Marketing Plan for Coca-Cola Marketing Plan

Pages: 12 (3332 words)  ·  Bibliography Sources: 6  ·  Level: College Junior  ·  Topic: Business - Advertising

SAMPLE EXCERPT:

[. . .] The Marketing Mix for Coca-Cola:

Marketing mix constitutes all those strategies which are formulated and implemented with the core objective of presenting the company's product or service to its target customers in the most effective and competitive fashion. The Coca-Cola Company uses a number of marketing mix strategies for its most valuable brand, Coca-Cola. These strategies play an important role in communicating the company's new promotional messages and offers related to Coca-Cola to the most potential target consumers in the local and international markets (Doole & Lowe, 24). This section comprehensively explains the marketing mix for Coca-Cola designed for its Global reach.

1. Product Strategy:

Coca-Cola is ranked among the highest quality beverage brands in the world. It is produced with carbonated water, sugar (sucrose or high-fructose corn syrup), phosphoric acid, caramel color, caffeine, and natural flavors. Coca-Cola has a little bitter taste as compared to sweetish flavor of its top competitor drink, Pepsi. Due to its popularity in younger generation, Coca-Cola has become a symbol of happiness, joy, and entertainment. The Coca-Cola Company has made great efforts to recognize its flagship product Coca-Cola as the No. 1 soft drink in the world. For this purpose, the company has always put its major focus on the quality of ingredients, efficiency of the production units, and the changing consumer needs in the current market place. The company has introduced various flavors through formula and ingredient alterations in order to cater the needs of all types of customers (The Coca-Cola Company).

2. Pricing Strategy:

Coca-Cola is not a premium-priced product, but it is comparatively expensive than other similar brands available in the market. Despite having a higher price than many local and international brands, Coca-Cola is still able to gain the highest level of acceptability among all age groups and income classes. The reason for this popularity and acceptability is the brand image of Coca-Cola which the company has developed over more than 126 years of excellence. Coca-Cola is widely consumed and appreciated in the world markets due to its high quality, unique taste, and the emotional attachment of its brand lovers. The other Coca-Cola brands like Sprite, Fanta, Coke Diet, Minute Maid, Mello Yello, etc. are also sold on competitive prices which not only give attractive profit margins to the company, but also help it in ensuring high sales revenues throughout the year.

3. Distribution Strategy:

The Coca-Cola Company is ranked among the world's top organizations that have huge supply chain and distribution networks. The company has more than 146,200 associates worldwide which include its business partners, suppliers, distributors, business development firms, wholesalers, and retailers. With this huge business network, the Coca-Cola Company is able to distribute, market, and sell its Coca-Cola drink in all small to large, urban and rural area of every target country. Currently, Coca-Cola is marketed and sold in more than 200 countries in all 6 operating regions of the world. The strength of this large distribution network can be realized from the fact that per day serving of Coca-Cola is 1.8 billion customers (The Coca-Cola Company).

4. Promotion Strategy:

The promotional strategy of Coca-Cola is mainly focused on presenting the product according to the specific needs and requirements of the target consumers. For example, the classic Coca-Cola is marketed to all age groups and family sizes irrespective of their income class, social status, life style, profession, culture, or religion. Through its different promotional strategies and campaigns, the Coca-Cola intends to keep the brand image of its drink always alive in the minds of its target consumers. Most of the Coca-Cola promotional campaigns are based on one common theme -- to enjoy the every moment of life with this refreshing and sparking soft drink. Coca-Cola is itself presented as a product that brings happiness and joys when people get together and drink it with their friends, family, and loved ones.

The promotional efforts of Coca-Cola vary with different factors, like occasions and events, season, region, etc. For example, Coca-Cola boosts up its campaigns and promotional efforts in sports days like Olympics, World Cups, Tournaments, etc. The promotional campaigns of Coca-Cola are also customer-specific. For instance, the Coke Diet is promoted to the aged and health conscious people while 100% fruit juices and energy drinks mainly target children and young athletes respectively. At special occasions like near year, Christmas, Easter, etc., Coca-Cola offers discounts and gift hampers and arranges lucky draws in order to attract potential consumers and boost up its sales in peak periods.

