Outline for Marketing Research for Bacardi
For decades Bacardi has targeted younger people with its carefully cultivated brand image of Latin hedonism, synonymous with glamorous nightclubs and slinky dancers. Even though a brand image that has been maintained over such a long time is valuable and generally should not be changed dramatically, some slight adjustment might be necessary from time to time. Bacardi might be interested in learning whether a young, hedonistic, glamorous brand image still is appropriate in times of economic slowdown and national campaigns against binge drinking and the abuse of alcohol. Also it might be possible that Bacardi’s target group has become more adult over the years as their young target group of the eighties and nineties got older. To investigate this, Bacardi could conduct some marketing research in a way that is outlined below. 1. Qualitative Marketing Research
a. Zaltman Metaphor Elicitation Technique
b. Repertory Grid
2. Quantitative Marketing Research
c. Multidimensional Scaling
The overall goal of the market research would be to position the brand Bacardi in a way that differentiates it from competitors and targets a large profitable group of customers. Therefore two stages of marketing research will be necessary. First, consumer’s general perceptions of Bacardi will be explored conducting qualitative research. Second, the results of this first step will be used to conduct quantitative research in order to measure these perceptions accurately and to express them in figures. To learn what customer’s perceptions of Bacardi’s image as a white rum brand are, projective techniques might be most useful in the first stage. Sophisticated in-depth interviewing methods should be used to explore consumer’s underlying feelings about and perceptions of the brand. In particular, Zaltman Metaphor Elicitation Technique (ZMET) could be used in a first step. People will be asked to...