This report is made on marketing management in which Coca-Cola will be taken to describe the role of the marketing management in the company. The description about the company will be demonstrated in this assignment along with the environmental analysis for making better understanding about the concept. Market research is vital for the company to get the good position in the market in comparison of its competitors. Market segmentation enables the organization to make products as per the demand of the customers. A detailed marketing mix will be defined in the context of chosen company.
Coca-cola is the well known marketer, manufacturer and distributor of non-alcoholic beverage syrups, used to produce nearly 400 beverage brands. The beverage products of the company are comprised canned and bottled soft drinks. The coca-cola company started building its global network in the year of 1920s. This company was founded by John Syth Pemberton in the year of 1996 (Coca-cola, 2018). The company has around 62000 employees all over the world that serve its million customers. The company is earned estimated $74 billion in a year (Wang, 2015).
The vision of the Coca Cola Company is to refresh the world in mind, body and spirit. The vision serves for roadmaps and leads every factors of the business through describing what they need to fulfil in order to carry on attaining sustainable and quality growth.
The mission of this company is to refresh the world and to make values and make a difference. The company wants to provide high quality services to the customers through the services.
The main aim of Coca-Cola like other companies is enlarging the business portfolio and accepting the change as per the amendments in the latest technology. It indicates that the major concern of the company is centred on the significant factors such as the mission of the company. The story of Coca-Cola began in 1886 in the New York Harbor. In starting, Pemberton sold out only 9 glasses of soft drink per day. However, this amendment radically and the company started to attain growth day by day due to effective beverages. In today’s world, the company has more than 63000 employees all over the world that are controlled by various levels of corporate management (Coca-cola, 2018).
It has diverse product portfolio that offers a broad variety of world class services and products that are sold to customers across the global. An affordable size is packed by the company and the role of this is integral in sales and marketing. The major products of Coca-Cola is Diet coke, sprite, Fanta, Maaza, Limca, Kinley, Mineral Water, Minute Maid, Coca-Cola and Thumbs up. The design of the container of Coca-Cola is designed to enhance the mutual value in which the main focus of the company is ongoing green through recycling the bottles and cans.
The strength of Coca-Cola is broad range of products at affordable. The company has more than 500 brands and the global presence in more than 200 nations (Tripod, 2018). It has strong corporate responsibility and effective packaging systems.
The major weakness of the company is limited up to beverages and not explores the food or snacks products. The market can get huge benefits if it thinks to expand its business in various food products all over the world (Rani, 2014).
The brand image of the company can be enhanced due to international expansion. The company conduct effective marketing and advertising strategies. Potential for acquisition and increasing the demand of bottled water are opportunities for the company (Hitt, Ireland and Hoskisson, 2009).
There major competitors of Coca-Cola Company are Pepsi that can compete with it equally and the beverage industry is a cut throat ground. Along with this the government policies and taxes may pose threats on company.
It has been analyzed that the interest of all age groups in the Coca-cola to buy the products. There are number of customers attracted towards the variety of products of the company due to its lower rate strategy. The behaviour of the customers towards the Coca-Cola is loyal as it provides high quality services to its customers at lower rate which can be affordable by middle class people as well.
The suppliers of the company are important for the business growth for which company has made Supplier Guiding Principles that communicate the values and expectations. There are various kind of supplier of Coca-Cola company such as direct spend supplier, indirect spend supplier, group critical supplier, tactical supplier and country strategic supplier (Coca-Cola, 2018). All suppliers have different approach to provide the products and services to the company such as packaging, consultancy services, manufacturing and designing.
The main competitor of Coca-Cola is Pepsico that run the same operations in the same industry. However, the company has expanded its business all over the world but Pepsico is being the challenge for the company to attract number of potential customers.
There are some other factors such as legal, political and technological that may impact the company entirely. In the context of political, the company can face the issue regarding the political stability of different nations. However, soda tax is effecting the consumptions of coca-cola. Coca-cola is concerned towards technology that is why it has adopted latest theology in its system to make its operation easy and use social media to make aware people about the products (Stark, 2015). It has been found that the person of US is more concerned about the healthy beverages that has fallen the soda consumption to a 30 year low.
The organization can gather the information about the needs and demands of the customer by conducting market research and market intelligence, these both are appropriate strategies that provide proper information about the taste of the customers to the company.
