My project analyses Coca-Cola Company which an American multinational firm that manufactures and markets nonalcoholic beverages. In evaluating new product and service success, there are indicators that can be used which include, retention of customers, trends in the sales, attributes of the brand, and net promoter score.
Retention of customers refers to the ability of the company to maintain customers who repeatedly purchase the firm’s products. Coca-Cola Company has happy and satisfied customers; this gives an indication that the customers are likely to stick to the new product introduced in the market. Additionally, because of market saturation, the company can deal with poor customer service in case it arises.
Trends in sales are the products that are sold within a given period. The trend indicates whether there is an increase or decrease in sales, after which, a judgment can be made on the new product (Weekes 56). If there a decrease in sales, it means the new product is unsuccessful in the market.
Brand attributes refer to how customers view the product offered by Coca-Cola Company. I will seek to find answers to some of the questions which include; the common words used by customers to describe the new product, the customer’s views on the product, the customer’s views compared with the company’s expectation (John 45). Obtaining the feedback for the questions will give an indication on whether the new product will be successful.
Net promoter score shows the number of customers who like the product and are capable of making a positive recommendation to others. From a statistical point of view, potential customers always trust the views of others concerning a product. Thus, in this context, I will use the statistics to identify the number of current customers who can recommend the new product.
Weekes, Claire. Product Marketing. Pymble, N.S.W: HarperCollins, 2018. Print.
John, Happer. New Products in Marketing. Pymble, N.S.W: HarperCollins, 2018. Print.