Hi! It's me again. Last week, we were tasked to perform market validation for our customers and future business partners. 1. Hypothesis Definition The customers will be happy with the ease of the delivery service because they will receive their groceries in the comfort of their own homes. As for the business partners, the proposed business conditions are favorable to them because of the following reasons: 1. For the establishment/s who will be our main supplier for the groceries, it means more income for them since they are sure that we will purchase goods from them. 2. For the delivery manpower (CMU Students who wish to work), it is favorable for them since it will mean additional allowance for their expenses here at Central Mindanao University. 2. Hypothesis Testing For the last week, I asked two customers, one student who wants to be a delivery rider, and one supplier from outside CMU (refer to the attached picture). Customer 1: "Ganahan ko sa concept kay dili na bitaw hassle na magpalit pa ug ginagmay sa market tas magbalik balik pa. Ma plan napud nako ahead of time akong lutuon sa akong meals since makapalit man ko ug pang one week na budget kay ideliver na man siya." Customer 2: "Convenient siya for me as someone na hectic kaayo ang schedule kay dili nako mabalaka na mahutdan ko ug groceries sa boarding house. Unta apilan sad ug food and medicine if ever para isahan rasad nag palit tanan hehe." Delivery Rider: "Actually nice siya na concept kay makatabang siya sa students na gusto mag part time while ga skwela. I suggest lang na makahimo namo ug guidelines sa kung unsa ang requirement para ma hire ninyo, ang share per delivery, ug lain na mga butang na need ninyo sad iconsider para sa safety sa rider pero overall nice jud ang concept unta mahimo ninyo ni kay dako ni nga tabang sa uban." Supplier: "Okay lang ginahatod man ka namo sa CMU kada monday dalahon nalang nato ang stocks. Sa presyo, lower than SRP nako ihatag since direct man ta sa distributors mas gamay lang akong patong since in bulk man sad ninyo paliton. Pagsaba lang daan unsa na stocks imong kuhaon para mapalit sad sa distributors inig schedule nila. Okay rasad kay sure na nga naay mahalin sa stocks haha strictly cash sa imoha hahaha. Mayra sad nga nakahuna huna ka ana. Ayaw lang kalimot mag inventory para dili ka malugi haha." In summary, our hypothesis was accepted and it was deemed favorable for all parties involved.
3. Team Decision 1. Craft a partnership contract with the suppliers as a form of agreement to purchase goods in bulk lower than SRP. 2. Craft guidelines on how delivery riders will be paid and their benefits as business partners. 3. Look for more suppliers outside CMU for lower prices. 4. Take advantage of close connections in purchasing goods at supplier prices (family businesses). 5. Take into account buyers' suggestions like including pasabuy on food deliveries and other necessities aside from groceries. 4. Team's Options 1. Purchase groceries in bulk from CMU Market Pros: Accessible, Close to Campus Cons: Higher prices since they already bought it from somewhere else 2. Purchase groceries in bulk from close connections Pros: Lower than SRP since we will be given a special price, easy negotiations and agreements Con: A bit far from CMU 5. Lessons During our market validation, I have learned that starting a business is more than just thinking about the money that we will be using for the startup. There are a lot of things to consider aside from the capital fund for the business. Market Validation is very important in creating an insight on how people will react to your business. It will also give you an idea on how your business will impact other people's lives, it's impact to the current market, and the ways that you can do to sustain the business. I have also learned that being in the business world is more than just finding customers. As a businesswoman, I also need to form partnerships with suppliers and gain their trust that I can also help their business thrive while taking care of mine. What a long blog entry for this week haha. That's all guys! I hope you also learned something form reading my blog. See you in my next blog! Byeee!
