Market Research and Its Use in a Marketing Plan - Assignment Example

Student’s Name Professor’s Name Subject DDMonthYYYY MАRKЕTING РОRTFОLIО 1. Market Research and its use in a marketing plan http://www.campaignlive.co.uk/article/market-research-horror-stories-featuring-coke-microsoft-hsbc/1414232 The importance of market research in a marketing plan is underlined by the missteps made by some of the world biggest brands due to lack of knowledge of their markets and inability to formulate well thought out marketing plans. Beharry, start-up adviser stresses that for a viable business to exist there is need for a product which fills a gap in its target audience as identified in their marketing plan and this can be achieved by conducting a 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 lack of a 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 complains that its Diet Coke flavour and brand perception was not quite appealing to 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 causing Coca-Cola quite a fortune. In this case, Coca-Cola seemingly failed in carrying out an effective marketing research as it is required when formulating marketing plans (Dudovskiy & John). The article also claims that marketing expert agree that 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). 2. Who are the competitions for your favourite product? https://www.bloomberg.com/news/articles/2016-02-02/coca-cola-clobbers-competition-in-worldwide-soda-sales-chart Over a couple of decades Coca-cola products have gained populace on the global market an issue which is attributed to its aggressive approach on marketing. In this article the author stresses on 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 ). Pepsi is the main competitor for Coca-Cola’s products, it has a market share that is nearly half to that of Coca-Cola and a 20% global sales volume. Coca-colas product significant market dominance it attributed to the organization’s efforts in integrated marketing strategies where it has hugely invested in its marketing section (Kaplan). Embracing the concept of competitive advantage as pointed out in this article has also enabled Coca-Cola to adopt strategic marketing to enable its products to be portrayed as global consumable brands. Additionally, the article points out that despite Coco-cola products dominating the global soft-drink market and the Company being a market leader it is still focused on knowing its competitors in every market, strategizing how it is going to operate by embracing the concept of competitive advantage. Coca-Cola is also keen to know the basic needs needed to operate in a particular market and as a result it has had several franchising and joint venture agreements to navigate through some specific market regulations (Wang). 3. PESTL and how this affects the introduction of a new product or service http://freepestelanalysis.com/pestel-pestle-analysis-of-retail-industry/ In this article the author analyses the retail industry, stating that this particular industry is quite saturated and breaking into it have a been made close to impossible due some Macro environmental factors put in place that have inconvenienced any business trying to enter this market. The article reviews the PESTEL framework in an effort to point out this Macro environmental factors which has posed as barriers for new entrants into the retail industry (Adamkasi). In line with the political factors the author argues that a number of laws have been formed by the government and independent bodies which have constrained new entrants into this industry. For instance, the law on increasing the interest rate on commodities, monetary policies in different countries, tax policies, employment laws and safeguards are some of the stressors under the political factors within the Macro environment which have inconvenienced new entrants into the retail market (Miron & John 55). Under the economic factors the author mentions some factors such as global economic recession, customers buying habits and change in foreign exchange rate. For the social economic factors under the PESTEL framework, the author states some factors such as income contribution demographic, population growth rate as well as change in leisure and career attributed to have hampered their efforts of entry into this market (Miron & john 34-61). Conversely, the author has acknowledged that some factors such as the technological factors under the PESTEL framework have improved their entry efforts in to the retail market. In the case, the author argues that new technology has enabled them to come up with online retail stores where new entrants in this industry have been able to sell their goods. Further, the author also claims that increasing awareness on healthy lifestyle has led to customers to banish some products from retailers which have significantly decreased their sales. 4. SWOT Analysis and its use in the marketing plan http://www.marketing91.com/swot-nike/ A good marketing plan identifies an organization’s strengths, weaknesses, opportunities as well as the threats that the industry they operate in presents to their mode of business. The article reviews the SWOT analysis of Nike one of the global number one shoe brand company. The author gives a detailed analysis of Nike by using the SWOT framework. He claims that Nike Inc.’s strength lies on the popularity of its quality sports merchandises ranging from volleyball, basketball, baseball and football wearables. Additionally, the author claims that the strength of the company lies on its unique style of shoes that it manufactures and its global sales where it has an estimated 180 stores spread across the globe (Bhasin & Hitesh.). Nike Inc. enjoys the strength of it brand name and overall image, which is attributed to its aggressive advertisements and celebrity endorsements, for instance, it’s hugely popular ‘Swoosh’ campaign. The author also depicts some of the weaknesses associated with Nike, Inc. One of these weaknesses according to the author is its overreliance on its business model which relies on its share on the footwear market. The author also stresses on the sensitivity of the shoe retail sector. In this case the author claims that the price competition pressure has been passed on to Nike Inc. The author mentions product development as one main opportunity for Nike Inc. considering that their wide ranges of products are considered to be fashion brands (Lebron). One of the threats facing Nike Inc. is its exposure to international nature of trade. Due to the different currencies in different countries the products cost margin tend not to be quite stable. Nike Inc. faces a threat from the competitive nature of the global sport shoe and garment industry, thus, there are new entrants into this market which poses great threat to Nike Inc. market share more so those that make ecofriendly garments. 