CLO BUSINESS DECISION-MAKING – THE COCA-COLA COMPANY 1
CLOBusiness Decision-Making Project – the Coca-Cola Company
CLO Business Decision-Making – The Coca-Cola Company
The aim of theresearch study will be to determine the kind of impact social mediahas as the principal marketing strategy in the Coca-Cola Company intargeting emerging markets. Here, the eventual result of social mediause is studied by focusing on sales volumes before and after theintervention (Pendergrast, 2013). The purposeful sampling techniqueis applied in this qualitative research. Of importance to note isthat the primary business opportunity or problem is the company`squest to stamp its presence in the emerging market performancecharacterized by competition. Research variable in this study is thesocial media use as part of the marketing strategy to increase thecompany`s customer base in the emerging markets (McIntyre, 2008). Thepaper, therefore, aims to carry out the descriptive and inferentialstatistics if samples were to be collected to summarize the firm`sdata. Others include the role of probability, linear regression fortrend analysis, and time series in addressing the problem.
If one was tocollect a sample, there are types of descriptive statistics, whichcould be best for summarizing the data. According to Belk (2006),descriptive data includes all the data from a particular set, alsoreferred to as a population. Here, this kind of statistics on socialmedia use by the Coca-Cola Company does not make any conclusions moreof what is on board. The first type is the measure of centraltendency. If one were to collect data samples, this kind ofdescriptive statistics will provide the research with some ways toascertain the group concerning its central frequency. Belk (2006)noted that there are some ways whereby one can describe thisparticular central frequency, for example, mean, median, and mode.
The second typeof descriptive statistics is the measure of spread. Here, thisstatistics type is applied in analyzing the manner in which data isspread out is they were to be collected. For example, this is donewhen noticing that majority of people, which in this case are socialmedia marketers targeted by the Coca-Cola Company, record essentialamounts of time on social media. Of the ordinary types of thisstatistics, is referred to as the range. If data were to becollected, range appears simple when calculating. It also requireslittle knowledge of mathematics.
Unlikedescriptive statistics that are applied when describingcharacteristics, for example, central decency, distribution, anddispersion of a lone variable, the different statistics –inferential statistics are used in making differences regardinglarger population sample. If samples were to be collected, diversetypes depend on the kind of variables to be considered, which includeordinal, nominal, and interval/ratio (Belk, 2006). However, the mainidea remains the same, even when the variables are different. Thesetypes include the estimation of parameters and testing of statisticalhypotheses.
The role of probability or trend analysis is huge foridentification and determination of the business or company`sdirection of product sales if the market sample were to be collected.In this case, the problem is in the beverage company – theCoca-Cola Company, in determining the impact social media asregarding its marketing strategy in looking at the size of salesbefore and after commercialization. Trend analysis compares businessdata for a particular period of time to note trends and consistencies(Pendergrast, 2013). The problem mentioned above can be solved by theuse of trend analysis by establishing a trend to counter the currentproblem trends in alignment with the company goals. Its role is toassist one understands, and in this case, the company`s – theCoca-Cola Company – marketing operations and predict futureoperations if social media is embraced as alternative marketingmedia. The probability of trend analysis provides one idea regardinghow a team can change things and move the company towards the rightdirection.
The role oflinear progression for trend analysis in solving the problem statedabove comes with some practices. For instance, the problem at handmay require forecasting or prediction into how social media willsolve the company`s problem of marketing performances in the emergingmarket (McIntyre, 2008). In such a case, linear progression offers apredictive model, which can be used in the observed data, has beencollected. For trend analysis, linear progression will be able totell whether a particular data set regarding the problem will haverisen or dropped over a specified period. Linear progression fortrend lines, according to Belk (2006), assists in arguing that anaction, in this case, a marketing campaign, will cause observablechanges.
Time series refers to a numerical data points sequence set insuccessive order, which usually occur at the similar intervals. Atime series can solve the problem facing the Coca-Cola Company. Forinstance, the company can use time series in determining how a set ofdata collected from social media use to market its products comparesto different marketing variables over a particular period (Belk,2006). Suppose the marketing team in the company wants to carry outa time series analysis of the response on the social media about theCoca-Cola products for three months. Time series will require thatthe past response trends are listed in chronological order. This way,the company will be able to know whether the trends show any form ofseasonality, and in turn, make the necessary changes to solve theemerging problems.
References
Belk, R. W. (2006). Handbook of qualitative research methods inmarketing. Cheltenham, UK Northampton, MA: Edward Elgar.
McIntyre, A. (2008). Participatory action research. LosAngeles: Sage Publications, cop.
Pendergrast, M. (2013). For God, country and Coca-Cola : thedefinitive history of the great American soft drink and the companythat makes it. New York: Basic Books.