Product Development for Leading Global Consumer Brand
Challenge:
Respected leading British brand seeks to explore market for student loans
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Actions:
- Conduct qualitative research with parents and students planning to enter or currently attending college and/or graduate school
- 'Test' three product concepts with all three segments
- Confirm hypotheses via qualitative research using national sample, on-line survey
- Develop comprehensive profile of most attractive loan prospects
- Based on research findings, isolate most relevant concepts and prepare visual boards for additional qualitative exposure.
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Implications:
- Students find education loans process too complicated and confusing
- Opportunity exists for products that are simple and transparent
- New ‘product concepts’ were well-received, successfully addressing shortcomings of current market products
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Impact:
- Product concepts in pilot test
- Early feedback very positive
