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Marketing Strategy Analysis, Coursework Example

Pages: 6

Words: 1585

Coursework

What are the characteristics of current and potential customers? (e.g. underlying benefits sought and the decision making unit, factors influencing choice.)

The current potential customers of Coca Cola are young people, who love feeling good, however, the middle-age generation that grew up on the drink and are used to the distinct flavour of the drink are also targeted widely. As Coca-Cola is associating its brand with the feeling of sharing, friendship and pleasure, there are many features of the marketing strategy that indicate that the company is aiming to target active, upbeat people, with a busy lifestyle. The benefits of the product featured in the advertisements are “uplifting”, “unique” and easy to access. People who drink Coca Cola are considered to be active, live a fast life, participate in sports and fun activities. Coca Cola uses a combination of mass marketing (TV advertising and brand awareness campaigns) and a niche marketing method. Targeting people with existing brand-awareness and preference with the Classic range and more upbeat, younger niches with healthier, 0 percent alternatives is a good market segmentation method that influences consumers’ choice.

What are the segmentation options open to the supplier? Which segmentation method is most meaningful and why? What factors can be used to evaluate the segments and based on these factors what is the profile of the segment you are targeting?

There are three different factors to be taken into consideration when determining Coca-Cola’s marketing segmentation strategies: the segment size, the segment growth, and the structural attractiveness of the segment in respect of the firm’s resources and objectives. Determining the distinct needs of each target market would require research through consumer surveys and questionnaires. Taking into consideration the above three variables, and the company’s philosophy to create lifelong customers, the market growth and size, as well as the attractiveness and match to the company’s core benefits would indicate that the younger generation (teenagers to 25) should be identified as the main niche for Coca-Cola products. As the brand preference among those people who “grew up on Coca-Cola”, now in their 40-s and over is high, as indicated by different recent surveys, the main success factor of the marketing strategy would be whether or not the brand is able to attract people from this consumer group. With the recent marketing messages, such as “things go better with coke” and “life begins here.” the company is using a differentiated marketing method, which is often called segmented marketing. Segmentation based on product differentiation (Oasis for young working adults, Minute Maid for health conscious people and kids, Coca Cola Classic for people already used to the taste of the original drink, and Coca cola Zero and Diet for teens who watch calories but would not like to compromise on the taste) is the core of the company’s marketing strategy, with little effort made to geological targeting. The rewards programs and advertising themes are built around country-specific events and persons, however, the message delivered for customers and the branding strategy is homogenic.

Describe the compelling value proposition you would select for the recommended target segment? Why are you selecting of this value proposition in particular?

Coca Cola uses a compelling value proposition strategy using the MyCokeRewards program. This method enables the company to target people with different taste and product preferences at the same time. However, as determined previously, as the company is building for the future, the main target group for marketing strategies should be individuals between the late teens (18) to 25. These people are active, can be very brand-conscious, and would pass on Coca Cola brand as a family tradition to their children. The value proposition group of young active people benefits Coca Cola from long term customers and new customers after these people would become the head of a family. The company tries to associate the brand with the sensation of belonging, friendship and happiness; the main features of young adults’ lives. The rewards that people can claim for exchanging their points are also targeted to this group: sports events tickets, equipment, games and entertainment. Therefore, the recommendation of the author of the current study would be to increase brand awareness and loyalty among people between 18 and 25, unmarried, with an extremely active social life.

How does your proposed value proposition relate to other competitors in your market place? Use the value disciplines (operational excellence, Customer Intimacy and Product Leadership) to compare your approach to that of other competitors.

The value offered for customers is not limited to functional benefits, i.e. relieving thirst, quick uplifting sensation and energy, but also promotes a consistent business strategy, and is in line with the company’s image. Therefore, the tools used for proposed value proposition serve the role of enhancing the public relation and branding strategies, not only direct sales. Compared to other competitors on the market, especially the largest one; Pepsi, Coca Cola maintains a holistic approach. Pepsi limits its rewards to target youngsters; Coca Cola recognizes that there is a large proportion of its customer base with existing brand awareness. By creating award schemes and promotions for people who are ready to buy and increase their consumption as a result of the marketing, the company has to spend less money on marketing; focusing on keeping existing customers. A proportion of the identified target niche might already have a strong brand preference, while other individuals in the group would be targeted through local events, social media and Internet advertising. As the Internet use among the selected target market’s participants is high, the recommended strategy would be an online social media campaign, which would result in a lower cost of advertising and higher reach, as well as better targeting.

Prepare a key success factors analysis to show where management effort and financial investment is required in order for your marketing strategy to be successful.

In order to identify the key success factors of the company that would make the above outlined social media campaign functional and effective, it is important to create a full analysis of the competitive advantages the Coca-Cola company already has. The below chart is featuring five of the most important and most relevant success factors for creating a social media campaign targeting young adults, aged 18-25.

KSF’s %weight now % weight 3 years Business score Industry benchmark Management effort Financial resources
Market presence and 50 percent share 50 50 10/10 Strong and continuous market presence required High, the marketing efforts would increase market share Maintaining presence through existing suppliers at low cost
Innovation 10 15 9/10 Essential in the soft drink industry, to target more health-conscious customers Product development projects needed to identify the ideal soft drinks for the target market High

Innovation and testing would require high value investments.

Range of products 15 20 9/10 Coca-Cola is competitive with its range of products Monitoring popularity of existing products No further investment required, other than surveys and research
Strong brand image 20 10 9/10 Due to the long history of the brand, the company has a strong brand image. Ensuring that public relations and social responsibility campaigns match marketing objectives Positioning and targeting, research and consumer surveys need funding
Pricing 5 5 9/10 As per the strong brand loyalty, the aspect has little significance, unless new entrants appear on the market with a significantly lower priced product Monitoring pricing and maintaining the cost of production and distribution on a global scale Maintaining social media campaigns at a low cost might result in better profitability and open possibilities for pricing discounts.

Finally summarize your marketing strategy in the form of the marketing mix (4Ps)

The marketing mix analysis of the company is essential for developing a successful marketing management strategy. In the light of the targeting preferences, the author of the analysis would like to create the unique 4P mix for the company.

Product

The products sold by Coca Cola are already associated with well-being, energy and socializing, as well as an active lifestyle. This product image does appeal to the target group already identified during the study (18-25 year old adults). The product is used every day, and it is a consumable item with many various features. The age group is conscious about their health and well-being, as well as their weight. Therefore, great tasting and low calorie or sugar content products should be promoted through the social media campaign.

Price

The competitive pricing of Coca Cola does create a competitive advantage for the company, and the firm has always tried to match its pricing to the competition’s. The value packs and different multi buy promotions would increase the impact of the social media campaign. Creating online marketing campaigns with promotional codes and vouchers would increase profits and get more people involved in sharing the content.

Place

The extensive distribution network of Coca Cola and the worldwide availability of the products makes a global Internet-based campaign a good option for the company. In respect with emerging markets in Asia, the use of Internet among the target age group has increased in the past five years significantly. Therefore, creating brand awareness and loyalty would help the company to increase sales through the existing channels.

Promotion

The promotion campaign would reward people on the Internet, who share the content with their friends. This would promote the existing image of sharing and friendship associated with the brand. Targeting Facebook and online gaming site users by age and location would be a successful long term and low cost strategy for the soft drink manufacturer. The campaign would also allow the company to share social responsibility initiatives, company news and publish the list of participating distribution chains.

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