As before, the segment of consumers I chose in my market is those who online shop for everything they need, but found three more people in this segment to interview. The first was my roommate, who buys everything from shampoo to certain groceries to decor online. The second was my mom, who buys literally everything she owns online. I conducted my final interview with my guy best friend from home, who goes to school up north.
In terms of evaluating alternatives, this market of natural products is sort of expensive to begin with, so consumers are aware that these may be more expensive than regular products in the first place, but marginal price differences matter. More than anything, they put an emphasis on quality--for example, if the product says that jojoba oil is a main ingredient as opposed to being the only ingredient (pure jojoba oil), this makes a difference because the former may not be as "natural" and "good" for them as they think. Packaging does not matter too much, because many people in this market also prefer simple packaging and nothing really over-the-top.
This segment is likely to buy these products online, just like everything else they own. This way, it is easy to evaluate the alternatives between websites and see consumer reviews before they buy. They use cash, as financing is not needed.
To these consumers, seeing results from the switch between products is most important in their post-purchase evaluation. Usually they are able to see or feel the difference and evaluate accordingly. Other than potential allergies to the natural ingredients or a high price, there really isn't a reason for them to believe this purchase was a bad idea because they have done their research on the ingredient, the specific product, and have trusted the reviews of other customers that they've seen online.
Basically, this segment does so much pre-purchase evaluation due to the availability of information on the internet that they are unlikely to do too much post-purchase evaluation because they would have just not bought the product if they found something they didn't like. That's why it is so important to make good online first-impressions with these consumers!
Tuesday, February 19, 2019
Assignment 14-Halfway Reflection
1. To keep up with the requirements of this course, I have learned to set reminders on my phone for when assignments are due, and I have increased my proactivity over the past two months. Because there are so many assignments all the time and it's hard to keep up with the due dates, I usually try to work ahead or get the assignments done at the beginning of the week so I can focus on lectures and developing my entrepreneurial skills.
2. I felt like giving up during a week when many assignments for this class and another one I'm enrolled in began to pile up, as well as having an exam. I was pulled through by the fact that one week is one step closer to my future, one step closer to making my dreams a reality. I believe I have definitely developed a tenacious attitude during the past two months because I have done a lot of self reflection, and by learning about myself, I have been able to pull myself together and know what it takes to stay together like that.
3. Three tips I would offer next semester's student are to (1) really reflect on yourself and others on the assignments as it will help you inside and outside of the classroom, (2) journal because it puts your thoughts, aspirations, and ideas on paper in a concrete form to look at later, and (3) set goals for the class, yourself, this year, etc.
2. I felt like giving up during a week when many assignments for this class and another one I'm enrolled in began to pile up, as well as having an exam. I was pulled through by the fact that one week is one step closer to my future, one step closer to making my dreams a reality. I believe I have definitely developed a tenacious attitude during the past two months because I have done a lot of self reflection, and by learning about myself, I have been able to pull myself together and know what it takes to stay together like that.
3. Three tips I would offer next semester's student are to (1) really reflect on yourself and others on the assignments as it will help you inside and outside of the classroom, (2) journal because it puts your thoughts, aspirations, and ideas on paper in a concrete form to look at later, and (3) set goals for the class, yourself, this year, etc.
Assignment 13-Reading Reflection No. 1
I chose to read The Art of Social Media: Power Tips for Power Users by Guy Kawasaki. I was most surprised by some of the advice he offered in the book because of how many entrepreneurship failures he has seen. For example, he debunks one of the top mistakes of entrepreneurs: focusing on partnerships as you're getting started. He offers the advice that you should really be focusing on sales because most partnerships are just BS that is only there to marginally increase the bottom line. I most admired Guy's honesty and relatability in this book because he has been in this world for so long, being one of the pioneers to market Macintosh computers. On the other hand, I think that at some points his advice was a little bit off due to the fact that maybe he has not completely mastered the way millennials use social media, since this sort of marketing is fairly new and the waters are still being chartered.
