2245317291 - Stan, Task Report_102_Stan_Relaunching_New_Coca-Cola

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Relaunching New’ Coca-Cola Student Name Student Id Report part 1 In 1985, when 'New Coke' was first introduced, as a marketing expert I will tell you, the 7 Ps—Product, Price, Place, Promotion, People, Process, and Physical Evidence—were all part of the marketing mix. (Mir, 2022) Product:

The launch of "New' Coca-Cola" was an audacious attempt by the corporation to reinvigorate the brand and meet the changing preferences of customers who liked a sweeter flavor. As a result, they were able to rest easy knowing that their comprehensive customer research had shown a liking for the new flavor. One unintended consequence, however, was a gross undervaluing of customers' devotion to the original recipe. Despite the positive study findings, the introduction of a new flavor was seen as interfering with a valued tradition due to the deep emotional attachment to the "Classic" Coke. Price: "New' Coca-Cola" probably used the same competitive price concept as the company's previous efforts. This would have been a plus as it would have kept the price down and made it competitive. The bad part was that customers weren't happy with the new formula, and no amount of price cutting could make them happy again. Not due to the price, but due to the product's transformation, the customer saw less value in the product. (Mir, 2022) Place: One of Coca-Cola's greatest strengths is its distribution network, which made sure that "New' Coca-Cola" was easily accessible all throughout the country. The new product was readily available to customers as a result of the distribution's efficiency and reach. The extensive availability had two negative consequences: first, it led to significant criticism, which in turn affected sales globally. (Shapiro, 2014) Promotion: The advertising efforts and media attention for the "New" Coca-Cola were rather intense. A great deal of public interest and understanding was a beneficial outcome. One unintended

consequence, however, was that customers' complaints were magnified and disseminated via the same advertising channels, further tarnishing the product's image. People: The introduction of "New" Coca-Cola was greatly aided by the efforts of all corporate workers, from executives to salespeople. Their enthusiasm for the business and its new offering shone through. Employees may have experienced self-doubt and a hostile work atmosphere as a result of the public's unfavorable response, especially given the rising unpopularity of the product they were trying to market. (Shapiro, 2014) Process: The development of "New' Coca-Cola" was preceded by extensive testing and research into the market, demonstrating the firm's commitment to innovation. The systematic strategy for product development was a beneficial outcome. The downside, however, was that the corporation still didn't see the negative response the public would have to altering a product so intrinsic to American identity and culture, even if they had done their study. Physical Evidence: There was obvious evidence of the company's dedication to the new product—the physical presence of "New' Coca-Cola" on shelves and in commercials. The exposure and the message that Coca-Cola was leading the innovation pack were the positive effects. But the downside was that seeing the new product brought back bad memories of the old one, which made them want the old recipe back even more. (Mir, 2022)

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Relaunching "New" Coca-Cola requires taking lessons from the past and applying them to every part of the marketing mix in a way that pays homage to the brand's history while also meeting the needs of the modern consumer. A one-of-a-kind advertising opportunity, the partnership with "Stranger Things" brings the product to a new generation while appealing to nostalgia. The relaunch must be seen as a tribute to the brand's heritage rather than a replacement, which is no easy task. To ensure that "New" Coca-Cola is well-received, meticulous preparation and execution are required, especially in the areas of advertising and consumer interaction. Report part 2 Thorough market research that takes into account current trends and fixes the problems with the original launch is crucial for the smooth relaunch of "New" Coca-Cola. The research methodologies used for this objective are as follows: (Guenther et al., 2023) 1. Qualitative Research: Focus Groups: The public's present impression of "New" Coca-Cola can be better understood by conducting focus groups with a variety of demographics, such as age, gender, and lifestyle. Emotional and cultural aspects, which may be neglected by quantitative study, are best explored during these sessions. People may talk about their thoughts and feelings on the product's comeback, the initial launch, and what they want to see from the relaunch. One drawback of focus groups is the possibility of groupthink, in which the views of the majority could take precedence over those of the individuals who participated. In-Depth Interviews:

The study will have a more human touch with the help of one-on-one interviews with those who were there during the first launch. You may learn a lot about how people feel about "New" Coca-Cola by conducting in-depth interviews to get their tales and perspectives. Unfortunately, they take a lot of time and may not even be indicative of the market as a whole. 2. Quantitative Research: Surveys: To get a feel for how people feel about the brand, how they feel about the relaunch, and what they prefer, we'll be sending out surveys both online and in-person. If you need quantifiable, statistically significant data to guide your strategy choices, this is the way to go. But polls can miss the mark when it comes to revealing customers' true feelings and goals. Market Analysis: For a bird's-eye perspective of the landscape, it's best to examine recent market tendencies, competition moves, and customer habits. The larger background of the relaunch of "New Coca-Cola" may be better understood using this approach. One drawback of using secondary data in market analysis is that it may not be up-to-date as relevant as data collected via primary research. 3. Experimental Research: Taste Tests: To confirm the product's popularity among modern buyers, do taste tests that are comparable to the original launch but with a modern twist. This approach works well for providing immediate feedback on products and has the potential to be an effective marketing tool. The problem is that

