Marketing Essentials: Roles and Responsibilities of Marketing Function

This document discusses the roles and responsibilities of marketing function in the context of marketing environment. It also highlights the significance of inter-relationships between marketing and other functional units of an organization.

UNIT 2
MARKETING ESSENTIALS
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Executive Summary
Marketing mix plays a pivotal role in the shaping of the strategies to meet the targets set by
the company. It consists of 7 factors essentially the 7Ps, people, price, promotion, place,
physical evidence, process and products. Coca Cola is one of the leading and successful
companies in the world, engaging in the sale of refreshing beverages and other soft drinks.
The current policies of the company have been highlighted in the report. In addition to this,
the marketing mix of different companies has been compared. The different tactics
incorporated by the companies and especially Coca Cola have also been mentioned.
Moreover, the strategic analysis of the company with respect to marketing mix has been
carried out to comprehend the factors and formulate a proper strategy.
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Table of Contents
Introduction...................................................................................................................3
Activity 1 ......................................................................................................................3
P1: Roles and responsibilities of marketing function................................................3
P2: Analysis of roles and responsibilities of marketing functioning .........................4
M1: Analyse the roles and responsibilities of marketing in the context of the
marketing environment..............................................................................................4
M2: Analyse the significance of Inter-relationships between marketing and other
functional units of an organisation............................................................................6
D1: Critically analyse and evaluate the key elements of the marketing function and
how they interrelate with other functional units of an organisation ..........................7
Activity 2.....................................................................................................................10
P3. Comparison of marketing mix to the marketing planning by different
organizations...........................................................................................................10
M3. Evaluate the different tactics applied by the organization to demonstrate how
business objectives can be achieved......................................................................13
P4. Marketing plan production and evaluation........................................................14
M4. Produce a detailed, coherent evidence-based marketing plan for organization
.................................................................................................................................15
D2. Design a strategic marketing plan that tactically applies the use of 7Ps to
achieve overall marketing objectives......................................................................16
Conclusion..................................................................................................................19
Reference List ...........................................................................................................20
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INTRODUCTION
Marketing plan is essential for an organization to frame the activities that are required in the
accomplishment of the business goals. Coca-Cola, carbonated soft drink produced by the
Coca-Cola Company started its journey in the year 1886. A refreshing beverage it plays a
huge role in the human culture and entertainment sector, providing an opportunity for huge
marketing scope. In this report, the comparison of the marketing mix to the marketing
planning has been discussed for different organization. The different tactics have been
applied to demonstrate the objectives. Moreover, production and evaluation and a detailed
marketing plan for the organizations have been highlighted. In addition to this, the
applications of the 7Ps to achieve the marketing targets have been highlighted.
MAIN BODY
Activity 1
P1: Roles and responsibilities of marketing function
The term Marketing has been defined as one of the most essential business process
with the help of which every business organisation can interact with its targeted audience. It
has helped Coca - Cola’s in establishing strong as well as effective relationship with its
customer group across the globe by delivering quality products as well as services. With the
help of effective marketing strategies, Coca – Cola has been able to capture large market
share. Following are the roles as well as responsibilities of marketing – department:
1. One of the most important function of a marketing department is related to gathering
and analysing of market information related to development of new product.
2. It helps in understanding the needs of its customers i.e. what they want to buy and at
what time period, what quantity is demanded, price level that is expected by them to
be charged for such products and services etc. by the company (Andoh and et.al.,
2018).
3. With the help of effective marketing functions, it assists in identifying products which
are having potential of earning large profits from the market thereby promoting and
advertising of such products and services in the target market in an efficient manner.
4. By conducting market research, survey, formulation of effective product plans,
development of the product, its promotional activities and sales function Coca – Cola
has been able to capture large market share across the globe. A marketing function
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consist of number of roles and responsibilities which are essential for the growth as
well as development of a business.
P2: Analysis of roles and responsibilities of marketing functioning
In many business organisation the function of marketing department is related to
development of sound as well as effective marketing strategies with the aim of promoting
new product and services of the company. By gaining deep insight about current market
trends and preferences with the help of proper market research, it provides a base for Coca –
Cola for performing in much better manner. With the help of effective roles and
responsibilities of the marketing department it assists Coca – Cola in following manner:
1. Marketing ensures timely and proper transfer, exchange as well as movement of
goods and services from one market place to its end users.
