Application Process of Market Research
Teacher: Zsófia Kárász
Whether your goal is to expand into new markets, introduce a new product or service, or gauge customer reactions, even the smallest businesses can benefit from a simple but well-planned market-research study. Market research helps you to understand your market, your customers, your competitors, and larger industry trends. High-quality research will reveal details about your current customers and will help you to target new customers. Even in case of the establishing of a new market research for the Coca Cola Company every aspect of the marketing plan must be critically examined and thoroughly researched. This consists of examining market research, auditing business and current situation (situation analysis) and carefully observing the soft drink industry and possibilities for Coca Cola in the market. Once Coca Cola have carefully analyzed the internal and external business environment and critically examined the industry in general the most suitable marketing strategies will be selected and these strategies will be administered by effectively and continually monitoring external threats and opportunities and revising internal efficiency procedures. Situation analysis: The market analysis investigates both the internal and external business environment. It is vital that Coca Cola carefully monitor both the internal and external aspects regarding its business as both the internal and external environment and their respective influences will be decisive traits in relation to Coke’s success and survival in the soft drink industry. The internal business environment and its influence is that which is to some extent within the business’s control. The main attributes in the internal environment include efficiency in the production process, through management skills and effective communication channels. To effectively control and monitor the internal business environment, Coke must conduct continual appraisals of the business’s operations and readily act upon any factors, which cause inefficiencies in any phase of the production and consumer process. Good sources of internal secondary data are employees and the records or reports of the business. Such records could include budgets, sales figures, income and expense records, customer records, and inventory records. The External business environment and its influences are usually powerful forces that can affect a whole industry and, in fact, a whole economy. Changes in the external environment will create opportunities or threats in the market place Coca cola must be aware off. Fluctuations in the economy, changing customer attitudes and values, and demographic patterns heavily influence the success of Coca Cola’s products on the market and the reception they receive from the consumers. External secondary data are obtained from five major sources: US government agencies, publications such as the Census of the Population and the Statistical Abstract of the United States contain hundreds of tables, graphs, and charts useful analyzing business situations. Good Business Publications included Inc, Forbes, Business Week, Wall Street Journal, and Sales and Marketing Management Magazine. Commercial research agencies such as A.C Neilsen, Gallup, and Arbitron are some of the major agencies. Trade publications, books, and monographs. These can be obtained from trade associations such as the Food Marketing Institute and the National Retail Merchants. Local and state governments, information from local and state governments can include demographics and reports on specific markets, industries, and products. When marketing researchers cannot find the information they needed from secondary data, they must use primary data. There are three basic methods used to collect primary data: Survey method, observation method, experimental method. Market research interviewers ask such...
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