In a setting where customers have a set of alternatives, that increases the level of difficulty when trying to sell to a targeted consumer. Customers look for many characteristics when evaluating products but one of the the most important things consumers look for is the quality and design of the product. When purchasing an expensive product, the consumer wants to buy something that can be trusted and will last a life time. That seemed to be the most important things consumers look for based off my interviews but they're are definitely more than one factor that is important to your customer segment. I would say the next aspect of the product they are concerned with is the price of the product, the price of the product has the capability to be the deal breaker on many transaction opportunities.
For a product like mine, if a consumer has not seen it in person, they wanted to visit the store and examine the product for themselves. However, if the consumer saw it being used or came into contact with it somewhere, they would have no problem ordering it online. Considering my product is in the one hundred to two hundred price range, the potential consumers said they would have no problem paying for with cash or debit card. If this product reached commercial application like I think it is capable of, the people involved with the purchasing decision would be the business owners or managers and the sales representatives of our company.
To summarize, the potential consumers I interviewed has similar thoughts for most of the topics being discussed. They seemed to care about the quality of the product the most and wouldn't mine ordering it online as long as they had seen it in person prior. As far as paying for the product, the consumers had no issue with paying with cash or debit card at the time of the transaction.
This segment is interesting because though out the duration of developing this product, I have not considered some of the questions being asked in the assignment. This alternative evaluation segment opened my eyes to possibilities beyond just the development aspect.
When I comes to buying behavior I think that price and quality are the two big players that consumers look out for. They want products that they can afford and also products that have a quality that fits the price. When it comes to ordering online versus in person, I feel as though if you get a good enough initial following or can really let the product shine you can find success with an online platform.
ReplyDeleteIt's great that you already have your price point figured out and I think that focusing on high quality gear while keeping it at a relatively reasonable price can be a great market niche. I'm curious as to what your marketing plans will be in order to differentiate your product from similar products that saturate the market. Additionally, I'd be rally interested in finding out the details of the market share relating to your products.
ReplyDeleteI see how much you would care about this product if you were to actually produce, market, and sell it in real life. I believe seeing you show all this interest would make the product retain its quality while still being relatively affordable for the consumer. I have read your previous post along with this one and have compared this product to similar boating products and if it is as easy to operate as described then I believe that even though it may be 2-3 times more expensive it would still be well worth the cost.
ReplyDeleteLuke, I thought that I had seen the best of your work but boy was I wrong. This post tops the all and I actually struggled to do this assignment. It was hard for me to find people that I had not yet interviewed but in the end I found that the assignment was very beneficial for my business idea going forward.
ReplyDeleteLuke, great work! I really liked your price point analysis. Finding a balance between high quality and low costs is huge for any company, and it appears that you seem to have made major strides in this department. Keep researching and brainstorming ways to differentiate your product, and creating space for yourself in this market will be highly indicative of your future success.
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