UNIT_VI_JOURNAL.doc Unit VI Journal MBA 5501 Columbia Southern University Unit VI J

UNIT_VI_JOURNAL.doc    Unit VI Journal  MBA 5501  Columbia Southern University  Unit VI Journal  Coca-Cola has successfully cultivated one of the most valuable brands in the world today. However, this incredible success has not been without its drawbacks as evidenced by the failure of its 1985 product launch. These suboptimal results could have been averted through thorough market research. Conducting market research before new business undertakings is critical. Understanding consumer trends, interests, and perspectives allows organizations to substantiate the potential profitability of a business idea. Additionally, it can facilitate the identification of new market niches that may benefit from a novel product offering. Apart from market research, Coca-Cola should exploit the capabilities of big data analytics to gauge potential market reactions to new product offerings. Big data analytics allow organizations to gain an intricate understanding of their average consumer. Through predictive analytics and forecasting, organizations can postulate the outcome of new marketing strategies before adopting them. In this case, comprehensive market research and leveraging big data analytics may have mitigated the fiscal implications of introducing a product that consumers were unlikely to purchase.   Coca-Cola is incredibly reliant on traditional advertising channels, including television, billboards, print media, and radio. The typical Coca-Cola consumer is an average teenager. Tragically, this consumer