Coca-Cola Marketing Mix: Product, Place, Price, Promotion Product:
In order for an organization to be successful it needs to have a well-defined marketing mix. The marketing mix consists of the four P’s; product, place, price, promotion (Hair, Lamb, & McDaniel, 2006, p. 48). Product is defined as “everything, both favorable and unfavorable, that a person receives in exchange”(Hair, Lamb, & McDaniel, 2006, p. 48). The Coca-Cola Company’s products consist of beverage concentrates and syrups, with the main product being the finished beverages (Coca-Cola Datamonitor, 2007). Coca-Cola’s products can be viewed as both business and consumer products. Ultimately, the main goal of the Coca-Cola Company’s is to satisfy a consumer’s personal want, which is th e definition of consumer products (Hair, Lamb, & McDaniel, 2006, p. 248). The type of consumer product the Coca-Cola Company creates is convenience product. Convenience products normally require a wide distribution in order to ll sufficient quantities to meet profit goals (Hair, Lamb, & McDaniel, 2006, p. 285). In addition, the Coca-Cola Company often pays a certain amount to retail stores to rell their product. Therefore the Coca-Cola Company products can be considered a business product.
The Coca-Cola Company has a fairly large product mix which contains about 400 brands, including diet and light beverages, waters, juice and juice drinks, teas, coffees, energy, and sports drinks (Coca-
匀匀Cola Datamonitor, 2007). The Coca-Cola Company has incread its product mix width since 1960. This enabled the
Coca-Cola Company to spread risk across many product lines rather than depend only on one and to help generate sales and boost profits within its organization (Hair, Lamb, & McDaniel, 2006, p. 287). The Coca-Cola Company also packages its products different sizes to appeal to certain consumers (Hair, Lamb, & McDaniel, 2006, p. 286). For example, Diet Coke is available in twelve-ounce or even
six-ounce cans and various plastic containers, ranging from two liters to twenty ounces (Coca-Cola Company, 2006).
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The Coca-Cola Company has incread its product mix by product line extensions as well as creating new products. The Coca-Cola Company has extended its product line by introducing a variety of drinks (“Will New Cokes”, 2006). The include Vanilla Coke, Cherry Coke, Cherry Vanilla Coke, Coke Plus and many more to attempt to meet the needs of all of its’ consumers. The Coca-Cola Company also increas its product mix and broadens its market by the innovation of new juice and sport drink products (Marcial, 2007). This fairly large product mix enables the Coca-Cola Compa
ny to satisfy the needs of their consumers’ thirst, whatever it may be. This type of product mix allows the Coca-Cola Company to achieve its mission statement in which it states that it wants to “refresh the world” (Coca-Cola Company, 2006).
Place/Distribution:
Another crucial part of the marketing mix is place and distribution of an organizations product. Place and distribution strategies are “concerned with making
products available when and where customers want them” (Hair, Lamb, & McDaniel, 2006, p. 48). The Coca-Cola Company states in its mission statement that it wants to offer its products to all consumers globally (Coca-Cola Company, 2006). The Coca-Cola Company us intermediaries (i.e. retailers and distributors) instead of directly lling to distribute its products worldwide (Coca-Cola Datamonitor, 2007). The Coca-Cola Company also us intensive distribution strategies to make sure their products can be available everywhere. One low profile type of retailing that the Coca-Cola Company does to increa its distribution of its product is the u of automatic vending machines. The can be found in a number of places, such as schools and concert venues (Hair, Lamb, & McDaniel, 2006, p. 411). Since their product is a convenience product, it requires a wide distribution in order to meet profit goals (Hair, Lamb, & McDaniel, 2006, p. 285).七女
Recently the Coca-Cola Company has focud more on their global strategy to help them increa their growth. Much of this growth is coming out of Latin America, the BRIC, and West ern Europe (“Innovation, acquisitions”, 2007). Currently many Europeans are beginning to be more worried about their health, which has incread Coca-Cola’s Diet Coke and Coke Zero sales (Fuhrman, 2007). In addition, the Coca-Cola Company is in many other countries including India that are in the growth stage of the product life cycle (“Marketing: New products”, 2007).
The Coca-Cola Company’s growth in the areas are caud by their improved marketing to consumers, better relationships with bottlers, th eir “live happily” campaign in 200 markets, and the launch of Coca-Cola Zero. They also launched
Minute Maid juice in India as well as China and Korea (“Marketing: New products”, 2007). Their innovation and introduction of new products as well as their “wi nning culture” has helped them begin to grow again worldwide.
Price:
Price of the product or rvice is another important part of the marking mix. Price is defined as “what a buyer must give up to obtain a product” (Hair, Lamb, & McDaniel, 2006, p. 49). Price is the quickes
t and most flexible element to change in the marketing mix. The prices of the Coca-Cola's Companies products vary according to the brand and the size in which they come in (Coca-Cola Company, 2006). The Coca-Cola Company's products are sold by a wide variety of distributors and retail stores, such as convenient stores and gas stations, as well as vending machines (Coca-Cola Datamonitor, 2007). The distributors and retail stores that the Coca-Cola Company deals with often implement their own pricing strategy (Coca-Cola Datamonitor, 2007). Gas stations and convenient stores usually ll Coca-Cola products at a fixed price. However, the retail outlets u a variety of pricing methods and strategies when lling Coca-Cola products (Coca-Cola Datamonitor, 2007). There is often competition pricing of the Coca-Cola products and prices are t around the same level as its competitors. In addition there are also psychological pricing strategies that are ud to make consumers perceive that the products are cheaper than they really are.
Promotion:
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The fourth aspect of the marketing mix is promotion of a product. The promotions role in the marketing mix is to “bring about mutually satisfying exchanges with target markets by informing, educating, persuading, and reminding them of the benefits of an organizations product” (Hair, Lamb, & McDaniel, 2006, p. 49). Since the Coca-Cola Company operates on a global scale, their promotion
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al strategy needs to consider the external environment in which their products are. The external environmental factors include culture, economic and technological development, political structure, demographic makeup and natural resources (Hair, Lamb, & McDaniel, 2006, p. 77). For example, the Coca-Cola Company promoted its new Coke Zero in Australia differently than it did in the United States becau of the different external environmental factors associated with that gment (Alarcon, 2007). In addition, the Coca-Cola Company often has to adapt its advertiments in different cultures. For example, an ad in Singapore portraying teenagers careening down a store aisle on a grocery cart was perceived as too rebellious (Hair, Lamb, & McDaniel, 2006, p. 129). The ultimate goal of any promotion is to get someone to by a good or rvice. There are four main aspects of the promotional mix that integrate together to create a competitive advantage for an organization. The four aspects of the promotional mix are advertising, public relations, sales promotion, and personal lling (Hair, Lamb, & McDaniel, 2006, p. 411)皮肤瘙痒的原因及治疗
艰难的反义词The advertising part of the promotional mix allows the organization to reach the mass with its product. The Coca-Cola Company was built heavily on advertising and marketing investments. Today the Coca-Cola Company spends most
