Coca Cola Marketing Plan and Strategies
Coca Cola Company is a successful soft drinks company that provides different products across the world. The company has various marketing plan and strategies for dominating a market (Sánchez-Porras & Rodrigo, 2017). The strategies are based on the 4Ps of the marketing mix including price, place, promotion, and product. The company has succeeded in boosting its financial performance using advertisements that attract more customers (Bakopoulos, Stuart & Briggs, 2016). The marketing plan involves acquiring more customers through friendly prices and boosting profits by diversifying products and increasing the price among loyal clients.
Marketing Plan and Strategies
Coca Cola Company has employed various marketing plans and strategies to achieve tremendous growth over the years. The first strategy is market segmentation which involves dividing the markets depending on the sales and customer base (Sánchez-Porras & Rodrigo, 2017). For example, in the upcoming markets the focus of Coca Cola is to increase the sales as compared to the profits. The focus is to increase dominion in various markets. In the established markets the focus is to increase both sales and profits. The company attracts customers in various markets by using different prices and volumes (Marlow, 2015). The strategy is in line with the aspect of price and promotion in the marketing mix. Price is used to increase product whereas volume and price are used to increase customer base in upcoming markets. The prices are also used to target different customers in various places. Place defines where the company sells the products including homes, hotels, and events (Marlow, 2015). They strive to get diverse products in front of the customers to trigger their decision to buy a soft drink. For example, Coca Cola has managed to dominate the soft drink markets in various countries.
Coca Cola also relies on another marketing plan called brand establishment as well as customer relationship. The company focuses on making the drink an integral part of people’s lives (Sánchez-Porras & Rodrigo, 2017). For example, in 2015 the company launched a global ‘taste the feeling’ slogan to bring all the products under one roof. The market segmentation is strategy is borrowed from the product, which is one of the Ps in the marketing mix (Marlow, 2015). The idea is to develop a product that each market segment will desire to have. It has been marketing the products as part of daily meals people take in hotels or at home.
The company also thrives on promotion which is one of the 4 Ps in the marketing mix. Promotion is enhanced using only the effective channels of advertising (Sánchez-Porras & Rodrigo, 2017). For example, in 2015 the company eliminated in-store promotion which helped save over $600 million. It has also invested in various advertising channels including mainstream media including radio and television. It has also invested in various social media channels (Marlow, 2015). Coca Cola has invested in online investments which is one of the factors that successful opt for. The marketing activities include promoting the brand which has helped increase the dominance of the products in different markets across the world (Bakopoulos, Stuart & Briggs, 2016). The use of common adverts with similar slogans is also effective in boosting customer loyalty.
Conclusion
The marketing strategies of Coca Cola have been embraced by different companies across with an intention of growing their sales, widening the market and increasing their profitability. The company focuses on creating loyal customers through customer relationship and brand establishment. Another strategy is market segmentation which involves understanding different markets and using unique approaches to favor specific customers. The company also reduces the prices of various products to increase sales and promote brand loyalty against other competing brands in the market.
References
Bakopoulos, V., Stuart, G., & Briggs, R. (2016). Measuring the value of mobile advertising in driving business outcomes: Empirical data from Coca-Cola, AT&T, MasterCard, and Walmart. Applied Marketing Analytics, 2(2), 169-179.
Marlow, M. L. (2015). The American Dream? Anti-immigrant discourse bubbling up from the Coca-Cola ‘It’s Beautiful’ advertisement. Discourse & Communication, 9(6), 625-641.
Sánchez-Porras, M. J., & Rodrigo, E. M. (2017). Emotional benefits of Coca-Cola advertising music. Procedia-Social and Behavioral Sciences, 237, 1444-1448.
