1) - 18 year old male freshman, - 21 year old male junior, - 24 year old male 1st year grad student
2) There are numerous potential alternatives for my market segment. Due to the nature of my product, price is not really a huge concern for my market segment. Obviously, if the price is outrageous then customers will not be willing to pay for it. For the most part though, price is not an essential component used when my target market is evaluating their alternatives. The quality of my product is an essential trait used when evaluating the alternatives. If there is a product that has better quality than my product, then there is a good chance that my target market will choose the other product. It is very important for me to have credible, reliable, and accurate information regarding my product and the benefits of choosing my product. Style is somewhat important but not as important as the quality trait. The various styles of the alternatives may match up better for each individual and this is where style can become important. It can be beneficial to have personalized products for certain individuals of the market. Based on the interviews, there is more than one characteristic that is important to my market segment.
3) My market segment is more likely to purchase my product online compared to in-store. Also, my market is more likely to finance the purchase instead of using cash up front.
4) The "rightness" of customer's purchase in my target market depends on the results that occur down the road. The customers analyze whether their input was less or more than their output. If their time and effort exceeded what they got from the product, then the customer will second guess themselves when evaluating their purchase. One thing that will make them think this was a bad purchase is if they are still in the same situation that they were in before they made the purchase. The customers want to see short term and long term improvement when they are evaluating their purchase. An essential evaluating trait of my product is the improvement seen or not seen after the product has been purchased and used.
5) The focus of my interviews examined what the customers are looking for regarding the product and how will they assess whether the purchase was a good choice or not. I wanted to get a better understanding of customer's thought process regarding my product and other products with similar characteristics. I aimed to find out which factors could separate my product from the others in my market.
6) I would describe this market segment as result-oriented when it comes to alternative evaluation, purchase decision, and post-purchase evaluation. There are other factors which can influence the thought process of my market, such as quality and style. The primary factors evaluated are improvement and results gained or loss by purchasing and using the product.
Prince,
ReplyDeleteI do believe it would have beneficial to include more of the feedback that you received from your interviews. I didn't see too much of that, but adding more feedback in there would really help to analyze buyer behavior.
Also, I do think it would have been beneficial to at least briefly state you solution/idea napkin as a refresher to those reading your blogs. Other than that, good work on this assignment!
Prince,
ReplyDeleteI agree with Reece about the including more feedback from your interviews for this assignment. It would've been beneficial to the remaining portions of the assignment. However, I think the amount of information that you got from your interviews really helped out with figuring out the remaining parts. The post-purchase experience is very important to a customer regarding your product because word-of-mouth advertising will be beneficial to you.