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Have you ever think about how marketing can help to a company and the influence on increasing the effectiveness of product promotion and their role to reduce problems within the organization? Today we will discuss some aspects of marketing theory, more specifically the marketing mix and we will show the example of the particular case of Coca-Cola.
To start discussing about marketing strategies, first we need to have a clear idea about what marketing is. Marketing is known as "the science and art of exploring, creating and giving value to satisfy the needs of a for-profit target market. Marketing identifies unsatisfied needs and desires. Define, measure and quantify the sized of the identified market and the potential profit", Philip Kotler. The word marketing has been used for a few years, but the activity has been carried out for a long time. Marketing is divided into strategic marketing and operational marketing, the first one being in charge of long-term strategies and the analysis of the company and market, then the operational marketing is in charge of specific actions for the short-term made for example for the launch of a product and its promotion made to reach the objectives of the company. Strategic marketing and operational marketing are part of a whole in your company´s marketing strategy. One cannot be understood without the other: one defines what and the other defines how. However, it is important not to confuse them.
On the other hand, when we talk about marketing mix we refer to a strategy that is implemented and developed by all types of companies. To this end, it is intended to analyze the strategy under different internal aspects of the company in order to improve its performance in general. This type of marketing analyzes the company´s products, their price, distribution and also their promotion, known as the 4 P´s. The product refers to the main element of the strategy. If you do not have a product or service that can be placed on the market for purchase, satisfying the needs of consumers, there is no option to apply the Marketing Mix. The variable price is a clear concept; however, it is one of the most difficult elements to determine. With the appearance of competitors, we must create new strategies and evolve. When we talk about distribution, the variable place, we talk about distribution in all its aspects: from the channels through which a product passes until it arrives to consumers. It is also important to highlight the different points of sale, storage, relationships with different intermediaries etc… Finally, the variable promotion is the base for getting consumers and potential clients consuming our product. There are multiple tools available to communicate, but their use will depend on the products, services, the market, our target audience and even how our competitors communicates with our market share. Once we have seen those concepts, we can follow showing the example of Coca-Cola, one of the large multinational companies and one of the first that comes to mind when we talk about marketing.
The product: What does Coca-Cola sells? The idea of this drink was conceived on May 8, 1886 by the pharmacist John Pemberton as a medicine for the brain and nerves, and is currently a carbonated drink of various flavors. But Coca-Cola does not promote a flavored carbonated drink, much less a medically. They sell the spark of life, that spark that cannot be missing in family moments, that spark that follows you during a soccer game you are watching with your friends, that spark that helps you to be happy, they sell happiness.
The promotion: Coca-Cola does not skimp on making itself known and staying in the minds of consumers. From its origins it registered its trademark, and patented its formula. Coca Cola invests approximately 5% of its sales in marketing. Coca Cola advertises on radio and television, sponsors sporting events and teams, makes an intensive use of the web, organizes parades, contests, publishes cookbooks, advertises on billboards, fences, and shops. Coca Cola use and record slogans. They’re always innovating and ensuring that your brand recognition remains and their sales increase. Due to its worldwide success, in May 1954 it was the first product to appear in Time magazine.
The place: When we talk about place, we have to stop for a second and think, ¿where is Coca-Cola not sold? Today, 24 million outlets in 200 countries sell Coca-Cola, and on average, 1.9 billion cans are sold per day. They are sold in every corner store, in every shopping center, in stadiums, restaurants, bars, pharmacies. They have even created their own distribution channel with the oxxo stores.
The Price: ¿What is the price of a Coca-Cola? This is where various packagins and flavors emerge. Each packaging is focused on the moment in which that "spark of life" will become part of you: With your family, at a party, when you are alone, when you were a child, in a restaurant… By managing differents flavors and packagins, they can manage different prices for each pocket and moment.
Coca-Cola's marketing strategies helped the company position itself as the most popular brand with high-quality product brands in international markets. Internet is a crucial component in facilitating communication for the organization as well as for the media audience itself. With the rise of new media and social media, the company has managed to improve its marketing techniques. We can conclude that Coca-Cola has reached their goals with effective marketing strategies that helped them winning a competitive advantage. Coca-Cola has managed to penetrate international markets thanks to the use of an effective marketing strategy in its operations. The result in the market is clear, they are the leading company by far and this shows the importance of a good management of the marketing strategy within any company.
Bibliography:
Catucci, A. (2020, agosto 12). Ejemplos de Marketing Mix: Uber y Coca-Cola.
Las 4P del Marketing Digital que no debes olvidar. (2021, marzo 4).
Thabit H. Thabit & Manaf B. Raewf. (2018). The Evaluation of Marketing Mix Elements.
Comentarios
The memory I always have about the brand is their happy and emotional commercials that always transmitted that good vibration into the audience and that is what made the a love mark.
Now I see, that it was no matter of luck, but the result of a customer centered corporative strategy. As we can read in the post, what they sell is a spirit and spark for us and they have been able to do it by staying in the right place with perfect product and price and by the best promotion strategy ever existing.
Coca Cola's marketing strategy has helped the brand/company over the years to position itself competitively in the market and to achieve its business goals and objectives.
Coca-Cola has matched its objectives with effective marketing strategies that have helped them gain a competitive advantage in the marketplace. It is incredible the results obtained by this great company as it has managed to enter international markets thanks to the use of an effective marketing strategy in each of its operations.
To achieve its goals, the American company has had to align its organisational culture to its strong competitive sales strategy. By promoting a set of values, beliefs and behaviours that form the Coca-Cola culture; such as motivation, happiness, teamwork, effective leadership and product, they have contributed to its success as a brand.
Coca-Cola's market positioning is clear: it is the leading company, thanks to the implementation of a successful marketing strategy.
I wanted to highlight one of the points that in my opinion is one of the most important, the product. As you have very well commented in the post, coca-cola is not selling you the carbonated beverage itself, since there are many products like this in the market, but it sells you perceptions and emotions that it wants to represent with this product, differentiating itself in this way from the rest of competitors and what helps to generate love mark in the consumers that makes them tip the balance at the moment of decision.
Their marketing mix is perfect and they also use the lovemark position, making people have different feelings about drinking a coca cola or about the moment of drinking it. Nobody says nothing bad about this brand and they have the best marketing, the mouth to mouth, where people talk good about it.