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Market Research Supports Business Decisions

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❶Market research has become a critical business strategy regardless of the industry.

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Send the link below via email or IM Copy. Present to your audience Start remote presentation. Do you really want to delete this prezi? Neither you, nor the coeditors you shared it with will be able to recover it again. Comments 0 Please log in to add your comment. Transcript of Market Research-Coca Cola! Qualitative Qualitative research is the how and why, of what has been carried out, for example an interview or survey. One example of Coca-Cola doing qualitative is, their Consumer Care Survey Primary Coca-Cola research has 5 stages, so that they get the maximum amount of information available to them.

Secondary for internal secondary research Every department within an organization will have its own records that represent a potential source of valuable data. For example records of past advertising campaigns within the marketing department can be compared with copies of invoices held in the sales department in order to judge their effectiveness and get ideas for future campaigns.

Past sales figures can also be used to spot trends and forecast future figures. Quantitative Research Quantitative research is any research that contains statistics Numbers. By , researchers had arrived at a new formula for Coke. In all these blind taste tests the New Coke had outperformed both Pepsi and existing Coke. These blind taste tests and focus groups were the basis of the launch of New Coke in While the new formulation was well liked in preliminary taste tests, consumers across the country reacted strongly and negatively to the news that New Coke would replace the original drink.

Coke's US market share was under 24 percent at the time and sales plummeted as loyal customers rejected New Coke. Secondary research definition uses outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. It's usually published in pamphlets, newsletters, trade publications, magazines, and newspapers. What do they want and when do they need it? Why is the product or service important to them? And, where are the high volume users?

Market research identifies products used by customers, giving businesses insight into the products of their competitors. Taken altogether, market research can reveal ways in which a market is changing, which helps inform business strategy.

Used to support business decisions, market research is used to identify the need for new products and services. It clarifies thinking during product development and is used to keep a company on the cutting edge. It can also help rejuvenate a product brand. Market research is used to discover effective ways to protect consumers and identifies ways to offer more efficient and customer-friendly service.

Market research generally consists of primary and secondary research. Primary research is that which you gather yourself or hire a market research firm to gather on your behalf. Common methods used in conducting primary research include online or mailed questionnaires, telephone or in-person interviews, and focus groups. Primary information can be both quantitative and qualitative. Questionnaires usually yield quantitative or numeric data while in-person interviews and focus groups yield more qualitative or descriptive data.

When conducting primary research, companies must ask themselves if they have the internal resources and expertise to develop questionnaires. If so, can they develop an objective, valid, and reliable instrument? Do they have the in-house capability to clean the data that is incomplete, invalid, or unreliable?

Companies also must consider whether they have the resources to conduct interviews, which are labor and time intensive. Do they have the resources and objectivity needed to conduct focus groups? If not, a market research firm external to the company should be brought on board. The Internet has made market research easier and less expensive than ever before.

Companies are able to easily connect with large numbers of customers at the click of a mouse. Companies are able to gather massive amounts of information from online questionnaires.

It is important, then, that companies clearly define the purpose of the questionnaire and ensure that each question asked relates directly to that intent. This helps focus the market research and ensure meaningful results. When designing questionnaires, companies must pay attention to item wording, format, and order. They must create a logical flow and context within the questionnaire. Items must be worded in ways that invite people to answer the question and not worry about looking socially irresponsible.

Questionnaires give people time to think about their responses; it is impossible to know, however whether the desired individual is responding to the questionnaire or engaging the help of others to provide feedback. It is impossible to know, but important to control for, hence, one drawback of the method.

When using questionnaires for the purpose of market research, it is possible to grant anonymity or confidentiality. This is more difficult to provide when using interviews and focus groups, a more public forum.

Interviews may be structured, where the same questions are asked of everyone, or unstructured, where the interviewer is free to pursue relevant lines of questioning. Interviews may be conducted by telephone or in person. Telephone interviews can provide useful information but, as with the questionnaire, the respondent may or may not be the individual from whom feedback is actually sought.

Phone interviews can reach a broad audience but are expensive, given interviewer recruitment and training. Focus groups provide a powerful way to clarify information obtained on questionnaires or during interviews. If the company conducts focus groups in-house, it must be objective in its approach. Participants often share what they think the company wants to hear instead of what they really want to say for fear of being socially undesirable.

Social desirability becomes less of an issue if the market research is conducted by a market research firm, a third party. Of the thousands of products launched every year very few ever reach market; to beat the odds, market research is essential. Large groups of consumers studied the boards before rating each idea using numeric scales. Additional testing was done with consumers to come up with the final packaging for the Crunchy Nut Bites.

Market research brings with it a host of ethical considerations.

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Consumers strongly weigh in on the obesity crisis on social media networks. Coca-Cola uses market research as a strategy to address the issue.

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Market Research-Coca Cola! Qualitative Qualitative research is the how and why, of what has been carried out, for example an interview or survey.

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There are two main approaches to 'primary' market research: quantitative research: collecting information from a broad population sample e.g. by conducting extensive surveys, used when Coca Cola GB wants to gauge appeal across a wide audience; qualitative research: working with small 'focus' involves far more detailed investigations, e.g. gathering a small group of 'typical. Coca Cola Company Report contains more detailed analysis of Coca Cola marketing strategy covering issues of Coca Cola's public relations, events and.

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Marking Research With Coca Cola Marketing Essay. Print Reference this. Published: 23rd March, Through the study of the successful marketing research of Coca-cola, this article is not talking about the single thing and the single industry, it hopes people realized that it is not a day to establish a brand only by the quality, service and. Markething Research of Coca Cola. INTRODUCTION 3 MARKETING RESEARCH 4 MARKETING RESEARCH METHODS 5 PRIMARY RESEARCH 5 SECONDARY RESEARCH 6 THE LINK BETWEEN PRINCIPLES OF MARKETING AND MARKETING RESEARCH 7 CONCLUSION 7 SOURCES 7 Introduction In this assignment I’m going to describe how the marketing research information is used in order to understand customers, competitors and the market.