Eco Nails


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While a new venture’s success depends upon many assumptions, one of the major assumptions is "Your idea satisfies a unique need that a specific market segment is willing to pay for. Paper 3 should explain how you could test this assumption by trying to get potential customers to take some form of action; and how you would interpret your results. The paper should be a minimum of 4 pages double spaced. The papers should not discuss multiple tests. It should focus on how you would go about doing one type of test well. It should not explain how you would perform ?Market Research, in general? or ?Marketing? in general.
Types of test: We have discussed several types of tests in class. See the spreadsheet labeled "Testing Overview" The test you describe might include items on the spreadsheet. Examples, some of which are included on the spreadsheet, are:
* You make webpage mockups of product.
* Potential customers make an appointment to be sold the product, after they receive information about it.
* Potential customers indicate "like" on a facebook page.
* You find a complementary webpage that will list your idea. You can then see if potential customers will click on button to find out more.
* People expend some type of extensive effort in exchange for a percent off coupon.
In designing a test, you may need to combine multiples items above, and/or on column B of the ?testing overview? spreadsheet. Choose the Testing Method that Best Meets the Criteria Below. You probably will have to make trade-offs.
Criterion One: Your test must reflect some aspect of your business that is crucial to its success and about which there is substantial uncertainty. This will usually involve testing your market segment or testing what is different about your offering. Major criterion! Criterion Two: Your test should involve an action as closely related to making a sale as possible. All things considered, testing if someone will purchase is better than testing whether someone will visit a website to find out about the product, or testing whether people will use a product they received for free. Major criterion! Criterion Three: Your test should involve your ideal market segment. Are the people you?re getting to respond your exact market segment? Major criterion! Criterion Four: Your test should reflect an actual method of distribution you think you would use once the venture is up and running. Criterion Five: Your test should generate statistical proof. Have you controlled for all factors except for the one you are trying to test (e.g., A/B testing)?
Criterion Six: Your test should be low cost. Criterion Seven: Your test should generate results quickly. It should be possible to implement right away, given your product’s current stage of development, and your resource constraints.
Criterion Eight: The test should require minimal effort on your part. Criterion Nine: Your test should operate within the law, and treat respondents ethically.
Paper Format:
Review: In one paragraph, state your unique idea, your ideal market segment and the distribution channel you think you will use. State the hypothesis: Clearly state one hypothesis, being sure to describe a specific market segment and specific action. Don’t leave it general. The statement should be clear enough that it is testable. You should test whether what is unique about your idea is desired or whether you are approaching the best market segment. Description of test: You should describe the test in great detail, so much detail that one could easily implement it. Every detail of the test should be spelled out. The write up should clearly indicate costs and include materials that you would use. It should just be a matter of "flipping" a switch. Put exhibits in the body of the paper, not at the end. At a minimum you will need to explain, in detail, Reach: How will you reach people. Idea: What people will see, or be told, that captures your business idea (e.g., will it be the actual product, a description of the product, a web page showing the product, etc.,)
Perform: What action (behavior) that is at least a part of the buying process, which indicates interest, do you want the person to perform. While the action does not have to be making a purchase, it must relate to some part of, or stage in, the buying process. Describe the minimal precise measurable result that would need to increase your faith in your assumption and why that level of results is relevant. Filling out a survey is not considered an action that is part of the buying process.Test Meets the Criteria: This section should also explain the extent to which your test meets the nine criteria listed above. Although I want you to do as "perfect" a test as possible, I realize that you may face many constraints. Explain how your test may be lacking and why you made the tradeoffs you did.
Grading criteria:
Amount of detail provided when describing test: How well did you describe the test. This also includes the amount of research you conducted to develop the testing plan.The extent to which you met the nine criteria, given your practical constraints: Quality of your logic: This captures several issues including, but not limited to: Did you do a good job of pointing out the strengths and weaknesses of your test? Did you clearly justify your choice of cutoff criteria to measure success or failure? Do the trades offs in criteria you made make sense.
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