Marketing Essentials- Coca Cola

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MARKETINGESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY – 1.................................................................................................................................1Explanation of Key Roles and Responsibilities of Marketing Function................................1Analysis of Roles and Responsibilities of Marketing in context of Marketing Environmentand Interrelationship of Marketing with other Functional Departments................................5Critical Evaluation of key elements of Marketing Function and its Relationship with otherOrganisational Functions........................................................................................................7ACTIVITY – 2.................................................................................................................................8Comparison of how different organisations apply Marketing Mix........................................8Marketing Plan for Coca-Cola..............................................................................................14CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
INTRODUCTIONMarketing is the accumulation of all the tasks which are performed by organisations toexplore, create as well as deliver value in order to satisfy the wants of customers in the market. Itis aimed at identification of all the unfulfilled desires and needs of target market of theorganisation(Van der Wagen, 2015). Basically, it plays the role of determining, analysing aswell as quantifying market size and potential for profit. In addition to this, it helps organisationsin pointing towards the segments which tend to perform most effectively. Marketing alsodetermines the most appropriate methods and techniques through which a company could marketits products as well as services to get maximum responses from customers.The following report is based on Coca-Cola, which is one of the biggest soft drinkcompanies in the world. It was introduced in the market in 1886 and was headquartered in US.Since its inception, products of this organisation have been highly preferred in the marketplace.Furthermore, this company has effectively established itself all over the world and has a strongglobal presence. The reason for the same is that the firm deals in multiple brands as per thecurrent market needs. Furthermore, its marketing and promotional techniques are as per theregion and according to countries. This report effectively covers a detailed explanation of keyroles and responsibilities of marketing functions and their relation to wider organisation context.Along with this, it covers analysis of roles and responsibilities of marketing in context ofmarketing environment along with evaluation of key elements of marketing function and itsrelationship with other functional units of the company. In addition, the report emphasises oncomparison of how different organisations apply marketing mix and a detailed marketing planfor Coca-Cola for accomplishing its business objectives(Ryom and et. al., 2016).ACTIVITY – 1Explanation of Key Roles and Responsibilities of Marketing FunctionMarketing is one of the most important practice performed by organisations.Thisfunction allows companies like Coca-Cola to effectively build appropriate and effectiverelationships with their customers.The reason for the same is that effective marketing requiresan organisation to conduct an in-depth marketing analysis which assists them in developing andpresenting their offerings as per customer requirements. Furthermore, it also helps to produce1
those offerings which provide maximum value to the firm and enhance the scope of profitabilityand sustainability of the company(Hisrich and Ramadani, 2017).There are several marketing concepts which are essential to be understood in order togain appropriate knowledge about current and future trends of marketing. These concepts arementioned below:Production Concept:This concept of marketing is perhaps the oldest concept available in marketing.Itdeveloped in 1950's during beginning of capitalism.Inthat era, the whole idea of marketingemphasised on production of their offerings, manufacturing, as well as efficiency issues. Theideology behind this concept was that organisations could easily enhance their supply if theyreduce their cost. Moreover, it would also enhance likelihood of these organisations to bepreferred by customers.Product Concept:This concept of marketing follows the ideology that preference of a product or service bya company depends heavily upon the quality of these products, kind of innovative features in theproduct as well as its overall performance. Product quality as well as improvement in offeringsare essential aspects of marketing strategies adopted by the company. The whole marketing ofproducts and services depends heavily upon the effective features as well as on the productquality offered by organisations.Selling Concept:While the above concepts effectively focus on the product and production processes, thisconcept would be emphasising on selling process chosen by the organisation. It works on theideology that in order to effectively sell the offerings in marketplace, companies must focus onlarge-scale selling as well as they must enhance their promotional efforts. Sales Transactions aregiven utmost priority in this concept rather than customer relationships(Brychkov and Domegan,2017).Marketing Concept:This concept puts customer at the central position and all the strategies adopted bycompanies are effectively focused on these customers and are directed towards their needs andwants. This concept effectively focuses on pull strategy which enhances the competence ofbrand so that it is preferred the most by customers. It adopts a “sense-and-response” philosophy,2
which means that companies must produce right products for customers instead of finding rightcustomers for their product.Societal Marketing Concept:In this concept, organisations must effectively focus on providing effective value ofproducts to society along with their customers. It works on the philosophy of giving back to thesociety. Furthermore, companies must appropriately develop and present their products whichcould ensure benefits to society. Companies must take their ethical considerations into marketingpractices(Kassambara, 2018).In the current market scenario, out of all the concepts, it is essential forCoca-Cola toeffectively adopt marketing and societal-marketing concept which would ensure success to thecompany and its future products.Alongside these concepts, there are several current and future trends related to marketingwhich are mentioned below:Current Trends:Content Marketing:One of the most prominent current marketing trend adopted byorganisations is content marketing. The major focus of companies through contentmarketing is that it helps them to engage customers with their products and services.Furthermore, it paves way for a two-way communication which is important to developlong-term customer relationship. In addition, content marketing also influence theirthought processes and encourage them to prefer the product that is being marketed. Coca-Cola produces effective content in relation to appropriately market its product amongstthe customers. It uses effective strategies related to producing a compelling content as perthe market which makes it marketing one of the most appreciated in the world.Social Media:Another prominent current trend is social media. With enhancement ininternet access and digitalisation in developing and developed countries, instantcommunication through social media is being appreciated as well as preferred byindividuals. Various social media portals like Facebook, Twitter, YouTube and Instagramare being used by organisations to market their products as it helps them to direct theirstrategies towards their appropriate target market. Coca-Cola has a strong online presenceand it uses these portals effectively to enhance the scope of success of its marketing(Arendt and Allain, 2019).3
Future Trends:Artificial Intelligence:One of the most evident trends which are likely to grow in thecoming future is Artificial Intelligence. This is because data analysis would be madequite efficient. Furthermore, machine learning and interactive content would be makingstrong strategies for companies like Coca-Cola in future(Wilson, McCabe and Smith,2018).Virtual and Augmented Reality:Another prominent marketing trend which would begrowing in the future is Virtual as well as Augmented Reality. This is quite an innovativeapproach which would be preferred in the future in terms of marketing. Another factorwhich is evident with their rise is that companies could effectively perform personalisedmarketing which could be effective for their success.There are various roles and responsibilities of marketing as well. Some of it in contextwith Coca-Cola are explained below:Setting Up Strategies:The most important marketing role in context with Coca-Cola isthat it helps in setting up effective strategies for the company to appropriately present itsofferings in the market. Furthermore, marketing function is responsible for aligning themarketing strategies adopted by the company with other strategies and objectives ofCoca-Cola. Furthermore, marketing function also helps the firm in reaching pre setstandards effectively and accomplishing all its objectives. This could be well achieved byvarious campaigns set up for firm's products, success of which, could help the companyin attaining their goals adequately.Market Research:Another responsibility of marketing function is conducting anappropriate and in-depth research of the market to determine trends, preferences andmarket gap. Marketing function in Coca-Cola performs these researches effectivelywhich helps them in determining opportunities to expand their portfolio and create brandswhich could serve well in the market. This role of marketing function helps in developingappropriate products which are in accordance with the market and helps the company instaying ahead of its competitors(Holbrook, 2018).Brand Management:Marketing function within Coca-Cola is also responsible to developand manage the brands which is essential for its long term sustainability in the market. In4
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