Q The New Coke fiasco is a classic example of one of the biggest challenges in market research: knowing what you need to know to make a good decision. Before Coca-Cola launched 'New Coke' they had invested US$4,000,000 in market research and undertook 200,000 blind taste tests. In all these blind (unbranded) taste tests the New Coke outperformed both Pepsi and existing Coke. These blind taste tests were the basis of the launch of 'New Coke' in 1985. The launch was a fiasco. How had Coca-Cola management got it so wrong? This activity aims to give you a place to apply course materials to solve this problem. Students should pick a failed product (other than New Coke) and identify what went wrong and what they would do differently to re-launch it if they were the marketing director of that product. So, what research was/wasn't done? Was it reliable? Was the wrong target market identified? Was the timing wrong? Was a proper positioning strategy used? Was the correct pricing strategy implemented? Did the ad campaign (if there was one) used generate awareness? Was the forecast realistic? Did they cannibalize from another market? You'll need to research what went wrong and then provide a plan for how you would address it for a successful launch. A big component of this activity is identifying what research you would do in order to create a successful launch this time around. In your paper, write a brief summary of the company and discuss its past, present, and future position in the market. Indicate the company’s market share, target market, and market strategy. In addition, analyze the organization’s primary competitors. Identify the key competitive factors driving the competition i.e. price, product differentiation, etc.