Describe any product and two elements of its marketing mix (product and price) and how they are used that makes this product successful - Essay Example

Marketing Mix The marketing mix is a logical structure that a marketer adopts to be successful in the marketing field. Itis a cumulative combination of the various kinds and levels of marketing variables that an organization may use at any given moment to influence the buyer and the market segment in general. The marketing mix is associated with product, price, promoting, and distribution (Ashok, 2009). This essay focusses on the product mix and price mix of Diet Coke. In general, the beverage market that the Diet Coke falls in is the oligopoly market.

Such kind of market is characterized by a huge number of buyers who are served by a relatively small number of sellers. The major sellers in this market are Coca-Cola and Pepsi. Diet Coke has adopted an effective and aggressive price mix in order to fight off its main competitor, Pepsi. Its pricing is based on Pepsi’s pricing. This pricing mix can be described to be value oriented (Michael & Antje, 2012). Diet Coke maintains a price that is relatively affordable to its health conscious consumers.

As such, diet coke can maintain its market share since it focuses on the value to the consumer while also maintaining its pricing relative to its competitors. Coca-Cola employs an innovative product mix with a number of brands (Coca-Cola Company, n.d.). Diet Coke is one of its brands, which set out to satisfy the health conscious customer. To achieve this satisfaction, Diet Coke is produced so that it has a lower amount of calories and sugars compared to the regular Coca-Cola. It seeks to satisfy the customer’s needs (Cant, Strydom & Jooste, 2006).

It also employs a chic branding and packaging that differentiates it from the other sodas. Ashok (2009) opines that effective use of branding and creative packaging as physical aspect is the steps of utilizing product mix. As such, the customers can identify the Diet Coke easily on the shelves of retailers. Diet Coke first hit the markets on August 9, 1982 (Coca-Cola Company, n.d.). In some other markets, it is known as Coca-Cola light. The Coca-Cola Company lists it as one of its flagship beverage brand basing on its success in the market.

Diet Coke is a soft drink that is produced for both the sugar and calorie free market segment. It is a health conscious product that satisfies the urge for sugary drinks by using artificial sweeteners (for example sucralose) and thus saving the health conscious person 140 calories in a normal soft drink. It mainly targets the health conscious individuals. The people who intake low amounts of sugars and those who are concerned about their calorie level intakes. Diet Coke is not a luxurious good.

It is a beverage drink that is manufactured by the Coca-Cola Company for the health conscious individuals. Diet Coke is an everyday use product. Diet Coke is in high demand. The huge demand for Diet Coke is because of the increased health awareness by individuals. Many people have become health conscious and emphasize in reducing their intake of sugars and calories. The reduced intake of high sugar-high calorie soft drinks has increased the demand for not only Diet Coke but also other low sugar low calorie soft drinks (Coca-Cola Company, n.d.).

The high quantity demanded of Diet Coke by the health conscious people does not affect its price. The health-awareness market has an abundance of substitutes. When the price of Diet Coke increases, its consumers can opt for other cheaper substitutes. For instance, its consumers can shift to Caffeine-Free Diet Pepsi if the price of Diet Coke rises. Hence, the relationship of Diet Coke and its pricing is established to be elastic. This means that if the price of Diet Coke increases the quantity demanded will reduce.

References Ashok, J. (2009). Principles of Marketing. New Delhi: VK Publications. Cant, J., Strydom, J., & Jooste, C. (2006). Marketing Management. Johannesburg: Juta Legal And Academic Publishers. Coca-Cola Company. (n.d.). Product description. Retrieved from The Coca-Cola Company: http://www.coca-colacompany.com/brands/product-descriptions#diet-coke Michael, K., & Antje, B. (2012). "Price" as one Parameter in the Marketing Mix. Berlin: Grin Verlag.