Over the past week, we have gone around campus to ask students and professors questions regarding our concept. The general response has been positive and everyone we talk to seems to be excited about the prospect of our product being built. Through our questioning, we have determined a few things to be critical to potential customers. Of course, price is a huge factor customers consider when deciding whether or buy a product. Instead of starting our questions with what price they would be willing to pay, we decided to describe the product and its features to gauge how much value they think it would add. The conclusion we have found is that customers are willing to pay anywhere from $5-$25 for this accessory. This is a wide price range and has led us to discuss three possible price levels. The first level is to price the product low at $5-7. The second level is to price it high at $20-25. The third level is to offer the product at price range from $5-25. This range leaves the final price decision to customers and could result in a variety of selling prices.

Another insightful question we asked was what design features were important for a phone/mp3 accessory. A majority of customers responded that it is important for the accessory to be detachable as well as match their phone and/or phone case. These responses are critical because we had an assumption that customers would want to be able to take the accessory on and off their device. With this assumption being validated, we can proceed with finalizing the design. During this finalization, we need to determine the set of colors to make the product so it matches a wide range of cell phones and cases.

We plan to continue asking customers questions that will result in our production of a quality accessory that will be in high demand.

So we've made some big changes at Winning Concepts. We acquired a new group member, and have pivoted to a new concept!  We are pursuing a product that will serve as a device that you can attach/detach to the back of your iPhone, Android, or other smart mobile device, that you can use to wrap your earbuds around to keep them tangle free and free from damage or loss. Below is the first take at a business model for this new product idea.