Essay
UNIT 10 - MARKET RESEARCH IN BUSINESS - M2
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M2 explain the reasons for choosing the particular method of data collection for a selected product/service
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M2- In this assignment I am going to explain the reasons for choosing surveys and publicsources as a method of data collection for Coca Cola Company
Surveys:
This is a formal or official examination of the particulars of a product made in order to
determine condition. An example of a survey is an online survey which Coca-Cola Company
sends to customers via e-mail in order to find out ideas and opinions about a specific
product or about the Company itself.
Coca-Cola Company uses different methods of market research in order to make marketing
decisions. Firstly surveys are used in different ways namely postal surveys, online surveys,
face to face surveys etc. Postal surveys are used by Coca-Cola Company to ask customers
about a product review for instance if a customer purchases a new limited edition drink, he
or she will give a postal survey in order to give a review. This type of survey is expensive
and time costing and also it is an old invalid method, therefore it is not regularly used by
the Company.
However this type of survey is rarely used. Also, customers are introduced to new products
using online survey - therefore it is less time consuming and customers are more likely to
participate.
A face to face survey allows the company to have a good relationship with the customers
and it can be used by the business to ask customers if a new product is to be introduced,
would it be valuable to them. This survey is less expensive. Interviews and questionnaires
are methods that are used by the company in order to ask customers their opinion
concerning for an example the packaging of a new product to be introduced, the value the
product will be stated etc. This decision making can also be done by focus groups.
Focus Groups
For focus groups decision making will be easy and reliable because different participants
will be giving different opinions which are a great advantage for the company. This is a fast
way to obtain a wide range of opinions.
Focus groups will also give a valid data as they will be done with a group of people so many
views would be collected. Furthermore, looking at competitors prices and analyse what are
the prices of similar products that the company sell would aid them to know if they sell
products cheaper or not.
Observation is a marketing research method that can be used by Coca-Cola Company in a
way that members of staff will be observing for the business on which product customers
are highly purchasing. Coca-Cola Company has an online website which allows customers
to obtain different voucher codes or sometimes even create their own can of drink,
imprinting their names. This is a great merit to customer because Coca Cola products can
be found easier and more attractive.
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