Market research helps Coca-Cola to make effective decisions in which it incorporates customer retention, brand awareness, brand recognition and target audiences (Veloutsou, 2015). Market research will be helpful for the company to gather the information by analysing the customers and target demographic. The company uses ‘multi-segment targeting strategy in which every age will be attracted more towards the stores for buying the number of products of coca-cola as it produces total of 3500 product mix. The customers of Coca-Cola want high quality products and services at lower rate. The major competitor of Coca-Cola is Pepsico that leads the business all over the world (Men, 2017). the firm can analyse the market by segmenting strategy in which it would get better information about the demographics of customers such as which age group will be attracted more towards the beverages and which sorts of products would attract more to the which gender. The context of business is amending due to political and legal affect by the country. It has been found that there are a number of people in United States that are concerned about the healthy beverages. There are various technological, legal and political conditions that impact the customers’ needs and behaviours to a Coca-Cola (Sauerbronn, Barros and Faria, 2018).
Marketing intelligence is differ from market research as it assists company to get existing information that company use to competition, demographics and political implications (Sullivan, Ortez and Mission, 2017). Coca-Cola Company has introduced the fanta in orange flavour for the purpose of increasing the sales. It uses competitive positioning strategy in which the one of the major goals of the company is to offers a huge range of beverages to its customers. The role of the collaborator is huge in the process of the company as they are getting higher revenues due to effective growth of the company. The data of the research is being collected by its collaboration like partners and suppliers (Mandal, 2017). It has been found that the Coca-Cola Company facilitates to fight obesity in the United States. Diet coke is adopted by the company to match the customer trends and requirements. The company has expanded its vanilla products in the market of UK after US.
Target market
The Target market of Coca-Cola Company is youth or youngster. However, the targeting of the company is not specific and related to both genders. The company has introduced itself as a trendy and discounted in beverage industry. The product differentiation strategy of the Coca-Cola is the major reason to attract huge range of customers all over the world. It has been cleared that the target market of the company will be 12 to 30 years people (Tripod, 2018). Youngster will be attracted more due to number of variety of beverages within the company. The company should target the customers who are diet conscious and company should make sugar free beverages for diabetic patients.
Value proposition
The value proposition of the Coca-Cola is strong and when it comes to deliver to its customers, the main focus of is providing specific and to the point. Coca-Cola would like to present their customers is various brand stories upon which they make their business model. To fulfil its mission statement, Coca-Cola should fulfil the needs of its customer in an appropriate manner by offering various brands in beverages for all customers to accomplish its commitment (Covin, Garrett, Kuratko and Shepherd, 2015). The guests of the Coca-Cola have trust on the brand promise that the products of its company are better quality at affordable prices (FernFort, n.d). There are number of products in the Coca-Cola that sold under number of brands. It is included for the more for fewer groups and it is attractive point because it provides unique experience of happiness.
Positioning statement of the target market
Coca-Cola has positioned itself within the world soft drink market. the main concept of the international strategy of the Coca-Cola company is “go global think local” that helps out to it think wide in a sophisticated manner. Strategic positioning is adapted by the company to provide high degree of loyalty to its customers (Veloutsou, 2015). It facilitates company to attain its vision in efficient manner. Satisfied customers will spread the information about the effective services of the company which will enhance the market of customers that would be helpful in increasing the revenues of the company. the company has been unbeaten by utilizing Unique Selling preposition in the form of Live the coke side of like which is linked to joy and happiness. The customers of the company is associated this brand with these emotions (Fehrnstorm and Rich, 2009). Fun and entertainment are clicked in the mind when people hear about the coca-cola products.
The marketing mix of Coca-Cola is designed below with clear understanding about the information of its products and services. The marketing mix will entail 7Ps to define the terms of dealing with business and attract number of customers by applying this within Coca-Cola.
Products strategy
Coca-Cola provides a huge array of products for every sort of customers. It has been found that the customers of Coca-Cola buy the beverages of its brands randomly and usually. The company has entailing 3300 products in the products that present the wide range of portfolio in products by the company. The market presence of the company is in around 200 nations.
