Thursday, October 25, 2012

Market Tests - Students can also post here! Please click the Comments link to post.

Market Tests - Students can also post here! Please click the Comments link to post.


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      Would you use me as a Realtor? 10 Yes
      Do you understand what services I offer? 10 Yes
      How does it make them feel? Overall friends felt assured that they are using a qualified professional for their real estate services because of my website, testimonials, and Listing Book account. They are familiar with my extensive real estate knowledge, strong work ethic, and friendly demeanor.
      How much would they pay for it? The overall response was “the going rate for realtors” and some friends said above the typical rate if they could afford it.
      How often would they use my services? Anytime they had a real estate need.
      Would they recommend it to their friends? 10 Yes

      Many of my friends really found my website to be quite interesting and 8 out of 10 signed up for Listing Book accounts. My friends were impressed by my list of testimonials. Unfortunately none of my friends have any real estate needs at this time but will continue to keep me in mind for the future. The survey overall gave positive responses.

  2. GLE Associates, Inc.

    GLE is as a consulting firm focused on environmental services combined with traditional architectural and engineering. GLE recognized a need for owners to work with a single consultant rather than contract with multiple firms. GLE believes that a company which provides an in-house team of architects, engineers and environmental professionals could deliver a more comprehensive project on time and within budget, resulting in client savings. Currently GLE offers: Environmental Services, Architecture & Site Design, Engineering, Building Assessment, Occupational Health & Safety, Catastrophe & Insurance, and Construction Management. Unlike other AE firms and environmental consultants GLE moves quickly to protect client interests, and combine creativity and business acumen to maximize the value of their property. GLE understands the importance of doing the job right the first time, and for 23 years clients have trusted our professionals to guide them in the areas of design and evaluation of their buildings and properties.

    1. Would you listen to what GLE has to offer? (10Y)
    2. Do you think the services of GLE are useful to you? (9Y & 1N)
    3. Do you understand what services GLE offers? (10Y)
    4. Would you use GLE often since you would not have to shop around for the services we offer? (9Y & 1N)
    5. Would you recommend GLE to others? (10Y)
    6. Do you feel good about the services GLE offers? (10Y)

    This survey was sent to 10 different people. Each individual was given details on who GLE is and the services they offer. My findings were that everyone liked the concept of working with one company for all their consulting needs. Overall I had a real positive response and the couple no’s I did receive were due to that person not needing any of the services GLE had to offer.

  3. Market Test: New MAC Cosmetics Line

    Would you use the products?


    What products from the line would you use?

    Foundation, Powder, Mascara, Eye Shadow, Blush, Lipstick, Brushes, Lip gloss, Nail Polish, Powder, Eye Concealer

    How will they make you feel?

    Confident, Beautiful, Polished, Natural, Renewed, Youthful

    How much are you willing to pay for them?

    Under $10 (1),Under $20 (5), Under $30 (1), Under $40 (2), Under $50 (1)

    How often would you buy them?

    Every month (1),Every 3 months (4). Every 6 months (2), Only for special occasions (3)

    Would you recommend the new product line to your friends or family members?


    How often would you use the products?

    Daily (6), Weekly (1), Occasionally (1), N/A (2)

    Would you be purchasing for yourself, someone else, or both?

    Myself (4) Someone else (2), Both (4)

    The table above reveals the results of the survey conducted based on various questions pertaining to a New MAC Cosmetics Line. The respondents were given specific product information before completing the survey. Each respondent was asked a series of eight questions about product purchasing for the new cosmetic line. There were eight female respondents and two male respondents with ages ranging from nineteen to fifty. The market results indicate everyone, besides the male respondents, would use several of the products offered in the line. The majority of the female respondents explained the products will make them feel confident. A necessity for fifty percent of the respondents is to ensure the products can be purchased at a cost below twenty dollars. The male respondents expressed they will only make cosmetic purchases for special occasions. The female respondents communicated they will purchase products every month, every three months, or every six months. All the respondents stated they would recommend the cosmetic line to friends or family members if they were completely satisfied. Over fifty percent of the respondents would use the products on a daily basis. When the question would you be purchasing for yourself, someone else, or both was asked there are mixed results. The market test has provided additional information to assist with the development of my product strategy and overall sales plan.

