Marketing Essentials in Coca Cola
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Added on 2021-02-21
Marketing Essentials in Coca Cola
Added on 2021-02-21
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MARKETING ESSENTIAL
INTRODUCTIONMarketing is considered as the continuous activity in which plans are made for selling thegoods in the market. The plans and tactics for marketing is made as per the current need ofcustomer's and strategies of competitors. It is very much essential for the organisations toformulate plans as per the demand of customer's. This is because it can directly lead to increasein market share and profitability within limited period of time. It is the responsibility ofmarketing department to make use of appropriate distribution channel so that final product canbe made available to the customer's(Akroush, 2011). With the help of innovative strategies formarketing long objectives of every organisation can be easily achieved within prescribed timeperiod. The organisation chosen for this report is Coca Cola which one of the top manufacturerof carbonated soft drink. It headquarter was established in Unites States in the year 1886. CocaCola is currently operating its business in different parts of the word with the motive ofproviding better satisfaction to customer's. This report will majorly cover some roles andresponsibilities of marketing function, interrelationship between marketing function and otherfunctions of the organisation. Marketing mix of Coca Cola with its competitor will also becovered in this, with the help of this management of company will be able to take better decisionfor increasing their market share. Strategic marketing plan will also be prepared for a particularproduct which will be launched by the organisation(Blakeman, 2011.). TASK 1 P1 The key roles and responsibilities of the marketing function.The marketing function in very organisation have different set of roles andresponsibilities which are to followed in order to achieve the goals and target. Major role ofmarketing function is to formulate strategies after evaluating various things for the future. Thistype of function also have different kinds of responsibilities for managing the marketenvironment. As with the help of this internal as well as external environment can be maintainedand managed in the proper order. Decisions for the management of marketing are generally takenby the top authorities in Coca Cola(Brooks and Simkin, 2011). This is because with the help ofthese individuals better and effective decisions can be made. But it is essential for themanagement of Coca Cola to make flexible plans for its marketing functions. This is becausemarketing environment is uncertain, so by making such plans changes in the working structure
can be easily made by the management. Employees of Coca Cola also helps the organisation inmanaging the marketing function in appropriate manner. There are different kinds of roles andresponsibilities of marketing function some among them are discussed below- Customer satisfaction- It is the top most function performed by marketing of everyorganisation.Marketing majorly works for enchancing the satisfaction level of its customer's.Coca Cola considers its customer's as the king of market and due to this they are able to satisfythe unlimited need of customer's. Innovative and attractive strategies are made by theorganisation for enhancing there satisfaction level within limited time period. Since theorganisation is operating its business in various parts of the world so satisfying there customer'sis the top most priority(Burke and Friedman, 2011). Monitoring and managing social media – If the goal of organisation is to introduce anynew product in the market than social media can be used as the tool for attracting ample numberof customer's. With the help of this tool Coca Cola will be able to achieve competitive advantagein the best possible manner. As in social media organisation can directly connect and interactwith its potential customer's to know there current demand. Social media will also guide themanagement of Coca Cola in using various promotional strategies for increasing the marketshare and profitability. The demand of market is to use latest techniques for enhancing theirsatisfaction, so with the help of this tool sale and profitability of Coca Cola can be directlyincreased. Track trends and monitor competition- Marketing also performs the function and rolefor tracking the strategies and tactics of its competitors. Monitoring of the competition can bedone by researching and analysing the market situation. The trends in market are uncertain andinvolves high degree of uncertainty. So it becomes necessary for the organisation to track suchtrends and than formulate strategies accordingly. There are large number of competitorsavailable for Coca Cola, so by tracking these trends organisation will also be able to maintain itsmarket-share in the proper manner(Cabrera and Williams, 2014). Managing marketing budget- Management of the marketing budget is another majorrole which is performed by most of the organisation. The major focus in this is emphasised onusing the financial resources in effective and efficient manner. If the management of Coca Colais not able to formulate appropriate budget than goals and objectives will not be achieved andchances of decrease in market share will be increased. Marketing budget is generally made after
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