First Assignment: Week 5
There are four main types of research, which are
Primary Research
Secondary Research
Qualitative Research
Quantitative Research
Primary Research
In primary research, the data is collected via any method other than secondary research for the first time. The primary data is, however, from a researcher for a particular purpose at hand. Primary research is easily applicable and also easily usable, if done properly; it is up-to-date, reliable and accurate. But, as a matter of fact it is expensive, not immediately available, and is also not readily and easily accessible.
Secondary Research
In secondary research, the data is collected from the published information that is already available and gathered from other sources. It can be internal or external to an organization. Secondary data is inexpensive, can be accessed easily, available on immediate basis, and helps in alerting researcher to probable difficulties. But, it is potentially unreliable, outdates frequently, may not be always available, and may not be always applicable.
Qualitative Research
Qualitative research indicates exploratory research that is used for developing an understanding of undisclosed reasons and opinions. It gives a useful insight into the issue and assist in the development of ideas, opinions, and thoughts. In this type of research, semi-structured or unstructured techniques are used in order to gather data. In qualitative research, the problems and subjects that are covered can be evaluated and examined in detail and depth. Further, with the qualitative research, the researcher can develop a clear vision and better understanding of facts. But, it is almost totally dependent on researcher’s capabilities and skills. In this type of research, it is difficult to assess, to maintain, and to demonstrate rigidity.
Quantitative Research
Quantitative research is used for quantification of problem by generating data that can be converted into re-usable data. It can be collected from many types of surveys such as mobile surveys, telephone interviews, online surveys, and face-to-face interviews. This research allows conduction of broad survey, can provide accurate results, and helps a researcher to establish correlation between dependent and independent variable. But, structural bias may arise due to quantitative research, and it does not provide explanatory narrative as this method is numerical.
Second Assignment: Week 6
The selected product is Coca Cola
Stage in Product Life Cycle
The product is in maturity stage, and special attention of management is required at this stage in order to ensure increased profitability from sale of product.
Marketing Mix
Product
Coca cola is available as regular coke, and diet coke. Coca cola is refreshing and soft drink, and is mostly taken with fast foods and spicy food. It is available in different sized bottles such as 200 ml, 300 ml, 500 ml, 1 liter, 1.5 Liter, and 2 Liters etc.
Price
The product is available at affordable price in the market. The price is different for different sized Coca Cola bottles. The company is offering competitive price to customers.
Place
The product is easily available at retail shops, grocery shops, megamall, hypermarkets, and supermarkets.
Promotion
In order to promote the product, the company is focusing on advertisement, direct marketing, interactive marketing, sales promotion, public relations, personal selling, and public social responsibility.
External Forces affecting Industry
Competing
More and more companies are entering into the market, and struggling in order to get significant market share by offering low priced products to customers , which is exerting influence on sale of Coca Cola in the industry.
Innovation
Globalization is compelling industries to production of innovative products. Now, companies are investing on R & D for ensuring uniqueness and for differentiating themselves from competitors, which is posing threat for industry players.
Regulations
Changing regulations from government affect normal functioning of the industry, and the players in industry find it difficult to conduct their operations smoothly. Same is the case with Coca Cola as it functions are affected by changing governmental rules and regulations.
Economy
Economic conditions such as recession exert negative impact on industry. Consumers make fewer purchases when economy is in operations, which influence profitability of the industry.
Social Trends
Changing tastes and preferences of the society also makes it difficult for the company to respond quickly, as with the change in tastes and preferences some consumables lose their value, and industry has to replace the product with other product that is in demand.
Third Assignment: Week 7
Price elasticity of demand indicates sensitivity of demand towards price change. The price elasticity of demand for a product is elastic if the percentage change in quantity demands is higher as compared to price, and it is inelastic if the percentage change is less than the price.
Certain products or services are price elastic because change in price lead to greater change in their demand, whereas if small percentage change in demand occurs with change in price then they are inelastic goods or services.
When the price elasticity of demand, approaches zero, the demand of the product becomes inelastic.
For example, sports cars have price elastic demand as with the decrease in their price, their demand immensely increases. Further, they are expensive, have many substitutes, bought frequently, and have competitive market.
