Analysis of the marketing promotion of the Beverage Company Coca-Cola worldwide - Essay Example

1 Layout The marketing strategies followed by Coca Cola are many. In fact, the company tends to differentiate its techniques in accordance with the conditions applied in each particular country. The fact that the company operates internationally could be regarded as both positive and negative. More specifically, it has been proved that there are countries where the marketing strategies applied by the company are totally successful while in others the intervention of factors like the social and political conditions have created constraints towards the development of the firm. For this reason, the company has tried to adapt its marketing techniques to the commercial and social environment of each particular country trying to follow the principles and culture that are recognized by the local society. In current paper the firm’s marketing strategy is compared with the views of the literature regarding the particular issue. The presentation of the corporate strategies involved in the particular marketing plan is made mainly in the research section while the analysis of the relevant results is based on the views of the literature as they are presented in the beginning of the paper. A general assumption over the subject is taking place in the conclusion – recommendations section. Analysis of the marketing promotion of the Beverage Company Coca-Cola worldwide 1.3 Abstract In order to evaluate the methods used by the company for the promotion of its products around the world, we should primarily examine the level of performance of these products in accordance with the political, social and financial conditions internationally. More specifically, because there are many similar products that have been developed in countries around the world, the issue that needs to be examined is whether the company has managed to retain the ‘originality’ of its products, particularly of its main product, the Coca Cola beverage despite the global competition and the pressures of the market. On the other hand, the reduction of the firm’s profits especially after the proposals for changing the recipe of Coca Cola beverage proved that consumers are influenced by the strategic decisions of the company and that if the latter would be interested in keeping its position in the international market, it would try to keep all traditional elements of its corporate strategy and avoid alternate its production principles. In fact, if a particular product is strongly related with the consumers’ preferences, the decision for alternating its methods of production could be really risky for any firm around the world. In this context, it is considered that the analysis and the evaluation of the marketing strategies followed by the company internationally would help avoid the risks related with all sectors of the corporate activity not only in the short term but mainly in the long term. A reference to potential alternatives regarding the restructuring of the firm’s marketing strategies would be also valuable. Table of Contents 1.1 Layout. 1 1.2 Title page. 2 1.3 Abstract. 3 1.4 Contents Page. 4 1.5 Introduction and Back ground to Research. 5 1.6 Literature Review. 7 1.7 Methodology. 12 1.8 Presentation of Findings and Discussion of Result. 13 1.9 Summary, Conclusion and Recommendations. 20 1.10 Appendices. 23 1.11 References 25 1.12 Bibliography 27 1.5 Introduction and Back ground to Research. The use of research in the development of appropriate marketing strategy is a common phenomenon. In fact, in accordance with the results of a relevant research made by ESOMAR (2001) it has been found that “worldwide total marketing research expenditure in 2000 was estimated at US$15,263 million; for the top 25 global research organizations, half of their US$8.8 million revenue was derived from research conducted outside their home country while the research from international clients is estimated to make up 15-20% of the total revenue for marketing research firms: that is, between US$2289 and US$3053 million” (ESOMAR, 2001). For this reason any monetary amount invested in the particular sector should be considered as absolute justified particularly when the conditions of the market justify such a decision. In accordance with the firm’s official website, Coca-Cola Company is “the worlds largest non-alcoholic beverage company offering a portfolio of world class quality sparkling and still beverages, starting with Coca-Cola and extending through over 400 soft drinks, juices, teas, coffees, waters, sports and energy drinks that refresh, hydrate, nourish, relax and energize” (The Coca Cola Company, Brand Fact Sheets, [1]). In fact it should be noticed that the company has more than 400 brands internationally while a really impressive number of 2,400 beverage products represents the firm’s annual performance in terms of commercial production. Moreover, it could be mentioned that “four of the worlds top-five soft-drink brands belong to the company: Coca-Cola, Diet Coke, Sprite and Fanta” (The Coca Cola Company, Brand Fact Sheets, [1]) a fact that led the firm to rank first in 2005 “in sales of sparkling soft drinks, No. 1 in sales of juice and juice drinks, No. 2 producer of sports drinks, and the No. 3 producer of bottled water” (The Coca Cola Company, Brand Fact Sheets, [1]). Currently the company operates in more than 200 countries around the