Assignment 3

Keychain

Q1. How do you identify the customer needs for developing the product?
Identifying the need for developing a new product in your small business of resin products
involves several steps:

1. Market Research: Conduct thorough market research to understand current trends,

customer preferences, and gaps in the market. Look at what similar businesses are offering
and identify areas where your products could stand out or fill a need.

2. Customer Feedback: Engage with your existing customers to gather feedback on your
current product offerings. Ask about their preferences, what they like/dislike about your
products, and if
there are any products they wish you offered. This can be done through surveys, social media
polls, or direct conversations.

3. Competitor Analysis: Analyze your competitors' product offerings to identify areas where
they may be lacking or where you could differentiate yourself. Look for gaps in their product
lines or features
that they don't offer.

4. Trends and Innovations: Keep an eye on industry trends and innovations in resin products.
Attend trade shows, follow industry publications, and stay active on social media to stay up-
to-date with the latest developments. This can inspire new product ideas or help you
anticipate future customer
needs.

5. Problem-Solving: Identify common problems or pain points that your target customers
face, and brainstorm ways to solve them with resin products. This could involve creating
products that offer convenience, functionality, or aesthetic appeal.

6. Prototype Testing: Once you have a new product idea, create prototypes and test them
with a small group of customers. Gather feedback on the design, functionality, and
pricing to refine the product before launching it to a wider audience.

By following these steps and staying attuned to your customers' needs and market trends, you
can effectively identify opportunities for developing new resin products that will resonate
with your target audience.
Q2. How do you select the attributes that are to be tackled?
Selecting the attributes to focus on when developing a new product involves understanding
your target market, analyzing industry trends, and considering your business goals. Here's
how you can approach it:

1. **Customer Needs and Preferences**: Start by understanding your target customers'

needs, preferences, and pain points. Conduct market research, gather feedback from
existing customers, and analyze trends to identify which attributes are most important to
them. For example, if your target market values customization and personalization, focus
on attributes that allow for unique designs or tailored features.

2. Competitive Analysis: Analyze your competitors' products to identify which attributes they
emphasize and where there may be gaps in the market. Look for opportunities to differentiate
your products by focusing on attributes that are underserved or overlooked by competitors.

3. Industry Trends: Stay informed about industry trends and emerging technologies that could
impact your product attributes. This could involve monitoring changes in materials,
production techniques, or design aesthetics that could influence customer preferences.

4. Business Goals and Capabilities: Consider your business goals and capabilities when
selecting product attributes. Focus on attributes that align with your brand identity,
production capabilities, and overall business strategy. For example, if your business prides
itself on sustainability, prioritize attributes related to eco-friendly materials or production
processes.

5. Feasibility and Cost: Evaluate the feasibility and cost implications of tackling different
attributes. Consider factors such as production complexity, material costs, and potential
scalability when making decisions about which attributes to prioritize.

6. Customer Value Proposition: Ultimately, select attributes that will enhance the overall
value proposition of your product and resonate with your target customers. Focus on
attributes that will differentiate your product in the market and provide meaningful benefits
to your customers.

By considering these factors and conducting thorough research, you can select the most
relevant and impactful attributes to tackle when developing a new resin product for your
business.
Q3. If you would like to develop which design process would you adopt?

1. Customizable Designs : Offer customers the ability to customize their resin products
with personalized features such as initials, colors, or patterns. This appeals to
customers who value individuality and uniqueness in their products.
2. Nature-Inspired Themes: Embrace nature-inspired designs such as floral patterns,
botanical motifs, or organic shapes. Nature-themed designs are timeless and appeal to
a wide range of customers, particularly those who appreciate the beauty of the natural
world.
3. Geometric Patterns: Incorporate geometric patterns and shapes into your designs for a
modern and contemporary aesthetic. Geometric designs can add visual interest and
appeal to customers who appreciate clean lines and symmetry.
4. Minimalist Style: Embrace a minimalist design aesthetic characterized by simplicity,
clean lines, and understated elegance. Minimalist designs are timeless and appeal to
customers who prefer a more subdued and refined aesthetic.
5. Pop Culture References: Draw inspiration from pop culture trends, such as movies,
TV shows, or social media phenomena. Incorporating pop culture references into your
designs can help your products resonate with a younger demographic and tap into
current cultural zeitgeist.
6. Seasonal Themes: Create designs inspired by seasonal themes such as holidays,
festivals, or seasonal changes. Offering seasonal variations of your products can
attract customers looking for timely and relevant designs.
7. Mixed Media: Experiment with incorporating other materials such as wood, metal, or
fabric into your resin products to create unique and eye-catching designs. Mixed
media designs add texture and dimensionality to your products, enhancing their visual
appeal.

Ultimately, the design approach you choose should align with your target market, brand
identity, and business objectives. Consider conducting market research, gathering feedback
from customers, and experimenting with different design concepts to find the best fit for your
resin products.
Q4. what are the methods you would adopt for market research?

Market research is crucial for understanding your target market, identifying customer needs,
and making informed business decisions. Here are some methods you could adopt for market
research:

1. Surveys and Questionnaires: Create online surveys or questionnaires to gather feedback

from your target audience. Ask about their preferences, purchasing habits, product
preferences, and pain points. Tools like Google Forms, SurveyMonkey, or Typeform can be
used to create and distribute surveys.

2. Interviews and Focus Groups: Conduct one-on-one interviews or organize focus groups
with your target customers to gain deeper insights into their needs and preferences. Engage in
open-ended discussions to uncover valuable feedback and qualitative insights. This can
provide more nuanced understanding compared to surveys.

3. Observational Research: Observe customer behavior in real-life settings, such as retail

stores or trade shows. Take note of which products customers are drawn to, how they interact
with products, and any unmet needs or frustrations they express.

4. Social Media Listening: Monitor social media platforms, forums, and online communities
relevant to your industry. Pay attention to conversations, comments, and reviews related to
resin products or similar offerings. Social media listening tools like Hootsuite or Sprout
Social can help streamline this process.

5. Competitor Analysis: Analyze your competitors' products, pricing strategies, marketing

tactics, and customer reviews. Identify strengths and weaknesses in their offerings and look
for opportunities to differentiate your products or fill gaps in the market.

6. Online Analytics: Use web analytics tools like Google Analytics to track website traffic,
user behavior, and conversion rates. Analyzing this data can provide insights into customer
demographics, popular products, and areas for improvement on your website.

7. Secondary Research: Review industry reports, market studies, and published articles
relevant to your niche. This can help you understand broader market trends, consumer
behavior, and emerging opportunities in the resin products industry.

8. Prototype Testing: Create prototypes of new resin products and test them with a select
group of customers. Gather feedback on design, functionality, pricing, and overall appeal to
refine the product before launching it to a wider audience.

By combining these research methods, you can gain a comprehensive understanding of your
target market, identify opportunities for product development, and make informed decisions
to drive the success of your resin products business.