5. Advertising Strategy:

The Coca-Cola Company uses all the advertising mediums and channels to market and promote its Coca-Cola brand to its target customers. The most widely used advertising medium is television. Running advertising campaigns on television helps Coca-Cola in reaching the largest segment of target audience. Television is the most expensive promotional medium of the present times; but it is quite effective as it can communicate the company's messages to the audience in small towns and rural areas where other mediums like social and internet media have not reached yet. Coca-Cola makes extensive advertising on television when there are sports events or festivals in a country.

The second most commonly used advertising media constitutes magazines, newspapers, and other print mediums. Coca-Cola advertisements are also extensively found on these mediums due to their second largest audience after electronic media. The advertisements on electronic and print media are designed by keeping in view the market needs and target audience at different TV channels and timing (Ferrell & Hartline, 174). For example, the larger packs of Coca-Cola are advertised on family channels whereas regular Coke is mostly advertised on sports and news channels. In addition to these two major advertising mediums, the Coca-Cola Company uses bill-boards, in-store displays, banners, wall-paintings, and other channels which have large public exposure.

6. Public Relations Strategy:

Coca-Cola is the most widely recognized brand in the world. Besides focusing on developing its brand image through high quality products, the Coca-Cola Company also shows an equal concern for the community and environment in which it operates. Its public relation policies and strategies are specifically focused on contributing towards the social welfare and development. The company makes huge public relations investment in its "The World of Coca-Cola." Other PR investment areas include Coca-Cola Santa Claus, Polar Bear Support Fund, water anti-pollution campaigns, environmental protection endeavors, World Wildlife Foundation, Global climate change campaign, New Yorkers for Beverage Choices, Women's Economic Empowerment Initiative, etc. (Daily Finance).

7. Sales Promotion Strategy:

Coca-Cola uses sales promotion strategies for its customers as well as for trade partners and sales force. The sales promotion methods for consumers include free trails and samples at new flavor launch, price discounts at special occasions, bonus stamps and cash refund offers, gift hampers, and lucky draws. These sales promotion strategies induce the target consumers to buy Coca-Cola more frequently and in larger quantity. The sales promotion methods for trade partners include discount, display and advertising allowances, store demonstrations, company-labeled freezers and refrigerators, and free tours. The sales force is also encouraged to increase the company's sales through different motivational techniques like bonuses and commissions, salary increments, free tours, gift hampers, etc.

8. Personal Selling Strategy:

The Coca-Cola Company uses direct personal selling techniques in trade shows, fairs, events, and festivals. The consumers are offered free trials of newly introduced Coke flavors, energy drinks, and fruit juices. They are also offered discounts on larger purchases and coupons for lucky draws. Through these personal selling techniques, the sales force induces the target consumers to purchase Coca-Cola instead of other soft drinks on their festivals and fairs.

9. Direct Marketing Strategy:

In addition to traditional promotional techniques like electronic media, print media, personal selling, sales promotion, and public relations, the Coca-Cola Company also uses its corporate and associate websites to promote its products. This direct marketing technique is quite effective as it gives the most reliable and updated information on company's products and promotions before any other medium. The website of the Coca-Cola Company is very comprehensively designed to provide a common platform to the target consumers, business partners, wholesalers, retailers, distributors, suppliers, and investors. These stakeholders can find all types of information, press releases, and announcement which the company makes from time to time. The major part of the website is dedicated to promote Coca-Cola and other brands of the company to the target customers and potential investors.

10. Social Media Advertising:

Coca-Cola is also promoted on the social media networking sites like Facebook, Twitter, LinkedIn, YouTube, Google+, Flicker, etc. The main target audience for social media marketing is students, youngsters, and professionals from all fields. The Coca-Cola Company promotes its new products, communicates pricing strategies and discount offers, new target markets, and public relation initiatives on these social platforms. Currently, social media networking sites are among the major channels of promotion that are also contributing towards building a stronger brand image all over the Globe (The Coca-Cola Company).

Marketing Objectives:

The Coca-Cola Company always formulates its marketing objectives in both qualitative… [END OF PREVIEW]

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