world. Figure 1 – Coca Cola, Financial Performance in years 2003-2005 [1] As it can be viewed in the data presented above, the company has a significance presence in the global commercial market with a stable rate of growth, a phenomenon which could be possibly explained because of the firm’s constant development and the alternation of its marketing strategies in accordance with the local needs and culture of every country around the world. In this context, the marketing strategy followed by the firm internationally will be evaluated in accordance with the firm’s ability to identify the commercial potentials of the local markets and the prospects for the future while the expansion in new markets could be criticized using as a basis the performance of the company in its existed operational centres around the world. The views that have been developed in the literature regarding the promotion of products within the global marketplace will be particularly important for the identification of the firm’s ability to be adapted in the conditions applied in each particular market no matter the difficulties and the competition involved. 1.6 Literature Review. In order to evaluate the marketing strategies of he firm we should primarily refer to the traditional forms of marketing as they can be observed in most companies internationally. In this context, the study of Aufreiter et al. (2000) showed that “when traditional marketers think of organization, they mean structure: distinct product, channel, and customer groups focusing on specific functional tasks, such as brand management, customer segment management, and market research while functional managers play the pivotal roles in these functionally focused groups, which are responsible for generating ideas and taking them to market” (Aufreiter et al., 2000, 53). In other words, marketing strategies are formulated in each case in accordance with the needs of the particular company but most importantly with the conditions of the market. The term ‘entrepreneurial marketing’ is often used in this case to show the involvement of entrepreneur in the design and the application process of the marketing strategies and the main targets of the marketing policies used by a specific organization. In this context, Welsh (2003) supported that this term can be defined as “the proactive identification and exploitation of opportunities for attracting and retaining customers through innovative approaches to risk management, resource leveraging and value creation” (Welsh, 2003, 5). On the other hand, it is necessary that firms internationally use the appropriate techniques of communication in accordance with the social and cultural conditions of the market involved. Regarding this issue, the study of Dobie et al. (2003) showed that “marketing communications are an important element of any marketing strategy as it is essential to inform potential and existing customers regarding product/service availability and application, and to persuade potential users to investigate, examine, and/or try the proffered product/ service” (Dobie et al., 2003, 289). Regarding specifically the marketing communication operations it has been stated by Griffin et al. (1997) that in conducting these operations “if communications functions are sourced on the outside, one option is to employ a full service advertising agency while other options include using specialized suppliers for creative, media planning/buying, direct response programs, public relations, and other services” (Griffin et al., 1997, 44). Towards the above direction, it has been noticed by Hills (1994) that “entrepreneurial behaviour often results in common marketing mistakes: a) Inadequate market assessment resulting in defining the market too narrowly or too broadly; b) Failure to practice segmentation as the market grows; c) Pricing that ignores competing technology and needs of the potential market; d) Failure to understand purchasing requirements of the potential market; e) Failure to understand distribution channel requirements; f) And countless other mistakes” (Hills, 1994, 44). In other words, entrepreneur should take into account when participating in the design of a specific marketing plan that the acceptance of a particular company by the market can be influenced by many factors, the most important of which are the trends of the market and the consumers’ behaviour as observed through the relevant market research. In fact, Hall (2002 found that “consumers "change their minds" about a product, then they change their attitude, and then they act; in other words, the process begins with cognition, which translates to affect, which then translates to behaviour and in this way the purpose of advertising is primarily to drive trial by inserting the brand into the consumers head and keeping it there” (Hall, 2002, 24). For this reason, it is absolutely necessary that the research conducted regarding the marketing of a specific product/ service would have to be thorough and accurate representing the actual trends of the markets involved. Towards this direction, Diamantopoulos et al. (2003) supported that “the methodological pitfalls of international research--research conducted either simultaneously or sequentially to facilitate marketing decisions in more than one country (Kumar, 2000, p. 3)--often lead to questionable research results” (Diamantopoulos et al., 2003, 80). In other words, the accuracy of marketing research