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Group Learning Summary 4_Group2.docx - Nidhi Suchit Kumar...

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Nidhi Suchit KumarIshan ChawlaSahil KapoorGroup Learning Summary 4After highlighting our major assumptions regarding our product, we analyzed the best testingmethods for the same. The tests and their corresponding results help highlight the viability ofour idea, its potential market success, and address any other issues that could arise withcustomers.Our assumptions were:1)Transparency, Traceability, and Sustainability2)Online or Offline Sales3)Presence of CompetitorsAnd our testing methods included:1)Exploration method2)Ideation methodTesting from components of Exploration method –The Exploration method will help analyse demand, production requirements, marketingstrategies, labelling/packaging requirements, and delivery specifications, thus answering ourmajor assumptions.Some techniques of the exploration method we can adapt include:Customer InterviewExpert Stakeholder Interview
Partner and Supplier InterviewResults from Customer Interview –Holding a customer interview will help give us an idea about how relevant the product is forcustomers and how much it will be demanded by them, to estimate sales forecast anddemand-supply ratios.It will also help answer other details like how important is knowingthe ingredients of the product, where they can find any details about productions, and how theproduct was produced (cruelty-free, paraben-free etc.) to customers, thus answering ourassumption about Transparency, Traceability and Sustainability. It will also help give us anidea about how customers like to buy their products, their preferred methods of transactionetc, thus answering our assumption about customer’s preference towards Online or Offlinesales. As customers are the ultimate buyers of the good, they will be our best source ofinformation regarding all aspects of producing, marketing, and selling the product accordingto market demand and preferences.Results from Expert Stakeholder Interviews –Customers are not the only stakeholders, other people involved in the transaction likeshareholders and employees with prior experience in the field can also help provide relevantinformation about the product, its potential demand, revenues that can be earned etc. ExpertStakeholders can help provide insight into competition, customers’ preferred mode oftransaction and payment, and the importance of other business trends like transparency about

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Term
Winter
Professor
NoProfessor
Tags
Marketing, Partner and Supplier Interview

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