The Importance of Marketing Research

Marketing research is a very important component needed to make marketing important decisions by providing relevant information to help solve marketing challenges. In other words; marketing research is the process of gathering information to learn about a particular subject that is not fully understood. It can provide insightful information about the market, the product, audience as well as the competition. This paper is going to give a clear understanding of what marketing research is as well as give an example of a very successful organization and how their marketing research has helped them become the success they are today.

Marketing research can be viewed as the foundation of marketing. In fact, strategies such as market segmentation (identifying specific groups within a market) and product differentiation (creating an identity for a product or service that separates it from those of the competitors) are impossible to develop without market research. “Marketing research is often partitioned into two sets of categorical pairs, either by target market: Consumer marketing and business-to-business marketing research.” (https://en.wikipedia.org/wiki/Marketing_research)

Conducting regular research with consumers and customers enables the research team to constantly adapt and evolve the brand to meet long term and short term goals. Marketing decisions must have a strong foundation in order to be favored by the consumer as well as being able to stand up to the competition.

Coca-Cola is the global leader in the beverage industry. This organization has been in business for 125 years. As the most recognizable brand in the world, Coca – Cola certainly knows a thing or two about successful marketing. The Coca-Cola industry has spent billions of dollars implementing marketing strategies learned from their marketing research. They are famous for adjusting their products, their slogan and even the appearance of the labels. However; the Coca-Cola marketing team has stayed loyal to the timeless and basic ideal of their classic image. Coca-Cola has been consistent with communicating with their consumers by delivering an effective message: Coke brings pleasure. Not to mention the endless slogans such as “Enjoy” and “Happiness”. This is all done to keep their customers attention as well as their loyalty.

There are four marketing activities that are referred to as the Four P’s of marketing that the Coca-Cola Company has mastered. The four P’s of marketing are: Product, Price, Promotion, and Place. Product is the actual goods or services and how they relate to the consumers needs and wants. It is the complete bundle of benefits that the consumer perceives they will obtain if they purchase a certain product. Coca-Cola promises the consumer happiness if they purchase their product. Pricing can be a tricky