Discuss about the Effect Of Hedonistic And Utilitarian Consumer.
The aim of the report is to critically analyze the management of the Coca-cola finest sparkling beverage, Coke or Coca-Cola on the basis of the brand equity (Coca-Cola, 2018). The analysis is based on the Coca-Cola which is a carbonated soft drink produced by Coca-Cola company. The report includes the details associated with the brand and its elements along with the Coca-Cola Brand portfolio. The relevant sources related to the brand equity will be evaluated in the report. The evaluation of the contribution of brand equity is done with the help of assessment of marketing program and target market of Coca-Cola. The report will future highlight the key brand related attributes and will potential threats to the brand equity of Coca-Cola along with the recommendations.
Coca-Cola Company recently adopted “one brand approach” under which the company is uniting 3 different brands under the umbrella of Coca-Cola (Hepburn, 2018). The company believes that the products with no and lower sugar variants will get a benefit because of the closer association with the Coca-Cola classic. Moreover, the featuring of all the variants in the advertisement of a company will make customer clear about the full choice that they offer to their new and potential customers (Moye, 2016). Coca-Cola Australia has a different sort of brands that belong to various products. (Refer Appendix 1). In addition, the purpose of the paper will further emphasis on Coca-Cola Australian beverages brands.
The brand elements of the particular company can be identified as brand name, logo & symbol, slogan, and packaging. The brand name Coca-Cola is given on the name of the company itself for its soft drinks.
The company is packaging the Coca-Cola drink in glass bottles from many years. The high price of the bulky bottles made them switch to other packaging options that can be used by the company such as plastic bottles and cans (Ramos, Valdés, Mellinas & Garrigós, 2015). Advanced bottling and canning technology have made the Coca-Cola brand to use cans and plastic bottles that are strong but light in weight. Moreover, the company ensures that the cans and plastics bottles are easy to crush or to reprocess at the end of the initial life cycle.
The coco-cola is iconic for being universally recognizable and from last 130 years, the logo of the brand is changing. After the branding strategy and new slogan, the logo of the company changed to Red Disc Logo Design with the contour glass bottle to use (The Coca-Cola Company, 2018).
The company added new slogan for the Coca-Cola that is “Taste the felling”. This logo reflects that the brands are offering better and diversify taste which related to the feeling of the person (Moye, 2016). In addition, this slogan will be used by the brand not only to advertise Coca-Cola but also to the other products such as Diet Coke and Coke Zero.
Brand awareness is the degree of the consumer awareness of the brand and its related products (Investopedia, 2018). The company Coca-Cola also make use of the brand awareness strategy with the help of which they can generate the awareness for the brand. Its strong self-belief and consistent identity have helped the company to accomplish its position in the market. The company has presented its great flexibility and innovativeness due to which they generated the awareness about their drinks in the various markets across the world and also has achieved the success by satisfying the needs of the customers with the help of different tastes (Çal & Adams, 2014). The company developed a campaign to raise the awareness which helps them in increasing sales and brand love. The company made use of the “share a coke” campaign which helped them in achieving the success in the global market. In addition, the company has the vast presence on social media channels like Facebook and Twitter which contribute in raising the company brand awareness in the market around the world.
Brand image is the image of the brand value, symbol, exchange value and the symbolic value of unity. The brand has formed its image all over the world as they built their image on a universal value, happiness. The brand is perceived by the consumers as this the part of their lifestyle. Coca-Cola is a globalized product due to which it has the same taste for all the customers across the world. The drink has formed the positive brand image by providing the pleasure of refreshment to their customers during the break and makes the people remember their past experience with the drinks (Keller, Parameswaran & Jacob, 2011).
Segmentation enables a brand to define the appropriate products at the various kind of customers. Coca-Cola doesn’t target any specific segment but it adapts its marketing strategy by developing the new products.
Age: – Coca-Cola targets all the people with the different age group but the major customers on which the company emphasis are within the age group of 12-30 years old. The core target of the company is the teenagers and youth.
