Role of Marketing in Coca-Cola Company: A Case Study
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This report discusses the role of marketing in Coca-Cola Company and how they drive their marketing strategy to achieve organizational goals and value to customers. It also highlights the importance of market orientation, business loyalty, and integrated marketing channels.
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MARKETING MANAGMENT
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TABLE OF CONTENTS INTRODUCTION...........................................................................................................................3 MAIN BODY...................................................................................................................................3 Role of marketing........................................................................................................................3 Market orientated.........................................................................................................................4 Business loyalty in market...........................................................................................................5 Integrated marketing....................................................................................................................6 CONCLUSION................................................................................................................................7 REFERENCES................................................................................................................................8
INTRODUCTION Marketing is necessary in every organization that focuses on the growth of their business andmarketorientedwhetherpublicsectorortheprivatesectororganization.Marketing environment and their strategy marketing activities implement in the company for the betterment and the growth of the company. This report includes the information of given case study of the Coca-Cola company and how they drive their role of marketing in achieving the organizational goals and value to the customers. Also illustrated in this report that target market uses the integrated marketing channels which drive the growth of the business. MAIN BODY Role of marketing Marketing has various meaning and definition in context of various business. Marketing basically focus on the customer wants and explain the business growth in respect to customer buying power towards to the organization marketing skills that how they attract the customer. The process of the communication via different ways from the customer and aware the customer about the organization and their product line (Park, 2020). Company only get success when the strategy of theorganization put the strategy properly and for attracting the customers via different- different channels. Company should boost their marketing strategy for boosting their sales in respect to Achieve the organization goals and the objectives. Coca-Cola international market strategy involve the legal, economic, culture, technology, and social factors. That help the company to easily marketing in the international market. Company strictly followed these factors for the better marketing strategy. Company strategizes the marketing for the long term benefits. In marketing company also evaluate that how they will perform better with their competitor in the market and what type of resource should company need to achieve the order and compete in the market. Company also maintain the trends with that they can easily stand in the market and attract the company (Chernev, 2018). The company uses technique which also known by the brand recall that helps to get the customer attention more and differentiate the organization from their competitors among the market. Main aim of this technique uses is to create a brand loyalty among the customers in the targeted market. For this technique company uses attractive logo and images or dialogues through different channels.Primary objective of the marketing is to create a awareness in the targeted customers of the organization and company has to maintain their reputation in the market to
stand and compete that's how company will compete with their competitors with their marketing skillsandtechniques.Forbrandingandpromotetheorganizationproductsorservices organization must need to develop a strategy for promoting their products and create a funding for promoting these products. Marketing creates a healthy competition in the market to establish an organization and with that company and their customers also get to know about their various prices segments and that vary from their competitors and the substitutes products that available in the market that's why company should promote their products in a innovative style with a reasonable price. Like, Coca-Cola did with their products reasonable prices and the attractive marketing skills to attract the consumers (Marinchak, Forrest, and Hoanca, 2018). Market orientated Market orientated strategic planning refer the development and maintenance of the objectives and skills or available resources of the changing market opportunity. Company strategic planning refers the reshaping and changes if needed in the company growth and promotion with that company get a profit also. The company advertisement refers the e.g.,β when you drink don't drive, drink Coca-Colaβ this represents a customer to do something. As the technology changes rapidly in the international market as well as domestic market that's why company need to reshape or revaluate their existing product. The strategy they have to improve the company brand and their position in the market. This also involve the product life cycle that is introduction of the product, growth their maturity and the decline period. Company also did the something for promoting their product and for the growth of the company in the market like, promote existing product in the new market that is related to the ansof matrix (Tarka, 2018). This also determine the price and the place strategy of the company. Price strategy main concern is to maintain the price and compete with the competitors' company have. With pricing strategy company select their targeted market and customers. This explains how High price allotted to attract the high revenue a profit after wards low price determine the large market segment in a just short time of period. Discriminating price of the company product determine the lower price of the product can be change for some different markets. Place strategy determine the selection of different type of channels where company can promote their products and also sale them. This also include the transportation of the product. Strategic planning refers the activities and product ideas of the company (Zhang,Xiong,Niyato,Wang,and Han, 2020). It determines the
