Task 8 pass 3
Brands such as coca cola that is purchased because of the business’s reputation use market research to gain information and statistics that they can improve on.
One example of market research they use could be qualitative which is research that finds out about customers feelings and opinions about the business. Such as they could collect 10 different customers and make a focus group to test out there knew flavour strawberry cola. They would sit them down in a room and ask them individually to test the sample and ask them what they think of it. This would mean the results they get back would be 10 different opinions and if say 8 out of ten people said they liked it, enjoyed it or loved it they would then engage another research where there would be a wider range of people to make sure releasing this product onto the market would be a good idea and if the result gained back were as positive then this product would then be sold. The limitation of this source of research is the fact that all the results from each person with be different as there all opinions so they can’t get one definite answer but can gain a rough estimate. Also the question being asked could be biased.
Another example of market research is quantitative which is research that is collected in numbers such as coca cola would go out to a shop and monitor how many of their variety of cola’s were sold and would tally it down in order to find out which one is the worst seller to improve on it. The results would be something like in a day 18 coke originals were sold, 13 diets were sold and 7 coca cola zeros were sold which means coca cola zero is the worst seller for coke. They then would most likely carry out qualitative research asking original and diet purchasers why they don’t buy zero in order to improve on the taste of it. The limitation on this is that the results that are given are only in numbers so they know what was sold best but don’t know why so the research doesn’t help for improvement of the products but tells them what is the best seller.
Coke would also use primary research where original research is carried out in ways such as telephone surveys or questionnaires. They could do this in order to find out whether or not there knew coke lime is liked by the public or not an in order to do this a questionnaire could be used which is quantitative research with a simple question