Lifestyle: – Coca-Cola doesn’t target any particular lifestyle people but they emphasize on the mobile generation and the people who consume drinks on the daily basis because these people have the potential to add Coke in their lifestyle (The Coca-Cola Company, 2018).
Occupation: – There are no occupations that are targeted by the company as the people who are focuses are students and family-oriented people.
Nature: – This drink is for all the people with love, joy, and entertainment.
All these people are considered as the target of the company and all these targets fall under segment market.
The marketing mix is defined as the set of the marketing tool that the firm make use to pursue its marketing objectives in the target. In simple words, the marketing mix refers to the four broad level of marketing decision related to the product, price, promotion, and place (Christodoulides, Cadogan & Veloutsou, 2015). Coca-Cola brand makes use of the marketing strategies which are discussed
Coca-Cola is one of the most popular and highest selling soft drinks and it is also known as one of the most recognizable brands in the world. The coke is available in the quantity of 200ml, 500ml, 1 liter, 1.5 liter and 2-liter bottles in cans, glass, and plastic bottles. The bottles of the Coca-Cola have unique shapes that pertain to the brand. Moreover, the brand consists different products such as Diet Coke, Coca-Cola Zero and Coca-Cola life (Pratap, 2017).
The company follows the different competitive pricing strategy in which the company keeps the price of the product considering the price of the competitor’s product. The prices of the product are not too high to be beyond the average customer reach but are also not low (Nagle, Hogan & Zale, 2016). The brand believes that the low price gives the impression of the low quality. The pricing strategy of the Coco-Cola leads to the customer loyalty towards the brand. The company and its competitor (Pepsi) face the intense competition because they found that the demand for the soda products is likely to decrease in the market of Australia.
The brand implements an extensive distribution system of the product under which they sell their products in more than 200 countries across 6 operating regions. An average of 1.9 billion servings of Coke is sold on the daily basis (Mba Skool, 2018).
The company relies on their bottling partner because of packaging and distribution of products. Therefore, the system of the company operates through the multiple local channels. Coca-Cola sells the concentrates, beverage bases and syrups to bottling operations and the brand is responsible for consumer brand marketing initiatives. The company distributes their products on different retail outlets and supermarkets across the world. In addition, the products are distributed to the different hotels and restaurants chains available across the world.
Coca-cola makes use of the advertising for promoting the products in the market because they emphasize on aggressive marketing with the help of advertisement campaign which is possible with the use of the TV, online ads, print media, and sponsorship (Khan, 2014). The brand has selected this mode because this is one of the effective modes with the help of which they can generate the awareness and can target the large number of audience. The company generally launches the TV advertisement in different languages across the world. Moreover, Taste the Feeling campaign of Coca-Cola in Australia is making the people remind is customers about the joyous and happy moments that Coke brings in their life (Isidore, 2016).
The brand attributes of the Coca-Cola coming out from the analysis are: –
The introduction of the flavors in the coco-cola soft drink leads to the rise in the competition of the company as there are many companies available in the market who offer the soft drinks. The rise in the flavors of lemon, orange enhanced the threats to the brand equity of the company (Gillespie & Riddle, 2015). For example; Mirinda, a soft drink available in the orange flavor gives the competition to orange flavor soft drink of Coca-Cola. Therefore, the customer’s expectation and perception for the brand might change which is a major threat to the brand equity.
Water is one of the major raw materials that are sourced from the company for the Coca-Cola soft drinks. The change in the climate in various regions makes them face the scarcity of water due to which the brand has to compromise with the downfall in the revenue and production (Gürhan-Canli, Hayran & Sarial-Abi, 2016). The downfall in the production can impact the image of the company in the market which is one of the threats for the company.
Coca-Cola brand should make use of the growth strategies in their products portfolio with the assistance of which they will be able to give the tough competition to the other brands. Moreover, the company will be able to acquire the huge market share which will contribute to the brand equity of Coke. It is recommended to the company to make use of the product development growth strategy. This growth strategy allows the company to introduce a new product into the market that can give the tough competition to the competitors.
