly would be “interested in splurging on food” if they come with distinct health benefits. So while I initially thought from one perspective that locals would not fit in CookIts targeted audience, after interviewing Sanjeet, I readjusted my opinion. However, later on in the interview because of Sanjeet - when describing the customer archetype of the locals in his office - stated all of them were upper class, I got my final customer segment that fit both perspectives found: upper-class locals. This claim can be validated because in a source I found, the lower class and middle-class couples in Singapore spent around 600-1000 dollars on food a month. This validates my point that CookIt would not be a feasible option for this demographic to their costly pricing, as one month of provided food is around 1,400 for CookIt, but based on this sources evidence Singaporean couples are only spending an amount almost 800 below that. So not only may they not want to purchase CookIts services, but unfortunately they also cannot afford it in the first place. So overall, after conducting this research, one of our solutions would be to lower the cost or change the targeted audience depending on whether or not CooKit would like to target either just high-class Singaporeans or all types of Singaporeans.