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Focus Group Discussion A Product Validation Tool

Focus Group Discussion A Product Validation Tool. The FGD. A qualitative tool, the FGD will help the user gather information on what potential clients like or dislike about the features of a new product, and what changes are needed to make the product more acceptable to clients.

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Focus Group Discussion A Product Validation Tool

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  1. Focus Group DiscussionA Product Validation Tool

  2. The FGD • A qualitative tool, the FGD will help the user gather information on what potential clients like or dislike about the features of a new product, and what changes are needed to make the product more acceptable to clients. • To validate the design of a new product, the FGD is used after a product has been designed based on the results of the market survey, and immediately prior to the pilot testing stage.

  3. Purpose of FGD • Gather information on the acceptability to target clients of specific features and policies of a product, and its competitiveness with similar products in the market. • Identify what specific product elements may need to be modified or improved.

  4. Selecting the FGD Participants

  5. Selecting the FGD Participants

  6. Selecting the FGD Participants

  7. Preparing for the FGD

  8. Managing the FGD Process You will need a FACILITATOR and a RECORDER • Facilitator makes the clients feel comfortable in voicing their opinions in a group environment; • Facilitator gets everyone to participate; • Facilitator keeps the discussion flowing; and • Obtain the information needed in a limited time (usually one hour or less).

  9. How to conduct the FGD

  10. How to conduct the FGD

  11. How to conduct the FGD

  12. How to conduct the FGD

  13. Analyzing the results of the FGD

  14. How to use the Data • Evaluate whether there is a need to modify any of the product features/elements • If modifications have to be made, consider the impact of the same on (1) Risk Management, (2) Cost Management, and (3) Cost-covering interest rates.

  15. Words of Caution!!! • Avoid raising the FGD participants’ expectations that they are assured of a loan from the bank when it starts to offer its new loan product. • Avoid raising expectations that all their suggestions would be adopted. • During the discussion process, the facilitator or other bank staff observing the process should not defend the bank’s policies when participants criticize them. Note the issues raised and respond to them after the FGD.

  16. Client Satisfaction Matrix

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