Market Research Assignment - Virgin Cola

Market Research

Table of Contents
TITLE..............................................................................................................................................1
Introduction .....................................................................................................................................1
Conclusion.....................................................................................................................................17
Recommendation ..........................................................................................................................18
REFERENCES .............................................................................................................................19

TITLE
“To launch a new product Bouble UP to attract customers for improving the
profitability of an organisation”. A case study of Virgin Cola.
Introduction
Virgin Cola is a mostly defunct brand name of carbonated cola soft drink manufactured
of Silver Spring and Virgin group. It is available in bottles and cans. This business was
introduced in 1994 by Richard Branson in United Kingdom. Mission of the company is to be the
user champion with the support of their brand value, which are value for good quality, money,
innovative, brilliant customer service, competitively challenging and fun (Cheng,White and
Chaplin, 2012). Company has decide to lunch new product in marketplace which will help them
to easily attract large number of customers and improve their profitability.
Market research
Market research is identify as an effective process that relates the customers, producer,
and end consumers to the market via data followed to define and identify marketing
opportunities and issue. In the organisation, market research play vital role for identifying needs
and wants of customers and marker. It will also essential for the company to easily understood
about the political, social, technological, environmental, technological and legal situation of
country.
Role of market research: Market research is an effective process and includes different steps
which are determined as under:
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Step 1: Define the Problem: It is a first step in which marketing manager set a research
objectives and identify possible marketing actions. In this research main problem is lack f fund
and resources while lunching new product at marketplace.
Step 2: Develop the research plan: In this step, marketing manager play an effective and essential
role about collecting information from the respondents about the research topic. In this primary
data is used to collect accurate and appropriate information from the respondents.
Step 3: Collect relevant information: There are basically two types of data collection methods
such as primary and secondary. In case of primary source, investigator need to prepare a
questionnaire which will support in accumulating accurate response from the respondents. On
the other hand, secondary source, different books, journals, are used to collect proper
information from the respondents.
Step 4: Develop Findings: In this stage, investigator analysis the information about the research
topic and present all findings in appropriate manner.
Step 5: Take marketing actions: It is a last part which is important for the researcher to make
valid conclusion and recommend to the organisation about how to implement new product at
marketplace.
Background to the problem:
Virgin Cola decide to implement new product such consuming flavoured water in
marketplace in which they face different issues about the channel of promotions. Lack of
knowledge about their brand and many other issue. All these are highly impact on business
performance while they lunch their new product or service at market. There are different
challenges are faced by Virgin Cola while they decide to innovate new product at marketplace.
Some issue such as social challenges, technical challenges, Legal and Regulatory Challenges,
Distribution Challenges and Promotional Challenges. All these will hinder on business
performance and profitability in a direct manner.
SMART Objectives:
This is a main part of the market research which is essential and useful for the company
to set Smart objective. It is essential for business managers to get the procedure of setting
objective accurate, as inadequately formulated objectives or aims could lead a team, organisation
and an individual in the wrong direction (Moore and et. al., 2012). Measurable and specific
objectives give a definition of the progress of a initiative or project. Realistic and achievable
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objectives motivate and engage individuals. At last time bound objectives see that entire
stakeholders agree or accept when it is to be attained. Three main SMART objectives about
growth and success and company at market are explained as under:
 To identify the importance of lunching a new products of Bouble UP to attract large
number of customers.
 To maximise sales of Bouble UP up to 20 % within 1 year.
 To achieve long term sustainability within 2 years.
 To analysis benefits of lunching new product for Virgin Cola.
 To increase their market share by 20% share within 1 year of time period.
 To provide 10 different flavours of drinks to compete with Pepsi and Coca cola and
attainment of competitive advantage within 6 months of time period.
 To improve quality of drink to increase customer base and loyalty by 5% through
implementing innovative technologies within 1 year of time period.
Customer will buy Product of Virgin Cola: Virgin cola is a famous brand name that
decode to produce new product to the customers. Bouble UP is a quality and affordable product
for the all level of customers.
Problem faced: One of the major issue faced by customer is lack of advertisement,
suppliers and many other.
Segmentation: In this 14 to 60 years people are segmented to buy Bouble UP.
Research plan: It is an effective and essential part for the researcher to collect proper
information from the respondents. This process includes some steps which are determined as
under:
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Collect information: It is a role of researcher to collect accurate information from the
respondents. In this they should used primary source of data collection and prepare a
questionnaire.
Process information: It is another part through which investigator need to analysis information
about the process regarding how to complete all activities within predetermined time period.
Analyze information: In this researcher analysis best information which support an investigator
to complete all activities of research in given time period.
Interpret Findings: In this, researcher interpret all finding which is found with the help of
questionnaire. This it is useful and appropriate for the researcher to analysis accurate response of
respondents about the topic.
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