is a significant issue for the success of any marketing plan. However, this task has been found to be particularly challenging for most firms operating in the international market. From a different point of view, Cravens (1989) supported that the marketing strategy followed by most firms could be have the following four aspects/ forms: “market domination in the firm that tries to achieve or hold the dominant competitive position in an industry: A market development strategy seeks to expand market boundaries to generate enhanced performance: A market selectivity strategy is defined as trying to dominate one or a few market segments in heterogeneous markets; finally, a firm may employ a differential advantage strategy where it seeks to develop and exploit a competitive advantage in a homogeneous market” (Cravens, 1989, 18). On the other hand, because of the existence of many risks in any marketing related activity, it is necessary that the firms take all appropriate measures in order to ensure the protection of the stakeholders in each particular stage of the marketing process. In this context, it has been stated by Trebing (2001) that there are certain strategies that if followed, can ensure the protection of the stakeholders in any marketing policy applied on a particular organization: “First, the network must be structurally separate and fully independent from those using the network in matters of management, planning, and finance; Second, obligation-to-serve requirements must be strengthened for deregulated marketers. Third, authentic consumer choice requires adoption of a well structured plan and Fourth, state and federal regulators must take an overall view of mergers and acquisitions” (Trebing, 2001, 398). In accordance with the above, marketers have the responsibility to inform consumers on all issues related with a particular product or service. However, in many cases the consumers are already aware of the potential risks and take all the appropriate measures for their protection. Regarding this issue it is noticed by Smith (1996) that “less- educated consumers may be susceptible to heuristic processes, such as loss aversion; here marketers may elicit more a favourable response by using negatively framed advertising while when targeting more-educated consumers, however, marketers should use positively framed advertising because it facilitates processing of advertising information content” (Smith, 1996, 49). From a similar point of view, Treise et al. (1994) examined a series of “consumer perceptions of controversial advertising practices” and came to the conclusion that “consumer opinion that a specific advertising practice is unethical or immoral can lead to a number of unwanted outcomes, ranging from consumer indifference toward the advertised product to more serious actions such as boycotts or demands for government regulation” (Treise et al., 1994, 59, 68). The above views are also supported by those of Simonson (1993) who found that “consumers are often exposed to the arguments used by other consumers for supporting or rejecting particular alternatives, through word-of-mouth, testimonial ads, or other means while the reason for preferring a particular alternative is often irrelevant to the consumer receiving the communication tends to decrease the alternatives choice probability” (Simonson, 1993, 87). In other words, consumers can be influenced not only by the practices used by marketers but also by the perceptions of other consumers on a particular product/ service. In this context, it could be stated that consumers’ perceptions regarding a specific product/ service could be differentiated in accordance with the relation of this product/ service with a specific region. In this case the distinction made by Rossiter et al. (1991) could be proved of particular importance. More specifically, the above researchers supported that there are two classes of product categories: “consumers purchase "informational products" to remove or avoid problems and negative emotional states; consumers purchase "transformational products" to "enhance the brand user by effecting a transformation in the brand users sensory, mental, or social state"” (Rossiter et al., 1991, 11). In other words, the formulation of the consumers’ perceptions on specific products/ services is highly depended on the qualities and characteristics of the specific product/ service while personal attitudes are also expected to have a significant role. For this reason, marketers in organizations around the world have to design appropriate marketing policies targeting the satisfaction of consumers as it can be observed in the relevant marketing researches. From another point of view, Zhang et al. (1996) supported that culture should be regarded as an element of primary importance for the formulation of any marketing strategy and stated that “an advertiser who takes such a market seriously will seek to align message with culture while the role of product use condition is very important in situations where appeal and culture do not match and when the appeal matches the product use condition, employing a culturally incongruent advertising appeal may not be a problem” (Zhang et al., 1996, 41). In accordance with the above marketing policies followed by firms internationally should be aligned with consumers’ perceptions and trends of the market as well as the potential of a particular firm to respond to the financial needs of each marketing policy. 