This paper focus on marketing strategy, which is an organizational integrated pattern of decisions that specify its significant choices regarding markets to serve and market segments to target. We will launch a new product for Coca-Cola referred to as Buxpon in the line of water. Coca-Cola is the leading world food and beverage company, which produces a variety of products. The new product will address the social trends and changing purchasing behavior of consumers based on the health and lifestyle. The report will focus on the situational analysis, marketing mix, brand positioning and segmentation among others.
Marketing strategy is a is an organizational integrated pattern of decisions that specify its significant choices regarding markets to serve and market segments to target (Rogers, 2001, PP. 125). Lack of proper marketing strategies ends up not sustaining the new product in the market. Several researches indicate that products that are new can thrive if the company employ proper marketing strategy. The paper focuses on Coca-Cola, which is the leading beverage company. Since, Coca-Cola operates via products divisions; we will launch a new product under the water category. The new product will be referred to as Buxpon. Since several customers are looking to adopt healthier lifestyles, the Buxpon will contain no sugar, which will be healthy for most people, especially athletes, diabetics and children. Similarly, the report will focus on the situational analysis, marketing mix, brand positioning and segmentation among others.
The marketing strategy adopted for this report will utilize a qualitative methodology in order to facilitate marketing strategy. The qualitative study allows researchers to penetrate the internal logic of the research subjects, interpreting the subjects and observation of the research subject among others (Neil, 2012, PP. 103). This study focuses on launching a product for Coca-Cola company, which has captured the global market. This is so because the company is determined to capture social changes and purchasing behavior of consumers by producing quality products that meet customer needs.The study will involve setting up of small focus groups of consumers who will express their ideas and opinions about their needs and views on the new product. Similarly, these consumers will talk about their lifestyle and dietary habits, which will enable the formulation of marketing strategies (Tammo, 2000, PP.83). The study will use the quantitative research by interviewing about 1000 people via telephone and receive their views via questionnaires. The use of these research methods will help to gain a clear idea of consumer opinions and trends (Schnaars, 2000. PP. 78).
Situational analysisThe main step in marketing strategies is to examine the business, its products and brands. This comprises of assessment of the new product position and the state of the market ( Siegel & Lotenberg, 2007, PP. 98). The new product Buxpon requires knowing what its customer want and what competitor products exist. Similarly, the product will target the range of consumers including adults and children. The new product will use SHOT analysis to help assess the market. This considers a detailed research of the internal strength and weakness of the business, as well as external opportunities and threats in the market (Dobkin, 2008, PP. 126). Similarly, it will use PESTLE that will provide the context for the business based on the external environment.
Coca-Cola is a world producer of food and beverage company, this will gave the new product a strong brand recognition in the market. Coca-Cola has a stable financial stability, so it has the resources to put together a powerful marketing campaign for the new product. As the leading producing of consumer products, Coca-Cola needs to beware of any weakness when developing new product. The company should analyze if the product range is still relevant to the target customers. It should evaluate if there are right sales and distribution outlets to cater for the new product. The new product will face challenges in its development if the market research is not updated (Ranchhod and Gurău, 2007, PP. 509).One clear opportunity for the new product is that the food and beverage industry is growing. Coca-Cola has experienced an increase in sales of beverages and the new product will capture a greater share of this market. Coca-Cola wants to take advantage of the social trends and changing purchasing behavior of consumers by producing appropriate products that meet customer needs (Jurevicius, 2013). Although there is growth of beverages market, there are threats. Consumers are becoming more experienced and price conscious in that they require intensive sales promotion such as discounts and offers to attract them. Moreover, there is threat of competitors entering the market. Coca-Cola needs to differentiate its products. This will ensure in a growing competitive market, its marketing activity will provide a positive return on investment based on sales and profits (Paley, 2007, PP. 98).
Using the market-led approach, Coca-cola can introduce and develop the new product. In developing the new product, the emphasis will appeal the tastes based on the health of consumers. This focuses on product development together with an emphasis on consumer needs, which is a main differentiator for Coca Cola (Vrontis, 2003, PP. 290).The company will use various advertising methods such as newspapers, social media and its website among others. There has been a significant emphasis on the need of consumer and increase use of experimental methods in the promotional mix. Experiential marketing deal with consumer via two way communications that bring brand recognition and add value to the target consumers (Cheverton, 2004, PP. 46). This assists in creating an emotional connection between the consumer and brand. Therefore, it is vital to balance the promotional mix in the development of the product.Coca-Cola can promote new product via a mixture of above the line and below the line promotion. The above the line promotion will include use of television which will reach a more customers. By use of sport, the new product will create a positive image of the people associated with the product. Promotions will be used to attract new customers (Stone, 2001, PP. 123). For instance, the distribution of free samples will promote the trial of the new product in the market, which will increase purchases (George, 2001, PP. 45). These promotions will help to create awareness and consumer loyalty, which will strengthen the new product brand presence.
