Enrique’s blog post about Coca Cola’s reason for success being not only the fact that they were the first in their market but also to their constant desire to grow, made me think of the importance of market research to analyze consumer behaviour.
As Enrique mentioned, ever since Coca Cola was created it has successfully gained the largest market share in the market of fuzzy cola drinks due to their effective and cleverly-thought-out advertisements. These marketing techniques must have been made after a rigorous process of market research. The importance of conducting a market research can’t be stretched enough. Consumers are unpredictable and often act inconsistently, however, when analyzed in larger groups they tend to show patterns of behaviour. Therefore, market researchers are able to identify the consumer behaviour and try to understand their way of reasoning. This is useful to determine the company’s business plan as well since it helps them take decisions about which should be their short term and long term goals.
Therefore, we can say market research must be conducted in order to withstand the fierce competition in highly competitive markets such. As Enrique said the sole fact that they were the original brand (“The Real Thing” ad), there is never guarantee to rule the market share forever.
