MGMT703 Marketing Management - Free Samples to Students

Selling concept: the selling concept of the company is different from other company that make it different from others. It has been found that the main target of the company is youth, old people and even everyone. The company provides beverages which are used by people in every kind of occasions.

Societal marketing concept: This concept is different from other concepts because the motto of this concept is to keep consideration of the society’s long-term interest along with the wants and desire of the customers. The company is able to do the same as the company is supporting many projects in healthcare, education and environment (Coca-cola, 2018).

Marketing concept: it is the concept of the management that helps the company to consider the needs and wants of the customer and make strategies as per so that the competitors cannot beat the company. Coca-Cola has a customer centric approach that helps in attaining a huge profit in the context of the company.

Marketing mix

According to Babin and Zikmund, (2015), the marketing mix is the set of controllable variables that facilitate the organization to influence the response of the buyers. It entails 4Ps that help the company to increase the productivity of the business and enhance the opportunity for the business so that it can grow in a significant manner. The marketing plan of coca-cola company is mentioned below:

Products

It has been analyzed that the company is providing a number of products to the customer in whom the company has around 3300 products in the products that show the huge range of portfolio in products by the company. The company has a number of branches all over the world. The products of the company are divided into diet category, fruit drinks, energy drinks, coffee and water (Lin et. al., 2008).

Price

The role of the geographic segment is huge in deciding the pricing strategy of the company as the range and varieties of products are huge. Along with that, it has been evaluated that the pricing strategy of the company is entirely different from other companies. The market of the company is related to oligopoly but it is essential for the company to have a proper understanding regarding the strategy which is taken by their competitors so that their consumers can be retained effectively.

Place Strategy

The company is well known all over the world due to its effective strategy and high-quality beverages products. It has been found that the distribution system of the company follows the FMCG distribution pattern. The market share of the company is going high due to acceptance of brands by a plenty of people. The company earns a huge range of revenues from all over the branches because of it’s an effective strategy.

Promotion strategy

With respect to promotion, it has been found that the promotion is considered as the significant factor of the marketing mix as it helps to spread the latest information about the company to the maximum people in one go. This factor of marketing mix entails a number of techniques like sales promotion, advertisement, personal selling, and public selling. Coca-cola has adopted various kinds of promotional strategy in order to increase the demand of the customer towards the products in which it targets the use of beverages in the special occasion which help to increase the revenue of the company.

Marketing plan

The market analysis explores not only the internal business environment but also the external business environment. In the context of internal business environment, it involves the major attributes in the production prices by the management skills and effective communication channels. According to Kleinaltenkamp, Rudolph and Classen, (2012), competition is the process which is faced by every business in this competitive world and it has been found that few competitions can be so tough that it could outcome in the damage of an entire. It has been analyzed through the article that there are number of beverages manufacturers, Pepsico is one of them that give huge competition to the Coca Cola Company. However, this company was founded in 12 years.

With respect to the marketing strategy, the company has made the strong base in which the company of India took over Parle foods and along with that the company has acquired local brands such as Limca, Maazaa and Thumbs up etc. it has been analyzed that the company has diversified in products is the key for Coca-Cola. The pricing strategy of the company is comparatively effective with entrenched beverage consumptions and a fragmented and physically dispersed retail market. It has been found that the company is active in analyzing the wants and desires of the customers of every place. It continues to develop in firm double digits since then. According to Wong, (2008), the role of the marketing plan in the company is significant as it helps in developing the business promptly.

Situation analysis

The brand establishment has become important at the time of enlarging the portfolio of the organization. Customers need to trust a branded product and spend an extra penny upon it. It has been found that the name of the brands is also seen as a status quo in improved markets. The company made a right decision to invest in improving the value of the brand in which they develop and modernize the advertisements in which the company has invested more than $250 billion. The advertisement of the company is focused towards making an impact upon people and amended the point of view of Coca-Cola from occasional drink to an important component of the life of people. The company has invested a lot in the advertisement so that the promotion of the products of the company can be done in an efficient manner which would be helpful in improving the situation of the drink category and juices by creating strategic partnerships.

