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Phase 4 Discussion Board - Essay Example

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It studies the past correlations between two variables, to see how a change in the independent variable affects the dependant variable. (Weiss, 1995)
In this case, the dependant variable is the monthly sales of the…
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Download file to see previous pages Also, the beverage industry is one in which brand loyalty is an important factor. For example, many people are hard core loyals to brands such as Coke or Pepsi, and it would take time to steal market share away from these established brands.
As more and more time lapses after the launch, more people would become aware of the product and more trial would be generated. Optimistically speaking, if consumers like the new product, there would be more repeat purchase as time goes by. Satisfied consumers market the new product even more through the word of mouth as they encourage their friends and family to try it out. Hence, as more time goes by, more and more sales can be generated.
Generally, for new products, the initial hype created by promotion campaigns is what leads to trial purchase. Even after the launch, the level of advertisement and other promotional activities has a considerable effect on the sales level. Advertisements can be in the print or electronic media. Other promotional activities can include Below The Line (BTL) activities such as free trial purchases offered to consumers, or free gifts with every purchase of the new product.
For a new product, there has to be large scale advertisement and promotional activity to create awareness about the brand, and to steal the market share away from already established brands. It has already been mentioned that the beverage industry is usually dominated by a few players which have a strong, brand loyal customer base. A unique brand image needs to be created to appeal to the target audience, so that those loyal to other brands will be attracted towards the new one. This unique brand image can only be done through effective advertisement and promotional campaigns.
If we were to take the combined effect of time and advertisement/promotion, it would give us an even clearer picture of the success or ...Download file to see next pagesRead More
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