1. 19 year-old male, minority university student
After speaking with this person, it was evident that price was a large factor on whether or not they would purchase the product. In this stage of their life, college students aren't as financially stable as they would wish. This causes students to spend their money in wiser ways. Although all the other aspects still play a part in consumer decision, price was definitely the clear cut determinant here. They're also more likely to pay with cash.
2. 28 year old female, Accountant
When speaking with this person, it was apparent that price and quality were both large factors and the person didn't want to experience a drop off in quality just for a lower price. This person is more likely to finance such purchases in order to build their credit. When thinking about a purchase, they often access their daily use of the product and the impact it has on them.
3. 34 year-old, college graduate
At this point in this person's life, the main thing concerning them is the quality of the product. They believe that better quality products last longer and perform more consistently than their competitors. This person would also decide to finance such purchases since they believe it doesn't make sense to always use cash. They evaluate the effectiveness of the product by accessing how much they paid for it in relation to how much value it brings them.
Conclusion:
It's apparent that although price plays a part, the quality of products is what truly attracts the customers and makes them want to come back for more. The price seems to play a larger role in consumer decision for the younger crowd.
Hey Mohammed, you did a great job with this blog post and interviewing the different people. It was really interesting how the biggest concern of all of the people you interviewed was the quality, and you can use that to figure out what is most important with your product when creating it. You did a great job with this blog post!
ReplyDeleteI feel like price is everything right behind representation. For a new business product like yours, price is the most important thing to get people to buy in, and then become hooked. A new product like yours cannot really have crazy prices or else it will never get the rep it needs. For example, Lulu Lemon, a popular workout brand of clothing has crazy prices, yet they have the rep to do so. Yet a brand new business that tries to copy them will not be able to survive, even if the product is better, because they do not have the rep like Lulu does. That is what happens here with your business, first you need the clientele, then you can raise prices.
ReplyDeleteMohammed, it seems you are getting some of the same feedback that I have been receiving when it comes to having a successful product or service. The quality has to be good, but at the same time it has to be affordable for the majority of consumers. If you are able to accomplish this, then without a doubt your idea will be successful. Good job on conducting your interviews.
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