  4. Instead of holding a focus group or surveying 10 friends, I chose to interview 5 business owners/manager about whether they would chose to use a business consultant if there company was struggling. The people participating in my interview included:
    • Nail salon owner
    • Family hair care owner
    • Small restaurant owner
    • Small beach store owner
    • Starbucks manager

    Would you use the services of Florida Business Advisors Inc.?
    4 out of 5 agreed they would use Florida Business Advisors Inc. if there company was struggling. The 1 participant who disagreed was the Starbucks manager because it is corporate owned

    Do you think the services of Florida Business Advisors Inc. are useful to your company?
    5/5 agreed the services of Florida Business Advisors Inc. would be useful

    Do you understand what services Florida Business Advisors Inc. offer?
    5/5 agreed they understand the services we offered after both discussing the services with myself as well as reviewing our website.

    How would using the services of Florida Business Advisors Inc. make you feel?
    4/5 agreed that using our services would make them feel more confident in their business as well as their finances. 2/5 additional said that using our services would make them willing to take more risks when it comes to their business.

    How much would you pay for the services Florida Business Advisors Inc. provides?
    4/5 agreed they would pay a percentage of the money they ended up saving by using our services.

    How often would you use the services of Florida Business Advisors Inc.?
    3/5 said they would at least use our services once a year. 5/5 additionally agreed to use our services as needed.

    Would you recommend it to other businesses?
    5/5 agreed they would recommend Florida Business Advisors Inc. to other business owners/managers.

    I found the results of my interviews to be very interesting, even though all 5 business owners/managers ran different types of businesses they all agreed that the services of Florida Business Advisors Inc. would be useful to their company in a time of trouble. After talking about our services offered and viewing the website all interviewees agreed that using our services would make them feel more confident and comfortable with their management as well as financial situation. Most interviewees felt as though we should be paid a percentage of the money they ended up saving by using our services. Most of the owners/managers agreed they would use our services at least once a year, to ensure their business was on the right track and all interviewees agreed they would recommend the services to others.

  5. My survey was about an investment product from Edward Jones(EJ). It was sent to 15 people and 7 responded. The specific question and results are:

    1. Do you feel confident that EJ has knowledge to deliver the service? definitely-1, maybe-3, not sure-3
    2. How important is company reputation when choosing this type of product? extremely important-5, very important-2
    3. How likely would you be to use this new service? very likely-1, moderately likely-4, slightly likely-2
    4. How useful is this service? very useful-2, moderately useful-5
    5. How much would you be willing to pay for this service? <5% of portfolio-6, 6-10% of portfolio-1
    6. If you liked the service how likely are you to recommend it to others? likely-5, not sure-2

    This product is not a standardized product you’d find in most households so it does take a certain clientele to respond to these questions and to do so based on experience. For the most part the response was down the middle with everyone agreeing company reputation and competence are important. Since this product is something that is not tangible and difficult to assess without seeing results the results of this survey can’t accurately predict how a larger population would feel about this product. Although it’s quite clear most (6 out of 7) aren’t willing to spend enough money on it regardless of how great their financial return could be.

