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The purpose of this assignment is to conduct research related to how a specific company utilizes information related to consumer behavior, product mix or service processes, and pricing to create marketing plans that will meet business needs including their specified marketing objectives.
Review the following topic materials.
Topic 3: “Consumer Purchasing Decisions”
Topic 4: “What Is a Product?” “What Is a Service,” and “Service Delivery”
Topic 5: “Pricing and Breakeven Analysis”
Continuing in the role of a marketing professional who has been tasked with completing a marketing plan for a client, refer back to the research you completed in the Topic 2 Part 1: Research as a starting point for the assignment. Conduct additional research related to consumer behavior, the company’s specific product or service, and the company pricing strategy, and use it to complete the “Marketing Plan Analysis and Presentation: Part 2 – Research Template.”
(reference from topic 2)
Coca-cola is an American multinational beverage corporation incorporated under Delaware’s General Corporation Law and situated in Atlanta, Georgia. The company is involved in the manufacturing, marketing, and retailing of non-alcoholic beverage concentrates and syrups. This organization was founded in 1892 and has since engaged in the manufacture and selling of syrup and concentrates. Coca-cola is also the largest manufacturer and distributor globally, with more than 2500 products available in more than two hundred countries.
Coca-cola’s company mission statement states that its purpose is to revive the world in mind, body, and spirit, to stimulate moments of positivity and contentment through its brands, deeds, and generate worth and make a change. The company aims at leaving a legacy in every location it operates as well as every life it interacts with, as the company’s priority is to make a difference in communities and its residents. According to the mission, the company ensures that they maintain the quality of life for their consumers by upholding a trend that values their health more than making profits. Additionally, through their mission, coca-cola ensures that they treat their customers with value and leave lasting smiles on their faces. They also ensure that they promote the communities by integrating their outreach programs (the Chu, 2020).
Coca-cola’s vision statement states that the company inspires each other to become the best version b providing a great workplace environment. This means that the company enhances change and development within the industry and beyond (Singaram et al., 2019). Through the vision, the company strives to uphold others. This factor enables them to work smoothly with investors and communities they operate, intending to make a positive change. Additionally, the vision guides the company in its continuous aspect of being a unique global brand.
The marketing objectives of coca-cola company are, first, to continue creating awareness and educating the consumers and buyers about the value and greatness of their products and their new inventions. Additionally, the company continually encourages their consumers about the better quality of their products and services compared to those of their competitors. Another objective is to encourage trial among potential new consumers to get a taste of the quality of the coca-cola products.
To achieve their marketing strategies, coca-cola introduced several strategies and tactics to guide their goals. Market segmentation is one strategy aimed at dividing the market based on the capacity and volume of the consumers and adopting the appropriate methods to maximize sales, thus generating profits from each segment. Another strategy is the establishment of customer and brand relationships (Chu, 2020). Customers are accustomed to trusting a branded product that spending more on them rather than an unbranded product. Thus coca-cola strives to improve and modernize its brand value to meet its consumers’ needs and preferences. The last strategy is the increment of financial efficiency. The company word hard to ensure that they achieve financial flexibility by implementing a policy called zero-based work (Singaram et al., 2019).
The company SWOT analysis as of 2020 is as follows
• Strong brand identity
• Strong brand equity
• Extended global reach
• Better brand association and customer loyalty Weaknesses
• Violent competition from Pepsi
• Product diversification
• Health concerns
• Introduction of new products and diversification of its segments
• Increased branches in most developing nations worldwide.
• Improved supply chain system
• New products, the packaged drinking water Threats
• Issue of water usage controversy
• Packaging controversy
• Direct and indirect competition from its competitors, Pepsi
Chu, B. (2020, November). Analysis on the Success of Coca-Cola Marketing Strategy. In 2020 2nd International Conference on Economic Management and Cultural Industry (ICEMCI2020) (pp. 96-100). Atlantis Press.
Singaram, R., Ramasubramani, A., Mehta, A., & Arora, P. (2019). Coca-Cola: A study on the marketing strategies for millenniums focusing on India. IJARD, ISSN, 2455-4030.