Market Research Use of Secondary Term Paper

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With regard to the second article, a Magic Potion?; Wellness drinks from the Economist (2007), the lack of secondary research is so glaring as to make the claims of weight reduction from drinking the new beverage unbelievable. The entire article could have been two sentences, with the first announcing the drink and the second, that the research had not been released. Further, the investment and financial analyst quoted says he does not like the taste, yet is that relevant? It seems as if the data included in the article is to pump up the Coca-Cola stock price and little else. Secondary data as to the size of the market, Coke's relative market share and the fact that Coke is having trouble with the Centre for Science in the Public Interest all underscores how a lack of secondary data can seriously undermine the credibility of any message or article. For Coke, the right strategy would have been to release the actual data and then let the consumers make their own decisions. Yet the approach of not responding to critics and having an institution that has the mission of protecting th4e consumers' interest demand results makes a global company which should be seen with professionalism be viewed as amateurish. The lack of secondary data in the second article undermines its credibility.

When considering the launch of a new product there are a wealth of information resources, all available through secondary data, that need to be considered. First, there is the need for creating a reasonable and accurate product plan based on unmet customers' needs.

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Existing market research reports and a series of market studies will define the major unmet needs of any market segment. Using demographics as the foundation for completing a comparison of multiple secondary sources would also lead to the development of an interconnected database of factors, all gleaned through secondary research, which would serve to further provide insights into the market. The use of pricing studies and pricing analysis, in addition to studies of distribution channels, could also be used to create a more realistic picture of the market. There are also the series of economic factors and reports from the U.S. Department of Commerce available even for markets and segments in other nations that could also be used. The addition of competitive data would also be extremely valuable, and through the use of research services including Data Monitor, Gartner Group, International Data Corporation, McKinsey & Company and many other research and advisory firms who publish research for purchase, the entire scope of competitors could be defined entirely through secondary research. For those competitors who are publicly-held the use of the Securities and Exchange Commission database of filings is also an excellent source of competitive intelligence on those companies who are publicly-traded. In summary, there is a wealth of secondary data that can be used for supporting a new product introduction. The first step to gaining the best possible information from secondary sources needs to center on first defining the research and product goals and then quickly finding those areas that can best be answered through the use of secondary research......

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