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Marketing Principle - Essay Example

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Marketing Principle

The company has established bottling partners in more than 200 countries. To ensure that all its target customers are satisfied with its brands, the company has more than 500 brands in the international market. One of the major aspects that have made the company to attain a large market segment is the increased investment in the marketing activities of its products. Coca-Cola Company market share is approximately 75%. Despite stiff competition from its competitors such as Pepsi , McDonald and Cadburys among others, the company has emerged as a leader based on the extensive use of modern as well as traditional methods of promotion and advertising. One of the major objectives of the company is to raise market share by effectively penetrating Asia Pacific and Asia markets. Secondly, the company is focused at expanding its corporate social responsibilities in order to address social problems faced by children in Africa and Latin America markets. This paper covers major strategies that Coca-Cola adopts in its market segmentation, product positioning, and process of marketing as well marketing mix. Task 1 Marketing entails the process of communication the benefits of a product to the potential or existing customers. Being a vital way of attracting new customers, marketing takes a significant portion of company resources especially for the firms that are focused at going global. Marketing can also be defined as a management strategy of ensuring that products are moved from the concept to the final consumer. This entails the coordination of the 4Ps of marketing that included product, price, promotion and place. Marketing process entails identification of marketing opportunities and providing quality products that meet the needs of the target markets. Four major steps that are covered by marketing process are analyses of marketing opportunities, selection of target markets, development of marketing mix and management of the marketing efforts. In order to identify opportunities in the market, Coca-Cola undertakes extensive market research through the use of its marketing team. Coca-Cola Company has a number of opportunities. First, it can acquire more companies as a way of reducing competition in the soft drink industry. Secondly, the increased Hispanic population and their improved economic power will lead to high demand for its product in the local and international markets. Thirdly, due to the increasing demand for Dasani water in the world market, the company can expand its marketing activities especially in Asia, Africa and Asia pacific regions. In this way, it will capture the unexploited market thus increasing the total revenue. Coca-Cola targets all individuals regardless of their ages. Through effective market segmentation and targeting, the company is in a position to evaluate each of its segment thus providing quality brands that meet the needs of its customers. The company emulates Geographic segmentation, Demographic segmentation, Behavioral segmentation and Psychographic segmentation. Being a third step in the marketing process, developing an appropriate marketing mix is an aspect that Coca-Cola Company has not overlooked. For instance, the company has established wide range of quality brands such as Coke, Fanta, Sprite and Minute Maid among others. The company prices are affordable thus ensuring that its customers are in a position to purchase their favorite brands. In terms of place, the company has ...Show more

Summary

MARKETING PRINCIPLE Introduction Coca-Cola Company is a world leader in the soft drink industry. Being headquartered in Atlanta Georgia, the company is best known for the production and selling of Coke one of its brands…
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