2. Marketing managers helps in identifying target markets along with its customer which
the company can access at reasonable cost. Also, it helps the company in making
proper segment of the markets so as to group all together its potential customers who
are having similar needs.
3. One of the most important function is related with promotional activities. It is the key
marketing function which can help Coca - Cola in increasing its sales margin
(Boukai, Figueiredo and Crivelli, 2019). A company can attract large number of
customers for its products and services. This will have positive impact on the brand
image of the company and will builds goodwill.
4. By formulating sound promotional as well as advertisement plans and strategies, it
can inform its targeted market audience and public about specific products and new
range of products, services which it is coming up with in the near future.
M1: Analyse the roles and responsibilities of marketing in the context of the marketing
environment
The main role of the marketing department of a company is to create a brand image of the
company, among its target consumers. A company cannot achieve the targets they set,
without the creation of a proper brand image of the company. This is highly dependent on the
marketing function of a company. As influenced by the ideas of Chang, Wang and Arnett,
(2018), it can be stated that the main aim of a marketing function of a company is to generate
an overall interest among the target customers, regarding the products of the company. In
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order to achieve this aim, the marketing function has to conduct a specific market research.
Market research includes the gathering of information about the various trends in the market
that the company is targeting. This also involves the analysis of the competitors in the market
and the position that the company itself is standing at, in the market. As stated by Gölgeci,
Karakas and Tatoglu, (2019), an effective market strategy will contain all the ingredients that
are responsible for making the products of the company a big success among the customers.
This involves all the process, from development of the product to the sales of the product and
managing the revenue generated from the customers.
The knowledge of the needs, wants and demands of the target customers, is highly useful in
developing a good marketing strategy. Therefore, it is the responsibility of the marketing
function to gather information about the needs, wants and demands of the target customers.
The products need to be launched in a specific area, keeping in mind the needs, wants and
demands of the customers of the area. The marketing function of a company can employ two
methods, in order to achieve its targets. The gathering of information through internal
channels and the gathering of information through channels outside the company are the two
processes involved. Internal channels include the information gathered from the other
departments of the company, like the sales department and the customer support department.
The social media is being increasingly used as a medium for collecting information. The
social media sites provide a rich source of information regarding the needs of the customers.
Therefore, they can be highly valuable external source of information.
The monitoring of the trends in the competition in the market is another very essential
responsibility of marketing function. The competition in the market can be highly detrimental
in determining the position of a company in the market. The companies need to draft
essential strategies, in order to achieve an edge over its competitors in the market. Thus,
proper analysis of the competitors of a company is highly essential for the company and the
sale of its products. The creation and maintenance of the brand image of a company is an
integral part of the marketing function of a company. This is highly essential, as the company
will be known by the image that is being created by the marketing function of the company.
There is an increasing necessity to develop a brand image or brand value that has no other
alternative in the market. As opined by Hewett and Lemon, (2019), the company can draw in
large amount of profits, due to the brand name of the company.
Innovation in the marketing strategies of the company can help in both retaining many
existing customers and gaining new customers as well. In the opinions of Jain and Yadav,
(2017), innovation in the field of promotion of the products and techniques to retain
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customers, is highly essential for the growth of revenue of the company and aids in the
growth and development of the company. The main aim of the company is to innovate
keeping in mind the continuity of the already existing methods. There is no requirement for a
new method that disrupts the entire scenario and leads to unwanted situations. The
communication between all the departments of the company is highly essential process. The
main aim between communications between the different departments is the flow of
information regarding the strategies of the company. In the words of Karjaluoto, Ulkuniemi
and Mustonen, (2015), a company even though divided into a number of departments, have a
common goal and needs to work towards the achievement of the goal in a unified manner.
The dysfunction of one department might result in the failure of the entire system. This needs
to be checked through proper communication between the different departments of the
company.
