Analysis of Marketing Principles - Assignment Example

Marketing Principles Table of Contents Task 3 Question Explain The Various Elements Of The Marketing Process? 3 Question 2. Evaluate The Benefits And Costs Of A Marketing Orientation For A Selected Organisation? 4 Question 3. Show Macro And Micro Environmental Factors Which Influence Marketing Decisions? 5 Question 5. Choose A Targeting Strategy For A Selected Product/Service? 10 Question 6. Demonstrate How Buyer Behaviour Affects Marketing Activities In Different Buying Situation? 11 Question 7. Propose New Positioning For A Selected Product/Service? 11 References 12 Task Question 1. Explain The Various Elements Of The Marketing Process? As for the elements are concerned, there seems to exist multiple element that effectively contributes to the marketing process of this beverage manufacturing brand. Adding to that, these elements significantly contribute in terms of creating appreciable value provision for the customers. Some of these elements have been described as under. 1.1 Effective Monitoring of the Marketing Environment The nature of market plays a vital role in terms of ensuring the survival of this beverage manufacturing brand. If seen from an environmental perspective, the marketing environment can be differentiated into two categories, one being the micro environmental factors and the other as the macro environmental factors. The micro environmental factors mainly focussed towards the strength and the weaknesses of the firm. For instance, effective and efficient work force, lower power consumption level, lower fixed cost of production, high product quality, brand reputation and so forth. On the other hand, the macro environmental factors includes aspects such as level of political pressure within a specific region, environmental factors, technological advancement factors, legal factors , socio-cultural factors and economic factors. 1.2 Effective Market Communication The brand has already been using various communication techniques in terms of conveying its message to its customers. Adding to that effective marketing communication is also vital with respect to this brand for being competitive against other market players. Some of the effective market communication techniques used by this brand includes newspaper media, television advertisements, social media promotions, real time event sponsorship and innovative advertisement campaigns (Dudovskiy, 2014). 1.3 Segmentation, Targeting and Positioning The brand has been involved in exerting significant amount of effort in terms of segmenting its product types depending on the behaviour of the customers towards these product types. For instance, one of the segment type introduced by this brand is the ‘caffeine-free coke’ which is generally meant for targeting those customers who want to reduce their level of caffeine intake (Puneet, 2011). In a similar manner another segmented product launched by this brand is the ‘diet-coke’ which again is meant for targeting customers who want to reduce their calorie intake. Another interesting segment of product launched by this brand is the ‘coke zero’ which is specifically meant for attracting male customers who wants a low calorific drink. The brand has made this product type successful by bringing about significant level of change in its packaging for attracting the male customers. Adding to that, brand has also been positioning its products based on its global brand’s ranking (Puneet, 2011). Question 2. Evaluate The Benefits And Costs Of A Marketing Orientation For A Selected Organisation? In a generalised term, market orientation can be described as the efforts made by a brand in terms of identifying and fulfilling the needs and the expectations of the customers through its varied product mix. It is just like a coordinated need understanding and product provision campaign between the brands and their targeted customers. One benefit of attaining an effective marketing orientation is that the brands can attain multiple segment of customers depending on which new product development process can be carried out. As a result, the risk of cannibalizing self-product types by the other products of the brands gradually decrease since the product types will completely remain focussed towards the customer types. For instance, the regular coke will be preferred by the normal customers whereas the diet-coke will be preferred by the health related customers. Thus the chance of cannibalizing the ordinary coke by the diet-coke will be less. Even if the concept of effective market orientation might benefit the brand in the long run but might also raise the expense level of the brand in terms of subsequent product development. For instance, developing new product types depending on the customer needs often costs the company in terms of high investments. Question 3. Show Macro And Micro Environmental Factors Which Influence Marketing Decisions? There seems to appear multiple micro environmental factors that might influence the marketing decision making of beverage manufacturing brands within the market place. Some of these factors have been mentioned as follows 3.1 Global Reputation Global reputation attained by the brand over the years gradually plays a significant role in terms of attaining high value of customer preference along with a competitive position in comparison to that of other competitors. This factor also helps in term of providing the brand with the leverage of making effective marketing decision regarding expansion and product promotion. In context to global reputation within the beverage drinks manufacturing industry, Coca-Cola seems to have attained the top most position among all other competitors such as Pepsi Co. This factor might lay a significant level of impact in terms of influencing the market decision making process of this brand (Passport, 2013). 3.2 Largest Market Share Holder A brand holding a larger share of the provided market also possesses a significant level of advantage in term of coming up with better propositional advertisement campaigns with respect to other competitive brands functioning within that specific market. Coca Cola also holds the largest market shares in the soft drink manufacturing industry. This factor might also lay significant impact in terms of influencing the market decision making process regarding customer attainment and expansion (Passport, 2013). 