It has been found that the major objectives of the company were to make the one brand strategy so that all sub-products of the company can come under one brand name which is Coca-Cola. The company has developed the slogan, “Taste the Feeling” which is launched in 2016 that highlights the taste, personal connections, and refreshment. Along with that, the company is using various strategies to attract those customers who are diet conscious and that are why the company is providing a variety of drink with a number of calories in caffeine.  Sullivan, Ortez, and Mission, (2017), elaborated that it is vital for the company to have the financial efficiency get growth in the industry. It has been found that the major goal of the company is to increase the profits for the investment with effective productivity. The company has made efforts to attain financial flexibility by executing a solution known as “zero-based-work”. It is the term wherein annual budget is made again from zero and should be evaluated annually at the end instead of carrying over at levels made in last year.

Market analysis

Market segmentation is considered as the strategic method to split the market based on volume and ability of purchasers and utilizing effective methods to increase sales and thereby, producing profits from each segment. The company is using various techniques to segment the market as per the developing markets, emerging markets and improved markets in every country. The preliminary focus of the company was on amplifying the volume of the sales rather than advantages so that it amplified its customer domains and creates a firm foundation for potential business. The company is famous due to it’s an effective strategy as the company is providing its products to the customers at economical rates. According to Wijngaarden, Scholten and van Wijk (2012), the company has made an effective strategy and maintain the balance between sales volume and pricing; on the other hand, in improved countries the focus of the company was on profit creating by presenting more small packages as well as premium packages such as aluminium bottles.

There are a number of models of the strategy that helps in amplifying the growth of the company. These models are Porter’s model, SWOT Model, Ansoff and product life cycle model. These models are helpful in determining the decisions in the context of the company which can increase the efficiency of the business.

Application of theory to practice

• Marketing management concept, processes, and strategies

It has been evaluated that the role of the marketing management concept in the company is great as it helps in taking strategic decisions. It has been discussed in the literature review section that the company has concepts of management that helps them to take an appropriate decision which may lead them to the growth path. The company has a marketing concept, product concept, selling concept, societal marketing concept, and production concept. it has been found that the company is followed by the positioning strategy in which the company used various brand ambassador so that the promotion of the company can be done in an effective manner. The strategy of the company is to use its distribution system, brands and financial strength to attain the long-term sustainable growth (Tripod, 2018). The company is more focused towards providing a high quality of beverages to the customers so that the customer can link with the company for the long period. It has been found that the company has seen hasty growth in beverages in comparison of in carbonated soft drinks (West, 2015). The company has effective concepts that attract a million customers towards purchasing the item. It is suggested to the company keep the focus on the beverage acquisitions along with the partnerships, especially outside the U.S. It has been evaluated that the company is using technology at every step such as in syrup manufacturing, storage and bottling operations. It has been evaluated that the company is facing issues at the time of economic downturn which put negative impact over the sales of the company. The company is not included in every process as the company is included in the partnerships with bottler around the world. The revenues of the company were US$ 11.8 billion in 2010 in which the total number of employees of the company at that time was 139,600. The company is selling its products in more than 200 nations (Walston, 2014).

(2)A critical evaluation of the marketing mix of your organization 

It has a huge range of product portfolio of beverages and sparkling. It has been found that the soda industry has faced the industry of economic slow-down and due to this currency fluctuations have influenced its profits. Along with that, it has been analyzed that the company is known for its high customer loyalty and a strong brand image. The brand is invested in huge sums in advertising and marketing for deeper customer engagement.

Product

It has been evaluated that the company has so many products to provide their customers. The product of the company is convenience and it has the most profitable product line. Along with that, the products of the company is available everywhere, from gas stations to convenience stores (Veloutsou, 2015). People do not put a lot of efforts to purchase the product of the company. The company provides various operations to the customers of beverages that become a great strength for the company.

Place

As it has been discussed above that the company has effective strategies and high-quality beverage products for which it follows the FMCG Distribution pattern. It has been critically evaluated that the company is following the two kinds of selling that is direct selling and indirect selling. With respect to direct selling, the company supplies their products with the help of their own transport (Wang, 2015). On the other hand, the company has dealt with a plenty of sellers and agencies in order to expand its business globally.

Price

It has been found that the pricing strategy of the company is effective as the company knows how to attract customers. The company has different kinds of products of beverages and according to season and occasion company brings new offer in products which are able to attract number of customers towards buying the products.

Promotion

In the context of the promotion, it has been found that the company is using various promotional strategies to reach maximum customers (Stark, 2015). The company has launched its first global marketing campaign which would be helpful to attract a number of the customer towards products. The main focus of the company is making One Brand Strategy.