Price Strategy
The pricing strategy of the company is according to the geographic segment. The pricing strategy of the company is different for different products and it is based on the competitors pricing. The market of it is oligopoly. It is vital for the component to have clear understanding about the strategy accepted by its competitors so that their customers cannot get attracted towards the competitors (Krzywoszynska, 2015). The existing pricing strategy should be implemented by the company in an efficient manner in which discounted pricing strategy should be involved so that people get what they want at lower price. The company should focus on specific offer pricing strategy to increase the sales of the company.
Place Strategy
The place strategy of the company is effective as Coca-Cola is most favourite brand of many people. The FMCG distribution pattern is adopted by the company. The company should load the goods in truck so that the good range of products can be loaded once which will be helpful to reduce the transportation cost. The online delivery system should be introduced by the company to reach number of customers because there are number of customers that cannot come frequently due to distance from their place (Bhasin, 2018). It would be good opportunity to Coca-Cola them who want to buy products without moving from their place.
Promotion strategy
Promotion is considered as the noteworthy aspects of marketing mix. It is the marketing strategy that entails various kinds of techniques such as advertising, sales promotion, advertising, public selling and personal selling. With the help of promotional strategy, Coca-Cola will be able to convey the message to its potential customers. Number of customers will be more attracted towards it’s an efficient manner (Cheung, Shen, Lee and Chan, 2015). Along with that the company should expand its business globally and other states of the company in which it can use offline as well as offline media strategies such as Television, Newspaper and media. The company uses motivated message to attractive number of people.
People
People are effective element of the marketing mix that elaborates the importance of the staff of the Coca-Cola Company. It is essential for the company to have the good skilled and trained staff within the company so that they can resolve the queries of the customers and provide the proper guidance about their desired products. The company should provide proper training to its employees so that they can understand the process systematically and understand their roles and responsibilities in the context of company as well as customers (Powell and Gard, 2015).
Process
The process of satisfying the customers and provide the efficient services to the service user should be defined in an efficient manner. A process need to be cleared for the service provider and the fundamental process should make sure the similar level of service delivery to any time of day. There should be proper zone where customers of the company preference can be hold to offer a specific experience (Grant, 2016).
Physical evidence
The location of the service delivery takes on noteworthy. The user experience is liable to make the comfort and attractiveness levels of a service location which can be changed due to different experience of users towards different products and services. The comfort and soothing environment can offer a sense of security to a latest customer which will be able to make them return. The Coca-Cola Company should consider the safety of the customers as well as employees so that they feel comfort and safe at place.
Conclusion
In the limelight of above discussion, it can be concluded that the marketing and management is vital for the company as it provides number of strategy to the company. Coca-Cola Company has been chosen for this assignment to make clear understanding about the concept of marketing strategies and its role in expanding business. The discussion has been made on 5Cs in which company, customers, competitors, collaboration and context entailed. Marketing research and marketing intelligence has been discussed in the context of the company. The potential target market, value proposition and the positioning statement has been described in the context of company to increase the market of the company in an efficient manner. At last, the discussion has been made on marketing mix in which 7 Ps are covered such as products, place, price, promotion, physical evidence, process and people.
References
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Covin, J.G., Garrett, R.P., Kuratko, D.F. and Shepherd, D.A., 2015. Value proposition evolution and the performance of internal corporate ventures. Journal of Business Venturing, 30(5), pp.749-774.
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Krzywoszynska, A., 2015. Wine is not Coca-Cola: marketization and taste in alternative food networks. Agriculture and human values, 32(3), pp.491-503.
Mandal, P.C., 2017. Marketing intelligence: roles in business decision-making. International Journal of Business Forecasting and Marketing Intelligence, 3(4), pp.433-441.
Men, H. (2017). Analysis on Marketing Combination Strategy of Small and Medium-sized Retail Enterprises under the Background of New Retail. In Modern Management Forum (Vol. 1).
Powell, D. and Gard, M., 2015. The governmentality of childhood obesity: Coca-Cola, public health and primary schools. Discourse: Studies in the Cultural Politics of Education, 36(6), pp.854-867.
Rani, P., 2014. Factors influencing consumer behaviour. International journal of current research and academic review, 2(9), pp.52-61.
Sauerbronn, F.F., Barros, D.F. and Faria, A., 2018. Coca-Cola and strategic CSR. In The Dark Side 3 (Vol. 55, No. 64, pp. 55-64). ROUTLEDGE in association with GSE Research.
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