15a
Alternative evaluation: After giving the interviewees three options of product to chose from (high quality at a high price, low quality at a low price, middle quality at middle price) I found that all of my interviewees chose the highest quality product option, even if it meant paying a premium. This tells me that the anticipation for legalization is real, and that customers are willing to pay a premium, confirming my niche market’s demand.
How/where do they buy? My segment is likely to pay cash for their purchase, as marijuana is an inexpensive product to buy. My customers are retailers, who would place orders online through an ordering system, rather than purchase from a retail location.
Post-purchase evaluation: Customers need to feel that they are getting a premium product if they are paying a premium price. If the customer feels the quality is worth the price, they also feel that the purchase is justified. Should competitors offer a similar quality product at a lower price, the customer would regret the purchase.
Report the findings: I was most surprised that all of my customers were willing to pay a premium for their product. I normally wouldn’t be as inclined to do so, and was surprised with the interviewees unanimous confirmation. Thinking with an entrepreneurial mindset in this case was able to confirm my niche market’s existence, despite any prejudices I may have.
How/where do they buy? My segment is likely to pay cash for their purchase, as marijuana is an inexpensive product to buy. My customers are retailers, who would place orders online through an ordering system, rather than purchase from a retail location.
Post-purchase evaluation: Customers need to feel that they are getting a premium product if they are paying a premium price. If the customer feels the quality is worth the price, they also feel that the purchase is justified. Should competitors offer a similar quality product at a lower price, the customer would regret the purchase.
Report the findings: I was most surprised that all of my customers were willing to pay a premium for their product. I normally wouldn’t be as inclined to do so, and was surprised with the interviewees unanimous confirmation. Thinking with an entrepreneurial mindset in this case was able to confirm my niche market’s existence, despite any prejudices I may have.
Its great to see that you're able to narrow down that your customers will pay a premium for a quality product. This allows you to plan accordingly to produce a quality product that demands a premium price. I was too surprised at this conclusion as you would think that most customers would rather pay less for a more normal middle ground product, but this was not the case. But this is good news for you and shall allow you to continue your plan in the right direction.
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