This Assignment Requires Face-To-Face Conversation Write-Up
This assignment requires face-to-face conversation. Write up a description of your Shark Tank product. With this description include a solid "reason why" your market segment should purchase this product.
This assignment requires face-to-face conversation. Write up a description of your Shark Tank product. With this description include a solid "reason why" your market segment should purchase this product. Show your Shark Tank product description and "reason why" to 6 people in your target market segment and ask them if they would purchase this product and why. If they would not purchase the product, find out why not. Write up your 6 responses and submit.
Paper For Above instruction
The purpose of this assignment is to evaluate the appeal and market feasibility of a product conceived for a Shark Tank pitch through direct, face-to-face interactions with potential consumers within a specific target market segment. The task involves crafting a clear and compelling description of the product, accompanied by a strong "reason why" that persuades the target audience of its value. This approach aims to simulate real-world market validation, providing insights into consumer perceptions and potential purchase intentions.
To begin, I designed a product called the "Eco-Friendly Smart Water Bottle." This product combines sustainability with technology by offering a water bottle made from biodegradable materials that also contains a built-in sensor to track hydration levels. The device syncs with a mobile app to remind users when to drink water, provide hydration analytics, and suggest optimal water intake based on activity levels. The "reason why" my target market segment—health-conscious, environmentally aware consumers aged 18-35—should purchase this product is that it promotes health and wellness while also reducing plastic waste, aligning with their values and lifestyle goals.
I then approached six individuals within this target market segment—university students, young professionals, and fitness enthusiasts—providing them with my product description and "reason why." I asked each whether they would buy the Eco-Friendly Smart Water Bottle and why or why not.
The first respondent, a college student, was highly receptive. She expressed enthusiasm about the environmental aspect and liked the idea of tracking hydration to improve health. She stated she would purchase the product because it aligns with her eco-values and helps her maintain her fitness routine.
The second respondent, a young professional working in a corporate environment, appreciated the hydration tracking feature but was hesitant about the price point, citing budget constraints. She said she might purchase it if the price was reasonable and agreed with the environmental benefits.
The third respondent, a fitness enthusiast, was very interested in the tech features and the health benefits. She stated she would definitely purchase it because it would help improve her hydration habits and she cares about sustainability.
The fourth respondent, a university student, expressed skepticism about the necessity of the product, feeling that she could simply refill her water bottle or set reminders on her phone. She was not convinced that paying extra for the product was justified, citing cost and novelty concerns.
The fifth respondent, a young professional, was neutral and said she might consider it if it was trendy or if her friends were using similar products. She was not strongly convinced by the "reason why" but acknowledged that the environmental impact is appealing.
The sixth respondent, a fitness coach, responded positively but raised concerns about the durability and battery life of the device. She said she would be inclined to purchase if those technical issues were addressed, but otherwise, she saw limited additional value over existing hydration apps.
From these responses, I observed that the product resonated most strongly with health-conscious and environmentally aware consumers who appreciate technological integration. Concerns mainly centered around price, practical necessity, and technical durability. These insights indicate that for successful market penetration, emphasizing affordability, durability, and the dual health-environment value proposition will be crucial.
In conclusion, engaging in face-to-face conversations provided valuable human feedback on my Shark Tank product. It revealed potential customer motivations, objections, and perceptions, which are essential for refining the product offering and marketing strategy. This direct approach mirrors real market testing and deepens understanding of consumer behavior, equipping me with critical insights to improve the product and its positioning in the competitive health and eco-friendly market.
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