A story from Business Nightmares with Evan Davies.Evan Davies describes the role of market research and the need to carry it out accurately before important strategic decisions are made. This is the story of Coke and the decision to change the taste of Coca-Cola following some market research. The clip looks at the importance of market research and the need for it to reflect brand power and the role of the market leader. The competitive position between Pepsi and Coke and their desire to be market leader provide the backdrop to the story.
Use as a springboard into the importance of branding, packaging and advertising. Present some similar products in their packaging, such as a range of juices, chewing gums or other products, asking students which they would prefer to buy. Then give students a blind taste test, and ask again. Use the results to highlight the huge influence that branding can have over our consumer decisions. Compare this case in which Coca Cola went up against a public campaign to more recent marketing which sometimes harnesses individuals and groups as part of their marketing, such as voting to ‘save’ your favourite chocolate or crisp flavour.