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Part 4 Analysis, Evaluation of GoalsObjectives - Essay Example

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Undergraduate
Author : ottis25
Essay
Miscellaneous
Pages 3 (753 words)

Summary

Traditional marketing mix concept, first proposed by McCarthy in 1960, consists of Product, Price, Place and Promotion (better known as the 4Ps). Each particular marketing mix adds up to a certain amount of effort any company makes for the purpose of generating sales…

Extract of sample
Part 4 Analysis, Evaluation of GoalsObjectives

Lay, (Chairman and CEO of Frito-Lay), through the merger of the two companies in 1965. Pepsi is known for aggressive marketing campaigns and setting challenging targets for it.
Goals must be set after studying the market dynamics as well as the strengths of the company. The SMART model for setting goals was developed by psychologists as a comprehensive tool for the goal-setting exercise. As per this model goals must be; Specific, Measurable, Attainable, Relevant, and Time-bound.
One of the immediate strategic goals of PepsiCo was to take on Coca-Cola, its age-old rival in the soft drink segment. In fact the "cola war," which describes mainly the on-going battle between Coca-Cola and Pepsi for supremacy in the soft drink industry, dates back to the 1950s when Pepsi's corporate focus became "Beat Coke" (Yoffie, 2004). Since then, they have battled domestically and globally for market share and sales, with a tremendous amount at stake. Both of them seem to be regularly updating the information about their rival as there seem to be no secrets in the beverage category, with Coca-Cola and Pepsi typically releasing new products in unison. To this end PepsiCo launched a "Pepsi Challenge", a blind test of taste, from 1975 to 1983. In this test Pepsi came out victorious as the preferred taste over Coca-Cola. Therefore it is quite apparent that PepsiCo succeeded in attaining this goal. ...
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