Introduction
Targeting is an important part of any marketing strategy and it is related to the framing of marketing strategy in relation to the specific group of customers that the company has identified. Coke is the brand product of Coca Cola and it is the leading soft drink in the industry (Mooij 2010). A look at the macro and micro environmental factors can help in developing a suitable marketing mix and proposing changes to the existing product so as to make it more sustainable.
SWOT Analysis
Marketing strategy
Coca Cola is market leader in the soft drink industry. The marketing strategy selected for the brand coke is expanding the total market share. Earlier, the company was applying the defensive marketing strategy to defend its leadership position. However, it is not enough and counter-measure along-with continuous innovation along the marketing mix is necessary. Coke has entered flavored water segment with Glaceau, the vitamin water (Dan 2013).
Marketing mix
Product
The original soft drink Coke is the ultimate example of innovation in the packaging and flavor. Packaging is the defining aspect of the essence of the company. The shape of the bottle is iconic and it is in total synchronization with the brand. There is already offering of 500 new beverage products in the world. It sustains the competitive advantage in the market by offering a large number of beverages that address the needs of variety of people, for instance, diet coke for weight concerned people, coca cola zero for no sugar content, Capri Sun, Glaceau, Rose’s etc. (Products 2013)
In order to expand the total market share, the product needs to be diversified. Therefore, the changes in the product mix is introduction of customizable packaged coke with common local names printed on the product along-with allowing customers to suggest a mix of blends and flavors for new flavor combinations that are healthy owing to the opportunity of increase in health consciousness and changes in consumer preferences segment (Dan 2013).
Distribution
Strong supply chain and distribution are major strengths of Coca Cola. The intensive distribution and bottling system makes its product available everywhere in the world. It matches with the adoption of global marketing strategy of the company and synchronizes with the objective of the company to be the undisputed leader in every market in which it competes (Our Vision and Values 2013).
The distribution of the product is arranged through both online and physical availability in stores through supplier partnerships thus making the product available from Middle East to Australia, UK and Australia (Dan 2013). The changed customizable product will be made available in both online and physical stores for serving all types of consumers from children to adults and old. There is availability in all sizes ranging from 150 ml to 3 liter.
Prices
Prices are set by Coca Cola keeping in mind competition and the market condition. Usually, the prices are lower and it reflects the objective of the business to be undisputed leader in the market. Penetration pricing is used when entering new markets. Once it is established, they are raised to remain in competition and give profit to shareholders. As the opportunity lies in growing developing market, the price of the customizable product has to be kept low keeping in view the price sensitivity of these markets (Mooij 2010).
Promotion
Coca Cola uses various promotion strategies which involve relationship marketing such as extending names to bottles to everyone, Christmas specific campaign, provoking happiness through story telling on social media platforms, etc. (Coke extends names on bottles to everyone 2013). In order to make strong connection for the new customized product innovation, the promotion will involve social media marketing, storytelling by consumers on their ability to create a blended flavored coke and intense advertising to maintain its global brand position.
Conclusion
Innovation along the marketing mix and making the product range more diverse and attractive is the key to maintain strong leadership position in the market by Coca Cola. The customized mixed blend beverage will help in creating strong relationship with the consumer.
References
Bell, L. 2003. The Story of Coca-Cola. Black Rabbit Books.
Coke extends names on bottles to everyone. 2013. [Online]. Available at: http://www.marketingweek.co.uk/news/coke-extends-names-on-bottles-to-everyone/4007197.article [Accessed on: 20 November 2013].
Dan, A. 2013. [Online]. Available at: http://www.forbes.com/sites/avidan/2013/10/07/just-how-does-coca-cola-reinvent-itself-in-a-changed-world/2/ [Accessed on: 20 November 2013].
Mooij, M. 2010. Global Marketing and Advertising: Understanding Cultural Paradoxes. SAGE.
Our Vision and Values. 2013. [Online]. Available at: http://www.cokecce.co.uk/about-us/our-vision-and-values.aspx [Accessed on: 20 November 2013].
Products. 2013. [Online]. Available at: http://www.cokecce.co.uk/products.aspx [Accessed on: 20 November 2013].
