The Importance of Marketing Research

...

component. The marketing team has to be very focused on this marketing strategy. A well-chosen price should do three objectives: achieve the financial goals of the organization, fit the realities of the marketplace, support a products positioning and be consistent with the other variables in the promotional plan. Promotion communicates product information between seller and the consumer to influence attitudes and behaviors. Promotion comprises four subcategories: advertising, sales promotion, publicity, and personal selling. Each of these subcategories works to advance the product, service, brand, or company in the mind of the target audience. Placement means having the goods and/or services available in the right quantities in the right location so they are available when the customer wants that particular product.

The Coca-Cola Company has never been shy of making changes or trying new marketing strategies. Over the years the marketing team for Coca-Cola has changed the design of the can, introduced seasonal cans during the holidays, and the newest strategy, share a Coke with a friend approach. However; the most interesting marketing approach Coca-Cola uses is the customer base approach. According to www.about.com, “The Coca-Cola Company uses a customer-based approach to market research, not a product-based approach. Because of Coca-Cola’s close relationship with its customers, it is able to create products that are focused on their market segments. Market research enables Coca-Cola to determine the type of product consumers seek, the best places to promote and distribute the products, and the price that offers consumers the best value for their money.” Coca-Cola has mastered the process that link the customer to their product by understanding the marketing process and they have 125 successful years to prove it.