(a) What is Marketing Analytics? Drawing upon Web searches, tell us what you thi
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Question
(a) What is Marketing Analytics?
Drawing upon Web searches, tell us what you think about marketing analytics. How does marketing analytics help with decision making about the marketing mix (four Ps)? How does analytics contribute to the definition of competitive strategy.
(b) Marketing Plans and Business Strategy:
What are the components of a comprehensive marketing plan? Drawing upon your experience, provide examples of products that have failed due to a lack of planning or poor business strategy.
(c) Limits of Market Research:
On April 23, 1985, Coca-Cola Company introduced “New Coke,” replacing the original Coca-Cola formula with a sweeter variation. Reviewing the facts of the case, do you feel that this decision was a failure of marketing research, as some have described it?
Explanation / Answer
(a) What is Marketing Analytics?
Drawing upon Web searches, tell us what you think about marketing analytics. How does marketing analytics help with decision making about the marketing mix (four Ps)? How does analytics contribute to the definition of competitive strategy
With the successful implementation marketing analytics businesses can increase their revenues by studying their customer needs, competitors, and to take organic or inorganic business decisions.
As a part of it, the social media mediums are diverse and they serve a variety of purposes. The organizations reported that the mediums lucrative for following reasons:
Moreover, the information gathered through various sources social media, secondary research, qualitative & quantitative information, business publications, and well-analyzed can help companies to make appropriate strategic decisions to business growth.
Companies are emphasizing heavily on the usage social media use and secondary research to expand their business.
(b) Marketing Plans and Business Strategy:
What are the components of a comprehensive marketing plan? Drawing upon your experience, provide examples of products that have failed due to a lack of planning or poor business strategy.
The comprehensive marketing plan include following parameters:
An example of failed management decision due improper business strategy:
McDonald’s failure in the Indian market
The company’s management failed understand the meaning of localize. The management on the board had a western perspective which they followed in India. The two countries India and The US are very different from each other in every aspect such as economic and social. Along with the same, People of the both countries are different with their cultures, values, morals, and beliefs.
However, unfortunately, McDonald’s failed miserably to recognize the thinking strategy of the people India. India’s 65% population is dominated by Hindus and they are forbidden from eating beef products but McDonald’s items used beef and they believed that the beliefs of Indian will be changed over a course of time.
The beliefs of the people never changed and McDonald’s had to face a lot of criticism which reduced its popularity. So it failed to adapt the culture and tradition of the local people of India. They bought the Maharaja Mac to change the tasting habits of the people and it took years to realize the crewing for vegetarian food of Indian citizen. Therefore, the extensive market research is vital even for the big companies for the penetration.
(c) Limits of Market Research:
On April 23, 1985, Coca-Cola Company introduced “New Coke,” replacing the original Coca-Cola formula with a sweeter variation. Reviewing the facts of the case, do you feel that this decision was a failure of marketing research, as some have described it?
The two aspects were concluded on the failure of the Coca-Cola
First,
Second,
Therefore, the bottom line is market research matters. When it is done correctly the company gains decision making power. If done improperly, it could end up costing the company millions.
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