Marketing Strategies for Coca Cola: A Comprehensive Report
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The report covers essential elements and aspects that influence the practices of marketing of Coca Cola. It includes marketing mix, BCG matrix, Ansoff Matrix, STPD strategy, segmentation, targeting, positioning and differentiation.
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Table of Contents INTRODUCTION................................................................................................................................3 Objectives of the marketing plan.....................................................................................................3 Marketing Mix......................................................................................................................................3 Product:............................................................................................................................................3 Price:................................................................................................................................................3 Place:................................................................................................................................................4 Promotion:.......................................................................................................................................4 Marketing analysis BCG......................................................................................................................4 Marketing developing Strategies with Ansoff Matrix..........................................................................5 Customer Driven Strategy (STPD).......................................................................................................6 Segmentation...................................................................................................................................6 Targetting.........................................................................................................................................6 Positioning.......................................................................................................................................6 Differentiation..................................................................................................................................7 CONCLUSION....................................................................................................................................7 REFERENCES.....................................................................................................................................7
INTRODUCTION Marketing function is known to be one of the most crucial function of the business that assist in advertisement as well as promotion of the brand as well as product or services offered by the commercial businesses. For example initial importance of the marketing departments is to enhance the level of sales of their products which they offer in the market area together with increasing the awareness as well as information about the brand(Campbell-Sills, and et.al., 2022). The following report is based on the organization Coca Cola which is one of the international organization of soft drink. The following report will cover about essential elements as well as aspects that influence on the practices of marketing of the specific company. In addition to it it will also involves marketing makes in order to offer the information regarding the same. Objectives of the marketing plan ď‚·Toofferexactauditofmarketingmixwiththesuitabletechniquesaswellas recommendation. ď‚·In order to conduct portfolio of the product evaluation with the assistance of BCG matrix. ď‚·In order to recommend a suitable strategy of marketing development with the assistance of environmental variation from the early presentation as well as the product strategy and marketing from the current situation. Marketing Mix This is evaluated that framework of marketing that is utilised in this report in accordance to understand and examine several techniques which can be considered by the particular commercial businesses with the am to the several elements. The framework of marketing mix is described below in brief of the respective organization. Product: Being one of the leading organization of soft drink in the entire world respective Business Company is functioning at the major as well as bigger scale functions and the practices with huge investments onto their products. In addition to it Coca Cola basically offers a basic platform for the consumer in order to make them buy the product from the small shop to the big super markets (Goldfarb, Tucker, and Wang,2022). The company is selling Different size of soft drink in which they are also using can as well. In addition to it company is also offering Diet Coke to there consumers who are basically sugar and diet conscious in different sizes. Moreover to this the respective organization is focused in offering their consumer with the range of sizes as well as quality product in order to make their consumer best loyal towards the company which can assist the organization in accomplishing success for the long period of time in the market area.
Price: As the outcome of the common goods which are sold by the respective organization the company is utilizingcompetitivepricingstrategyinaccordancetoworkinextremelyhicompetitive environment of the business. For example this commonly considered minimum price for the code in accordance to survive in this type of market area with having low margins of the profit in the selling of the good. Management of the also sales they are goods in the whole sales which shoes and assist the organization in minimising the prices of the products in comparison to selling the good to the individual (Guirguis-Blake, and et.al., 2022). In addition to it this strategy of the pricing will assist the organization in attracting large number of the consumer base in order to make them by the code which are offered by the business company and it also helps them in retaining their current base of consumers. Place: This element of the marketing mix has the major role in taking several decision for appropriate practices of the marketing which needs to be carried out in the market area of the company. In addition to it this factor of the marketing makes consist of taking the decision about the placing of the products off which are offered by the company in order to make the consumer directly see and consume the product. In accordance to consider the appropriate place for the positioning of product is super marts, retail outlets and many other small shops which has the major reach towards the consumer base of the company. Moreover to this, location with the convenient reach of the consumer is focused and considered by the organization in accordance to position the product of the respective company in accordance to make then attain more and more consumer base. Also the respective organization is selling their product in many parts of the globe. Promotion: This component of the framework marketing makes is involved taking the decisions regarding the strategies of marketing which can be taken into consideration by the organization in accordance to mark it as well as promote their codes for a long period of time. Digital marketing as well as traditional way of marketing are noon to be the most utilised method in order to sell the goods of the company(Han, and Bai, 2022). In accordance to the respective organization Coca Cola management is utilizing several social media platforms, search engine optimization as well as television marketing and many other way of marketing techniques in order to increase their brand awareness as well as sales in the market area. Moreover to this, management of Coca Cola also launches several vouchers and discount coupon in accordance to attract more and more consumer base in order to make them by the goods in such a competitive market area. Hence this implementation of the practices of marketing assess the organization enhancing their sales of the
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goods in order to increase their profitability. Marketing analysis BCG This framework is utilised in order to identify the potential growth opportunities which are there in the market area of the respective organization and this also is very helpful to monitor the portfolio and to understand regarding that which good that is offered by the company can be continued and that must be discontinued in the operations. So this framework in relation to the organization Coca Cola are described below in brief(Lim, and et.al., 2022). Dogs: It is the initial category in which the goods as low potential of growth as well as having low market share. So this is appropriate to discontinued specific category of the goods as they are not assisted the company in generating any type of revenue nor they are increasing the brand awareness among the consumr. Question marks: This is another element in which the goods are of range which have enhanced level of demand in the market area but they also have the low market share as well. Show the organization should operate in order to raise the market share of the product which can asst accomplishing the growth in the market area. Cash cows: In this element of the frame with the good have the enhanced level of market share whereas they have low potential of the growth rate in it. The commercial businesses should focus on increasing their effort and making specific techniques and strategies which will assist them to increase the demand of their product in the market area(Paliwal, Lewis, B. and Kaufman 2022). Stars: This element represents the goods which have enhanced level of growth rate as well as it covers the bigger market share of the company. The organization must focus on continuing this product as it is one of the main predict that is the reason behind of the brand awareness as well as profitability of the company and assist them increasing their consumer base as well.