Cheverton, P. 2004. Key Marketing Skills 2: Strategies, Tools and Techniques for Marketing Success. London: Kogan Page.Dobkin, J. 2008. Direct marketing strategies. Merion Station, PA: Danielle Adams Pub.Doyle, P. 2008. Value-based marketing: Marketing strategies for corporate growth and shareholder value. Chichester, England: John Wiley & Sons.George, D. 2001. Marketing Theory with Strategic Orientation. Journal of Marketing,47(4), 79-89.Jurevicius, O. 2013. Coca Cola SWOT analysis 2013 Strategic Management Insight. Retrieved December 13, 2013, from -analyses/coca-cola-swot-analysis.htmlKerin, R. A., & Peterson, R. A. 2013. Strategic marketing problems: Cases and comments. Boston: Pearson.Neil, M. 2009. Brand Portfolio Strategy and Firm Performance. Journal of Marketing,73(1), 59-74.Neil, M. 2012. Marketing and business performance. Journal of the Academy of Marketing Science., 40 (1), 102-119.Nijssen, E. J., & Frambach, R. T. 2001. Creating customer value through strategic marketing planning: A management approach. Boston: Kluwer Academic Publishers.Ottman, J. A. 2011. The new rules of green marketing: Strategies, tools, and inspiration for sustainable branding. Sheffield [England: Greenleaf Publishing.Paley, N. 2007. The marketing strategy desktop guide. London: Thorogood.Ranchhod, A., & Gurău, C. 2007. Marketing strategies: A contemporary approach. Harlow: Financial Times Prentice Hall.Ranchhod, A., Gauzente, C., & Tinson, J. 2004. Marketing strategies: A twenty-first century approach. Harlow, England: FT/Prentice Hall.Rogers, S. C. 2001. Marketing strategies, tactics, and techniques: A handbook for practitioners. Westport, Conn: Quorum Books.Schnaars, S. P. 2000. Marketing strategy: Customers and competition. New York: Free Press.Siegel, M., & Lotenberg, L. D. 2007. Marketing public health: Strategies to promote social change. Sudbury, Mass: Jones and Bartlett Publishers.Stone, P. 2001. Make marketing work for you: boost your profits with proven marketing techniques. Oxford, How To Books.Tammo, B. 2000. Strategic Marketing Research. Journal of Marketing Management,12(3), 83-98.Vrontis, D. 2003. The Strategic Positioning of Coca-Cola in their Global Marketing Operation. The Marketing Review , 12 (3), 289-309.Westwood, J. 2002. The marketing plan: a step-by-step guide. London, Kogan Page.
The purpose of this assignment is to investigate as a marketing manager that what is marketing & what is the process involved in developing market strategies .So we will also try to find out what are the different options available in developing marketing strategies .Marketing itself can be defined as group of customers, consumers, clients and the distinction between want and need, from the perspective of Product and service functionality, dependence and performance Perception, ownership and use Value and meaning Branding, brand value and competitive advantage Marketing communications Projection of ideas and concepts to target markets.So throughout the assignment as marketing manager we will try to find out how to develop marketing strategies.Developing a marketing strategyThe development of marketing strategy is very demanding and exciting task .So developing product market strategy is also more challenging because it includes the development of new product & its launching into market.Marketing itself can be defined as group of customers, consumers, clients and the distinction between want and need, from the perspective of Product and service functionality, dependence and performance Perception, ownership and use Value and meaning Branding, brand value and competitive advantage Marketing communications Projection of ideas and concepts to target markets.(Elsevier Ltd,2005)Before developing a market strategy for products it is vital; to write a marketing plan for product. It should include the information about customers, targeted population, tools & techniques that will be used for market research .So marketing expert must start market plan by writing an effective sketch or a summary of market plan that will be helpful in collecting information & organizing all activities needed for the development of product market strategy.1.2Outline of developing market strategy1.2.1 Mission StatementThe first element of product development strategy is mission statement of the organization. Basically mission statement gives information about the nature of business, its products & customers.1.2.2 Corporate Mission Statement.It includes the overall all long term aims & objective of the organization. These are the long term or strategic objectives of the organization.1.2.3 Manufacturing objectivesIt concern with the manufacturing sector of the firm. Every organization have certain manufacturing objectives. These can be about what to produce & on which scale to produce. Manufacturing objectives can be short term & can be long term .Sometimes to get market share or meet customers demand firm can increase their production & vise versa. So we can say said manufacturing objective scan be changed according to the situations. Get Help With Your EssayIf you need assistance with writing your essay, our professional essay writing service is here to help! 153554b96e