5) Marketing Research
Market research helps you 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 target new customers. •
In addition to the insight that you’ll gain into customer needs, market-research studies can help you avoid costly mistakes, such as introducing an unpopular line of goods or developing a service that no one really wants Example
Coca-Cola's introduction of New Coke in the 1980s demonstrates what happens when decisions aren't supported by solid research. Coke revised the formula of its traditional brand of soft drink and lost millions in sales. By performing a study and determining what people thought of the new formula, the company could have avoided public-relations headaches. Some basic guidelines can be followed before conducting a market research. •
Use the right sample.
Mirror the market.
Get quantifiable results.
Couple of research methods can be used by Coca Cola Company Such As: PRIMARY Research
Direct interview of retail shops and consumers.
Various research techniques can be adopted for example:
Collecting information from field specifically meant for launching O2 coke. •
Questionnaires were designed for 20 potential customers to identify the target market needs. •
Questionnaires were based on the basic marketing mix (product, price, place & promotion).
Gathering and analysis of existing information available •
Information from the local library including industry research report and magazines. •
Information from journal articles, newspapers and the Internet.
The Coca-Cola Company is a global business enterprise and one of two main soft drink sellers. Study of this report helps the reader to know that how Coca-Cola has achieved its current market position. This report enlightens those factors that company has adopted during its long journey of 52 years in Pakistan. This report includes the introduction, micro and macro environment factors affecting coke, segmentation and positioning strategy and auditing and planning methods that company uses and much more The dedicated service that company has been providing has made the company the proud holder of several most widely recognized brands in the world.
6) Market segmentation
Dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes. In evaluating different market segments, a firm must look at three factors: •
Segment structural attractiveness and company objectives and resources. There is no single way to segment a market. The market has to try different segmentation variables, alone and in combination, to find the best way to view the market structure.
There are three types of market segments.
Undifferentiated marketing. (Mass Marketing)
Differentiated marketing. (Segmented Marketing)
Concentrated marketing. (Segmented Marketing, small segment) Coke segmentation strategy:
Coca cola servers its products using mass marketing technique, which obviously falls in undifferentiated marketing, and undifferentiated marketing means no segmentation, but there are minor factors on which we can say that the coke segments its products and then targets the customers somehow. These factors are as follows.
Coke segments its products country wise and region wise, here the most important thing is the taste and the quality, it varies according to the taste and the income level of the people in that country, i.e. Third world counties are given low quality taste.
In coke marketing, main idea is to...
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