people's tastes are quite individual and might range substantially across demographics. (Guenther et al., 2023) Trial Runs: Putting "New" Coca-Cola through its paces in a few test markets will give us an idea of how people really react to it. For a controlled environment test of market reaction, this strategy works well. But it doesn't mean the market as a whole will respond the same way. 4. Observational Research: Social Media Monitoring: In order to get real-time input on public opinion, it's best to analyze social media discussions, attitudes, and trends. For the purpose of recording the instantaneous responses of an online audience, this technique works well. However, people's views expressed on social media may not always influence their purchasing decisions. Methods Not Selected and Why: Ethnographic Research: Due to the limited time and resources available, ethnographic research was not chosen, even though it would have provided valuable cultural insights. This was because the product relaunch was scheduled on a tight deadline. Secondary Data Analysis: For the relaunch of "New" Coca-Cola, it is essential to consider current market circumstances and customer preferences; using just old data may not do so.

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In a nutshell, the goal of the chosen research methodologies is to provide a thorough comprehension of how the market and consumers perceive "New" Coca-Cola. Making ensuring the relaunch appeals to both longtime fans and new customers requires looking at what has worked in the past, what is happening in the market now, and what will work in the future. Practical concerns and the need for new, actionable insights tailored to the relaunch situation led to the exclusion of the non-selected methodologies. To successfully reintroduce "New' Coca-Cola" to the market, it is necessary to collect strong data. Report Part 3 The relaunch of "New" Coca-Cola requires a comprehensive market research strategy that combines qualitative and quantitative methodologies: (Rodgers, no date) 1. Qualitative Research: Focus Groups: Set up focus groups with people who you think would be a good representation of your target audience. Topics to be covered include customers' recollections of the first "New" Coca-Cola, their current views of the brand, and their receptivity to a bit, but the depth of insight it may provide is a virtue. In-Depth Interviews: Find people who remember the initial product introduction well and interview them. A personal story may then develop, giving the facts some background. While the thorough feedback is a strong attribute, the lengthy procedure is a drawback. 2. Quantitative Research:

Surveys: Use both online and in-person surveys to find out how customers feel about the brand, what they want now, and how they may react to the relaunch. When compared to qualitative approaches, surveys lack in depth, but they are strong in reaching a broad audience and providing statistically meaningful data. Market Analysis: Find out all you can about the present state of the market, your competitors, and customer habits. This method's strength is in the comprehensive perspective it gives, although it may not include all the details of primary research. 3. Experimental Research: Taste Tests: Conduct taste testing with different demographics of consumers to gauge interest in the "New' Coca-Cola" recipe. The immediate input on the product is a strength, yet personal taste is a drawback. Pilot Projects: Launch in a limited number of markets to gauge interest. A potential drawback is that it could not represent the responses of the market as a whole, but the strength is the useful information about customer behavior. (Basu et al., 2023) 4. Observational Research: Social Media Monitoring:

Keep an eye on the opinions and discussions around "New" Coca-Cola on various social media sites. The data is current and relevant, which is a positive, but there's a risk that people's thoughts and feelings expressed online won't convert into their real purchases. Research Findings: Consumer sentiment towards "New" Coca-Cola and the state of the market should be clearly shown by the results of the study. Knowing how people feel about the product's comeback, how engaging it may be online, and how nostalgic they are are all part of this. Strengths and Weaknesses of the Research: The thoroughness of the study strategy is its strongest point; it integrates several approaches to provide a balanced picture. The limits of quantitative statistics in capturing the complete customer experience and the possible biases in qualitative research are the disadvantages. (Bala and Verma, 2018) Application to Marketing Campaign: A marketing campaign that engages consumers via digital media will be developed based on the outcomes of this study. The campaign's goal is to present "New' Coca-Cola" as a modern option for today's consumers while simultaneously appealing to their nostalgia for the past. (Basu et al., 2023) In conclusion, the goal of the market research strategy for the "New" Coca-Cola relaunch is to collect data that may be used to start an effective digital marketing campaign. Crafting an engaging product story will draw on the research's strengths, while addressing the product's shortcomings will need meticulous analysis and strategic strategy. The objective is to bring back

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"New' Coca-Cola" in a manner that pays homage to its roots while appealing to contemporary tastes. References:

2245317291 - Stan, Task Report_102_Stan_Relaunching_New_Coca-Cola

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