Figuring Out Buyer Behavior Part 2. Assignment 15A

Interview Analysis:
This week I contacted and interviewed three different students part of the Warrington College of Business, and with each interview drew a different result when comparing alternative and speaking on how they go about purchasing a product or service. All three interviewees, two males and one female student, had different analysis when understanding how they compared alternatives. One spoke on his desire for the quality of a product to be as high as possible, as he disclosed that given his situation, price was not a factor that needed to be considered. On the other hand, the female student spoke of her method of comparing prices as the key to determining between alternatives, as being cost-effective is her method of strategic purchasing. Finally, the final interviewee spoke on his desire to find the most balance when comparing alternatives, as he looks for the best performance possible from a medium-priced item and is looking for stability or something that will last into the future. After the alternatives were discussed and differences were often present, discussing the most popular method of purchase was a resounding sense of similarity among the three students. Whether it be Amazon or other online providers, they all spoke highly of technological consumerism, and also discussed the move away from holding cash and using cards on platforms such as Apple Pay. The final point of discussion was met with many different responses, as all three students had different categories on how they deemed purchases worthwhile. One of the male students determined the value of a purchase by how long he was able to use the product in it's desired nature. The other male was more keen on how much value a product or service added to his reasoning for the purchase. However, the female student was much more connected to the experience behind the purchase, and deemed a transaction a success or failure based on the experience she had purchasing the product and whether or not it was a hassle to obtain.

Drawing Conclusions:
When connecting these interviews to my business idea, I now understand how those in my previously defined segment of buyers would like to make transactions for a product or service they desired. I now want to find a way to make my potential product an online service instead of a paper-based product solely on the feedback from the students I interviewed and their obsession with online marketplaces. Additionally,  I would now like to find a way to make my product seem unique and have a brand that holds values of professionalism and experience, as the seemed polished product does create larger demand. Finally, my most glaring takeaway from this experience would be that in order for my idea to be successful, I must be able to accomplish the goal that I set out to achieve with each and every customer, as value-added to the reason behind the purchase will create long-term economic success and customer retention.