Essay
UNIT 10 - MARKET RESEARCH IN BUSINESS - M3
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M3 analyse the research findings and make recommendations on how marketing strategies could be adapted or implemented.
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M3 – In this assignment I will analyse the research findings and make recommendations onhow marketing strategies could be adapted or implemented within Coca-Cola Company
In this assignment, I will make three justified recommendations for Coca-Cola Company
to improve the validity of the marketing research used to contribute to the development
of their marketing plans.
To begin with, I will review their method of conducting secondary research. When
gathering data, it is vital that a company ensures that the information received is
reliable, valid and up-to-date. Coca-Cola Company hired specialized employees to gather
information on their behalf, in order to help with the development of their marketing
plans. The data which Coca-Cola Company received enabled them to trends in the drinks
market. It allowed the Coca-Cola Company to analyse flavours, textures and tastes from
around the world. This information then allowed the organisation to come up with a
selection of ideas which meet customer preferences.
Secondary research also provided vital information about competitors, their activities
and products. This is indeed important as it demonstrates whether the product
Diet soda is working on is unique or already being sold by other companies. In short, it
shows Coca-Cola Company what features it has to improve to further ameliorate its
product idea. This can allow Coca-Cola Company to ahead of the competition and
perform better than others, like Pepsi. In addition to this, information about
competitors can provide an overview about the prices which Coca-Cola Company should
issue for its products. This can prove to be very helpful as if Coca-Cola Company is not
aware of other similar products on the market, it will not be able to adjust its own prices
to encourage customers to purchase its products instead of others.
My recommendation to Coca-Cola Company would be to change their ingredients and
replace the Aspartame with another ingredient in order to make the Diet Coke healthier
for its customers.
Coca-Cola Company also used primary research to gather first-hand information. This is
more beneficial for the company as it provides answers to questions which are directly
related to their projects. That is, the researcher can adapt questions in the research
according to the needs of the Company. One form of primary research which Coca-Cola
Company made use of to gain qualitative data, is the focus group method. This helped
the Company to find new suggestions for its products to fulfil customer expectations.
This type of research can also be valuable; given that Coca-Cola Company wants to meet
the taste of different customers, it can select group members of different ethnic groups,
geographical location, age... This will lead to the research being more open and
representative and might even present a wider range of ideas for Coca-Cola Company
development of marketing plans.
However, the focus group also has several limitations. For instance, if the moderator
does not perform his job efficiently, then the group may be dominated by only a few of
the participants. This will result in only their opinions being heard, and thus the
research will be biased. In addition to this, sometimes participants may alter their
behavior, as they know that they are among the company of others. Therefore, they will
opt to appear in the limelight and might only mention the positive features of a product.
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