Introduction
In a highly competitive industry, companies need to develop new strategies every time. There must be news tricks in use to be a step ahead of the competitors. In the soft drinks industry, Coca-Cola is a major player but experiences extensive competition from a company such as Pepsi. Proper competition strategies should aim at the competitor’s weaknesses but avoid the strengths. As a result, the company gains competitive advantage. Coca-Cola has to be keen to employ exclusive competitive strategies to be the leading soft drink company.
The first and key element to consider about the success of Coca-Cola is its current position. The company enjoys an exclusive global market where it controls a wide number of markets around the world. The current position is because of the previous efforts by the managers and leaders of the company. The company has already developed a name among its customers, which is a necessary marketing tool for any person who undertakes the competitive strategies for the company (FEMSA, 2013).
The Coca-Cola brand is famous among people. They know it as the best soft drink in the world. Therefore, the company would require slight investment in the advertisements. Although, the name of the company is famous, necessary steps must be undertaken to ensure the brand sticks in the mind of the customers. Therefore, the company should continue on its advertisements in its markets depending on the most significant mode of advertisement per market region. If a region can work best with the TV advertisement, it would be wise to undertake such an advertisement as it will influence the fame of the company in a specific market (IFM, 2013).
Partnerships
The company should focus on extension of business partnerships. Together with the Coca-Cola FEMSA, the Coca-Cola Company can achieve exclusively high performance. The company requires developing exclusive joint business models that would help in continuous exploration and participation in beverages’ lines. If proper marketing is done, the existing product lines will be extended accordingly (Power, 2012). As a result, the company will aim at the fastest growing markets such as the Latin America.
Innovativeness
In new and growing markets, the company will fashion innovativeness to extend productions and attract customers. For easier penetration to the markets, the company must develop strategic acquisitions. However, the company must operate under the Coca-Cola brand to make the customers aware of the company. The strategy will be effective in ensuring the company remains relevant, and it acquires a new market to solidify its global presence (FEMSA, 2013).
Beverages portfolio
In the soft drinks industry, the beverages portfolio is a major element. The customers or consumers must have a wide portfolio of beverages to capture the development of various regions. Through the Coca-Cola FEMSA, the company should get to the customers and assist them in having a series of products to select from at any time. For example, the company will offer a complete beverage portfolio of carbonated soft drinks, juices, orangeades, bottled water, isotonic, milk, coffee, and beer in markets where it has high demand (FEMSA, 2013). The company will have a wide base to accommodate a lot of people to consume its products.
Customer relationship
The company will also focus on establishing collaborative customer relationships. Every day, the company is looking for an opportunity to extend its customer relationship. However, the strategy is available to ensure the success of the company in the initiative. The company will aim at working with the largest clients to ensure development of stronger multifaceted relationships. The company will hit this by ensuring that it tailors its extensive portfolio of products as well as packages for their stores depending on the socioeconomic demographics, necessary consumption occasion as well as the unique traits of the store. The company will collaborate with the customers on knowledge management as well as development of capabilities to go to market as well as execution of the point of sale where the needs of every customer would be addressed (IFM, 2013).
Marketing strategy
In addition, the company must employ the channel marketing strategy. It is a proper platform for the company to provide a reliable, as well as special marketing of its products. As a result, the company will classify its markets and develop necessary targets for every consumer segment or channel of distribution. The primary channel of the company has been retailers. It would be wise if the company considered restaurants and bars, as well as supermarkets as distribution points. The areas are proper for sales and distribution since there is a high number of people (Power, 2012). It will be extremely easy to reach more people in the regions.
In addition, the channel marketing would come with detailed analysis of the purchasing patterns as well as preferences of various groups of beverage consumers in every location or distribution channel. As a response to the analysis, the company will develop its products, prices, packaging, as well as distribution strategies. The move will be significant for the company to satisfy the needs of its customers and exploit all the channels fully. The company will have access to a wider market and position to serve customers in a reliable manner (IFM, 2013).
Multi-segmentation
Multi-segmentation will also work for the company if it is employed in the majority of the markets. The strategy works with the implementation of various strategies and changes on product, price, and package portfolios. The strategy is implemented through market cluster or group. The clusters work under the consumption occasion, competitive intensity, as well as proper socio-economic levels. A company cannot operate only on the existing channels of distribution (Power, 2012).
Customer’s value
Realizing that client value is one of the most relevant elements of any organization, the company would focus on ensuring that the clients are enjoying their operations with the company. As a result, the company will aim on the customers’ value potential through value-based segmentation significant in capturing the potential of the industry (Power, 2012). The model will start operations in major markets such as Central America, Mexico, and Brazil.
Getting into the market
Getting to the market is a major issue that the company will have to consider. The company will have to evaluate the distribution model in order to match the dynamics of the region of operations. The company must recognize the different service requirements for customers. The channel of distribution that the company has been using for a long time has to be changed to fit the modernity. As technology continues to advance, the company has to develop new strategies that will be necessary for better distribution of products (IFM, 2013).
Conclusion
The continuous growth of the Coca-Cola Company will highly depend on the significance of the above strategies. Each of them is unique to establish the significance in trade for the soft drink company. There is exclusive need for continuous investment in strategies that will assist the company to grow. Innovative strategies will be fundamental in countering competition in the soft drinks industry. Coca-Cola Company stands an extensively high chance of remaining the most outstanding soft drink company in the world.
References
FEMSA. (2013). Coca-Cola FEMSA. Coca-Cola FEMSA. Retrieved October 10, 2014, from http://www.coca-colafemsa.com/femsa/web/conteudo_en.asp?idioma=1&conta=44&tipo=27617
IFM. (2013, February 21). Decision Support Tools. Porter's Generic Competitive Strategies (ways of competing). Retrieved October 10, 2014, from http://www.ifm.eng.cam.ac.uk/research/dstools/porters-generic-competitive-strategies/
Power, D. (2012). Innovation Strategy: 4 Key Tactics of Top Growth Companies.Innovation Strategy: 4 Key Tactics of Top Growth Companies. Retrieved October 11, 2014, from http://www.dce.harvard.edu/professional/blog/innovation-strategy-4-key-tactics-to