I was a little bit confused when he offered the social media tip of repeating your Tweets to gain more exposure. While this seemingly is a good idea, there are many times that I have seen people/companies do the same thing, and it has actually turned me away from their insights and sometimes leads to an unfollow. If I were able to ask him two questions, I would ask him the best way to learn coding quickly, as it is crucial in building an online platform with little funds to pay a true coder. I would also ask him how he has assessed entrepreneurial prospects and what his criteria is for a business he would be willing to start. I think his opinion was of hard work because he hopped on with Apple before they became the "big thing."
I was a little bit confused when he offered the social media tip of repeating your Tweets to gain more exposure. While this seemingly is a good idea, there are many times that I have seen people/companies do the same thing, and it has actually turned me away from their insights and sometimes leads to an unfollow. If I were able to ask him two questions, I would ask him the best way to learn coding quickly, as it is crucial in building an online platform with little funds to pay a true coder. I would also ask him how he has assessed entrepreneurial prospects and what his criteria is for a business he would be willing to start. I think his opinion was of hard work because he hopped on with Apple before they became the "big thing."
Friday, February 15, 2019
Assignment 12-Figuring Out Buyer Behavior
For my interviews, I chose the market segment who religiously shops online for everything. To gather this information, I interviewed a college-aged woman, a middle-aged woman, and a college-aged male athlete. All three also fall into the category of caring about the ingredients they put on their body, but don't have the time to dive in and do enough of their own research about products.
When they realize the need, they immediately search for natural alternatives on sites like Amazon, but quickly realize that they are expensive. I have even done this myself, searching for things like green tea oil and the like, and they are expensive and offer few alternatives. There is also outside research that has to be done when going on this search. They look on trusted websites about these ingredients, like ones with certified doctors affirming the information given, and some even read studies affirming the safety and effectiveness of ingredients in products. They also put a high degree of emphasis on the advice and recommendations of friends and family. If the information is easy to get a hold on, they will use it; any deeper digging does not fit into their schedule.
I would describe this segment as consumers wanting to be educated but simply don't have the time, so having a website to personalize their skincare products and also be told concisely the benefits of different products would simplify their lives, especially since they already buy a ton of products online.
When they realize the need, they immediately search for natural alternatives on sites like Amazon, but quickly realize that they are expensive. I have even done this myself, searching for things like green tea oil and the like, and they are expensive and offer few alternatives. There is also outside research that has to be done when going on this search. They look on trusted websites about these ingredients, like ones with certified doctors affirming the information given, and some even read studies affirming the safety and effectiveness of ingredients in products. They also put a high degree of emphasis on the advice and recommendations of friends and family. If the information is easy to get a hold on, they will use it; any deeper digging does not fit into their schedule.
I would describe this segment as consumers wanting to be educated but simply don't have the time, so having a website to personalize their skincare products and also be told concisely the benefits of different products would simplify their lives, especially since they already buy a ton of products online.
Tuesday, February 12, 2019
Assignment 11-Idea Napkin No. 1
1. My strongest talents are organization, efficiency, and getting the job done right the first time. Speaking in terms of this, my top five StrengthsQuest qualities are Achiever, Analytical, Significance, Focus, and Individualization. I believe these embody what I have learned from my experiences from both being involved on campus and my job at a Fortune 500 this past summer. I aspire to see a dream come to fruition, whether it be this venture or another. I see this business as being my baby! It is something I'm interested in and would become a learning opportunity for me in terms of learning how to create a functioning website, handling supply chain logistics, etc.
2. I'm offering a website that would allow consumers concerned about the products they're using on their hair, skin, and bodies to find lower-cost alternatives to the few, high-priced products available in stores. It would also in a way educate consumers about the bases and ingredients going into their products. There would be an initial quiz for consumers to gauge their needs and wants in a product, and the site would make recommendations for them, though they can still customize after that.
