15A: Buyer Behavior part 2

Assignment 15A: Buyer Behavior Part 2

Alternative Evaluation:

• Instead of focusing on particularly store owners when conducting my interviews this time, I took a greater focus on store managers as they are still very much a part of my innovation and entrepreneurial segment.  I chose this path because managers are the ones who need to be the most aware of shoplifting as they are hired to keep the store functioning properly in every way possible.  As I interviewed three different store managers (from a grocery store to a clothing boutique) than I did for the last assignment, I was interested in how they all focused on the effectiveness/quality and cost of my product the most.  As I talked to Louis and Jim who are managers of small grocery stores and to Jenna who is the manager of a successful boutique, I found the managers to care the absolute most about the quality of the ink because they will only pay for the product if it works effectively.  Secondly, cost becomes the next major concern as managers believe that their boss/owners will only pay a certain amount for the product if it works properly.  The managers do not have much say in how much the store would be willing to pay for the product as the owners are the ones who make the decisions.  However, as small and medium sized stores such as grocery stores and small clothing boutiques cannot afford the security measures that big chain retailers have, the product would need to be sold at a reasonable rate. 

How to Buy:

• The managers also stated that they were aware of their owners looking online for security products to protect their stores from shoplifting.  Therefore, I believe that my segment is most likely to buy my product online, especially since ink is not something that you would need to see in person.  The only part of my product idea that the buyers may want to see would be the undercover sensors that will detect the ink if a product is being stolen.  And depending on the total cost of the sensors plus the ink, the managers believed that the company would most likely finance the purchase.

Post- Purchase Evaluation:

• The only way the consumers of my product will know if they made a good purchase is not only if the sensors detect the ink and the business can catch people stealing, but if the businesses do not experience a loss of inventory sales and profit.  If my product can help these companies protect themselves from losing money, my product will be worth the cost, especially since the cost is not nearly as expensive as other sensor methods.  In order for the product to work properly and to be a good idea for store owners, the labeling companies and retail stores themselves need to print their labels with the ink.  This is the only way that the sensors will be effective. 

Report Findings & Draw Conclusions:

• Overall, by talking with the people in this segment I learned of the strong need for an easier and efficient way to catch shoplifters.  Detecting theft is one of the numerous job tasks that managers must complete throughout their days.  So if there is a product that could do their job and save them time, they would invest in it.  However, the only reason that a consumer would think that my product was a bad idea is if someone peels off the label of a product and steals it, the sensors will not be able to detect the shoplifting as the ink is no longer on the product.  But by talking with these innovative people who want to build the businesses they are working for, I learned that my product is needed in small retail stores and will help stabilize if not increase sales and profits.