The product I have chosen is Coca-Cola, therefore I have decided to adopt extension strategies by changing the marketing mix.
To extend the lifecycle, a brand or a product, the organisation may need to re-adjust the ingredients of the marketing mix. New ideas are needed for improvements of the product, line extensions or improved promotions.
Also businesses like Coca-Cola can achieve its goals or targets through its marketing functions. As these can be linked to the main objectives of the company and Coca-Cola have some main objectives, which include:
o Increase sales.
o Increase market share.
o Growth – entering a new market
o Growth – developing new products
o Attract potential customers
o Better brand image
o To maintain and increase the marketing reputation of the product
o To keep up with the products potential competitors by having their own unique selling point.
My task is to recommend a e-marketing strategy for my product Coca-Cola Company. To achieve the given task, I have to understand the principles of marketing, and relate it to the product.
Marketing is essential to the success of any business. Its primary aim is to enable businesses to meet the needs of their customers and potential customers, whether for profit or not.
As all customers may have different needs and expectation, Coca cola knows its targeted customers on whom to aim and sell their products. As their potential customers are aged between 12-35+, in terms of my research whom currently consume coca cola products. Coca cola is a growing market as it has its own brand image and has maintained on increasing its companies reputation as most of their product are doing well in the market such as their soft drinks Diet coke and coca cola classic. As young people do not want to compromise on flavour and calories and therefore their product coke Zero taste and personality may appeal to them.
The strategies objective is to satisfy the customer’s expectation of their products also finding new market as they have introduced Coke Zero and therefore their aim is to attract a wider range of customers as it includes no sugar and is healthy for all age groups as people are more aware of health issues. They company may also want to increase its brand awareness as the it has different marketing mix such as coke cherry, coke vanilla, also other energy drinks.
The company’s strategy objective is to communicate effectively with their customer, which is why the company has its own website as this leads to their customers visiting their web page and this may increase the firm’s reputation as their consumers may show their loyalty towards the company due to their satisfaction.
Coca cola are offering these sales promotions to their customers:
– Giving out free samples of small coke cans for example for their new product Coke Zero. In order to attract consumers to try out the product therefore it creates a better brand image. As the sample pack will come with six unique bottles of Coca Cola Zero’s limited edition.
– By having competition this will act as a bribe customers to purchase the product.
– The company may reduce the price by giving discount or money off coupons as this may be used within the business for the customers to repeat the business due to satisfactory.
By offering sales promotion on their new product Coke Zero it may attract customers to try it and purchase it if they like it as it has the real coca cola taste with no calories.
The E-tools that I may use for e-marketing strategy which is for coca cola may be:
– Advertising Interactive Television
– Websites as the consumers may find this easier to access.
The order I may use is by advertising on television fist because this is a clear persuasive image of the new product and may capture immediate attention of the potential audience and may gain a quicker response. As Coca Cola Zero’s personality will be different than any of the other brands and the marketing will reflect with some new ideas.
Then I may choose to use direct customers towards the company’s websites as it may attract their attention by setting up competitions and including prize draws and this may lead to the business gaining the consumers personal details such as mobile numbers which could used to send a text message on the their latest products.
I will do my campaign by advertising my product on television and radio in order to attract potential customers as well as having access to their websites and I will know whether the campaign is successful or not by calculating the amount of customers visiting Coca cola website therefore I will know ho many people are aware of the product.
I may monitor this forward by checking the supply’s being ordered for the product.
The strategy may meet the objective of increasing their market share in the markets as they could do this by measuring how successful the campaign may be.