Coca-Cola was launched more than 120 years ago. This is still now the best soda all over the world. As per the reports it serves about 1.9 billion regularly in more than 200 nations. The company always aims to engage consumers more effectively. Coca-Cola with its outstanding marketing strategy has enlivened the people for years. It has become the biggest manufacturer and licensor of 3,500 nonalcoholic beverages.
The Target Audience of Coca-Cola
Coca-Cola has strong brand recognition as it aims at each consumer in the market. The marketing policy is the primary reason for the success of Coca-Cola.
Age
- Mainly the young people between 10 to 35 are the target of the company. They hire celebrities for giving ads so that people get attracted and they also organize campaigns in schools, universities, and colleges.
- Middle-aged and aged grown-ups who are aware of diet or diabetes are also the target of the company and hence the company provides them with Diet Coke.
Revenue and Family Size
The drink is available in various packages and sizes and the pricing structure differs depending on them. This has been done so that everyone can afford it as per their requirement be it learners, middle-class and low-revenue households, and people.
Geographical Classification
Coca-Cola markets its derivatives all over the world and various cultures, climates, and customs are the target of it. For example, the older people of America prefer Coca-Cola very much. That is why the company targets various parts. The taste also differs per region. For example, the Asian segment is comparatively sweeter than other nations.
Gender
Coca-Cola marks people as per their gender. For example, the ladies like Coca-Cola Light whereas males like coke zero and thumbs up because they have a strong taste.
Marketing Channels of Coca-Cola
Coca-Cola has applied an unusual targeting policy. Recently it has begun to localize its products for growing its acceptability. There are two fundamental marketing media of the company: personal and non-personal.
Personal marketing media contain straightforward contact with the audience.
Non-personal marketing media contain online as well as offline channels like:
- Promotion campaigns
- Newspaper
- Television
- Events
- Emails
- Posters
- Leaflets
- Webpages
- Or activities
- Billboards
- Magazines
- Social media
- Radio
The Marketing Technique of Coca-Cola
The marketing technique of Coca-Cola is structured uniquely. That is why the company has reached the international level and become so much popular. We may divide the strategy into the following segments:
Product strategy
There are almost 500 products of Coca-Cola. The company provides soft drinks all over the world. The product strategy contains a marketing combination. The drinks of the company like Coca-Cola, Diet Coke, Minute Maid, Light, Coca-Cola Zero, Coca-Cola Life,
Sprite Fanta and many more are available in different sizes and packaging. It produces a high amount of revenue.
Pricing Strategy
The cost of Coca-cola has been set at 5 cents for almost 73 years. The business has kept its pricing policy flexible because there are huge competitors of Coca-Cola. It neither lessens the price of the products nor increases them because the customers will doubt the quality of the product and choose other options.
Place policy
There is a wide allocation web for Coca-cola. It runs in six regions: North America, Africa, Latin America, the Pacific, Europe, and Eurasia. The bottling backers of the company make, packet, and deliver the derivatives to the agents. After that, the agents transport the products by road to the stockist, distributors, vendors, and ultimately to the consumers. There is also a wide supply chain web of the company for collecting the leftover glass bottles for reuse. In this way, it saves costs and resources.
Promotion Strategy
There is a unique promotion strategy of the company to beat the excessive competition all over the market. It pays almost $4 million per year for the promotion of the brand with the help of conventional and international channels.
Classic Bottle, Font, and Logo
The company arranged an international competition for designing the bottle. The conqueror of the competition utilized the structure of the cocoa pod and the firm utilized the same from advertising the shale and logic of it. The logo of the company is inscribed in Spencerian script which is completely unusual from other competitors. The logo of the company is the first impression for consumers.
Localized Positioning
The latest Share a Coke campaign was introduced in 2018 in nearly 50 nations. It was a great victory. The pictures of stars of that area and messages as per the local dialect and civilization of the region aim at the regional market.
Sponsorships
The firm is well structured for sponsorships along with American Idol, NASCAR, Olympic Games, and so on. Since the 1928 Olympic games the company has partnered on every affair assisting sportsmen, administrators, and followers all over the world.
Social Media
Technology is advancing day by day. Hence social media and online communication media have become a vital part of the marketing policy of Coca-Cola. It utilizes digital marketing channels like Twitter, Facebook, YouTube, Instagram, and Snapchat for posting images, videos, and so on actively. The marketing strategy of Coca-cola mainly contains email marketing, SEO, content marketing, and video marketing.
SWOT Analysis of Coca-Cola
The SWOT analysis is a procedure that is utilized to assess the strengths, weaknesses, opportunities, and threats associated with a company. Every company should capitalize on its strengths, make its weaknesses better, supervise its opportunities, and graduate its threats for its high performance. Here is a SWOT analysis of Coca-Cola:
Strengths:
- Global Recognition
- Brand identity
- Consumer loyalty
- High market value
- Strong distribution network through bottling franchisees.
- High market share
- Investment in other firms
- Good marketing strategies
Weaknesses:
- Health issues for carbonated drinks
- Water management
- Low product diversification
Opportunities:
- Diversification is the health and food industry.
- Enhance presence in growing countries.
- Development through investments
- High demand for packaged drinking water
- Growing population all over the world
Threats:
- Indirect contest with other opponents like Starbucks of coffee brands, Red Bull of the energy drink brands, and many more.
- Direct contest with Pepsi.
- Packaging dispute– environmental issues for plastic garbage.
- Water usage dispute
Final Opinion
With the help of a perfect marketing strategy, a company can establish customer loyalty and provide an enormous market share. If you require any help you may contact My Assignment Writing Help.
FREQUENTLY ASKED QUESTIONS
- What business strategy does Coca-Cola use?
Coca-Cola utilizes a functional strategy to operate its business. Functional strategies are nothing but particular objectives created for various segments of a company to reach its functional purposes. The various segments are finance, marketing, human resources, and operations.
- What is the pricing strategy of Coca-Cola?
Coca-Cola provides competitive rates to hold the customers so that they do not switch to other companies available in the market. Moreover, psychology pricing is one of the most popular pricing strategies the company applies. It also provides discounts on bulk buys to boost sales.
3. What are the Cola Wars?
The Cola Wars is nothing but a long-standing feud between Coca-Cola and PepsiCo for dominating the market, especially for their flagship products.
