wk 4 UMGC MRKT Marketing Plan Part 31

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University of Maryland Global Campus (UMGC) *

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311

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Marketing

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Feb 20, 2024

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docx

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MRKT 311 Principles of Digital Marketing Marketing Research Business Marketing Plan Part 3 MARKETING RESEARCH PRODUCT AND COMPANY NAME Coca Cola Company (parent company of Minute Maid Orange Juice) MARKETING PLAN RESEARCH EVALUATION MARKETING RESEARCH VALUE The information gained through market research allows the company to make informed decisions about its products and marketing strategies. EVALUATION Coca Cola evaluates it’s market research through a number of avenues including data collection (surveys, focus groups, interview, social media monitoring), Data Analysis (data collected is analyzed by teams and tools to make the data make sense), Consumer Insights into the way consumers feels about marketing and products, evaluation of competing marketing, creation of new marketing strategies based on the information gained, and Brand Reputation (new gained information is used to see how people view the brand and how that view can be improved or increased). TYPES OF MARKET RESEARCH QUANTITATIVE RESEARCH Example One: Customer Surveys Customer surveys use an online survey as a tool. The goal is to measure customer satisfaction and find any areas of concern. This could be done on a 1-10 rating scale where 1 is the least satisfied and 10 is the most satisfied giving satisfaction a number value. This research would improve the company’s marketing plan by seeing what areas are working well and highlighting those and improving on areas where customers are not satisfied and fixing those issues.
MRKT 311 Principles of Digital Marketing Marketing Research Business Marketing Plan Part 3 Example Two: Brand Awareness Study The tool used for this study would be online and phone surveys. The goal would be to be able to put into numbers the level of brand awareness among target audiences. This could be done by placing a 1 value for no awareness and a 5 value on fully aware. This could include slogans, brand jingle, logos, advertisement and ect. This would help to recognize which marketing items were working and which ones are not memorable. QUALITATIVE RESEARCH Example One: In Depth Interviews This would be done through one-on-one interviews with consumers. The goal would be to determine the reason consumers bought or did not buy the product, the way they feel about the product, what made them feel that way, and insights into why they purchased what they purchased. Example Two: Observational Research This would be done by viewing customers and recording their behavior within a store. It would allow researchers to see the way customers behavior in a natural setting. It would show which products they looked at and which products they ultimately chose. It would also allow researchers to see gained and missed opportunities with their customers within the shopping experience. REFERENCES Concannon, Lance. (2023) How Coca-Cola Collects Consumer Insights. Meltwater. https://www.meltwater.com/en/blog/coca-cola-consumer-insights Minute Maid. (n.d.) Minute Maid Official Website. https://www.minutemaid.com/ Smith, Scott. (2013) Market Research Example: How Coca-Cola Lost Millions with This Mistake. Qualtrics. https://www.qualtrics.com/blog/coca-cola-market-research/ The Coca-Cola Company. (n.d.) Coca-Cola Official Website. https://us.coca-cola.com/
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