  6. Market Test
    My test’s primary focus was to identify current consumer trends in leather, specifically any indications which could support or promote my business ideas. I interviewed 10 individuals in which the only requirement was to find at least 5 that lived in northern regions of the country. The following are the results:
    Northern Group = NG (5)
    Southern Group = SG (5)
    1. Are you familiar with leather products or designs?
    YES = NG – 4 of 5
    YES = SG – 2 of 5
    2. Is leather part of your personal style?
    YES = NG – 3 of 5
    YES = SG – 3 of 5
    3. If affordable would you invest in leather designs?
    YES = NG – 4 of 5
    YES = SG – 2 of 5
    4. Do you consider weather to be a determining factor when considering purchasing leather?
    YES = NG – 1 of 5
    YES = SG – 4 of 5
    5. Do you consider price when considering purchasing leather?
    NO = NG – 3 of 5
    NO = SG – 4 of 5
    6. Could customization of leather designs encourage you to purchase leather designs?
    YES = NG – 5 of 5
    YES = SG – 5 of 5
    7. Do you consider leather to be a fashionable material?
    YES = NG – 4 of 5
    YES = SG – 4 of 5
    The test has shown that leather is still highly recognizable; it also shows that it has marketability in custom orders as well as affordable designs. On the other hand, weather still presents a conflict towards general use and high prices can play a negative role in the custom orders as well as general products.

  7. Theresa Williams-Rivers
    Product Marketing Test "Payroll Company"

    The ideology behind using a payroll company to complete weekly, bi-weekly or monthly payroll for a company is, it leaves the owner(s) and operations managers with more time to continue effective ways of increasing sales, revenue and growth. An outsourced payroll agency responsible for quarterly and annual tax reporting, payroll and W2 processing on behalf of an organizations is intended to ease the mind of business owners. Business owners should feel a secure understanding that all state, local and federal government guidelines are being adhered to. In the Product Market Test of the Payroll company, the products were time clock, 401K, health and benefits and the payroll product itself. I surveyed small-to-midsized organizations and here are my findings:
    -The product offering scored 10/10, all the organizations found valuable product offerings that would be a value added analysis of their organization. Whether a bundled package or single product offering each individual selected a product for use.
    -The Product use(y)(N)-9/10 would use the product on a continuous basis. The one organization that would not use the product on an on-going basis states "the monetary aspect is rather high for such a small organization".
    -The Product feeling, 9/10 Most organizations felt that the products they were most interested in would serve their organizational purpose. Especially the time clock product where this is an added value to reduce the amount of labor hours falsely reported by employees. One organization felt the usefulness of the internet reporting would better suit his needs if our database host had a quicker response time.
    -The Compensation Fairness, 9/10 Organizations felt that the compensation asking of the product was fair. However, 8/10 did not do research of payroll organizations and compare pricing, but where satisfied with the product asking price to get the services quickly started. A single organization believe the compensation fairness was not up to par. As a single individual within the company, an officer only package may be a better product offering. Consideration for such a packages is being heavily weighed.
    -The Continuous Use ranked 8/10, Although the majority of continuous use ranked high the actual continuous use factored was 6/10. Many of the organizations were barely making budget and projected revenue goals within the allocated time frame to their own shareholders liking. Month to month operating expenses were under budgeted and Labor hours were not practical to successfully operate the business. With this in mind,signing up for an additional service(s) with any company or payroll company should not have been an option. As statistics show these services as the end result would be another bad debt right off for the payroll company and bad collection reporting for the organization.
    -The Recommendation Perks, 10/10 -although each individual stated that they would highly recommend the payroll company, the likely hood of that recommendations comes at the risk of how well the customer continues their account. The risk aspects are on time payments of services provided and monthly membership payments when the actual services are not in use; however a minimum monthly payment is assessed to ensure that all aspects of state and local tax reporting is handled accurately

  8. What I am offering?

    Convenient, cost-saving ways to handle your everyday banking needs.

    Would they use it?

    7 said “yes”
    2 were “unsure”
    1 was “no, happy where I am”

    What is it?

    Fast and convenient banking accounts, competitive low-interest lending options to meet all of your unexpected and future purchasing needs, financial planning for their future saving needs, and the service of a personal banker to handle any questions or concerns

    How does it make them feel?

    The responses I received were: “safe”, “valued”, “satisfied”, and “loyal”

    How much would they pay for it?

    The craziness in responses to this question were that they didn’t even mention prices, they were more concerned with making sure their needs were being met.

    How often would they buy it?

    Since this was a necessary need to have a bank of any sort, the collective response was “continually”.

