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Result of Survey About Consumer's Buying Preferences towards Technological Goods Produced using Sustainable Business Practices - Essay Example

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Name Class Professor Date Result of the survey about consumer’s buying preferences towards technological goods produced using sustainable business practices I. Executive summary The following study is conducted to determine consumer response to a company’s effort in using sustainable business practices…
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Result of Survey About Consumers Buying Preferences towards Technological Goods Produced using Sustainable Business Practices
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"Result of Survey About Consumer's Buying Preferences towards Technological Goods Produced using Sustainable Business Practices"

Download file to see previous pages II. Introduction Knowing the preference of a market or determining how will consumer respond towards a certain good is critical to a business success especially when it is about to introduce a product in the market. The information regarding the market’s preference, behaviour or response towards a certain product is critical because this will give the company an idea whether to push through with the product or not and if ever it will push through with the product, on how will it position itself in the market that would optimize its success. In the case of this paper, the research will determine the consumer buying preference towards technological goods produced using sustainable business practices. Albeit it is ideal to produce products using sustainable business practices, it is not yet known whether there will be a business incentive in terms of market acceptance in the market of Dubai towards green products. This paper will attempt to determine Consumer buying preferences towards technological goods produced using sustainable business practices and if they are, what particular consumer demographics are susceptible to it so that a company can focus on a particular segment of the market to optimize its success. III. Description of methodology The information used in research paper came from primary data through the form of a survey. The survey had 40 respondents from the Dubai market. The demographics of the market are consumers age 30-60 above, who have a source of income of USD 20,000 to USD 59,000 that ranged from single people to couples with family. Suffice to say that the respondents were a fair representative of consumers of technological goods. The purpose of the survey however was to determine their preference towards technological goods produced using sustainable business practices. Albeit it is the ideal business practice, it is yet to be determined if sustainable business practice can translate to sales and ultimately profit. The survey came in the form of a questionnaire which requires respondents to indicate their age, gender, approximate annual income and civil status. The questionnaires were designed to be simple to easily determine consumer response towards technological goods produced using sustainable business practices. IV. Analysis of the data from the survey The result of the survey was an eye opener as well as encouraging. For one, there are already segments in the market who particularly conscious about the company’s business practice and in fact has a bearing in their purchase decisions. Survey result showed that the age group 35 to 39 and 40 to 44 strongly agreed that consumer should completely stop buying products that are unsustainable to the environment. This indicates that a particular segment in the market has a strong opinion about the environment friendliness of a product. This is being supported by another statistical data that these age groups are responsive to the environmentally sustainable practice of a company. Age group 35 to 39, 40 to 44 and 45 to 49 proved to be willing to pay extra as long as the product/s is/are environmentally friendly. They would also ask or inquire about the business practice of a company of which they deemed to be important in the decision making process of purchasing their electronic goods. Consumers also do not merely associate environment friendliness to energy consumption because respondents on all age group did ...Download file to see next pagesRead More
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