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Integrated Marketing Mix of Coca Cola

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Added on  2020-04-01

Integrated Marketing Mix of Coca Cola

   Added on 2020-04-01

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Running head: INTEGRATED MARKETING MIX OF DIET COKEIntegrated Marketing Mix of Coca Cola: Diet CokeName of the Student:Name of the University:Author Note:
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1INTEGRATED MARKETING MIX OF COCA COLAA successful marketing of a new product requires a targeted market strategy where themain goal will be to build a strong customer base and to generate revenue. It is important toidentify the targeted market and analyzing the customer base who will purchase the products. Byidentifying the target market, it becomes easier to highlight the features and benefits of theproduct. The companies use different value proposition statement which will benefit and increasethe sales of the company as well as maintain an economic moat. The company promises thecustomers through this value proposition statement (Tedlow 2014). Marketing mix strategies areused by the company for the promotion of brand or product in the market. This will highlight themarketing mix strategies of diet coke. Diet Coke is a sugar free drink which was introduced byCoca Cola. Diet Coke do not use the modified formula of Coca Cola but entirely a differentreceipe. Diet coke is sweetened by aspartame,a n artificial sweetener and thus sweetener isavailable in United States to save money. It will make an in-depth analysis of the 4Ps ofmarketing mix. Further, value proposition and the targeted market of Coca Coal’s Diet Coke willbe discussed in details in this paper (Aaron and Siegel 2017). Market Segmentation refers to the process of dividing the market of potential customersinto different segments or group depending on different characteristics. The vital and the mostimportant element of market segmentation theory is that the company will spend money on thatcustomer group who are willing to buy the product. This segmentation may be positive ornegative. Coca Cola in its first stage will establish the market and identify the targetedcustomers. This can be done through market surveys. Certain economic and demographic factorsmust also be taken into consideration for conducting market surveys. Coca Cola must also mapthe entire market. Retail, wholesale and logistic costs are the most important parameters whichmust be taken into consideration in this aspect (Ferrell and Hartline 2014). Variable Marked Breakdowns1.Geographical RegionQueensland (Far North & South), New South Whales (northcoast & western), Lakes District- VictoriaCity Size5000 to 2,000,000 overDensity ClimateSub-urban, Urban, RuralWestern, eastern sea board, northern & southern(sales increase in Summer)
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2INTEGRATED MARKETING MIX OF COCA COLAVariable Marked Breakdowns2.DemographicAgeRanging from 15 to 25 till age of 40 or moreSex It is an unisex productSize of the family5 and moreLifecycleAll generationsIncome Variant targeted income levelsOccupation All possible professionals of the societyEducation Colleges and SchoolsReligion Available for allNationality Australian, Japanese, New Zealand, British and moreVariable Marked Breakdowns3.PsychographicSocioeconomic Various social classesStatusIntegration of valuables like education Attitudes, values and lifestylegroups Social awareness and achievements in societyPersonalityAny pleasant and authoritarian in the societyVariable Marked Breakdowns4.Behavioral Purchase occasion Famous for both regular and customized occasions Sought for Benefits Standardized service and revenue gainStatus for UsersAny existing and potential usersRates of UsersRegular or heavy usersReadiness levelAnyone interested to purchaseReaction to the ProductEnthusiastic and supportive customersA well defined and proper target market is the first and the vital element of marketingstrategy. In target marketing, the business decides to direct its marketing effort within aparticular serviceable area to a particular group of customers (Reed 2014). Similarly, Coca Colahas also targeted a particular segment of customers for diet coke. Women of young and middleage who are trying to lose their weight are the main target segments of these product. Moreover,the company has also targeted the working people as its advertisement emphasizes on “taking abreak” from the working days and also helps people to cope up with the hectic lifestyle. Thus, itcan be said that Coca Cola’s Diet Coke targets the health conscious people who are sociable,lively, and independent and fun loving (Hutt and Speh 2013).
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