explain some market research steps you could take to test the market response before investing in a new product launch.

In 1985 Coca-Cola made a change to their formula after nearly a century of success. The result, ‘New Coke’ lasted a very short time before consumers’ negative response, protesters, and widespread resistance led the company to switch back to the ‘Classic’ formula.

Based on what the company learned, they now know that consumers value the brand, history, and tradition of Coca-Cola. Brainstorm some market opportunities the company could explore based on this knowledge. Come up with a new product idea (be creative!). You want to make sure this launch is a success though (the company is now very cautious of introducing new products!). So, briefly explain some market research steps you could take to test the market response before investing in a new product launch.

Any references need to be in APA formatting