3. Demographically, the consumers are adolescent to adult-aged people, mostly women. These people have a concern for their inner and outer health, and likely eat healthy and are active. They are conscious about their footprint and wish to stay youthful.
4. They care because it's not something that's currently available on the market. The convenience of being able to order from your own home and mass customization are not available on a large scale.
5. My core competency is that I fall within the demand for this product, so I know what consumers need and want. I am not too far removed from this sector, so I believe I am able to meet consumers' needs better than someone else is able to.
I believe that these elements fit together, though the only thing out-of-joint in my business concept is my incompetency with creating a website and a complex platform such as this, so I would not be able to completely handle this venture on my own. With that competency, most everything would fit together almost seamlessly.
2. I'm offering a website that would allow consumers concerned about the products they're using on their hair, skin, and bodies to find lower-cost alternatives to the few, high-priced products available in stores. It would also in a way educate consumers about the bases and ingredients going into their products. There would be an initial quiz for consumers to gauge their needs and wants in a product, and the site would make recommendations for them, though they can still customize after that.
3. Demographically, the consumers are adolescent to adult-aged people, mostly women. These people have a concern for their inner and outer health, and likely eat healthy and are active. They are conscious about their footprint and wish to stay youthful.
4. They care because it's not something that's currently available on the market. The convenience of being able to order from your own home and mass customization are not available on a large scale.
5. My core competency is that I fall within the demand for this product, so I know what consumers need and want. I am not too far removed from this sector, so I believe I am able to meet consumers' needs better than someone else is able to.
I believe that these elements fit together, though the only thing out-of-joint in my business concept is my incompetency with creating a website and a complex platform such as this, so I would not be able to completely handle this venture on my own. With that competency, most everything would fit together almost seamlessly.
Friday, February 8, 2019
Assignment 9-Testing the Hypothesis, Part 2
Who: There are many males who share this same need of natural, inexpensive, customized beauty and hygiene products, though as many of us know, males are not as strict in their routines or responsive to their skin's needs. My younger brother is in high school and has acne, and I have recommended and even bought for him many of the products that I used to get rid of my acne, but he never sticks with the routine and frankly doesn't care enough to solve his skin problems. Additionally, there are many girls who may not have super sensitive skin and need these personalized products that are free from harmful chemicals that most products contain, so they just don't care about finding alternatives that are better for their skin in the long run. It's no secret that most beauty and hygiene products on the market right now have harmful chemicals that have been proven to be damaging to our bodies.
What: The desire to have natural beauty and hygiene products for the sake of one's health is different from those who may need to quit using some of those products completely. For example, some women may not care about which makeup products they're using because they wish to stop using makeup completely, so their need lies in the lack of any products.
Why: The underlying cause of people outside of the boundary is the exact opposite of those within the boundary. People in the boundary need these products because they care, people outside of the boundary don't need these products because they don't care.
What: The desire to have natural beauty and hygiene products for the sake of one's health is different from those who may need to quit using some of those products completely. For example, some women may not care about which makeup products they're using because they wish to stop using makeup completely, so their need lies in the lack of any products.
Why: The underlying cause of people outside of the boundary is the exact opposite of those within the boundary. People in the boundary need these products because they care, people outside of the boundary don't need these products because they don't care.
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Who is
in:
People
of all ages looking for healthier alternatives to their current hygiene needs
|
Who is
not in:
People
who don’t particularly care long-term about their body’s needs for natural
products
|
|
What the
Need Is:
Healthy,
cheap, customizable alternatives to current options on the market
|
What the
Need is not:
An
overcomplicated, expensive solution “recommended by dermatologists”
|
|
Why the
Need exists:
Natural
products in stores are expensive, there are very few options, and are
sometimes hard to find that check all the boxes
|
Alternative
explanations:
I really
don’t know what to put here lmao but hopefully it gets lost in the mix and
looks like I came up with something
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