(3) Role of marketing models

The role of the marketing models in introducing new products is huge as it helps in increasing the revenues of the company. It is vital for the company to evaluate the condition of the market before launching new products because it is not necessary that demand of one place should be matched to another place (Sauerbronn, Barros and Faria, 2018). SWOT is the strategic model that would be helpful for the company to analyze the strengths and weaknesses of the company which facilitates the company to fulfil the demand of the customers and employees considerably. Opportunities and threats facilitate them to analyze the external environment of the company.

Strength

The major strength of the company is the brand value of the company globally. There are huge customers in both international as well as a local market that prefer the beverages of Coca-Cola Company. The company has the capability to create effective investments in marketing in order to develop its market share globally and it has been found that the leadership style of the company is known globally (Doh and Quigley, 2014). The range of the products of the company is wide that makes its different from other companies.

Weaknesses

However, the company has been successful but there is a number of weaknesses which should be addressed by the company. The major weakness of the company is criticism regarding environment and health issues. The products of the company are harmful as the calories are high in the products (Kant, Jacks and Aantjes, 2008). Along with that, it has been evaluated that the company is dropping sales in many countries as the company is proved as a weak company in various key markets. The performance of the company has been not efficient in North America which is the largest market worldwide (Culnan, McHugh and Zubillaga, 2010).

Opportunities

The company has many opportunities to expand its business globally (Rani, 2014). The company has acquired various local beverages companies that allow the company to keep more control over the value chain. The company has expanded its products ranges into healthy drink waters and juices which increase the opportunity for the company to increase the customers and revenues.

Threats

The competition has increased in the beverage industry which increases the threat to the company. In the context of the changing trends, it has been found that the Pepsico is the only brand that is the real competitor of Coca-Cola Company (Keller, Parameswaran and Jacob, 2011). There is another threat to the company which is a dependency on third-party bottling partners.

Ansoff Matrix

Ansoff Matrix is an effective tool that helps in determining the suitable steps for the company which aids in increasing the revenues and good will of the company. It entails four aspects such as market penetration, market development, product development, and diversification.

Market Penetration

The company has strengthened of the brand by which the company is able to use market penetration on an annual basis through making a link between Christmas and coca-cola. By taking help of the infamous Coca-Cola Christmas advert, the company can increase its sales at the time of the festive period.

Market development

Market development is the strategy that searches a new group of buyers for a product which has existence in the company. Diet coke is the greatest example of the company in which the shiny black can of the product was able to attract a number of customers that develop a more masculine appeal.

Product Development

It includes developing new products for existing markets by elaborating on how new products can meet the demands of the customers. It has been found that the first extension of Coca-Cola is beyond from its original recipe. The recipe was being adopted by small competitors who had knowledge to put in cherry-flavoured syrup to coca-cola in order to resell it. 

Diversification

It is the component of the Ansoff that represents the new market and new product. It has been analyzed that the company spent around $4.1 billion in acquiring Glaceau, involving its health drink brand Vitamin water in 2007 (Babin and Zikmund, 2015).

Conclusion

Based on the analysis of the report, it has been concluded that Coca-Cola is a well-known company across the globe and it is able to attract and retain customers by using different kinds of strategies and tactics in the international market. It has been analyzed that the company is offering various kinds of products to the customers. People get addicted to the developed beverages of the company. It is the major reason for the success of the company in which the company has achieved the number one position with respect to brand value for 13 constant years.

It has been recommended to the company to focus on company strategic decision-making process as it can lead the company into a growth position. It has been evaluated that the role of the marketing and advertising is high in the growth of the company so it is necessary for the company to focus on these factors. The company should involve in Research and development process so that the company can get huge knowledge about the marketing so that company can take appropriate action after analyzing them.

References

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Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.

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Culnan, M.J., McHugh, P.J. and Zubillaga, J.I., 2010. How large US companies can use Twitter and other social media to gain business value. MIS Quarterly Executive, 9(4).

Doh, J.P. and Quigley, N.R., 2014. Responsible leadership and stakeholder management: Influence pathways and organizational outcomes. Academy of Management Perspectives, 28(3), pp.255-274.

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Keller, K.L., Parameswaran, M.G. and Jacob, I., 2011. Strategic brand management: Building, measuring, and managing brand equity. Pearson Education India.

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Sauerbronn, F.F., Barros, D.F. and Faria, A., 2018. Coca-Cola and strategic CSR. In The Dark Side 3(2) pp. 55-64). Routledge in association with GSE Research.

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