5. Segmentation, targeting and positioning in marketing: Current trends in an industry of your choice. http://research-methodology.net/apple-segmentation-targeting-and-positioning/ The article analyses the technological device manufacturing industry. In this case, the author argues that the marketing efforts of this industry are dependent on segmentation, targeting and position in marketing the table below shows segmentation of this industry. Type of segmentation Segmentation criteria Devices Services Operating systems and software Geographic Region Australia Australia Australia Density Urban Urban Urban Demographic Age 20-45 18-30 20-35 Gender Males & Females Males & Females Males & Females Income High earners High earners High earners The author states that the technology device manufacturing industry target income earners who earn above the average wage. These are individuals who are willing to buy technological devices for luxury purposes and have a relatively high spending behaviour. Further, the technology industry targets high earners who are more than willing to spend a fortune in classy and quality technological devices (Dudovskiy). The market positioning of the technology industry is the pricing of the technological device products. In this case, the author claims that pricing highly for the quality technological devices is a positioning technique in line with product marketing. In line with this the technological device industry has positioned itself for the high earners who could afford technological devices above the market price. In this case, this particular part of the technology industry players like Apple offers products to a specific class of people in order to maintain and not compromise on its trendiness and high class quality (Phillips-Melancon and Dalakas 173-186). In this case, the author claims that maintaining this particular market share through this positioning strategy has enabled Apple to become the market leader that it currently boasts of. This has enabled Apple to maintain high prices of technological devices and also maintain it relatively high market share. 6. New product/services launch or brand management: A success and a failure https://blog.bynder.com/en/the-worlds-most-valuable-brand-apples-secret-to-success This article gives insight on the recent brands success campaign that Apple has enjoyed in the recent years. The author claims that Apple Company brand is currently valued at $154.1 billion. However, the author argues that this brand value might not be met with the same perception as that of marketers considering the relatively high product prices that are associated with Apple’s technological devices (Melancon and Dalakas 173-186). However, the author emphasizes that the success of Apple brand is relatable to its target market. Thus, the author claims that the market share and success of its product however, can be attributed to its unique products that are pricey compared to the other technological devices in the market and its focus on the middle class and high-class target market as well as its strong brand image (Chapman, Nikki & Bynder). The author also points out that the uniqueness of Apple products can be traced to the special features in its technological devices. Apple success in branding can be traced to the Company’s founder Steve Jobs who was a charismatic leader and great influencer being the company’s brand image that drove sales as well as inspiring the success of Apple. Due to quality features and performances, Apple customers are more inclined to remember this brand. The success of Apple Company can be traced to its efforts in incorporating the customers experience in the company’s brand and also focus on profitability of the company (Chapman, Nikki & Bynder). Works cited Adamkasi. "PESTEL-PESTLE Analysis Of Retail Industry". Free PESTEL Analysis. N.p., 2016. Web. 6 May 2017. Beharry, Ray. "Market Research Horror Stories Featuring Coke, Microsoft, HSBC And More". Campaignlive.co.uk. N.p., 2016. Web. 6 May 2017. Bhasin, Hitesh. "SWOT Analysis Of Nike - In Depth Nike SWOT Analysis". Marketing91. N.p., 2017. Web. 6 May 2017. Chapman, Nikki, Bynder Blog, and The Success. "The World’S Most Valuable Brand: Apple’S Secret To Success". Blog.bynder.com. N.p., 2017. Web. 6 May 2017. Dudovskiy, John. "Apple Segmentation, Targeting And Positioning - Research Methodology". Research Methodology. N.p., 2017. Web. 6 May 2017. Kaplan, More. "Coca-Cola Clobbers Competition In Worldwide Soda Sales: Chart". Bloomberg.com. N.p., 2017. Web. 6 May 2017. Lebron, Weiweian Jone. "The Best Fashionable Nike Shoes – Nike Air Rift". SSRN Electronic Journal (2014): n. pag. Web. Miron, John R. "Loschian Spatial Competition In An Emerging Retail Industry". Geographical Analysis 34.1 (2012): 34-61. Web. Phillips-Melancon, Joanna, and Vassilis Dalakas. "Brand Rivalry And Consumers’ Schadenfreude: The Case Of Apple". Services Marketing Quarterly 35.2 (2014): 173-186. Web. Wang, Mingxia. "Brief Analysis Of Sports Marketing Strategy Adopted By Coca Cola Company". Asian Social Science 11.23 (2015): n. pag. Web. Read More