Marketing Strategies of Coca-Cola
This assignment is designed to introduce students to the principles of marketing and develop a basic marketing plan.
16 Pages3486 Words227 Views
Added on 2020-11-23
Marketing Strategies of Coca-Cola
This assignment is designed to introduce students to the principles of marketing and develop a basic marketing plan.
Added on 2020-11-23
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Marketing Essentials
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Roles and responsibilities of marketing function .................................................................1P2 Roles and responsibilities with wider business context..........................................................3TASK 2............................................................................................................................................5P3 Comparison of the marketing mix elements within the Coca-cola and Pepsi company........5TASK 3............................................................................................................................................7Covered in PPt.............................................................................................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONMarket refers to the place where buying and selling of goods takes place. All suchactivities and requirements which are related with the production of the goods to the finalconsumption regarded as a marketing essentials. This study will be based on marketing strategiesand business plans of Coca-cola company. Since marketing includes satisfying consumer needs,it is also a social and managerial process which allows the organization to exchange products andservices. Also, it will help in developing a complete understanding about the roles andresponsibilities of different functions within the business. It will also explore 7p's of marketingmix which supports the main objectives of the organization. The document will also help inanalysing the relationship between marketing and other functional units of the Coca-Colacompany. The report will also develop a marketing plan for an organization in order to overcomethe strategic challenges of the firm.TASK 1P1. Roles and responsibilities of marketing function Marketing is defined as the management and strategic process which regulates themovement of goods and services from concept to consumers of the organisation (Fahy andJobber, 2015). Thus marketing function describes and manages the information like productspecification, pricing, promotional methods and distribution channel. Marketing plays a verysignificant role in the success of business as it aims to anticipate and satisfy the needs of targetcustomers profitably. Marketing process create and delivers the offerings which is valuable forthe investors, clients and society as well. Marketing function is known as the role which assistorganisations to assess and source products for market which are acceptable in terms ofconsumer satisfaction and profitability goals of the company. Marketing department of CocaCola performs following functions: Product development and distribution: This is one of the fundamental function of marketing department of the organisation. Theorganisation cannot achieve its goals if products are not satisfactory and as per the needs oftarget audience. The marketing department of Coca Cola assesses the need of market andformulate the product specifications, pricing strategy and distribution network so that more andmore people can be served with the quality services. Market research and promotional channels: 1
Coca Cola cannot survive in the market for long term without gaining competitiveadvantage. The marketing department also conducts marketing research so that the existingneeds and marketing trends can be identified and services can be improved accordingly. Tocreate the awareness of products among people marketing strategies are used to promote theorganisation (Holloway, 2016.). The lack of ineffective promotional strategies can be harmfulfor the long term success of the organisation. Thus marketing functions regularly monitors thecompetitors and marketing trends so that company can sustain its long term growth. Public relation and brand management: In order to expand globally and to retain dominant position in the local market businessgroups are required to establish strong and good public relation and brand. The marketingdepartment ensure that the values and brand objects of the company are projected impressivelyamong social groups so that company get positive response from the people. This marketingfunction is very important as improper brand management not only affects the new consumersbut can also influence the retention of existing service users. Customer service: It is almost impossible for the organisation to survive without customer support. Theimportant function of managing customer's service and relation is also performed by themarketing department. Since the product is promoted and distributed by marketing department ofthe company consumers have direct interaction with the marketing professionals (Baker, 2016).Marketing department acts as an intermediate bridge between the customers and theorganisation. Marketing department communicate with the potential consumers so that theirneeds can be understood and suitable products and services can be developed and delivered tothe customers. Thus marketing department plays critical role in retaining loyal consumers as well tocreate new customers which can add value to the growth and profitability of organisation. The political and regulatory environment: Business get influenced by the federal, state andlocal bodies who generally sets the rules and regulations to perform commercial practices. Thesestated rules and regulations by the government are mainly aimed at protecting both consumer aswell as business. Recently Coca-cola company has had to learn about the decreased carbonfootprints in manufacturing the gases for the cold drinks. 2
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