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Marketing Strategy Assignment : Coca- Cola

   

Added on  2020-05-16

15 Pages3515 Words166 Views
Running head: MARKETING STRATEGY AND RECOMMENDATIONMARKETING STRATEGY AND RECOMMENDATIONName of the StudentName of the UniversityAuthor’s Note

1MARKETING STRATEGY AND RECOMMENDATIONTable of ContentsIntroduction......................................................................................................................................28 marketing mix concepts................................................................................................................2Applying the components to one of the product offerings..............................................................5Contemporary issues facing the marketers in the present world.....................................................8Contemporary issues impacting marketing strategy of Coca- Cola................................................9Recommendations for helping Coca-cola to face contemporary issues........................................10Conclusion.....................................................................................................................................10References......................................................................................................................................12

2MARKETING STRATEGY AND RECOMMENDATIONIntroductionThe report focuses on the evaluation about the marketing strategy of Coca- Cola. Thestudy reflects on the concept of 8P marketing mix and its application on one of Coca- Colaproduct offerings. The Coca-Cola is one of the biggest beverage organizations that refreshcustomers with more than 3900 beverage choices. This company is one of the valuable as well asrecognizable brands in the globe. Their portfolio features with 21 billion brands, out of which 19are available in reduced options. Even they are the world’s biggest distribution system and hencedistribute the products in more than 200 nations. The goal of this organization is to satisfy theneeds of the consumers and packages their products in varied sizes to appeal specific consumers.The marketing mix refers to as the set of different marketing tools, which the company uses forpursuing its marketing objectives. It is mainly the standard strategic instrument that the companyuses for formulating the product development plan and promotions. Occasionally the servicemarketers might refer to 8P’s marketing mix (Saren et al., 2012). This type of marketing mixfacilitates this organization to review as well as define the vital issues, which impact themarketing strategy of their goods and services. However, this marketing mix helps the Coca-Cola entity to understand the synergy as well as dynamics that are involved among the importantelements.8 marketing mix concepts8P marketing mix refers to the framework that helps in evaluating their existing businessthrough proper approaches. It is also considered as useful model that helps in evaluatingparticular organization rivalries and set their marketing strategy according to it. This new 8p’s

3MARKETING STRATEGY AND RECOMMENDATIONare usually flexible for including the role of consumer service as well as adapt to all types ofbusiness that sells both products and services (Ribeiro, 2015). The 8P’s marketing mix includes-Product- The main hub of marketing effort is that the commodity must be according tothe consumer’s desire. Even if the company has the best marketing, they might facedifficulty selling the commodity for which it has no demand. For this reason, themarketing manager of the organization should understand about how their product willfacilitate the customers in solving the problem (Ribeiro, 2015). Some of the organizationuses a vital tool at this stage, which is product testing. This testing however helps them inmaking the product decisions regarding designing, packaging, brand names, etc thataccompanies with the commodity offering. Place- It refers to the location where the businesses carry out or distribution channelsutilized to reach marketplace. This involves decisions regarding distribution channels thatare to be applied, the outlet location, transportation method and levels of inventory to beheld. The distribution channels mainly involves independent intermediaries includingretailers, distributors by which product passes to their consumers. These intermediarieshowever give cost- effective access in the marketplace. Promotion- Promotion mainly encompasses advertising, sponsorship, sales promotion,public relations, personal selling etc. Through promotional mix the target customers areusually made aware of product existence and benefits it confers on the customers.Usually, the organization makes their first contact with the customers throughpromotional efforts. Therefore, promotion raises the customers’ expectations as well asdrives the company’s overall sales.

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