Importance of Market Research

Importance of Market Research

Many businesses around the globe understand the need and intelligent objective properly to perform market research activity and apply results in the most effective manner. The objective of the following research is to define market research, explore how Coca-Cola in Great Britain uses market research, identify the types of market research Coca-Cola in Great Britain employs, and describe the importance of the research to the organization. The research shall provide insight into the practices of Coca-Cola in Great Britain from a market research perspective.

Market Research

The process of market research consist of many activities that include gathering information for a specific purpose, documenting, and recording the data or information, analyzing, and interpreting the data once collected, and using the data to communicate, plan, organize, and execute efforts toward an audience. “Marketing research is the planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management” (McDaniel Jr. & Gates, 2007, p. 7). Market research plays a vital role in the functions of management as marketers must collect the data to analyze and understand it in a manner that will be effective in planning for new products, marketing, advertisements, appropriate target demographic and geographic targets, and several other factors.

Types of Market Research

The primary and secondary research methods that include quantitative and qualitative methods are what Coca-Cola in Great Britain uses to implement market research strategy and activity. To capture consumer’s input and center product innovations toward consumer feedback the company uses a five stage process. The process starts with; identify opportunity, explore solution, measure suitability/effectiveness, test market, and track market performance (The Times 100, 2013). The first stage involves the search to identify the...