Mktg570 Week 2 Market Research Paper
MKTG570 Course Project Week 2:
You Decide
Marketing Research MKTG570
DeVry University, Keller Graduate School of Management
September 13th 2014
Orange Juice is a classic staple for breakfast. How many is bought a year, and how many brand. Our Great OJ brand has been on the top of the market for years. Companies in the past have changed packaging and taste profile. Some of the bigger disappoints came from lager companies like Coca Cola and their change to the New Coke, April 23, 1985. “The Coca-Cola Company intended to re-energize its Coca-Cola brand and the cola category in its largest market, the United States” (Coca Cola Company). Do to the consumer outcry Classic Coke returned to the shelves just a few months later. Great OJ has …show more content…
the same connection with our customers.
In order to make an intelligent change to the Great OJ line market research is needed.
This market research will find both what our customers approve and disapprove of the product. Also discover why those that buy the competitor orange juice are disappointed with the Great OJ Brand. The resources spent on doing the market research can minimize finical and brand equity risk, and maximize brand value and profit.
One primary research technique that has been maximized by Frito Lay with both their Lay’s and Doritos chips is crowd sourcing. This allows direct access to the consumer and asking questions related to the Great OJ brand. A new brand packaging contest could be introduced, where the top entries are voted on by the consumers. In this scenario the consumers are involved with making the change and enhancing the brand connection with the costumers.
Another strategy to receive constructive straight feedback from our costumers is by conducting focus groups. By selecting the top five markets in the country we gather consumer and ask intelligent questions regarding the product and the possibility of a package change. By having a professional facilitator leading the focus group we could also find other consumer
concerns.
There are some secondary market research that can also be conduct. These strategies can be conducted sooner because leg work and data has already been created, however this data in not directly related to the Great OJ brand. Reaching out to our vendors, manufactures, and retail partners we can find out what trends are in the market. We will not get direct information on what the competitors are doing, but a since of what changes could be coming down the pipeline. All of these partners want to work together to increase sales and profits through the supply chain. Along with these business partners tapping into industry associations like The Food and Beverage Association of America could provide industry market trends.
Another source would be to hire a secondary research firm. These firms are doing ongoing research in different consumer markets on a range of topics. After defining the consumer market that Great OJ would like to focus on for the packaging change. The research firm can pull from their current data to produce the impact a packaging change will have the Great OJ brand.
The approaches listed above are just a few suggestions to get the company started with evaluating a packaging change and starting a new legacy. Change like legacies can be good and bad. By making intelligent research decisions Great OJ Brand can make a positive change with growth in profits for a start to a new legacy.
References:
Coca Cola Company: The Real Story of New Coke http://www.coca-colacompany.com/history/the-real-story-of-new-coke#TCCC http://www.fbassoc.com/
You Decide
Marketing Research MKTG570
DeVry University, Keller Graduate School of Management
September 13th 2014
Orange Juice is a classic staple for breakfast. How many is bought a year, and how many brand. Our Great OJ brand has been on the top of the market for years. Companies in the past have changed packaging and taste profile. Some of the bigger disappoints came from lager companies like Coca Cola and their change to the New Coke, April 23, 1985. “The Coca-Cola Company intended to re-energize its Coca-Cola brand and the cola category in its largest market, the United States” (Coca Cola Company). Do to the consumer outcry Classic Coke returned to the shelves just a few months later. Great OJ has …show more content…
the same connection with our customers.
In order to make an intelligent change to the Great OJ line market research is needed.
This market research will find both what our customers approve and disapprove of the product. Also discover why those that buy the competitor orange juice are disappointed with the Great OJ Brand. The resources spent on doing the market research can minimize finical and brand equity risk, and maximize brand value and profit.
One primary research technique that has been maximized by Frito Lay with both their Lay’s and Doritos chips is crowd sourcing. This allows direct access to the consumer and asking questions related to the Great OJ brand. A new brand packaging contest could be introduced, where the top entries are voted on by the consumers. In this scenario the consumers are involved with making the change and enhancing the brand connection with the costumers.
Another strategy to receive constructive straight feedback from our costumers is by conducting focus groups. By selecting the top five markets in the country we gather consumer and ask intelligent questions regarding the product and the possibility of a package change. By having a professional facilitator leading the focus group we could also find other consumer
concerns.
There are some secondary market research that can also be conduct. These strategies can be conducted sooner because leg work and data has already been created, however this data in not directly related to the Great OJ brand. Reaching out to our vendors, manufactures, and retail partners we can find out what trends are in the market. We will not get direct information on what the competitors are doing, but a since of what changes could be coming down the pipeline. All of these partners want to work together to increase sales and profits through the supply chain. Along with these business partners tapping into industry associations like The Food and Beverage Association of America could provide industry market trends.
Another source would be to hire a secondary research firm. These firms are doing ongoing research in different consumer markets on a range of topics. After defining the consumer market that Great OJ would like to focus on for the packaging change. The research firm can pull from their current data to produce the impact a packaging change will have the Great OJ brand.
The approaches listed above are just a few suggestions to get the company started with evaluating a packaging change and starting a new legacy. Change like legacies can be good and bad. By making intelligent research decisions Great OJ Brand can make a positive change with growth in profits for a start to a new legacy.
References:
Coca Cola Company: The Real Story of New Coke http://www.coca-colacompany.com/history/the-real-story-of-new-coke#TCCC http://www.fbassoc.com/