Assignment 15A – Figuring Out Buying Behavior No. 2

Assignment 15A – Figuring Out Buying Behavior No. 2

Report findings and Draw Conclusions:

            Through my interviews, I learned more about how customers evaluate where they choose to eat at and go out for drinks at in midtown. In my first interview, she shared that when going to get food, she prioritizes quality. When looking back at her meals, she would prefer that she spent more money on a high quality meal then have saved money on a low quality meal. However, when going to get drinks she looks for getting the cheapest deal. In her opinion, when going for a night out at mid she would rather prioritize quantity over quality. When going through her purchases of the night, she wants to see that she spent the lowest amount of money on drinks possible. This was not something I had considered before, that pricing for the two segments of my business would be looked at differently.

            In my second interview our conversation went down a different path. He shared with me that he prioritizes the atmosphere of where he chooses to go out to eat at and go out for drinks at. The style of the business is most important to him. He explained that his preferences change depending on the mood that he is in, but he enjoys when restaurants and bars have a unique feel to them. When he looks back on his purchases from meals or a night out it is most important to him that he had a great experience there, rather than saving money. This observation is more difficult to apply to my business model. It is important that I am able to create an atmosphere that is appropriate for both a restaurant and bar and that would resonate with college students.

            My third interview was focused on pricing again. He told me when he is going out for food and/or drinks he always chooses the cheapest option. He also mentioned that he enjoyed going places with daily deals that are unique to midtown. I think this idea around pricing is probably popular throughout Gainesville because many college students are looking to save money. The student I interviewed, as well as many other UF students, determine that they make good purchases off of how little money they spent. Overspending on food and drinks is generally looked at as a bad idea.

            This segment definitely helped me better understand my business and what my target audience is looking for in a restaurant/bar. Regarding the purchase decision, all purchases will be made in my restaurant/bar. The three students I interviewed all said they typically just pay with cash when going out to eat or get drinks so they can better keep track of how much they spend. The alternative evaluation helped me understand what customers are looking for when they spend their money on food and drinks. There were multiple topics to take into consideration including price, quality, and atmosphere. I also learned that some people look at where they go out to eat and where they go out to drink very differently, so it is important to consider this when constructing the two business segments. The thought that stood out the most regarding post-purchase evaluation was that they were getting the best deal for what they were paying. Everyone wanted to make sure they weren’t overspending.