There is a basic need for the calculation of the marketing budget, in order to understand the
expenditures that the department might incur (Blog.saleslayer.com, 2019). This helps in the
proper planning of the process and helps the company to make out most of the available
financial resources that they have. The returns from the investment that are made in order to
avail proper marketing activities, needs to be estimated and calculated by the marketing
functions of a company. As influenced by the ideas of Keegan, (2017), it can be stated that
the marketing department must be able to forecast the amount of expected returns from the
investments of the company made in the marketing sector. The marketing function of a
company is also responsible for the drafting of strategic plans related to marketing. The
marketing department requires considering all the factors that might affect the proper sale of
the products of the company and draft the policies likewise. Most of the plans drafted by the
marketing department are long-term goals that are responsible for the achieving of the long-
term goals of the company.
M2: Analyse the significance of Inter-relationships between marketing and other
functional units of an organisation
The marketing function is highly dependent on all the other functions of a company.
Marketing function of a company cannot alone achieve the planned success of the company.
All the functions operating in a company requires to join hands, in order to achieve the goals
and objectives of the company. A company has various departments that have their own
functions and responsibilities. However, all these functions are interdependent, as one
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function cannot alone cater to the success of the entire company. For example, the marketing
functions of a company are highly dependent on the financial functions of the company, with
respect to the allocation of the budget of the company. There are a large number of functions
that needs to work together in order to achieve the success that the company has planned.
The need for marketing functions is very high, owing to the fact that it caters to the
promotional needs of the products of the company. However, the creation and
implementation of the marketing strategy is largely dependent on the other functions of the
company. The product manufacturing function is the function responsible for the products
that needs to be marketed by the marketing functions (Thehartford.com, 2018). The human
resource development function is responsible for the hiring of the suitable candidates for the
marketing function, the sales function is required for the proper implementation of the sales
strategy designed by the marketing function and most importantly the financial function is
highly responsible for the allocation of the budgets required for the implementation of the
marketing strategies. Therefore, all the functions within a company is highly interrelated and
requires combined efforts to cater to the growth and development of the company.
D1: Critically analyse and evaluate the key elements of the marketing function and how
they interrelate with other functional units of an organisation
The marketing function comprises of a number of key elements that are required to be given
due importance in the case of planning the marketing process. The main elements of
marketing research can be stated as, market research, target market, positioning of the
goods, competitive analysis of the company, market strategy of the company, budget set for
the marketing process and the metrics that are used track the success of the company.
Market research: As mentioned earlier, marketing strategy is the main requirement for the
planning of a great marketing strategy of a company. In the opinions of Sajid, (2016), the
market research conducted by a company helps in analysing the trends in the market. The
consumption patterns of the targeted customers are the focal point of the research. The
research should be aimed to understand the viability of a product in a given product and the
various factors that will help in or provide obstacles to the required sale of the product. The
market research forms the backbone of all the marketing functions and aids to the growth and
development of the company.
Target market: A detailed marketing plan should contain all the details regarding the market
that is to be targeted by the company for the sale of a particular product. The target market is
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decided based on the analysis about the needs, wants and demands of the customers present
in that market.
Positioning: The proper positioning of the products of the company products is important
from the point of view of the sale of the products of the company. The company needs to
analyse the trends in the customer’s consumption patterns and launch the products based on
the information gathered (Inc.com, 2019). The positioning of the goods is highly essential,
owing to the fact that the proper positioning of the products of a company facilitates greater
sale of goods. This helps in the generation of larger amounts of revenue and thus fulfils the
key requirements of the company.
Competitive analysis: Competitive analysis does not only refer to the analysis of the
competitors that the company faces in the market. Competitive analysis refers to the
complete process of analysing the capabilities of the competitors as well as the advantages
and the disadvantages that the products of the company has over other products of same kind
in the market. Knowing the advantages of their own products over other products helps in the
proper marketing of the products of the company.
Market strategy: the marketing strategy of a company is highly essential in achieving the
goals that have been set by the company. Marketing strategy refers to the strategies that will
be undertaken, in order to acquire more customers and retain the existing customers.
Budget: The development of a proper budget to carry out all the marketing activities is a
highly essential element of marketing functions. In the words of Andoh and et.al., (2018), the
development of a budget is highly essential for the proper implementation all the strategies
that have been developed by the marketing function. There is a high level of dependence on
the financial department for the allocation of the required budgets.
