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Market Research-Coca Cola!
Transcript of Market Research-Coca Cola!
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
Coca-Cola research has 5 stages, so that they get the maximum amount of information available to them.
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.
Coca-Cola would use the research to find out what customers want, and how happy they are with the product,it is useful to use primary research, which will then help them to determine how successful, their product is, and whether they need to improve it in a certain way, secondary could also be used to prove a theory in a certain way, or to help offer general background information of a product, also some of the uses are, that it reduces risk in descend making and measures progress over time
The effectiveness of the market research is shown in their revenue,you can see a significant jump in revenue between 2010-11, in 2010 Coca-Cola's revenue was $35.1bn however, in 2011 the revenue jumped by around $10bn to $46.5bn, this shows that Coca-
Cola's marketing techniques are working, as their revenue is jumping higher n higher every year, and some years by a significant amount!
Quantitative research is any research that contains statistics (Numbers).
The example that we have to show that Coca-Cola have used this method is, their research on Happiness from drinking Coca-Cola
By Sean & Benjamin
Coca-Cola might have limitations due to cost where coke would have to weigh out whether the possible future product will give a high revenue in return, another limitation would be the time it would take to collect the information needed, and if the data collected is valid enough
the definition of primary research is Experiments, investigations, or tests carried out to acquire data first-hand, rather than being gathered from published sources.http://www.businessdictionary.com/definition/primary-research.html
An example of primary research used by coke would be when, in 1985 the Coca-Cola Company decided to terminate its most popular soft drink and replace it with a formula it would market as New Coke.By 1984, researchers had arrived at a new formula for Coke. Before Coca-Cola launched New Coke they had invested US$4,000,000 in market research and undertook 200,000 blind taste tests.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 1985. 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. http://www.entrepreneur.com/encyclopedia/secondary-market-research
•Commercial market research organizations – including MINTEL, Keynote and Euro monitor
•The Government – e.g., Monthly Digest of Statistics, Annual Abstract of Statistics, Social Trends. In addition, there are now a number of government websites, such as www.statistics.gov.
•Competitors – company reports and websites are easily accessible and contain a limited amount of information
•Trade Publications – e.g, the Grocer
•The general media – to the archives of newspapers such as the Financial Times and the Guardian and journals such as the Economist are now accessible online, making them a useful starting point for research