This study focuses on the marketing plan for an innovative new variant of Coca Cola, a fruit based aerated variant of Coca Cola having a unique combination of fruity flavour and signature taste of Coca Cola. The study covers the business vision and mission, marketing audit, marketing objectives, and a high level marketing plan for the new product.
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Running head: MARKETING OF COCA COLA Marketing of Coca Cola Name of the student Name of the university Author note
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1 MARKETING OF COCA COLA Table ofContents Introduction:....................................................................................................................................2 Section 1: Business vision and mission:..........................................................................................2 Section 2: Marketing audit:.............................................................................................................3 Section 3: Marketing objectives:.....................................................................................................4 Section 4: A high level marketing plan:..........................................................................................5 Conclusion:......................................................................................................................................6 References:......................................................................................................................................7
2 MARKETING OF COCA COLA Introduction: Multinational companies own several brands worth billions of dollars yet some brands outshine the others. These brands become face of the company and play immense roles strengthening the market position. The companies owning these brands have to make separate marketing plans to ensure that the flagship brands retain their competitive position in the global market. The crux of the study would be formation of a marketing plan for an innovative new variant of one of most expensive brands in the world according the Forbes Magazine worth a whopping $ 57.3 billion-Coca Cola (Badenhausen 2018). The company would be none other than the largest beverage manufacturer in the world, Coca Cola.This would finally lead to the development of the innovative product which would be a fruit based aerated variant of Coca Cola having a unique combination of fruity flavour and signature taste of Coca Cola. Section 1: Business vision and mission: The Vision of Coca Cola Company, the largest beverage marketer globally is to accomplish sustainable growth in business. The company takes into account six Ps which reflects this sustainable vision of the company. They are people, portfolio, partners, planet, profits and productivity. The mission of Coca Cola stands on three main pillars. The first pillar is that the company aims to spread refreshments through its products. This mission of Coca Cola Company can be observed in the very advertisements and images of its flagship product, Coca Cola (Coca- colacompany.com. 2018.). The second pillar of Coca Cola’s mission is to inspire moments of positive feelings and happiness among the consumers. The third and the final mission of the
3 MARKETING OF COCA COLA beverage giant is to create value for its stakeholders. This mission of the company indirectly points towards its adoption of sustainable practices while operating in the global market. Section 2: Marketing audit: The marketing audit of Coca Cola Company shows that the company is the largest beverage marketer in the world. The financial statements of Coca Cola reveals that the company holds more than five hundred brands which in markets in more than two hundred countries. As far as the marketing audit of Coca Cola is concerned, the company faces competition from its toughest competitor, PepsiCo. As far as Coca Cola, the product is concerned, it faces competition from both within the company and from other companies.Kayaba, Boyraz and Derdiyok (2017) mentions that multinational flagship brands face stiff competition from products of their respective owners which compete with the former for customers. For example, customers planning to buy Coca Cola carbonated products can either opt for Coca Cola or Sprite. This shows that Sprite competes with Coca Cola, the flagship product of Coca Cola Company. However, it can also be pointed out that the top brand value of Coca Cola prevents Sprite or any other products from the Coca Cola Company from cannibalizing it. Kim, and Mauborgne (2014) points out that flagship of one multinational company faces stiff competition from the flagship products of their nearest rivals. A marketing audit of Coca Cola would show that the company receives toughest competition from Pepsi, the flagship product of its toughest competitor, Pepsi Co. Spisak et al. (2015) point out that Pepsi and Coca Cola being toughest global competitors, often adopt leadership and followership marketing strategy to compete with each other. A marketing audit of the variants of Coca Cola would show that its attributes like taste and colour are very similar to that of Pepsi. Moreover, its variants like Diet Coke also face competition from their counterparts owned by PepsiCo. Thus, the outcome of the marketing audit is that Coca Cola
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4 MARKETING OF COCA COLA faces competition both internally as well externally. Thus, it can be pointed out that the discussion would hold a very significant part in the marketing of the innovative Coca Cola product. Section 3: Marketing objectives: The main market objective of Coca Cola Company to release the new product which would be a fruit based variant of Coca Cola would be earning more revenue and give its toughest competitor PepsiCo a tougher competition. This would boost the competitive position of Coca Cola as a brand in the global market and generate more revenue. New MarketMarket development Diversifaction New variant fruiit based version of Coke) Existing marketMarket penetrationProduct Development Existing productsNew products Figure1. Ansoff matrix showing new product of Coca Cola (South: Auythor) The second objective of Coca Cola to launch the new product, Coco Cola with a fruit flavour would be differentiating the brand Coca Cola ahead of other brands owned by the company like Sprite. This would enable Coca Cola to compete more with the other Coke brands and retain its position as the flagship product.
5 MARKETING OF COCA COLA The third objective which Coca Cola should aim to achieve by introducing fruit based variant of its flagship product Coca Cola would gain supernormal profits. This is because since it would the pioneer in introducing fruit based cola drinks, it would have no competitor. Hence, it would be able to earn supernormal profits before PepsiCo introduces a similar product. Section 4: A high level marketing plan: The customer segment which Coca Cola Company to target with its fruit based variant would the middle and upper class customers. The product should position itself in the global market as the premium version of Coca Cola. The marketing mix of the new variant of Coca Cola should would have four components, product, pricing, place and promotion. The product should be the fruity version of Coca Cola available in flavours like orange and lemon. The initial pricing strategy would be scheming pricing to generate supernormal profits. The product would be available in the shopping malls and departmental stores. The company would use the printed and audio-visual media to market Coca Cola. The social media platforms should be used extensively to promote the new product.
6 MARKETING OF COCA COLA Launch of IMC Coca Cola offices all the world hold meetings using face to face methods and teleconfercing method Gather market report Apex management forms a central plan Advertisments to communicate with external stakeholders like customers on newsapapers and magazines Meeting with suppliers Releasing of advertisement of Youtube Final launch of the new product Conclusion: It can be concluded that the new product would be launched by Coca Cola to boost its market presence in the global market. The product should use the market position of Coca Cola in the initial phase and establish itself as the premium version of Coca Cola.
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7 MARKETING OF COCA COLA References: Badenhausen, K. 2018. Forbes.com. Retrieved from https://www.forbes.com/sites/kurtbadenhausen/2018/05/23/the-worlds-most-valuable-brands- 2018/#7677a751610c Coca-colacompany.com. 2018. Retrieved fromhttps://www.coca-colacompany.com/coca-cola Kayabaº, T.D., Boyraz, G. and Derdiyok, R., 2017. Examining Coca-Cola and Pepsi Brands under the Basis of Globalisation and Multinational Companies.International Journal of Academic Research in Business and Social Sciences,7(12), pp.351-358. Kim, W.C. and Mauborgne, R.A., 2014.Blue ocean strategy, expanded edition: How to create uncontested market space and make the competition irrelevant. Harvard business review Press. Spisak, B.R., O'Brien, M.J., Nicholson, N. and van Vugt, M., 2015. Niche construction and the evolution of leadership.Academy of Management Review,40(2), pp.291-306.