Metrics: The calculation of the success of the marketing strategy of a company is highly
essential. This is because the company can analyse the mistakes in the strategies and develop
them in the future in order to attain greater profits and cater to the growth and development
of the company.
Various departments in a company are responsible for the overall functioning of the
company. In order to achieve a greater degree of success and growth, the company must
make sure that all its departments are working in collaboration with one another. Growth and
development of a company is highly dependent on the efficient functioning of the individual
departments of the company and the collaboration of each department with one another. This
is essential as the company works as a single unit, even though there are significant divisions
within the company. The inefficiency on the part of one department might result in the
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agonies of the other departments. For example, if the marketing department fail in task, all
the hard work of the other departments of the company goes in vain. All the departments in a
company need to back each other, in order to achieve greater success for the company
(Blog.saleslayer.com, 2019). The marketing department of a company requires the support of
all other departments of the company to comply with their plans. The marketing department
highly depends on the manufacturing department, sales department, human resource
management department and most importantly financial department, for the planning and
implementation of all its marketing plans. For example, if the marketing department is
planning discounts to enhance the sale of a particular product, they need to inform the
financial department and the manufacturing department, at the very onset of the plan. In the
opinions of Sajid, (2016), the main aim of the marketing department is to enhance the sale of
the products, in order to generate greater revenue for the company. This can only be achieved
with the help of all the other departments, as all the departments in a company are
interdependent on one another. There is a mutual correlation between all the departments of a
company, which facilitates for better revenue generation and the growth and development of
the business. The finance department sanctions the budgets of a marketing department,
whereas the manufacturing department of a company meets the demand for goods.
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Activity 2
P3. Comparison of marketing mix to the marketing planning by different organizations
The operational function that helps in the dealing with various activities of the organization
can be broadly considered as marketing. The marketing plan incorporates the basic and the
most significant aspect that is marketing mix. The introduction of the various marketing tools
has moreover helped in the development of the proper business plans. It involves every
aspect from manufacturing to the sale of the esteemed products. According to Kotler (2003),
the incorporation of the 7Ps has helped in the enhancement of the marketing strategies by the
companies.
The 7Ps involve the factors of products, price, place, promotion, people, physical evidence
and the process. The goods and the services provided by the organizations can be considered
as the products. The price that is fixed for the products and the lucrative offers, discounts that
are provided with the products comes under the price section. Moreover, the advertisements
and the other policies like digital marketing used to promote the goods and the services can
be considered as promotion. In addition to this, the target audience of the company and the
people to whom the products are delivered can be considered as the people. Moreover, the
channeling, network that is incorporated to deliver the products and the services to the people
comes under the place domain. The various marketing strategies, financial operations,
strategies are considered as process. The records and the documentations associated with the
products of the company is considered as the physical evidence.
7Ps Coca-Cola Cadbury
People In order to cater to people of
all ages, Coca-Cola
concentrates on the quality,
financial incentives and the
non-financial incentives.
The lucrative offers, rewards
are offered under the former
category whereas
promotion, personal
The products are healthy and
it caters to people of all age.
Chocolates are usually
popular among the children,
and thus special promotion is
made for them. In addition to
this, the products are also
ideal for gifting.
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development is achieved
through under the latter
category (Gölgeci, Karakas
and Tatoglu, 2019).
Price The company indulges in the
practice of offering prices
based on the season.
However, the prices are
fixed for the beverages
available in bottles and cans
(Coca-colacompany.com,
2019).
The price of the products is
reasonably high due to the
quality of the products. The
beverages, Oreo and other
products have constant
marketing requirements.
Five star, perk, éclairs come
at a reasonable lower price
than products like Dairy
Milk (Cadbury.co.uk, 2019).
Process The process involves the
careful packaging of
products through thorough
market knowledge updating.
Moreover, attention is given
on the flavors, incorporation
of coolers, display racks,
freezers and distinct taste
and view profile.
The process is extremely
sophisticated and calculated.
The attention is given on the
distribution of the products
and the procurement of the
best quality chocolate
available in the world,
especially in Ghana.
