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Question 1.
I have an idea for a musical instrument. The instrument is made out of steel and is similar to a Hang drum. I hope to receive advice on strategies to launch the product in the market. Firstly, I think the instrument will have good demand in the US and Europe, but I'm not sure of how it can be quantified. What strategies can I use to forecast the demand of the product. Secondly, I can either provide a high quality premium instrument or a low quality cheap one. How should I strategize between the two considering the cheaper option will sell more than the premium? Thirdly, considering my primary market is US and Europe and the fact that it is a steel instrument, how should I strategize my manufacturing and logistics? Lastly, I am afraid that the design will be copied by other manufacturers, especially the low cost ones in China. What strategies can I use to make sure my design is not stolen?
Question 2.
How can banks keep their tech-savvy digital customers happy by providing a unique and updated customer experience? When we compare Amazon and Netflix user experience, they provide intriguing and highly custom-made experience to their customers. Is there a way for the banking domain can think of varied innovative practices with their products? The banking industry is aware that every customer is very crucial to them but as per recent studies it was observed, only six out of ten financial institutions do not understand where the customers would best fit when they compare them with global business strategies. They believe if the consumers are provided with a digital experience that would suffice to keep them happy. It high time that banking domain need to restructure their user experience for their consumers as this will have a competitive advantage over other entities. Some of the factors that need to worked on are : -
Are there any crucial factors that banks need to consider to provide a great user experience for their customers?
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