Executive Summary
Coca-Cola- the giant soft drink company has considered coming up with a strong scrutiny through investors for not carrying their marketing program effectively. The company has called for Polianitis Marketing Company Pty Limited to come up with specialized marketing strategy that helps Coca-Cola company too effectively and proficiently achieve its objectives. The professionals from Polianitis must critically and carefully examine every concept of the marketing plan to establish a concrete re-birth of the giant soft drink company. This will involve situation analysis, examining marketing objectives, marketing strategies and tactics, financial consideration and coming up with a table for implementation ( Doole, & Lowe, 2008).
Situation Analysis
Marketing analysis
Marketing analysis involves examining the internal and external business environment. It is very important for the Coca-Cola Company to prudently monitor both internal and external environment as their success will directly influence its existence in soft drink commerce ( Kotler, & Armstrong, 2010).
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The internal business environment is generally what is inside the industry’s switch. This includes aspects of production efficiency, management skills, and operative communication networks. For Coca-Cola to efficiently regulate and screen its internal working atmosphere, they should perform assessments of the trade’s processes as well as eagerly implement some factors, which lead to inadequacies in some stages of the manufacture as well as consumer processes ( Armstrong, et al., 2015).
When internal business environment can be controlled by the company, external factors are more powerful and upset the entire industry and/or the whole economy. Coca-Cola Company should realize that variations in the exterior factors may either generate threats or opportunities within the soft drink industry. Things like changing the consumer worth and altitudes, economic fluctuations as well as demographic patterns severely influence the company’s produces proceeding the market. They also affect product reception received from the consumers ( Kotler, & Armstrong, 2010).
Coca-Cola SWOT Analysis
SWOT examines Coca-Cola current activities (its weaknesses and strengths). This together with external research information set out threats and opportunities that within the industry processes ( Armstrong, et al., 2015).
Marketing Objective of Coca-Cola
A viable marketing plan is initiated by feasible objectives. Objective generally answers the question “where do we want to go?” Coca-Cola has established smart goals. Further, the company has categorized its marketing objectives into:
Promotional objectives.
The promotional objective set by Coca-Cola company aims to rise attentiveness of the produce in the marketplace.
ii. Market share objectives
This set of objectives intended on gaining 70% of the marketplace within the business before October 2007 processes ( Armstrong, et al., 2015).
iii. Objectives for survival
The objectives purpose to survive the current war between competitors in the soft drink industry.
iv. Profitability objectives
Coca-Cola, by setting these objectives aims towards achieving about 20% profit on money; active by August 2007 processes ( Armstrong, et al., 2015).
v. Growth Objectives
Growth objectives intend to enlarge the scope of the company initiative worldwide to about 10%.
Target market selection
The target market is taken into account prior situation analysis is completed and market objectives lay. Since the industry is large, the company need to focus on the specific segment with the greatest potential. Coca-Cola target market focuses on the most productive and successful segment. Coca-Cola target market is quite wide. It satisfies the requirements for diverse customers, extending from healthy nutrition awareness (Diet Coke) to nits average sold drink (regular Coke). It also satisfies individuals of both genders and different ages. Therefore, Coca-Cola uses differentiated marketing method as it satisfies diverse markets ( Doole, & Lowe, 2008).
Coca-Cola Company develops the market mix using different strategies like positioning, product (through three different levels; core product, actual product, and augmented product). Branding, packaging, and price are part of the market mix processes ( Armstrong, et al., 2015).
Pricing tactics and strategies
To achieve marketing plan’s objectives as well as supporting the positioning of the product, Coca-Cola uses price Strategy. Also, pricing Strategy involves external aspects like economic conditions and competitors. Businesses have 5 strategies: Penetrating pricing, Loss leaders, Market skimming pricing, Discount, and Pricepoint. Coca-Cola uses penetration pricing to grab a foothold in the marketplace and earned a market segment. In addition, Coca-Cola recently uses competition-based pricing technique to effectively compete with other organization in the soft drink industry. To have a long-term competition, Coca-Cola uses tactics like promotion and place and distribution ( Kotler, & Armstrong, 2010).
Coca-Cola Financial Considerations
Coca-Cola Company uses financial forecasts to predict future events relating to excepted costs as well as income prices for imminent centuries. Generally, there are 5 main marketing expenses: Product cost, research cost, Promotion cost, Distribution cost, and Product development cost. In the process of forecasting revenue, Coca-Cola uses the sales force composite method. It involves approximations from separate salespeople to vend to toil out for the entire business. The moment these costs and income are forecasted, the organization chooses which arrangements of marketing mix tactics offer the greatest sales income at the lowest cost ( Doole, & Lowe, 2008).
Timetable for implementation
An effective execution of the marketing plan is usually achieved by an organization that puts its efforts and resources to its people, company culture, and organizational structure. In order for Coca-Cola to achieve further success, certain issues must be put into consideration. Its production should be on time and encounter the allocation necessitated from the vendors. It should also apply the required technicalities to avoid build of inventory stocks as well as inventory prices. The marketing requires being encouraged and acknowledgeable on the product. Promotion methods like advertising should be appealing and attract to capture the target segment. Product distribution should be effective ( Doole, & Lowe, 2008).
Monitoring and controlling should be established for the company to meet its marketing objectives. Sales analysis and market share analysis are the main tools Coca-Cola Company uses.
References
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction . Pearson Education.
Doole, I., & Lowe, R. (2008). International marketing strategy: analysis, development and implementation . Cengage Learning EMEA.
Kotler, P., & Armstrong, G. (2010). Principles of marketing . Pearson education.