Products The company has its own
line of beverages from soft
drinks, to juices, tea, coffee,
water and other energy
drinks (Coca-
colacompany.com, 2019).
These products can be
classified as mineral,
enhanced water; carbonated,
diet drinks, fruit smoothies,
The products involve
Bournvita, a refreshing
beverage, Oreo, éclairs,
perks, Five stars, Dairy Milk
and others.
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fruit tea and others.
Promotion The incorporation of digital
media like Facebook,
Instagram and the
incorporation of the UTC
scheme has helped in the
expansion of business
(Coca-colacompany.com,
2019). Provision of unique
codes, shelves, promotion of
trade and freezers and
coolers provide a catchy
impression in the eyes of the
beholder.
Authentic and attractive
taglines are incorporated by
the company. The Cadbury
celebrations is the ideal gift
for any chocolate lover in
the world. Moreover, every
product has different
taglines. In addition to this,
the social media marketing
approach is also included
where the latest varieties of
the products are updated on
Facebook, Instagram and
others. The indulgence of
Above the Line (ATL),
Below the Line (BTL)
Marketing has proved to be
useful (Cadbury.co.uk,
2019).
Place The company indulges in the
direct and indirect selling for
the expansion of the market
(Coca-colacompany.com,
2019). This incorporates the
usage of transports and
global agencies and
distributors.
The networking and
distribution of the brand is
worldwide, and in every
urban and rural areas. There
is an involvement of the
intermediaries once the
collection reaches bulk
(Cadbury.co.uk, 2019). Due
to the segregated
distribution, the cost of the
Cadbury is quite high which
is manufactured in
Bourneville and incorporates
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the best cocoa beans in the
world.
Physical Evidence The distribution of the
products on a worldwide
basis is huge. Moreover, the
carbonated drinks are
available in almost every
stores of the world.
Customers' grievances and
feedbacks are registered.
Moreover the authenticity of
the products is checked at
regular intervals, and the
annual report is published
every year.
The online presence and the
availability of the products
in almost every stores of the
world. The feedback of the
customers is registered.
Annual reports are published
every year discussing the
revenue and profits
generated.
M3. Evaluate the different tactics applied by the organization to demonstrate how
business objectives can be achieved
In order to evaluate the different tactics applied by the organizations certain steps are
followed to demonstrate the business objectives. This involves the step by step process of
analysis, planning, execution, documentation of the outcome and the control factor.
Moreover, every organization requires a perfect marketing strategy that is best suited for their
business. The analysis part involves the critical examination of the market prospects,
availability of products, the expenses that is required to carry out a specific operation and
others. The planning step comes after the analysis, which incorporates the framing of the
strategies and the adoption of framework and policies to guide them in a specific time period
and meet the targets. In addition to this, the marketing strategies are associated with the
adoption of the policies and the frameworks based on the market condition. As stated by
Chang, Wang and Arnett, (2018), the strategies incorporate both the long term and the short
term frameworks and also the alternatives in case these guidelines do not yield results.
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Following this, the implementation of the adopted policies and the targets set are carried out.
If the goods and services are accepted by the people then the existing policies are efficient.
However, in the case where the policies fail to examine the viability of the market condition,
then the goods and services are not acceptable by the consumers. As stated by Kucuk (2016),
the documentation is necessary to bring about a change in the existing policies. After the
modifications have been implemented, then the execution step is repeated to check for the
efficiency. The control factor is implemented to monitor the expansion and the contraction of
market activities as and when required as per market condition.
P4. Marketing plan production and evaluation
The marketing plan of Coca-Cola has been effectively produced and evaluated in this section.
