• emerging methods of data collection
• in store analytics: how retailers track our movements
• trends in POS data collection
• Trends in-store analytics
• syndicated data - data purchased from another
• converting data into information
• describe
• review descriptive statistics ( percentages, means, standard deviation)
• Interpret
• explain and predict
• Action plan and implementation
• Research supported recommendations offered
• next steps determined and implemented
• ongoing monitoring of outcomes
• the marketing research process: new coke scenario
• why is coke losing market shares to pepsi
• how can they fix it
• step 3: data collection
• coke executives initially consult secondary sources for leads
• market analysts predict that any future growth opportunities in the soft drinks industry would likely come from younger drinkers
• based on this assessment, Coca-Cola executives develop and test a new formula
• step 4 : analyzing data and developing insights
• key finding of the test
• consumers like the taste of new coke over pepsi
• 53% of the loyal coke drinkers consumers like the taste of new coke over pepsi
• post implementation
• overwhelmingly negative consumer response
• consumer stockpiling behavior
• consumer boycotts
• consumer protest groups formed around the country
• boycotts of new coke
• songs written to honor "old" coke
• protests at coke events in Atlanta headquarters
• decline in sales
• original formula reintroduced - 75 days later
• coc cola classic launched
• losses recovered ( sales increased 10x )
• stock price increased by 35%
• both new and classic coke sold in stores initially
• old coke eventually removed from US market
• coca- cola received 31600 positive phone calls over the 2 days following the announcement of "classic"
• what went wrong?
• they didn't account for psychological attatchment
• taste was assumed to be the only deciding factor for consumers
• the symbolic value of original coke was overlooked
• was new coke's failure due to faulty or inadequate research
• failure was largely due to inadequate research