    Would they recommend it to their friends?

    This would be based on the amount of time each person had to “test out” my banking services and would be dependent on the trust that was built through time. Most of them said that they were “undecided” at this moment.


    I felt that it was unanimous that all people need a place to conduct their banking activities. When using "benefit statements" when positioning what I was offering, I seemed to get a more positive response as opposed to rattling off products or widgets. Using the fact that I would be there to answer any questions or concerns that came up with my clients' accounts, really seemed to put the interviewees at ease and willing to hear more.

  9. Heather BaucknechtOctober 28, 2012 at 2:00 PM

    What am I offering? Event planning services. I conducted a survey of 10 people, based on aspects of my service I plan to sell and this is what I found:

    Would they use it? (7/10)
    How does it make them feel? (9/10)
    How much would they pay for it? ($20-$75 an hour)
    How ofter would they buy it? (Rare/extravagant occasions)
    Would they recommend it to their friends? (9/10)

    Summary: Upon receiving the results from my survey, I gained the knowledge that event planning is a luxury to afford for people. Most individuals stated that they would love to have an event planner plan their events but the cost is out of peoples budgets many times along with time being a concern.

  10. What am I selling? Quality cup of coffee from Starbucks made to order

    Would they use it?
    7 people – Yes, of course.
    2 people – I don’t want to pay that much for coffee.
    1 people – If I’m bypassing Starbucks then yes, if not then I wouldn’t go out of my way.

    How does it make them feel?
    6 people – Comfortable, I enjoy that Starbucks puts the effort into learning my order.
    2 people – I don’t enjoy that I have to pay that much for coffee.
    2 people – Okay. It’s nice that they put the effort into learning my order, but it’s not necessary.

    How much would they pay for it?
    3 people - $4 <
    5 people - $3
    2 people - $4 >

    How often would they buy it?
    4 people - Every morning
    4 people - Once a week
    2 people - Two – Three times a week

    Would they recommend it to their friends?
    6 people - Yes, definitely
    2 people - No, too expensive
    2 people - Unsure

  11. Hi everyone,
    I am doing a project on persuading local natives in Kenya to join the SOKO-Kenya, an organization which provides resources and expertise for garment and jewelry making that will be sold all over Europe and soon-to-be the rest of the world.
    SOKO-Kenya was a foundation started by a few Europeans who took an interest in Kenyan clothing and accessories. Their goal is to provide the local people with a source of income based on their talents and interests, providing them a global fashion platform to showcase their work.
    I will be acting as a recruiter/salesperson for SOKO-Kenya encouraging the locals to join the organization and reap the rewards. I speak the local language so I feel I will be able to create a feeling of comfort and trust among the people.
    Please respond to the following survey.
    A B C D E F G H I J
    Would you donate to an organization like SOKO-Kenya? Y Y N Y Y Y N Y Y N
    Do you like with their mission? Y Y Y Y Y Y Y Y Y Y
    Would you tell your friends? Y Y Y Y Y N N N Y Y
    Would you buy SOKO-Kenya’s products? Y Y Y Y Y N N N N N
    ON a scale of 1 to 10, 1 being worst, how does buying from SOKO-Kenya make you feel? 9 9 9 10 10 6 6 6 7 6

    70% of my friends would donate to an organization like SOKO-Kenya and most gave the reasoning that it was all geared to a good cause. The 3 people who would not donate said that they were not inspired and the mission didn’t really interest them as much as other NGO’s.
    100% of my friends agreed that SOKO-Kenya’s efforts were doing a lot of good for the local people of Kenya. 70% said they would tell their friends, however 3 (happened to be male) said they would not because they had no interest in the product that was being promoted.
    It was a 50% tie for those who would buy the products. The ones who said they would not tell their friends about it due to lack of interest said they would not buy it either. Person J however said that even though he wouldn’t buy the products because they didn’t personally interest him he would tell others about it because he knew friends and family who would be interested.
    There was a neutral feeling from 5 of the people about buying SOKO-Kenya’s products, but the other 5 people felt strongly about buying products that were helping others.

