Directions: Each student will complete an individual research paper (2–3 pages, double-spaced) that explores the social or environmental cause their group has chosen to address with their product/service. You must respond to your group’s research area and answer all guiding questions with evidence, proper citations, and thoughtful reflection: (Research Groups: Who, Where, How, and Why).
How to Research: Look for data, new stories, articles, and other resources that help demonstrate the value, demand or need, and customers/consumers for your business. Statista, The New York Times, Google News, and IBISWorld can provide you with good context to help you learn more about the background of your topic from multiple perspectives. Also, try out the library search box to locate other articles or data.
Requirements: ➢ Use at least 2 credible sources (news articles, library databases, government websites, etc.) ➢ Include in-text citations and a reference list (APA) ➢ Submit on Canvas by 11:59pm on Sunday, November 16th
Questions to Address:
a. Who is your ideal customer? (age, students, parents, etc.)
Search Statista by keyword. Look for demographic data about customers- age, generation, gender, etc.
b. What are the key characteristics of your target market? (gender, income, education, lifestyle, interests, values)
Search Statista by keyword. Think about activities your customers might engage in if they are going to buy your product. Example: you are selling sneakers and should consider what populations engage in active lifestyle, go the gym, play sports, etc.
c. What problem does your target market struggle with?
Statista, Google News, New York Times, IBISWorld are all possible resources to help find stories or data about issues related to your product.
d. How does your target market currently solve this problem?
Read an industry report from IBISWorld related to your topic. What are the exiting products that people use now?
e. What does your target market value when making decisions? (price, convenience, brand loyalty, etc.)
Look in Statista for brand loyalty and brand awareness data.
a .How does your product/service relate to wellbeing?
Think about problems that exists for consumers (example: poor diet, poor sleep, lack of access to healthcare, etc). Statista can provide data to scale the size of those issues and provide context for your product.
b. How does your product/service make a difference?
News stories can give great context to the need and value your product would bring to consumers and the world. Consider searching through Google News or the New York Times by keyword for a story that helps illustrate the potential impact of your product.
c. How is your product/service unique compared to other businesses that exist?
Look at competitor company websites to understand their products. How is yours different? Examples could be pricing, sustainability, accessibility, sizing, function, etc.
d. How will you get people to buy into your business?
Look at Statista for data on how people feel about your competitor products as a starting point.
e. How can you use research to back up the need for your product/service?
What does all of this data and information do to help market your business?
a. Are there geographic regions with higher demand for this type of product/service?
IBISWorld reports provide a geographic breakdown on where products have the most businesses in a given industry.
b. Where are your target customers located? (local, regional, national, international? What cities, states, or countries are they in?)
Look in IBISWorld for state related data (check under the Products category for state specific reports).
c. Are you targeting urban, suburban, or rural areas?
Consider state level data to help understand business concentration.
d. Where does your target customer usually shop or access similar products/services?
IBISWorld reports provide data on shopping channels for products and trends on consumer spending.
e. Where will you sell your products/services? (online, in person, both? Local stores, coffee shops, amazon, social media?)
IBISWorld has reports on retail channels and wholesale channels for selling products.
a. Why is there a need for this product/service?
Statista can provide data on why people need a product by highlighting problems or issues they are facing (ex. lack of sleep, poor healthcare access, lack of time, income, etc). New stories (NYT, Google News, etc) could also provide great context for why your product should exist.
b. Why does your product or service relate to wellbeing and why does this matter to you and your customers?
Search Statista by keyword related to your wellbeing topic. Examples- fitness, mental health, sleep, supplements, functional drinks, etc.
c. Why is this the right time to introduce this product or service?
Statista data can show interest over time in your topic, related products, etc. Look for chronologically presented data.
d. Why do you and/or your team personally connect to this product/service?
Even if you aren't the target consumer for this product, why do you think it's important?
e. Why do you believe this product/service can make a real difference? Why would people want to invest in this business idea?
News stories can demonstrate impact through storytelling. Finding a compelling news stories can help people (and investors) relate to the value of your product.
