The paper "Market Research and Its Use in a Marketing Plan" is a perfect example of a Marketing Assignment. The importance of market research in a marketing plan is underlined by the missteps made by some of the world's biggest brands due to lack of knowledge of their markets and inability to formulate well thought out marketing plans. Beharry, a start-up adviser stresses that for a viable business to exist there is a need for a product that fills a gap in its target audience as identified in their marketing plan and this can be achieved by conducting market research to ascertain the effectiveness and preference of that product.
He emphasizes further that market research goes a long way since it also gives organization insight on how to sell its products and also providing insight of the organization customers as well as supplementing the marketing plan. This article gives a reflection of how a lack of conclusive market research cost Coca Cola in the year 2004 as the globally recognized company took aim at a new market targeting the males within the 20-40 age gaps (Beharry).
This was after the organization had received complaints that its Diet Coke flavor and brand perception were not quite appealing to the majority of its target markets. However, after limited market research, the Company launched its C2 product for this particular target group. This product was a low-cost beverage with mid-calories however it turned out to terribly fail to cause Coca-Cola quite a fortune. In this case, Coca-Cola seemingly failed in carrying out effective marketing research as it is required when formulating marketing plans (Dudovskiy & John).
The article also claims that the marketing expert agrees that the Coca-Cola Company made a huge mistake in ignoring the concept of descriptive research. In this case, they claim that the organization was engrossed in the exploratory research concept since this product was backed up by a lot of marketing data relating to the male preference and diet trends that it was solving. However, Coca-Cola’ s market research ignored the magnitude of the descriptive research hence, failing to ask the right question to the right target audience, thus, it ended up coming up with a product that missed the mark and messed up their entire marketing plan for that period (Beharry). Who are the competitions for your favorite product? Over a couple of decades, Coca-cola products have gained populace on the global market an issue which is attributed to its aggressive approach to marketing.
In this article, the author stresses the fact that despite Coca-Cola enjoying a quite significant lead over its competitors it has not taken a “ back foot” approach when it comes to marketing (Kaplan). The author argues that Coca-Cola is still striving to embrace the concept of competitive advantage in order to maintain a significant comfortable lead over its competitors.
Nonetheless, evidence from the figures in this article showcase that Coca-cola products are still dominating the global soft-drink beverage products market by 45.1 % which is attributed to Coca-Cola’ s recent significant increase in its market share volume by 48.5 % from 41% in the year 2009 (Wang ).
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