Friday, June 19, 2020

Figuring Out Buyer Behavior Part 2

For this assignment I chose to deal with people who would face the problem in the future rather than people currently facing it.  I chose to interview three of my friends who are the same age as me, also in the business school.  By asking them to think ahead to the future I received valuable information about where my business could potentially be five years down the line.  I presented them with my problem of the lack of ties in their wardrobe and how they would solve it in the future when they were required to dress up for work.  By interviewing a younger demographic I was able to receive more positive results.  They all agreed that they did not own enough ties currently to start a job where they would be required to wear one daily.  In fact, one of my friends said that he only had one that he had to buy for the career showcase.  Among my three subjects, I found that their two major interests were style and cost.  In my business, I would be starting a club so to speak, where you receive five new ties every week and then return them and get five more the next week.  The number one concern that was brought up by all three was price.  If they are going to be receiving new ties every week it is a bit of a risk.  It has to be enough cheaper that it's worth it to chose my club instead of going and buying a collection of ties that they know they will like. I now know I must take the pricing comparatively into consideration.  One of my subjects also brought up a stylistic concern.  He asked if you could chose certain ties for certain occasions.  For example, if you had a black tie event, could you request that one of the ties sent to you was black.  I think that this would be a good feature to add into my service: the ability to request certain ties for certain occasions.  I am now even considering allowing the customer to chose the five that they will receive each week out of a collection.  I got two different answers when asked about how they would decide if they were happy with the purchase.  The most common was they wanted to be certain they would be receiving nice ties, nothing funky or cheap.  The other judgment that was brought up was if they felt like it was worth it pricing wise in the long run.  Overall, I was happy with the quality of my interviews, and I feel that I should focus on young people entering the work force.

1 comment:

  1. Hey Michael
    Your idea for a tie service definitely makes sense and is on trend with the idea that there is no need to actually own that many ties or similar clothing items. By giving the market the option to simply choose 5 for that week or month and then return them, or possibly give them the option to keep them if they wish, you are able to become a player in the business world and upgrade a concept that is a staple of the corporate office

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