1.7 Methodology Current research is going to be based mainly on the data published by the particular company combined with the results of relevant ‘experimental studies’ prepared by researchers in the specific field. At a first level, the views of the literature, as presented above, are going to be used in order to formulate an integrate assumption regarding the theory applied in the issue examined in current paper – marketing strategies. Data and any figures retrieved through the examination of the company’s activities are going to be analyzed and evaluated particularly in the Data Analysis section of current paper. In accordance with the above, research in this paper could be described as both qualitative and quantitative. The former will offer the necessary theoretical framework for the evaluation of the marketing strategies used by Coca Cola Company, while the latter will verify the assumptions formulated after examining the firm’s financial results for the last years. 1.8 Presentation of Findings and Discussion of Result – Strategic Analysis of Coca Cola One of the main tools for the identification of the marketing strategies followed by the company is the Internet. In fact apart from the extensive advertisement of the firm’s products worldwide, the company has managed to improve its presence in the online commercial market. The role of Internet in marketing was first examined by Babej et al. (2006) who supported that “in the world of marketing, theres B.I. and A.I.: "Before Internet" and "After Internet"; The Internet has recast the relationship between consumers and marketers while the biggest transformation under way is the leveling of the playing field between marketers and salespeople on the one hand, and consumers on the other” (Babej et al., 2006). In other words, Internet is a significant tool for the improvement of the firms’ presence in the international commercial market. The marketing strategies followed by Coca Cola Company could be evaluated using the results of a series of empirical researches in the area of marketing. Towards this direction, Norburn et al. (1990) tried to analyze “the ways in which senior executives in four countries which shared a common language-United Kingdom, United States, Australia and New Zealand-characterised both their firms marketing effectiveness, and corporate culture and beliefs; results give support to those theorists who advance cultural specificity as the primary moderator of top managerial attitudes” (Norburn et al., 1990, 451). Culture which has been found a primary factor for the design of any marketing strategy, has a major role in the development of the specific firm’s marketing policy. In fact, Coca Cola has managed to adapt both its recruitment processes and its marketing initiatives in the cultural framework of each country internationally. It is this reason, that the firm’s profit are being kept at a high level despite the strong competition. Other criteria of marketing strategies, like the influence of senses in the effectiveness of specific marketing messages have been examined by researchers. In this context, Costley (1997) after examining “evidence for separate sensory processing systems for seeing and hearing, proposed that presentation medium influences retrieval cue effectiveness; while retrieval cues enhance recall better within medium than across medium, a "modality match hypothesis"” (Costley, 1997, 211). In summary, the experiments made by the above researcher led to the following results: “consumers frequently make purchase decisions for many product categories in the shopping aisle while the store environment provides a particularly important opportunity for promotional messages” (Costley, 1997, 211). In other words, senses can have a major influence on the effectiveness of all marketing messages in accordance with the targets set by marketers. A similar experiment made by Bhatla et al. (1992) proved that “not only can mood influence post-consumption brand attitudes, but such effects are moderated by the affective intensity of the consumption experience while a pre-consumption mood influenced brand attitudes only when the consumption experience was relatively neutral in affective intensity” (Bhatla et al., 1992, 174). Personal experience in the above experiment should be regarded as a criterion for the formulation of personal perceptions regarding issues that belong to the ‘sphere’ of personal experience. These can be differentiated for every person and for this reason the use of these elements as criteria for the development of a particular marketing strategy is too risky. Finally, the research made by Burton (2004) showed that “providing the (unfavourable) nutrition information for the non-target item affects nutrient evaluations and, more importantly, extends to important product attitude and purchase intentions dependent variables while consumers are not aware of the higher levels of fat, saturated fat, and cholesterol contained in the non-target product but when they are exposed to these unfavourable nutrient levels, disease risk perceptions increase, and their attitudes toward the product and purchase intentions decrease, relative to the control condition in which no nutrition information is presented” (Burton, 2004, 124). All the studies and the experiments presented above prove that the A. Porter’s Five Forces Figure 2 - Porter’s Five Forces of Industry Competition (Porter, 