In the 21st century, marketing has become one of the most common and stimulating tools for organisations. At present, the world economy is passing through tempestuous times, where effective marketing practices have been recognised by every organisation to survive and succeed (Blythe, 2009)…
At present, the world economy is passing through tempestuous times, where effective marketing practices have been recognised by every organisation to survive and succeed (Blythe, 2009). During past few years due to intense competitive rivalry it has become challenging for organisations to sustain a strong position in the industry for long time. Certain organisations have prospered in implementing new marketing practices which have empowered them to accomplish astonishing development while others have succeeded in generating high volumes of sales and ongoing growth. Due to economic globalisation, the traditional marketing principles and practices have become obsolete and customer oriented marketing practices have grown to be popular for organisations. The marketing principles and practices are usually those activities which ensure stable growth for organisations. It has higher worth in terms of overall profitable flow of business (Kamei, 2000). The paper will describe the marketing concepts, principles and techniques in international business circumstances. Further, the paper will compare and contrast two leading organisations in the soft drink industry, Coca-Cola and Pepsi regarding different market oriented approaches they have taken. Market Segmentation Market segmentation is a vital marketing practice for any organisation to focus on a particular customer segment which willingly purchases the products and the services. Effective marketing segmentation can ensure highest return. In order to segment the market, organisations need to consider the products’ offerings (Business Resource Software, 2011). Market segment consists of customer groups with similar desires and requirements. It is the task of organisation to identify those groups which will be the target for selling the brands. Segmentation can be done in two ways namely mass marketing and targeted marketing. In mass marketing principle, organisations attempt to target whole market instead of a specific customer segment, and in targeted marketing organisations desire to earn income from a particular segment. Both companies, Coca-Cola and Pepsi follow targeted marketing. Their products are aimed for particular customer segments (Lamb, 2008; Jobber, 2010). Market Segmentation of Coca-Cola & Pepsi Coca-Cola can be regarded as one of the most successful soft drink brands, which has successfully segmented its market. The products of Coca-Cola target different customer segments. For example, one of its products named “Light Cola” was considered as ‘girlish’ and ‘feminine’ by customers, thus the company had developed “Coke Zero” which is targeted at male customer segment with high health awareness (Mittal & Et. Al., 2010). Similarly, Pepsi also provides ranges of soft drinks by targeting different customer segments, such as sport drinks and energy drinks are targeted for customers who are related with athletic activities and “Diet Pepsi” is targeted for people who are very much health conscious. In terms of geographical segmentation, both companies marketing practices are different in hot regions such as Asia, Africa, or Middle East in comparison to cold regions such as America or Europe. With respect to age, Coca-Cola mainly targets every age of customers, especially family segments and Pepsi generally targets their products to younger generations. In terms of psychographic segmentation, Coca-Cola seeks to appeal to subculture and focuses mainly on ...
Cite this document
(“Marketing Approaches Essay Example | Topics and Well Written Essays - 1750 words”, n.d.)
Retrieved from https://studentshare.net/marketing/52064-marketing-approaches
(Marketing Approaches Essay Example | Topics and Well Written Essays - 1750 Words)
“Marketing Approaches Essay Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.net/marketing/52064-marketing-approaches.
The first thing to consider is the ultimate goal or objective of undertaking marketing activities. The underlying primary objective is to capture and subsequently convince buyers that the product or service being offered is the best in the market.
The issue of profit maximization is the main concern of any business entity like a company. In order to realize good profits, companies are pursuing strategies like tactical advertisement, fair competition, proper human resource management and corporate communication among others.
Strategic control over the business is important to ensure that the hotel industries marketing objectives, strategies and systems are suitably adapted to the present and future marketing environment. (Dr. Padma Srinivasan)2 As Korea is turning out to be a major tourist destination, the demand for hotels has increased incredibly.
Shrewd marketers will instead learn to create entirely new forms of interactions and transactions with consumers. To do so they'll need a new marketing model more appropriate to the new consumer marketspace(*) and new approaches to integrating interactive media into their business system and marketing programs.
It is in this reason that the proponent of this paper tries to gather information about the basic concept of marketing and the probable impacts of internet on the dominant logic of marketing. Considering that the traditional-based marketing has
ices offering social CRM advantages have facilitated the small businesses with a new tool to cater to and abide by customer expectations and concerns.
One salient advantage of social CRM approach is that it enables the businesses to communicate with the customers directly and
The implementation of marketing approaches in the organisation enables the various types of health personnel to be knowledgeable in their prospective fields of operations and the needs therein in order to gain the ability to deliver profound
They are a number of key alternatives when an organization is considering entering international markets such as:
The e-Marketing consists of internet companies that have developed right along with the internet, and