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mission, vision, objective of the company. With this company easily evaluate their business opportunity and establish a product, and they maintain the portfolio of the company that determine the development strategy for every business division of the company. Strategic planning rationalized the all over growth of the business that rely on each department of the company. Business loyalty in market This evaluates the strategy of the organization and determine their customer and the strategy company implement for the growth and to stand in the market. Every successful company or who wants to succeed need to acquire the customers and promote the goods for the betterment of the company (Tomczak, Reinecke, and Kuss, 2018). For the brand loyalty of the company. Company need to understand that what business they are in and what market segment they need to cover for promoting their products for maintaining the brand loyalty. Main motive of the loyalty branding is communication with the targeted customer of the company. Company should apply the approaches for the better maintain their loyalty and company maintain their loyalty of the products by promoting their products. The quality of the product that they have in their products and company also describe the factors that they have to their customers for the better results from their customers. Business marketdiffered from the consumer market. Consumer market determine the market where there is a large number of buyers and many products available. In the customer market the retail market is play a main role that bring loyalty in the market sector for the company. In business market they have less customers and the transactions value they have is large. For the customer's company need to reshape their product price and evaluate the brand efficiency among the customer company have. Selling product is the main factor because without loyalty no customer will buy the product that's why company have to bring the brand loyalty in the market for selling their product. Company can promote the long term loyalty in the customer by offer them a individual attention to them. Give customer a reward for their brand loyalty programs (Mabkhot,Shaari,and Salleh,2017). For more improvement company can take feedback from the customers they have. For more response company should respond quickly t their customers and make every employee of the company trained well enough to handle every situation in the company. Brand loyalty determine the repetition of the product buying capacity of the consumer. Managing each and every consumer is difficult for the
company. Nowadays, it is possible via artificial intelligence and for the company also because of the increasing competition in the market that derive every company to consult with their business. Coca-Cola focuses on the large numbers of the customer for maintaining their brand loyalty among the people and the consumers they have because their customer base is very large. The product they have is famous among every kind of people and every age of people they have from kids to adults (Kohne, 2019). Integrated marketing Integrated marketing is a approach to communicate or interaction with the targeted consumer of the company or the individuals with they coordinate with the marketing branding that include the paid media which can be offline or online advertisement which advertisement display to the audience by the different channels and the other one earned media that include the PR or the influencing market like, in some for the advertisement for the Coca-Cola they bring some celebrity for promoting their products and influence the people for buying their products. Ownedmediaisalsoapartofadvertisementforthesocialmediaadvertisementlike advertisement on personal website. The social media channels of the company or through the direct email to the company customer or by giving consumer a reward. The important part of the integrated marketing main role by the communication through the different channels and with that they increase the brand awareness among the people and make familiar with the product to the people that wants to buy the company product or who us willing t buy the company product by giving them awareness and brand loyalty of the company and the products they have. The importance of increasing the technology and digital marketing in the market are the essence of the new marketing strategy now a days that's how company bring new marketing strategy to the people and with that integrated marketing has never that complex because of the technology advancement. Company need to plan and optimize their strategy towards the omni channels and the digital market strategy using different framework for this like, race framework to establish the digital market base of the company and this framework can transform the marketing strategy into a integrated to adopt and gain more customers for the company benefits (Shuie,2019). Integrated marketing channels is important because the world is full of changing environment that' why with the help of advertisement company need to develop a advertisement technique to remind the customer about the product existence and make them use that product with the
attractive way of the advertisement or promoting the product. That's why Coca-Cola regularly advertising their product to remind their customer about the product's company have. With the help of advertisement and the way company present their product to the people that's how their brand image should maintain in front of the people that going to consume the company products. Identify the different marketing channels for the better communicationneeded in the integrated marketing that consider the targeted audience and how will the audience get that message and in what manner company should need to maintain or address the product in front of their customers. Marketing communication plan consist the audience and the content by which company pulls the audience to develop the knowledge and make initiative for the company advancement and product advancement. Cadence, this determines the knowledge that how consumer get the information about the product they have or going to have company can also get the data from different sources that is automation platforms for this. This information is usually using for the company get to know about the content of the products or the advertisement that advertisement for the product going to describe the about the company (Goryachev, 2020). CONCLUSION This summarizes report conclude the information about the Coca-Cola company based on the case study that is given. For the understanding of the marketing of the company and their role of marketing to achieve the higher growth in the changing environment market. This also conclude that with the perfect strategy of the marketing and the technique that company uses helps the organization to bring the awareness and promote the product of the company in a better way. Company also bring new innovative way to promote their product in the market that bring the attraction of the consumer towards the products of the company. With the market orientation company can prioritize their wants to better understand the desire of the consumers that company targeted. That' how company will create and innovate in their existing or new product by the help of the feedbacks by the consumers or the promoting products by different channels.
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REFERENCES Books and Journals Chernev, A., 2018. Strategic marketing management. Cerebellum Press. Goryachev, A.A., 2020. Retaining customer's attention and creating brand loyalty through native advertising. InΠΡΠ΅Π½Π΄ΠΈΠ½Π³ ΠΊΠ°ΠΊ ΠΊΠΎΠΌΠΌΡΠ½ΠΈΠΊΠ°ΡΠΈΠ²Π½Π°Ρ ΡΠ΅Ρ Π½ΠΎΠ»ΠΎΠ³ΠΈΡ XXI Π²Π΅ΠΊΠ° (pp. 63-65). Kohne, A., 2019. Target Market. In Business Development(pp. 75-84). Springer Vieweg, Wiesbaden. Mabkhot, H.A., Shaari, H. and Salleh, S.M., 2017. The influence of brand image and brand personality on brand loyalty, mediating by brand trust: An empirical study. Jurnal Pengurusan (UKM Journal of Management).50. Marinchak, C.M., Forrest, E. and Hoanca, B., 2018. Artificial intelligence: redefining marketing management and the customer experience.International Journal of E-Entrepreneurship and Innovation (IJEEI).8(2). pp.14-24. Park, S., 2020.Marketing management(Vol. 3). Seohee Academy. Shuie, W., 2019. Analysis of Coca-Cola Modern City Pot Market Positioning. Tarka, P., 2018. The views and perceptions of managers on the role of marketing research in decision making.International Journal of Market Research.60(1). pp.67-87. Tomczak, T., Reinecke, S. and Kuss, A., 2018. Market-oriented Business Unit Planning. In Strategic Marketing (pp. 97-170). Springer Gabler, Wiesbaden. Zhang, Y., Xiong, Z., Niyato, D., Wang, P. and Han, Z., 2020. Information trading in internet of things for smart cities: A market-oriented analysis.IEEE Network.34(1). pp.122-129.