Introduction
Success. Every business strives for it, but how many actually achieve it? How does a
simple idea grow into a corporate enterprise? Unfortunately, according to sources like
Bloomberg, Forbes, and Business Insider, very few ever do. So, how do you help your
organization reach that elite group of businesses with captivating success stories? The
answer is not necessarily a simple one. It takes every cog in the machine working together
to achieve success, and those cogs are different for every organization. But, the foundation
always remains the same: market research is imperative.
What Is Market Research, and Why Do I Need It?
Market research provides organizations with a foundation on which to make their toughest
business decisions: should we buy company X, should we invest in industry Y, who are
the competitors we should fear, who are the customers we should target? Market research
gives you a comprehensive view of your market, consumers, and competition so that
you can more effectively develop and market your products or services. Market research
is proactive and reactive, preventative and preemptive. But, more than anything, it is
imperative for success.
It’s probably pretty safe to say that most everyone has heard of Pepsi, which
continually claims its stake as one of the most popular carbonated soft drinks on
the market. But, have you ever heard of Pepsi A.M.? Probably not… unless you
frequently search for epic product failures. During the late 1980s, in attempts to
capture the caffeine-craving morning drinker, PepsiCo created a new product
called Pepsi A.M. under the assumption that new marketing would persuade
traditional coffee drinkers to grab a cola instead. The fact that most people
have never even heard of Pepsi A.M. clearly shows that it was a major flop. Yet,
PepsiCo is still a thriving company. So, why did this product fail so quickly?
Assumption. It’s probably one of the most detrimental mistakes a company can
make. That’s why PepsiCo missed the mark with Pepsi A.M., and it
EK on Marketing 