Selected FMCG Product Overview
In the flavoured soda industry, Coca-Cola brand is famous for their quality. This product is being consumed at the global level. It has also the third rank with respect to brand awareness after Apple Inc. and Google. This product has mainly concentrated on certain factors to influence consumers and make a reliable decision like perception, attitudes, and motivation of goods and services. Moreover, it is also analysed that consumer behaviour is essential for operating any business successfully (Aghazadeh, 2015). Coca-Cola has 21% of the market growth portfolio in 2016 that is increased by 1.5% at the end of 2017. Coca-cola has sold their more than 100 drinks brand to their specified consumers
Critical Analysis
Consumer buying behaviour is determined as the perception and though towards purchasing of any goods and services in order to complete their expected wants and needs. Further, it is also analysed that consumer buying behaviour could force an individual for purchasing any goods and services. There are certain theories that could be used by the organization as the consumer behaviour theories like Engel, Kollet, Blackwell (EKB) Model, and Motivation-Need Theory as it would be imperative in influencing the consumer’s behaviour tows the products and services (Agnihotri, et al, 2016).
Engel, Kollet, Blackwell (EKB) Model
EKB Model considers many steps that could be used by consumers before making a purchase decision. Initially, consumer tries to collect information about products and services before making the purchase decision. In this, the consumer could consider certain sources to collect information like television, newspapers or online. Subsequently, the consumer could compare the price of an organization that offers the same product. In the comparison of any products and services, consumers could consider their experience as well as expectations. After this process, the consumer could make their own decision for purchasing any goods and services. It is also analysed that consumer could change their decision on behalf of certain factors like external as well as an internal factor (Baker and Saren, 2016). It is also analysed that input could be a most valuable factor that assists to make a reliable decision. Moreover, it is also evaluated that marketers might offer the appropriate information about products and services as it would lead to getting a positive result. Coco-Cola is a famous brand that meets the expectation of their consumers (Baker, 2016).
Motivation-Need Theory
Another is Maslow need theory that is used by the organization to understand factor that affects the consumer purchasing decision. There are certain factors that could be considered by the organization to understand the need preference of the consumers like psychological needs, safety needs, love/belonging, esteem, and self-actualization need (Canniford and Bajde, 2015). Through this, the organization understands that initially, consumers give the preference to the clothing, food, and shelter. Subsequently, consumer focuses on these factors like physical softy, social connection, and self-fulfilment. Thus, it can be said that the organization could determine whether there products and services are existed to make a reliable decision in the context of their products and services (Chernev, 2018).
In the existing period, Coca-Cola has used the marketing mix strategy for promoting their goods and services among their potential consumers. There are creation factors that may be considered by an organization like product, process, promotion, and prices strategy (Homburg, Jozi?, and Kuehnl, 2017). These strategies are effective for the accomplishment of the organizational task in limited time and cost. These factors are discussed as below:
Product strategy
Product strategy is an effective strategy for promoting goods and service among the huge amount of consumers. It is a thing that will be delivered to their potential consumers. Through this strategy, the company has determined certain qualities of products and service like features, variety, services quality, brand name, design, and packaging. It will also assist to make a reliable decision in the context of the product (Almond and Verba, 2015)
Promotion strategy
Promotional strategy leads to promote goods and services of the organization. Coca-Cola can use different promotional strategy for endorsing their brands such as sales promotion, social media, digital marketing, and direct marketing. It leads to obtaining a higher outcome.
Place strategy
A place strategy is an effective tool for delivering their goods and services at the specified place. This organization has concentrated on the urban area of people to deliver their goods and services. In addition, it is examined that place could be an important factor that could be effective for attracting a huge amount of consumers. Coca-cola has concentrated on different supermarkets to offer their goods and services (Armstrong, et al., 2015)
Price Strategy
Price strategy could also attract a huge amount of consumers by offering their products and services at a lower cost. Moreover, it is also stated that prices could an amount that consumer willingness to pay. In this, certain factors could be considered by the organization like price list, allowance, payment period, credit terms, and discount.
Marketing is a broad concept that entails product development and study, distribution procedure, marketing, and communication process. It refers to the specific tools that are practised to promote the organization in the least time and attract a huge number of consumers (Ashley and Tuten, 2015)
Public Relations
A public relation is a tool that is practised for making an effective relationship with their specified consumers as it enables to directly converse message by mass media. In addition, it is s analysed that television and newspaper could play an imperative role in making a relationship with their consumers in a specified time and cost.
Discounts and Promotions
Discount and promotion as it could be another factor that aid to communicate with others and get a reliable outcome. Sales promotion assists the organization to offer their products and services to their potential consumers. It might consider certain elements like percent-off deals, rebates, and coupons (Baker, 2014). In addition to this, the organization would also be capable to deal with a huge amount of consumers and obtain higher competitive benefits. The main goal of the communication technique is to enhance the cash flow, revenue, extra inventory, and influencing new consumers.
