Marketing research involves conducting research to support marketing activities, and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge the nature of a firm's marketing environment and attain information from suppliers.
Three research methods that will give more valuable information about the product concept areas below.
Focus groups: Discussion of selected members (a mix of parents, teachers, academicians and psychologist) in a focus group will help the company gain insight about what the customers are think and how they perceive the product (Kotler, 2000).
This will also help in identifying any gaps between the product presently available in the market and what the customers want.
Unstructured interviews: Unstructured one on one interview with parents, teachers, and psychologists can help the company gain more information by using probing questions.
Questionnaires: Questionnaires with a combination of open ended and closed ended questions can be sent to the respondents over the email and they can send their replies over the email.
2. (TCO C) Choose a specific brand (i.e., Coke, Nike, McDonalds, etc.). Using this brand as an example, describe what makes this a unique brand that is easily recognizable by consumers. What do you, as a consumer, think of when you see this brand logo? How would you describe a Brand? What roles do Brands play in the market and what signals success? (Points : 25)
A company's brand awareness is one of the most important process that will affect the company development. Consumers cannot buy products that they don’t know exist. Even if the overall brand name is familiar, it won’t help sales of individual products unless consumers know what products are available under that name.
The cola market is a particularly strong example of this benefit. Consumers easily recognize different carbonated beverage brands, such as Pepsi, Coke, Mountain Dew, 7-UP, and Dr Pepper. From promotions, past purchases, or information from friends and family, they recognize the offering before they even read any text on the label, and they likely possess a perception of the brand’s level of quality, how it tastes, whether it is a good value, and, most important, whether they like it and want to buy it. Brands enable customers to differentiate one firm or product from another. Without branding, how could we easily tell the difference between Coca-Cola and Pepsi before tasting them?
Philip Kotler; Kevin Lane Keller. Marketing Management for DeVry University. 14th Edition. Pearson Learning Solutions, Bookshelf. Page 495
Coke is the unique brand that is easily reorganized by consumers all over the world because of its branding strategies. Since the company started until today, it has been powerful in every product, the company is a globally recognized corporation, and the company's brand development strategies constantly raise consumer interest and remain highly competitive.
They achieved an impressive brand loyalty through continuous reinvention of its brand and focus on brand enhancement. The company focused on making the brand affordable, available and acceptable while establishing a brand that would be instantly recognizable and highly appreciated in consumers' needs.
Philip Kotler; Kevin Lane Keller. Marketing Management for DeVry University. 14th Edition. Pearson Learning Solutions, Bookshelf. Page 128
Over the years, and in an effort to adjust its branding strategies to the new consumer demands, Coke focused on building brand identity by offering value for price, differentiation to meet consumer