One of the leading distributors of the refreshing non alcoholic beverage is Coca-Cola. The
company indulges in a variety of soft drinks; the main vision of the company being the
maximisation of the profits and the high returns to the shareholders. Moreover, the company
currently offers approximately 500 brands in 200 nations, serving 1.6 billion customers on a
daily basis (Coca-colacompany.com, 2019). In order to strengthen the business profits, the
company needs to invest in more digital marketing campaign with sponsorships and offering
lucrative offers on the products. In addition to this, the company needs to incorporate more
reward programs to cater to the general masses, concentrating on the quality of the products
at the same time. A fully functioning trustworthy partnership with the stakeholders and the
suppliers is necessary for the enhancement of the business. Furthermore, a careful analysis is
required to monitor the activities and the sales of the rival companies like Pepsi, and other
beverage companies in the market. A focus is required to increase the global sales of the
company and at the same time enhancing the health of the people, as influenced by Jain and
Yadav, (2017). The trend is changing nowadays with people focusing more on the
improvement of the health and thus, a change in the products is also required accordingly
providing essential supplements. Coca-Cola has the strength to monitor the changing trends,
and should focus on catering health drinks more, especially required in the sports sector, and
also mineral water for the tourists at an appropriate price. The strength of the company lies in
the customer loyalty, and this was reciprocated by the addition of the name of the customers
on the bottles. However, the company needs to branch out from only a drink based company
and focus more on the foods and snacks sector like the other companies have done. The
competitors are focusing more on the other aspects apart from drinks, to increase the sales of
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the company and generate more revenue. The promotion of the company can be achieved
through hosting of events and tie-ups with other companies. Recently, the company is
concentrating on the orange juice Minute Maid Heart Wise to evolve the marketing plan,
offering low cholesterol. Moreover, the Enviga green tea campaign implemented by the
company helps in the improvement of the metabolism (Coca-colacompany.com, 2019). The
focus of the company on the health sector and the addition of the personal touch was
reflected in the revenue generated and the profit earned. As of December 31st 2018, the
company owned a total of 31 plants and the revenue earned was estimated at $31,856 million.
Thus, the sale of the products were significant after the incorporation the new strategies
(Coca-colacompany.com, 2019).
M4. Produce a detailed, coherent evidence-based marketing plan for organization
The Coca-Cola Company indulges in the sale of various products and soft drinks. The change
in the trends of the market incorporates a more health oriented steps by the people. Thus, the
company needs to shift its focus accordingly. The strength of the company lies in the fact that
it enjoys the loyalty of the consumers. Moreover, through the incorporation of the various
business tie-ups sponsorships and reward programs, it has generated a lot of revenue in the
past few years. The introduction of health drinks for the benefit of the sports sector and the
campaign with the Minute Maid Heart Wise orange beverage and Enviga green tea is helping
in the improvement of the business prospects. Moreover, the diversification of the current
offerings and the continuation of the health drinks and non carbonated and carbonated drinks
has helped in the further promotion. In addition to this, the company has incorporated
freezers and coolers to enhance the marketing prospects, coupled with the addition of
customers’ names on the containers. The digital media marketing scheme has also been
strengthened providing lucrative offers and discounts to the customers. The hiring of the
skilled labors and the cordial relationship with the stakeholders and the suppliers have helped
the company to create further channels and networks. With over 500 brands in 200 nations,
the company aims to introduce the deep marketing penetration scheme in other countries
(Coca-colacompany.com, 2019). The setting up of more stores and the forming of tie ups
with the local companies in other countries to improve the sales is required. The objectives
need to be precise and this includes a lot of factors from socio-economic factors to the
internal environment of the company. Based on the analysis, according to Ruskin-Brown
(2006), the company should focus on the target audience and the handling of the competitors
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especially Pepsi. The segmentation helps in the defining of the appropriate product for the
appropriate target group. Moreover, Coca-Cola does not indulge in the segregation of the
specific segments; rather it indulges in the culmination of the mass marketing and drive sales.
Recently, the outsourcing of the bottling operations to FEMSA, which has resulted in the
growth of the company concentrating on the underdeveloped markets (Coca-
colacompany.com, 2019). The company, in this way, needs to continue exploring the
opportunities for the enhancement of the market. The health aspect of the people needs to be
concentrated more by the company to cater the products to the general mass rather than
relying on a specific sector for growth. The company moreover, needs to align the marketing
mix with the available options and the exploration of opportunities.