1998, 22) Competitors In fact, the company has to face a strong competition particularly from Pepsico. On the other hand, the unique recipe of the firm’s basic product (Coca Cola) has helped the company to keep its distance from the other companies operating in the beverages sector, however specific measures should be taken in order for the firm to ‘secure’ its position in the international market. Threat of Substitutes: The major threat for the firm, as already mentioned above, is a substitute product offered by the firm’s major competitor, Pepsico. However, although Pepsi has similar taste and colour, the uniqueness of Coca Cola’s flavour has made this product the favourable beverage of millions of people internationally. For this reason, the company should not worry for the competitiveness of Pepsico or other competitors, at least for the moment. Power of customers: Customers have been proved to be particularly powerful against the company. When the firm’s managers decided to change the recipe of the basic product, Coca Cola, the reaction of people internationally cancelled their plans. More specifically, “in 1985, the Coca-Cola Company made what has been known as one of the biggest marketing blunders; the company developed a new formula in efforts to produce a diet Coke; they invested 4 million dollars into research to come up with the new formula” (The Coca Cola Company, Brand Fact Sheets, [1]). At a next level, “the change was announced April 23, 1985 at the Vivian Beaumont Theater at the Lincoln Center; however on July 10, 1985, eighty-seven days after the new Coke was introduced, the old Coke was brought back in addition to the new one; this was greatly due to dropping market share and consumer protest” (The Coca Cola Company, Brand Fact Sheets, [1]). The above facts, proved that customers have a significant power over the particular company. Power of Suppliers: The company has an excellent cooperation with its suppliers. However, it should be mentioned that in the operational centres worldwide the choice of suppliers belongs to local managers who are responsible for the relevant decision. Despite this fact and the uncertainty that could cause, the materials required for all stages of production and selling of beverages can be easily retrieved in many suppliers worldwide. For this reason, the firm’s suppliers have no power over the company. They are depended on the firm’s progress and its profitability. Threat of new entrants: Beverages industry is an extremely competitive one. However, in order for a company operating in the industry to be expanded in the international market and threaten the specific company, a huge amount of investment would be required. On the other hand, the uniqueness of the Coca Cola’s recipe, as mentioned above, makes Coca Cola a product almost out of competition. For this reason the company should not be afraid of the potential entrance of new competitors in this sector. B. SWOT Analysis Strengths Global market share Innovation Quality of product Use of advanced technology Weaknesses International financial pressures Existence of substitutes Opportunities There is no such product internationally (only similar ones, but not with the same flavour) New markets in the developing countries around the world Threats Growth of competitors’ share Possibly new entries in the particular market Figure 3 – Coca Cola, SWOT Analysis The SWOT analysis of the company as presented above highlights the areas in which the company should pay particular attention. In this context, global competition and international financial pressures should be regarded as the most severe problems that the firm has to resolve. The limitation of its operational expenses and the effort to keep the quality of its products at high levels could help to ‘secure’ the position of the firm in the international market. C. PEST Analysis Political conditions: Political conditions around the world are characterized by a major instability. In fact, the development of military actions is a common phenomenon for many areas around the world. However, despite the difficult political conditions worldwide, the company has managed to continue its operations in many countries internationally developing its communication with the local authorities and applying local culture in the strategies followed in its operational and production centres worldwide. Environmental conditions: The company has a particular strategy for the environment around its operational centres. More specifically, it is mentioned in the firm’s website that “the environmental impact of our business occurs within plant operations, distribution networks and from sales and marketing equipment; three principal environmental challenges demand our attention because they are where our business has the greatest impact: 1) water, 2) packaging and 3) energy and climate protection” (The Coca Cola Company, Brand Fact Sheets, [1]). The challenges for climate around the world are many. The company’s strategies towards the protection of the environment could be characterized as satisfactory despite the fact that more initiatives could be taken by the firm towards this direction. Social conditions: The company pays a significant attention to the needs of people around its operational centres. In accordance with the firm’s statements “some of our longest-running programs include those focused on education, because education is one of the keys to socioeconomic