3.3 Negative Publicity There seems to have raised multiple negative publicities regarding beverage brand in terms of addition of toxic chemicals in the carbonated syrup or some other issues. This might also negatively influence the market decision making process of beverage brand such as coca cola (Passport, 2013). 3.4 Increasing healthcare Related Concerns In general terms, the product marketing of the soft drinks manufacturing brands to a major extent depends on the health related issues within a specific geographic area. This is due to the fact that beverage drinks are generally calorific drinks and thus cannot be considered as being healthy. Adding to the above facts, due to the rising health care issue, major segment of the customers have significantly reduced their carbonated drinks consumption levels. The brand needs to strategically deal with this issue otherwise it might negatively influence the marketing decision making process of the brand (Passport, 2013). 3.5 Macro-Economic Factors 3.5.1 Political Factor The political factor plays a significant role in terms of ensuring the survival of beverage brands within a specific geographic location. Based on the level of political pressure within a specific geographic area, the brands will have to strategize regarding the type of communication tactics they will have to implement for penetrating over there. For instance, if the government of a particular nation prohibits the consumption of coke, it will then heighten its trade barriers and thus it will be difficult for Coca-Cola for establishing its business in the particular location. Correspondingly such measures of the government may also influence the marketing decision making of this brand (McWhorter & et. al., 2011). 3.5.2 Legal Factors Due to the rising levels of negative publicity in context to the beverage manufacturing companies, the government of certain nations or geographic locations might reinforce their legal packs regarding quality control thus influencing the market decision making process of beverages (McWhorter & et. al., 2011). 3.5.3 Socio-Cultural Factors Socio-Cultural factor also lays significant amount of impact on the marketing decision making of the brand in context to the customer’s behaviour towards the products. For instance, the consumption of carbonated soft drinks might not be preferred within certain community or locality which may cause the brand to alter its strategy (McWhorter & et. al., 2011). Question 4. Propose Segmentation On Criteria To Be Used For Products In Different Markets? Since Coca-Cola manufactures multiple categories of soft drinks so it has got a high opportunity of segmenting its products based on multiple factors which have been listed in a tabular format Products Image Product name Segment Regular Coke Specifically meant for consumption of regular type customers Coca-Cola Cherry Specifically meant for consumption of regular type customers who prefer the cherry flavour Diet Coke Reduced calorie coke specifically meant for attracting female consumers Caffeine Free Diet Coke Diet Coke with Cherry Diet Coke with Citrus Coke Zero Reduced Calorie Coke Specifically Meant For Attracting male consumers Coke Zero with Cherry Oasis Fruit Juice Specifically targets the health-conscious customers Source (The Coca-Cola Company, 2010) By taking into consideration of the already existing segments of products, it can be stated that the brand should consider the demographic and the health related criteria of the customers belonging from different location in order to segment its product mix further. Question 5. Choose A Targeting Strategy For A Selected Product/Service? Targeting strategy facilitates to align a focused approach for a company towards ensuring its meeting of desired objectives. Currently, the focus of the brand is towards the successful launching of its two new product types. The first one being the diet coke and the second as the caffeine free coke. Both these products are low calorified and thus the target of the brand should be towards health conscious customers who prefer lower intake of calorie (Burrows, 2013). Question 6. Demonstrate How Buyer Behaviour Affects Marketing Activities In Different Buying Situation? Buying behaviour of the customers gradually lays significant amount of impact on marketing activities under different situations. For instance, buying behaviour of the customers might vary depending on factors such as product type, taste, quality, pricing and multiple more. Coca-Colas needs to effectively strategize in this regard. For instance, a buyer who is not satisfied with the quality and the pricing of the coke products will gradually shift his focus towards other competitive products and thus hamper the sales figures of Coca-Cola. Such customers might also raise negative comments against the disliked brand and lead to ruining the brand’s reputation (Burrows, 2013). Question 7. Propose New Positioning For A Selected Product/Service? New positioning strategy is of paramount importance to establish brand credentials amid the target customers. As stated earlier the two new products are to be launched, the brand can position them as based on the health related factors. For instance, Diet Coke specifically meant for heath concerned customer segment. Through this way, the brand will be capable of attaining much more audience and preference (On the Mark, 2005). References Burrows, D., 2013. Coca-Cola Targets Everyone in Bid to Double Profits. Marketing Week. [Online] Available at: http://www.marketingweek.co.uk/coca-cola-targets-everyone-in-bid-to-double-profits/3006800.article [Accessed Jun 7, 2014]. From Business Heroes, 1998. John Stith Pemberton. Coca-Cola Original (1902). [Online] Available at: http://www.erythroxylum-coca.com/coca-cola/index.html [Accessed Jun 7, 2014]. McWhorter, C. & et. al., 2011. Marketing Study of the Coca-Cola Company. Coca Cola Ltd., pp. 1-24. Dudovskiy, J., 2014. Coca-Cola Marketing Communications: A Critical Analysis. Research Methodology. [Online] Available at: http://research-methodology.net/coca-cola-marketing-communications-a-critical-analysis/ [Accessed Jun 7, 2014]. On the Mark, 2005. Product positioning in Five Easy Steps. You Were Always On My Mind, pp. 1-4. Puneet, 2011. The Coca Cola Company Marketing Strategy. Introduction and Summary of the Company, pp. 1-16. Passport, 2013. Coca-Cola Co the, Swot Analysis, In Soft Drinks (World). Scope of the Report, pp. 1-45. The Coca-Cola Company, 2014. 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