Marketing developing Strategies with Ansoff Matrix This is utilised to evaluate techniques for development and there are several number of plants which commercial business can utilise in order to accomplish more success and it is described below in brief Market penetration: It is the initial technique in which the company performs and works on selling the existing goods in the current market area. It will assist them in working in such a way which assist them to enhance their sales revenue as well as satisfying the needs of their consumer base(Panigrahi, 2022). In relation to the coca cola management focus on keeping their prices of their product low in order to accomplish more growth in their current market area. Market development: This is the another method which can be utilised by the respective organization Coca Cola as they can enhance their business operation utilizing the current products as well as services in to the new market area. This will be advantages for the organization as they will getting new base of consumer which can lead to enhancement of the sales as well. Product development: This technique concentrate on modifying or developing the product and selling it to the existing market area of the organization. This can be done by the commercial business at the time when they are getting major number of sales from the current market area. Management of the Coca Cola can utilise this type of strategy by launching several different flavours of the soft drinks and any other modification in its products. Diversification: This is one of the risky strategy which concentrate on introducing the new product into the new
market area of the organization. In addition to it there are major possibilities of generating revenue by developing the new good into the new market area. Customer Driven Strategy (STPD) Marketing technique is consist of several decisions which has taken into the consideration in respect to the crucial factors of marketing and aspects in accordance to carry out activities of marketing in the effective as well as efficient way(Rauschnabel,and et.al., 2022). This is also inclusive of decision making process regarding the targeting, segmenting and positioning of the goods into the market area of the company. Segmentation Segmentation is known as the method of grouping up of the consumers in the community in accordance to their specific individual attributes in accordance to the respective company. For instance consumers having similar specific attributes are taken into consideration in order to group them in the single individual group. Moreover to this, there are several kinds of the Base of the segmentation which involves geographic, behavioural, demographic and many more. In this demographic segmentation are opted by the respective organization in accordance to group their specific consumer base in the division of the consumer having similar attributes. In addition to it this involves separations as well as categorization of the people in accordance to their education, age, gender and various more which is they are demographic variables. Also consumers that are having similar features of demographic variables are categorised together in accordance to make effective techniques as well as plan of action for the offered goods by the respective company. This also assist the organization in evaluating several groups of consumer in accordance to their need and wants(Sánchez-Tójar, Moiron, and Niemelä, 2022). Targeting This factor of marketing framework is known as the method of making several decisions regarding the evaluation as well as identification of target potential consumer base from specific group, in addition to it evaluating and understanding the several segments of the group of consumers which are there in the level of segmentation is considered in this factor of marketing strategy. Moreover to this it also assist in taking the account of most appropriate as well as effective segment of the consumer in accordance to make the techniques and plan of action in accordance to that only. As the respective company is totally focused in offering soft drinks of different sizes to their consumer base and they are focused in targeting every age group but basically people of age between 10 to 60 has majorly taken into the consideration by the organization in order to make the effective strategy to be executed in the organization and operations. It has also been monitored that consumption of the staff drink is highest among the specific segment of the consumer that are going
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out in restaurants and in the time of summer. So this will assist the organization in giving the suitable outcomes in at writing the specific target consumer base of the organization towards buying them offered well in the market area for the long period of time. Positioning This vector of the framework is consist of practice of the decision making process on the very crucial element of positioning of the goods into the market area in which the organization is performing. This will also include that how a organization is attracting as well as perceiving the consumer base in order to make them by the offered products with having the edge over their competitors in the market area. Being focused towards the needs and desires of the consumer ways as well as their taste the company is entirely focused in accomplishing those specific requirements of their consumer based with the soft drink product they are selling in the market area. Moreover to this this method of the marketing strategy is basically utilised by the organization which is entirely based on the taste as well as quality of the goods which are served to the consumer in the restaurant’s as well as other stores(Triplett, and et.al., 2022). In addition to it organization can also utilise the methods of digital marketing in which they can market their goods on the several platforms of the social media as well as they can also take the assistance of search engine optimization in order to enhance their sales revenue as well as brand recognition in the entire world. Differentiation In this technique the management of their respective organization Coca Cola can offer several kinds of size of their drinks to their target consumer base. The organization can also give several advantages to the consumers which are they can increase the quantity with the existing price that can assist the company in increasing their sales avenue as well as goodwill in the market area as it will lead to the long term sustainability as well as success of the company Coca Cola for the long period of time. CONCLUSION From the above report it has been concluded that the respective company is functioning on the major scale or they are working on the international level with having several number of shops, outlets, super marts, hypermarkets and many more places where they can sell their goods in the wholeworld.Respectiveorganizationcanalsoutilisedemographicsegmentationfortheir consumers which they can take into the account in accordance to make effective techniques which can be executed in the market area in order to enhance the profitability as well as goodwill of the company. In addition to it marketing mix has also been represented that shows appropriate techniques in accordance to make sure growth as well as success of the company for the long period of the time.
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