Friday, October 18, 2019

Assignment 15A Figuring Out Buyer Behavior 2


  • Report Findings
    • I found these three interviews to be very similar to my previous interviews within my segment of business students. This just shows that this segment carries a lot of similar preferences and ideas. All three of my interviewees are currently Accounting majors. The list of alternatives to using card as a method of payment, gathered from these interviews were pretty familiar, being that they all stated cash payment as the alternative just like all of the interviewees in my previous interviews. Throughout the interviews, the common response of how they determined of whether or not to go to the alternative was based on their surroundings. Two of the interviewees stated that depending on whether or not they were in a skeptical location, would determine their payment method. One thing that they all agreed on though, was that card payment was much more convenient, as they did not always have cash on them. This was another factor that is put into consideration of their decision of payment method, being that it depends if they even have cash on them or not. When it comes to the product itself, they said that would look more into quality over price. They feel as if the product is functional and exceeds expectations, they are willing to pay the price. Though, my third interviewee pointed out that even though she seeks quality, she is not willing to pay if the price is overly unreasonable. 
    • The common place transactions would occur is in store. They all agreed that they would prefer to buy the product in store, being that they are unfamiliar with it and that it is tangible, so they can observe its qualities and evaluate it before buying. One interviewee addressed that she would be more drawn to the product if it were in store. In which, they also agreed that they would use cash to pay for it, rather than financing it. 
    • Based off of these interviews, when my customers are looking back at their purchase, they are mostly seeking to see if it meets and or exceeds their expectations and satisfies their needs. If they are getting what is being sold, and if the product solves their problem they are satisfied with the purchase. Though they will be disappointed if the product doesn't satisfy these needs or leaves no positive impact. Libby, one of my interviewees, gave the example of if she were to still be scammed after using my product, she would be disappointed. 
  • Draw Conclusions
    • Within this segment, when it comes to alternatives there aren't very many. It is between card payment and cash payment. Though one thing that this segments seeks for is convenience, being that is why card payment is the more popular and preferred method. I will keep this in mind, to make sure that the use of my product is quick and efficient, to meet my consumer's needs. As for purchase decision, they lean more towards being able to actually evaluate the product to make their considerations. Lastly, their post-purchase evaluation relies heavily on whether or not the product meets/exceeds expectations and if it satisfies the needs. 

2 comments:

  1. Hi Davina,

    I think you did a very thorough job with the interviews which can help you with your business plan. Something that I just thought about is Apple Pay or Samsung Pay. What do you think about that method of payment? I would have to agree with your interviewees with choosing a method of payment based on the surrounding as well. If it doesn't look like a trustworthy place, then I use cash. However, I don't always have cash on me so it is a lot more convenient to use card.

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  2. Hey Davina,

    I really liked your conclusions that you drew about your product and consumer behavior, especially that they prefer convenience as opposed to some other attribute of a product. I think that if you make your product very convenient to use, then it will be a big hit because of the demand for something that is secure yet convenient as a form of currency exchange.

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