Posted: April 20th, 2022

Researching Consumer Buying Behavior

Researching Consumer Buying Behavior
Project 1 Research Sources!
Aim to spend at least five hours researching for this project; you need to dig deeper to find the information that you need. I recommend that you print the sources that you find (use draft to save ink) as you will be using them in multiple places in your paper. Remember to write the reference on the back of the source so that you do not have to look for it afterwards.
A. Approach this assignment as though you were looking at creating a start-up company to potentially enter the smart television markets in the US, UK, and Germany. How would you go about understanding the needs and wants of your prospective customers? Before spending money to conduct primary research, such as conducting surveys and focus group research, you would scan the web to find what you can about your prospective competitor’s customers. Not only do you have the free web (Google) at our disposal, but you also have access to a vast number of library databases from UMGC to research. Cynthia Thomes, UMGC’s The Business School Research Librarian provides us with some useful tips located athttps://libguides.umgc.edu/mba640/project1.
B. Keeping with that start-up company approach, before you spend money with a market researcher to determine customer trends in the smart television industry, you would scan market reports on the free web, where market researchers will tease you with enough information to get you to buy their reports. DON’T BUY THEM but pull as much relevant information as you can from them. You have access to databases from the UMGC library to find industry reports, such as Hoovers and IBIS World (see the business and management research guide at https://libguides.umgc.edu/business).
C. You also need to use Google for more consumer specifics; I suggest addition the source to your search string as such (for example):
UK consumer smart televisions The Guardian
Replace the source (The Guardian) and repeat, then repeat for each country using its own sources.
D. Demographics data is available, you just need to dig further. Look at industry trends from the high-priced reports. You can pull lots of information in the teaser material they provide you. Use it and cite your source. These are valid sources – just don’t pay for them. In addition, look at the industry trends from industry reports available in the UMGC Library. Consider NAICS code 334310. I recommend you look at the Business Research: Industry Overviews library guide located at https://libguides.umgc.edu/c.php?g=970568&p=7014314. It is time-consuming and a lot of work to dig through these industry reports, but I believe you will find the information you need.
Good luck!
Dr. C

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