Figure 1: Stock Price and the Reinvested Dividends
(Source: Coca-colacompany.com, 2019)
D2. Design a strategic marketing plan that tactically applies the use of 7Ps to achieve
overall marketing objectives
The marketing mix is essential for the implementation of the marketing strategies and
improves the customer base and the networking on a worldwide basis. The effective market
strategy helps in the accomplishment of the different objectives of the company, as
17

influenced by Boukai, Figueiredo and Crivelli, (2019). The factors thus involved in the
marketing mix people, price, products, place, promotion, physical evidence and process have
been highlighted here.
People- Coca-Cola focuses on the people’s requirements and thus concentrates on
continuously improving the flavors and the nutrients of products. In addition to this, the non-
financial and the financial incentives are also provided with the products. This helps in the
offering of rewards, discounts while at the same time developing and evolving the products
to meet customer requirements. The company is currently focusing on the catering of the
variety of products to different people in different nations.
Process- The company environment needs to be professional where every employee is
treated equally. The incorporation of the new, improved business strategies and the enhanced
focus on the health aspect of the people has resulted in improving Coca-Cola’s statistics. The
introduction of health drinks needs to be forwarded to the general masses also. Moreover, the
company needs to adopt the deep marketing penetration policy to increase the market in the
other nations. In addition to this, increased sponsorships, hosting of events and reward
programs would help in the broadening of the current market. The company needs to indulge
in aggressive online marketing strategies on Facebook, Instagram and others offering
lucrative prices. Furthermore, the introduction of freezers and display racks are attractive and
it helps in the enticement of the customers. At the same time the company should continue to
sell its trademark products, the refreshing beverages with flair of personal touch like delivery
system and adding names to the containers. The company is also focused on improving
business ties with the suppliers and the stakeholders.
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Figure 2: Performance in 2018 (Coca-Cola)
(Source: Coca-colacompany.com, 2019)
Place- The company indulges in the practice of indirect and direct selling, and the methods
are useful to align with the market conditions. The company incorporates its own
transportation system and also relies on third party vendors to enhance the sales of the
products. A proper network is required to improve the connection between the suppliers and
the intermediates to distribute the products in the other countries. High return to the
stakeholders and the suppliers helps in the strengthening of the relationship. Moreover, the
company needs to collaborate with more partners and form tie-ups with other businesses to
increase the sale of the products. A partner relationship management system is useful for the
company to customize the platform on which it is currently operating and incorporate
adjustments. The modifications needed to be applied in those sectors where the company is
lagging behind in the business sector. More incentives need to be offered to the suppliers and
the third parties and the reward program on the completion of a particular assignment needs
to be introduced. The different operational plans need to be considered by the company and a
proper documentation is required to effectively contribute to the company's growth.
Products- The products are diversified and the company is trying to incorporate more drinks
to meet the requirements of the changing trends. Based on the current market scenario, the
customers are asking for more healthy drinks. The introduction of Enviga green tea and the
Minute Maid Heart Wise drinks provides low cholesterol and enhances the metabolism. The
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company should focus more on the health drinks and at the same time continue with its
trademark products, tea, coffee, carbonated drinks and others.
Promotion- The Company needs to advertise more in order to stand out from the rest of the
competition, and the digital marketing process needs to incorporate innovative aspects. The
introduction of lucrative offers and the reward programs are also an effective way to attract
more customers. Moreover, the introduction of unique codes, addition of customer names o
the containers have been beneficial. The UTC scheme needs to be continued as well.
Price- The price of the products is based on the season; however a new approach needed to
be implemented to thrive the competitive market. The incorporation of a unique pricing
scheme is required which can be modified as per the reward programs and discounts offered
to keep up the interests of the people.
Physical Evidence-The Company needs to improve its reach ability to other countries and
increase the number of stores and the distribution of the products to other stores. This would
help in the authentic documentation of the company. In addition to this, the online business
transactions need to be more frequent.
CONCLUSION
It can be concluded that the incorporation of the new policies and the marketing strategies
have helped in the improvement of Coca-Cola’s revenue statistics. The marketing mix that
involves the 7Ps highlights the fact that health based requirements of the people needs to be
addressed in addition to the expansion of market in other countries. Moreover, the
incorporation of new products and ventures like foods and snacks are also recommended.
The promotion policies like aggressive digital marketing is also essential and the distribution
channels should be improved. The engagement with more suppliers and stakeholders is also
necessary to expand the business.
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