Assignment 12: Figuring Out Buyer Behavior 1

1. The segment I chose for this assignment was the segment of price the customer is willing to pay for my product.
2. I interviewed three people about my product and this segment. One of which was a successful entrepreneur, another was a young college student and the last was an employee of a multinational company. The first told me that they thought the product was a good idea but the mechanics of actually producing and selling it was the biggest issue since it would most likely drive the price over the range I originally aimed for. The second told me that they would buy the product if it were equal to or less than the price of the rubber tires. The third told me that they would buy it if the price were very comparable to that of the rubber tires. Each also asked about the quality of the product which would be another good segment to focus on.
3. Each of my three interviewees expressed a need for this product, however, along with price they were concerned with the quality and longevity of the product. They agreed that it was a good idea but they would do some research before buying to assure the price, quality and longevity were up to par. They informed me that they would not immediately replace all of their tires with the new ones but would replace them with mine over time as the older ones became worn out.
4. The people I interviewed all said things along the lines of that when they have a problem they look for different solutions to find the best and quickest one depending on how urgent the issue is. Two of them said they look for reputable sources but one said she just puts her issue into Google and takes whatever pops up. One of them said they type full questions into Google, one said only a few key words and the other said they type a simple sentence and hit search. They all said that they will talk to friends and family to see if they have some solution that they didn't think of or that they didn't see on Google.
5. In my interviews I learned that there are aspects to the market for my product that I didn't realize before and that need to be addressed before any sort of marketing could happen.
6. There are other segments that need to be addressed before I can fully address the price segment at all. So there is a ton of information that needs to be researched before I can gather any information on this. Price is the first thing people look at when they see a product or service so the other things need to be figured out rather quickly if this were to be a startup company.