Motivating and leading - Research Paper Example

THE MARKETING MIX The Case of CocaCola There has been an increasing debate on marketing of products and services to successfully attract the targeted customer. Marketing mix is the concept which formulates the basis of such marketing strategy which combines all the elements of success to attract customers. It recognizes the right price that customers are willing to pay, the right and timely placement of the product, accurate distribution channels and the correct means of media used to promote the product.

This paper aims to analyze how product marketing is implemented and improved using the marketing mix concept which is also referred to as the 4 Ps of marketing. Marketing Plan of Coca Cola Marketing mix is a tool that enables the marketers of a particular product to make it attractive for the consumers. The marketers cannot control the external factors, hence, have limited chances to make the product look attractive for the consumers. Marketing mix involves decisions that may help in adjusting these internal controllable factors according to the needs of the consumers.

The marketing plan of brands like coca cola clearly considers these factors to capture a larger global market (Kotler & Armstrong 2005, p 56) . This paper aims to examine the marketing plan of coca Cola and measures the contribution of factors which help in developing customer loyalty and brand recognition. Marketing Plan of Coca Cola: Marketing requires clear objectives to be achieved. The first and most important factor in designing and formulating a marketing plan is to identify the target audience.

The targeted audience of Coca-Cola is undoubtedly circled around all age groups, cultures and societies. The biggest advantage that Coca Cola has today is its brand name. A well known brand like Coca Cola is much easier to be marketed than others (Mowen & Minor 2001, p 280). People can easily be attracted towards such products by careful consideration. Marketing can be done via television, radio, magazines, web, banners etc. However, the most successful marketing techniques these days are the use of television and internet.

The marketing of Coca Cola, however, is not limited to these sources. Coca Cola is working independently and also with other organizations to retain its position in the market. Product: Since the competition that exists in the market involves great risks and great profits and it all depends on the marketing criterion that is used to grab the attention of people. It is important to get the attention of people in order to a successful running of the new hotel. The distinguishing feature of a product or service can easily answer the questions in the customers’ mind.

Coca Cola is continuously launching new flavours for the customers and the reason for the increased sales of coca cola’s product is the quality it offers. The customers are highly satisfied with the brand name and quality. The rapid changes in the flavours and the number of new products it offers attract more consumers who want a new and refreshing drink. The quality of product and the taste it carries is the reason for retaining customers in case of coca cola. Price: It is also important to calculate the price which is suitable for the products and services that a business provides.

If it offers high prices for the substandard or normal products it produces, people will be motivated to choose an alternative. However, if there are some distinguishing features of the product, people may avoid choosing other brands and will be motivated to pay a higher price. Since beverage industry has grown a lot and people have a wide variety of choices, it is probable that they disagree to pay higher prices for a newly launched drink. In order to cope up with this problem, the management may consider the ‘price skimming’ policy (Mooij 2009, p 29).

The prices may be kept low in the start and can be raised when it captures the attention of a wide number of people and proves itself as a competitive beverage. However, in case of a successful brand like coca cola, such policies are not highly recommended. Since coca cola’s strategy involves retaining customers by providing high quality beverages all around the world, new products may be offered with the prices that it wants to keep for a long run. The pricing strategy of coca cola is also dependent on the competitors’ prices.

The biggest competitor for coke is Pepsi. Coke cannot be opt for higher prices as Pepsi may lead the market for the fact of being its substitute. Place: The place where the service or product is available is also important. For instance, if a bookshop with all facilities and varieties of books, novels, magazines etc. is opened on the highway, it is foolish to think that people may like shopping from that shop. Hence, it is important to choose the right place for the right product and ensure its availability on the right time.

Coca cola is successful in this regard. Coca cola is available in almost every shop, restaurant and store. It’s easy availability is another factor that contributes to greater sales and higher profits (Rosenbloom 1999, pp. 1-10). Promotion: It is somehow the important ‘P’ of the market mix. Without a successful means of marketing it is useless to start a business having all that the customer requires. If we decide to launch a desirable product with reasonable price on a suitable place without an effective promotion plan, it is probable that the business will fail because of people’s unawareness of the product.

Coca Cola uses media as a part of its promotional plan. However, its promotional plan is not limited to media. It also involves coupons, free distribution for promotional purposes etc. Conclusion: In conclusion, it can be said that although coca cola has a well established brand name, its success is dependent on a number of factors. The factors that ensure the success of a product include its price, quality, marketing, distribution and uniqueness. Coca Cola is continuously working on these factors and has proved itself to be a distinct brand.

References Kotler, P., & Armstrong, G. (2005). Principles of marketing. Beijing: Qing hua da xue chu ban she. Mooij, M. K. (2009). Global marketing and advertising: Understanding cultural paradoxes. London: SAGE. Mowen, J. C., & Minor, M. (2001). Consumer behavior: A framework. Upper Saddle River, N.J: Prentice Hall. Rosenbloom, B. (1999). Marketing channels: A management view. Fort Worth (TX) [etc.: The Dryden Press.