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Marketing Principles - Essay Example

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Name Professor Course Date Background information The Coca cola is one of the most successful multinational companies. Invented in 1886, the company recorded a total asset of about $ 86.17 billion in 2012 (August, 2012, p. 12). In the same year, the company’s profits stood at about $48 billion, one of the highest due to increased consumption and aggressive marketing strategies…
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Download file to see previous pages The main competitor has however been Pepsi Company. The latter for instance has a market share of about 75% in the Asian market. This is compared to 25% of the coca cola company in the same market. One of the main concerns in the company has been the sharp drop in the consumption of the sugary soft drinks. The drop has been witnessed in the United States, which offers the largest market, and the United Kingdom. The major cause of drop has been health concerns. For instance, majority of people with diabetes cannot drink the normal soft drinks. In addition to that, the increased lifestyle diseases have prompted majority of people to seek more healthy drinks. To achieve this, most consumers have shifted to sugarless drinks and fresh juices. This has put the coca cola company in an awkward situation with no option than begin production of sugar free products to maintain its growth and market control. Despite this, there have been allegations that some of the chemicals used as ingredients in the manufacture of coke may cause people to get cancer. It is this fear that has led to a sharp drop in consumptions. In India for instance, there was a sharp drop of about 11% in 2003 after the ministry of health raised health concern issues (Crowley 2000, p.98). To overcome the above challenges, there is need for the company to produce a new product will address the gap in the market. The main challenge has been the need to produce healthy drinks. Although the Diet Coke has been produced to address the problem, it is only found in few markets such as the United States and United Kingdom (Elcock 2000, p.90). The drink contains fewer calories compared with the normal drinks. However, the introduction of the new product does not mean that the company should stop the production of the present products. It is important to note that different consumers have different tastes and preferences. For that reason, the new product is aimed at addressing the gap and the new demand in the market. This is imperative for gaining a competitive edge, in a market that is dominated by other companies such as Pepsi. The latter company has attracted a large pool of clients because it produces some of the most health drinks. In order to facilitate the production of a new product, the coca cola company needs to have an objective strategy. Apart from carrying out a marketing research to collect important information, the 7Ps of marketing mix and new product development process will be considered. This will assist the company make informed decision before making any decision. Task 1 Marketing is a wide concept that involves a number of processes. Firstly, the business communicates to the customers directly through an avenue. The customers get the knowledge of what is being produced in a market. Secondly, marketing is also a strategy employed by a company to gain a competitive edge over its clients. The Coca Cola Company has been using the marking strategy to attract more clients and retain the current ones. The process involves advertisement and different forms of communications meant to reach the clients. Marketing concepts refer to the process through which the management seeks to fulfil both the identified and unidentified needs of the society. To achieve this though, different marketing orientations such as branding, business and industrial marketing and society ...Download file to see next pagesRead More
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