Advertising
Advertising could also be another important factor of communication mix. The marketing and advertising could frequently be misconstrued as the same objective. Advertising offers a way by which they convey their message among the huge amount of the consumers. It could also lead to reach at the valid conclusion (Goldstein, 2015).
There are creation factors that may influence consumer behaviour like internal as well as an external factor. Herein, it is also evaluated the internal factor consider two factors like psychological and personal factor. It is also examined that personal factor could be emphasized on age, income, occupation, personality, and lifestyle. In this, it is examined that the motivation, perception, learning, beliefs, and attitude could facilitate the consumers to make the decision to purchase any goods and services (Greenfield and Cocking, 2014). Moreover, it is also examined that cultural and social factor could also influence the consumer decision making. In the cultural factor, there are certain factors that could be considered in the culture, social class, and sub-culture. In addition, it is also examined that family, references group, and status could directly impact on the influencing the consumer purchasing decision making (Kang, Tang, and Fiore, 2014).
The above chart demonstrates the 2012 to 2016 Coca-Cola has invested in approximately 24 countries. It would be imperative in getting a higher outcome. It also demonstrates that this organization has influenced consumers of 24 countries that could be a big achievement for the organization.
Coca-cola should use certain strategies for improving their existing situation and obtain higher obtains like pricing strategies, differentiation strategies, and digital marketing strategy. These are discussed as below:
Pricing strategies
Coca-Cola should use the pricing strategies by which it offers their goods and services in reasonable cost to their potential consumers. Before applying this strategy, organization research about how much consumers want to pay for any particular product and services. Coca-Cola should offer their product in the lowest cost for attracting medium as well as the lowest level of people. It would also direct the organization to get higher competitive benefits (Royle and Laing, 2014).
Differentiation strategies
Coca-Cola should also use differentiation strategies for making their unique image in the marketplace. This strategy facilitates to make their different image in the marketplace. Moreover, it is also examined that differentiation strategy could also be effective for obtaining the competitive benefits in the least time and cost. Moreover, it is also examined that this strategy also differentiates products and services of Coca-Cola as compared to the market players. It would be imperative in the accomplishment of the organizational goal (Sheth and Sisodia, 2015).
Marketing mix strategy
The marketing mix strategy facilitates the organization to promote their goods and services among the huge amount of the consumers. This strategy considers creation sources to promote their goods and services like YouTube, SEO, Google, Facebook, LinkInd, Instagram, and Snapchat. It would also be effective for the accomplishment of desire goal in limited cost. Moreover, it is examined that Facebook facilitates organization to directly converse with the huge amount consumers about their products and services. It would also lead to obtaining a higher outcome (Tiago and Veríssimo, 2014).
Reference
Aghazadeh, H., 2015. Strategic marketing management: Achieving superior business performance through intelligent marketing strategy. Procedia-Social and Behavioral Sciences, 207, pp.125-134.
Agnihotri, R., Dingus, R., Hu, M.Y. and Krush, M.T., 2016. Social media: Influencing customer satisfaction in B2B sales. Industrial Marketing Management, 53, pp.172-180.
Almond, G. A., and Verba, S. 2015. The civic culture: Political attitudes and democracy in five nations. USA: Princeton University Press.
Armstrong, G., Kotler, P., Harker, M., and Brennan, R. 2015. Marketing: an introduction. USA: Pearson Education.
Ashley, C., and Tuten, T. 2015. Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement. Psychology and Marketing, 32(1), pp.15-27.
Baker, M. J. 2014. Marketing strategy and management. UK: Palgrave Macmillan.
Baker, M.J., 2016. What is marketing?. In The Marketing Book (pp. 25-42). UK: Routledge.
Baker, M.J., and Saren, M. eds., 2016. Marketing theory: a student text. USA: Sage.
Canniford, R. and Bajde, D. eds., 2015. Assembling consumption: Researching actors, networks, and markets. UK: Routledge.
Chernev, A., 2018. Strategic marketing management. USA: Cerebellum Press.
Goldstein, S. 2015. Cross-cultural explorations: Activities in culture and psychology. UK: Routledge.
Greenfield, P. M., and Cocking, R. R. (Eds.). 2014. Cross-cultural roots of minority child development. USA: Psychology Press.
Homburg, C., Jozi?, D. and Kuehnl, C., 2017. Customer experience management: toward implementing an evolving marketing concept. Journal of the Academy of Marketing Science, 45(3), pp.377-401.
Kang, J., Tang, L., and Fiore, A. M. 2014. Enhancing consumer–brand relationships on restaurant Facebook fan pages: Maximizing consumer benefits and increasing active participation. International Journal of Hospitality Management, 36, 145-155.
Royle, J., & Laing, A. 2014. The digital marketing skills gap: Developing a Digital Marketer Model for the communication industries. International Journal of Information Management, 34(2), 65-73.
Sheth, J. N., & Sisodia, R. S. 2015. Does marketing need reform?: Fresh perspectives on the future. UK: Routledge.
Tiago, M. T. P. M. B., & Veríssimo, J. M. C. 2014. Digital marketing and social media: Why Bother?. Business Horizons, 57(6), 703-708.
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