  12. Just Roses offers unique floral services Te following survey of 10 consumers reveled a majority would try and recommend our services.
    1. Do you send flowers?
    YES = 7
    NO = 3
    2. How often do you send flowers during one year?
    =0, 3
    =1, 2
    2-5, 3
    >5, 2
    3. How much do you spend?
    <$40, 6
    >$40, 4
    4. Are you satisfied with your current florist
    YES = 3
    NO = 4

    5. Would you try our services in the future
    6. If happy with our services would you recommend just Roses to friends?
    YES = 9
    NA= 1
    This poll confirms statisics that more than half of consumers send flowers and least once a year.

  13. The focus of my project is increasing membership sales for Gymboree Play & Music.

    The product:
    Gymboree Play & Music is a developmental program for children 0 to 5 years old. Gymboree Play & Music classes are programs specially designed to help young children learn and develop as they play. They offer classes in art, music, sports, and developmental play, at Play & Music centers around the world.

    Pricing is $59 per month of class, which drops down to $49 per month after 6 months of continuous membership.


    If you had a young child, would you use this product?

    All respondents indicated yes.

    Would you pay this amount? If not, how much would you pay?

    Two respondents indicated yes, one respondent indicated she would pay even more, and one indicated that though it would be hard for her to afford, she felt like it was worth the price.

    How long do you think you would use it?

    One respondent indicated she'd use it until age 5, two thought they would use it a year, and one used it in the past for two and a half years.

    Would you recommend it to your friends?

    All respondents indicated yes, assuming their child had a good response to it.

  14. 1. Do you volunteer or donate to a charity?
    Yes-7, no-3
    2. If not, would you? Yes-2, unsure-1
    3. Would you be willing to donate time to a charity that you gave to? yes-4, o-4, unsure-2
    4. Do you think charities are a good thing? Yes=9, unsure-1
    5. Would you encourage others to get involved in a charity you believed in? yes-10
    6. Do you have faith in nonprofit organizations? Yes-7, unsure-3
    7. How much money would you be willing to give to a charity that helps local children?$ 0-25-4, $25-50-5, $50 +-1
    8. How often would you donate? 1-2 times- 7, 3+-3
    9. What type of charity appeals to you the most?
    World needs-3, Homeless-2, Animals-1, Children-4

    Based on this survey I think that most people would be willing to give to and support my non-profit organization. I got 4 of these surveys answered by email and the other 6 in person. When I was able to actually talk to the person about the organization and how it should be structured, I got more positive feedback. It seems like some people are apprehensive about donating their money today. However, I think that if the money is going to be staying in one’s own community and they can see the benefits first hand from their donations then people are more likely to give.

  15. Florida Eco Products – Market Survey

    1) Do you currently use environmentally friendly products?


    2) Have you ever heard of Florida Eco Products?

    3) Would you use a Florida Eco Product?


    4) How much would you pay for a product that helps the environment?

    a) Nothing
    b) Same as a non-environmentally friendly product
    c) 5 -10% more
    d) Cost is not an issue to help save the environment

    5) How does it make you feel to buy environmental friendly products?

    a) No different
    b) The same
    C) Better about yourself

    6) How often would you but these products?

    a) Never
    b) Once
    c) Often
    d) Always

    7) Would you recommend these products to your friends?


    8) Are you comfortable purchasing from online stores?


    9) Would you purchase these products from an online store?


    10) Do you find Florida Eco Products competitively priced?



    1) Yes (4)
    No (6)

    2) Yes (0)
    No (10)

    3) Yes (3)
    No (7)

    4) a) 0
    b) 6
    c) 2
    d) 2

    5) a) 0
    b) 4
    c) 6

    6) a) 2
    b) 1
    c) 4
    d) 3

    7) Yes (4)
    No (6)

    8) Yes (7)
    No (3)

    9) Yes (4)
    No (6)

    10) Yes (2)
    No (8)