Business plan

1

Assignment 6

1. What information do you currently have on customers, competitors, markets, etc?

Customers

· High purchasing power

· According to Statista Data (2021), number of TV households are 121 million.

· The sizes of TVs purchased are getting bigger and TV sales are up %19 in 2020. Apps within the TV and HDR are becoming more important for consumers. (Munson, 2020).

Competitors

· Samsung dominates the market.

· Alcatel/TCL, Vizo, LG, Panasonic, Hisensei Insignia, Sony, Sharp are the other actors within the market

· Alcatel’s market share is increasing, therefore it is important to follow the brand closely (Multichannel News, 2020).

Markets

· Growing market, worth US$35.8 billion in 2020.

· Deriving forces of growth are increasing online streaming and diversification of entertainment tools (playstation, xbox and so on).

· High speed of internet and synchronous electronic devices also pushed growth in the market. (MarketWatch, 2021)

2. What information do you still need to find, and why specifically do you need it?

· Understand Covid-19 impacts on TV market To realize shifts in market and customer behavior, if any.

· Analyze consumer trends also in streaming and entertainment via TV Growth of the market is closely related to these subfields. It would be critical to follow consumer expectations in these areas to offer the proper TV.

· Evaluate perceptions against competitors Consumers’ perceptions will lead us especially in our marketing goals.

· Scrutinize market share history To pinpoint shrinks or growths in the market.

· Identify unique demands of the US customer in terms of TV To shape and communicate our unique selling point.

· Identify the dominant channel where TV purchase is made To allocate our resources to the right channel.

· Frequency of TV purchase TV is widely used in the US market, however we need to understand purchasing frequency to evaluate our market.

3. What desk research will you have to carry out to answer this question?

· Market research reports

· Market share and industry reports

· Competitors’ available growth numbers

· Competitors’ speeches and news focusing on the US market

· Articles on Covid-19 impacts

· Online consumer reviews analysis via amazon or other available platforms

· Statistics about the purchase habits, watching habits of TV

· Competitors’ marketing portfolio analysis

· Benchmarking

· Channels market share analysis

4. What field research will you have to carry out?

· Quantitative and qualitative market research to understand our market segment

· Ethnographic research to analyze the role of TV at the US households

· Field trips to stores where TV purchase is made like Best Buy (observation)

· Interviews with the sales team to gather information about shopping journey

5. How much time and money will be needed to carry out this market research? 6. Who will be responsible for each element of the research?

· Research is key when entering a new market; thus, we need to allocate enough time and budget.

· The data on TV usage in the US is not limited, we will have resources to make projections. Desk research will take almost one month. However, we still need to understand the differences between US and Canadian consumers. Therefore, we need to deep dive. Thus, the field research might take two months after we negotiate with our research agencies to utilize their expertise.

· In terms of budget, desk research and filed trips will be completed in-house. For market segmentation and ethnographic research, we will allocate CAD$ 50.000 and try to negotiate with market research agencies to receive reasonable budgets.

7. When will all the key market research information be available?

· The deadline for the key market research information will be 25.03.2022.

References

MarketWatch. November 1, 2021. North America Smart TV Market 2021-2026: Size, Share, Trends, Growth, Outlook, Price, Key Players, Industry Analysis, and Research Report. MarketWatch. https://www.marketwatch.com/press-release/north-america-smart-tv-market-2021-2026-size-share-trends-growth-outlook-price-key-players-industry-analysis-and-research-report-2021-11-01

Multichannel. September 28, 2020. Samsung Maintains U.S. Smart Tv Market-Share Lead. Multichannel.com. https://web-s-ebscohost-com.centennial.idm.oclc.org/ehost/pdfviewer/pdfviewer?vid=5&sid=dea9d878-44e7-4ae7-8cd9-ad6baf8affb8%40redis

https://www-statista-com.centennial.idm.oclc.org/statistics/243789/number-of-tv-households-in-the-us/

Munson, B. December 23, 2020. The Average U.S. consumer’s TV Keeps Getting Bigger. Fierce Video. https://www.fiercevideo.com/video/average-u-s-consumer-s-tv-keeps-getting-bigger

Statista. July 13, 2021. Number of TV households in the United States from season 2000-2001 to season 2020-2021. https://www-statista-com.centennial.idm.oclc.org/statistics/243789/number-of-tv-households-in-the-us/