development; we work with local health officials and a variety of experts to educate communities on relevant health concerns, tackling such issues as polio, tuberculosis, hepatitis, HIV/AIDS, malnutrition and proper hygiene” (The Coca Cola Company, Brand Fact Sheets, [1]). In other words, despite the turbulences in the social framework of most countries around the world, the company has managed to retain its relations with the local population at very good levels. Technological Conditions: The technology used by the specific company is already of high standards. For this reason there should be no worry for the development of technology internationally, particularly from competitors. However, the company should try to keep its standard of production in order to keep its position in the international market. 1.9 Summary, Conclusion and Recommendations The design and the implementation of a marketing strategy is a challenging task. Communication should be regarded as a priority in any successful marketing policy. Towards this direction, Moore (1995) supported that “what is strategic in the communication is not that it is designed to be manipulative, but instead that it is designed to advance particular policies or organizational strategies by making them comprehensible and by enlisting the support and cooperation of those who must work together to produce the intended result” (Moore, 1995, 143). On the other hand, the professionals in the relevant area should have specific competencies in order to achieve the required targets. In accordance with a statement of Thomas (1996), presented in Lewis et al. (2000, 146) “we [the marketing profession] must recognise that, in addition to high standards of objectivity, integrity and technical competence, we must, in responding to the changing environment, demonstrate that we can and will serve society in general; this requires a clear and articulate demonstration of our ability to be relevant in the political sense…if we remain tied to the forces of manipulation and hype, if we are seen merely to be servants of our capitalist masters, we will remain marginal and untrustworthy” (Thomas, 1996, in Lewis and al., 2000, 146). Towards the same direction, Bonoma (1991) noticed that successful marketing managers should follow the next principles/ rules: “(1) "Avoid |empty middle marketing," (2) "Dont mistake expansiveness for empire," (3) "Do more for less," and (4) "Remember what winter is like when summer again comes"” (Bonoma, 1991, 10). In other words, the success of a marketing strategy of any firm around the world is highly depended on the competencies of its managers dealing with the specific sector. Other issues, like culture and customer preferences have also been proved to have an extensive influence on the effectiveness of any marketing strategy internationally. For this reason, Zhang et al. (1996) noticed that “standardization of advertising is based on the premise that needs and wants of people are basically the same everywhere and that a carefully conceived and executed appeal can strike common responsive chords in consumers in different countries while the product use condition is a key element in determining the feasibility of standardizing advertising appeals” (Zhang et al., 1996, 42). In accordance with the above, the marketing strategies followed by Coca Cola like the advertisement in press and media and the sponsorships should be regarded as absolutely satisfied regarding the needs and the preferences of the consumers in the international market. However, a series of changes made in the firm’s operational centres worldwide (cooperation with local communities, more respect for environment around production centres) would help towards the improvement of the firm’s image around the world and the increase of its profitability in the long term. 1.10 Appendices Coca Cola – Financial Results for 2007 The Coca-Cola Company and Subsidiaries Condensed Consolidated Balance Sheet (UNAUDITED) (In millions except par value)   March 30, 2007   ASSETS   CURRENT ASSETS   Cash and cash equivalents $ 3.632 Marketable securities 151 Trade accounts receivable, less allowances 2.781 Inventories 1.909 Prepaid expenses and other assets 2.014 TOTAL CURRENT ASSETS 10.487   INVESTMENTS   Equity method investments:   Coca-Cola Enterprises Inc. 1.319 Coca-Cola Hellenic Bottling Company S.A. 1.254 Coca-Cola FEMSA, S.A.B. de C.V. 835 Coca-Cola Amatil Limited 816 Other, principally bottling companies 1.782 Cost method investments, principally bottling companies 501 TOTAL INVESTMENTS 6.507   OTHER ASSETS 2.796 PROPERTY, PLANT AND EQUIPMENT — net 7.333 TRADEMARKS WITH INDEFINITE LIVES 2.212 GOODWILL 1.764 OTHER INTANGIBLE ASSETS 2.021   TOTAL ASSETS $ 33.120   LIABILITIES AND SHAREOWNERS EQUITY   CURRENT LIABILITIES   Accounts payable and accrued expenses $ 5.803 Loans and notes payable 4.929 Current maturities of long-term debt 57 Accrued income taxes 463 TOTAL CURRENT LIABILITIES 11.252   LONG-TERM DEBT 1.454 OTHER LIABILITIES 2.687 DEFERRED INCOME TAXES 516   SHAREOWNERS EQUITY   Common stock, $0.25 par value; Authorized — 5,600 shares 878 Capital surplus 6.147 Reinvested earnings 33.877 Accumulated other comprehensive income (loss) -897 Treasury stock, at cost -22.794 TOTAL SHAREOWNERS EQUITY 17.211   TOTAL LIABILITIES AND SHAREOWNERS EQUITY $ 33.120   Note: References Aufreiter, N., Lawyer, T., Lun, C. 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