Coca-Cola brand is a well-known brand with many tie-ups with the suppliers who provide the raw material. Though the company has tie-ups with many suppliers still, the brand needs to perform the tie-ups with the suppliers who can fulfill their raw material requirements related to the water at the time of the fluctuations in the market. It is recommended for a brand to perform the times because the needs of the customers in the Australian market are fluctuating due to which brand might not be able to fulfill the needs of the customers. Moreover, the coke brand can enhance their brand equity in the market by fulfilling the needs of the customers in the changing environment also with the help of supplier.
Conclusion
In the end, it can be said that the report has critiqued the management of the Coca-Cola brand on the foundation of brand equity. Along with this, it also includes the brand portfolio and elements of the Coca-Cola. It can be concluded that the brand has achieved the success on the basis of its marketing mix strategies. Moreover, the brand might face some threats to the brand equity of Coca-Cola. These threats are discussed in the report along with the recommendations to the company which helps the company to achieve the brand equity success.
References
Çal, B., & Adams, R. (2014). The effect of hedonistic and utilitarian consumer behavior on brand equity: Turkey–UK comparison on Coca-Cola. Procedia-Social and Behavioral Sciences, 150, 475-484.
Christodoulides, G., Cadogan, J. W., & Veloutsou, C. (2015). Consumer-based brand equity measurement: lessons learned from an international study. International Marketing Review, 32(3/4), 307-328.
Coca-Cola. (2018). Brands. Retrieved from: https://www.coca-colacompany.com/brands/coca-cola
Gillespie, K., & Riddle, L. (2015). Global marketing. New York: Routledge.
Gürhan-Canli, Z., Hayran, C., & Sarial-Abi, G. (2016). Customer-based brand equity in a technologically fast-paced, connected, and constrained environment. AMS review, 6(1-2), 23-32.
Hepburn, M. (2018). It’s simple! Our new “one brand” strategy. Retrieved from: https://www.coca-cola.co.uk/stories/coca-cola-one-brand-marketing-strategy
Investopedia. (2018). Brand Awareness. Retrieved from: https://www.investopedia.com/terms/b/brandawareness.asp
Isidore, C. (2016). Coke’s new slogan: ‘Taste the Feeling’. Retrieved from: https://money.cnn.com/2016/01/19/news/companies/new-coke-ad-campaign/index.html
Keller, K. L., Parameswaran, M. G., & Jacob, I. (2011). Strategic brand management: Building, measuring, and managing brand equity. India: Pearson Education.
Khan, M. T. (2014). The concept of’marketing mix’and its elements (a conceptual review paper). International journal of information, business and management, 6(2), 95.
Mba Skool. (2018). Coca Cola Marketing Mix. Retrieved from: https://www.mbaskool.com/marketing-mix/products/16786-coca-cola.html
Moye, J. (2016). ‘One Brand’ Strategy, New Global Campaign Unite Coca-Cola Trademark. Retrieved from: https://www.coca-colacompany.com/stories/taste-the-feeling-launch
Nagle, T. T., Hogan, J., & Zale, J. (2016). The Strategy and Tactics of Pricing: New International Edition. New York: Routledge.
Pratap, A. (2017). Coca Cola Marketing Mix. Retrieved from: https://www.cheshnotes.com/2017/03/coca-cola-marketing-mix/
Ramos, M., Valdés, A., Mellinas, A. C., & Garrigós, M. C. (2015). New trends in beverage packaging systems: a review. Beverages, 1(4), 248-272.
Seeking Alpha. (2016). Coca-Cola: Closing The Gap. Retrieved from: https://seekingalpha.com/article/4033096-coca-cola-closing-gap
The Coca-Cola Company. (2018). Product Description. Retrieved from: https://www.coca-colacompany.com/brands/product-description
The Coca-Cola Company. (2018). Trace the 130-year Evolution of the Coca-Cola logo. Retrieved from: https://www.coca-colajourney.com.au/stories/trace-the-130-year-evolution-of-the-coca-cola-logo
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download