Evan Davis 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 provides the backdrop to the story.
So often the importance of market research can be forgotten. This clip emphasises to students why market research is important, no matter what the size of the company! An example using Coca-Cola will enable students to undertake some research of their own – perhaps by considering their own new brand of soft drink.