The main business objective of Coca-Cola is to innovate new products through research and development for the purpose of creating more customers and increase the revenue of the company. Coca-Cola recently said it aimed to double its spend on marketing Diet Coke and Coca-Cola Zero to raise the proportion of these sold in the UK to 50 percent in 2020
Marketing Mix of Coca-Cola
The marketing mix is the combination of factors that directly affect the buying behavior of the customers. Shortly marketing mix is the actions that a company uses to promote the brand in the market. Marketing mix of Coca-Cola includes the following factors:
- Product
- Price
- Place
- Promotion
Products
The portfolio of Coca-Cola has many different varieties of soft drinks that are available in the world market. Different products are available in different corners of the world with different colors, flavors, and tastes. Here is the list of products of Coca-Cola worldwide: Coca-Cola, Sprite, Diet Coke, Coca-Cola Zero, Coca-Cola Life, Fanta, Dasani, and so on (Baines, et al. 2013).
Price
Coca-Cola is very much careful about setting the price of the product, based on the market analysis they set competitive price in the market. And this price is very much affordable for the customers.
Place
Coca-Cola is in the marketplace for more than 130 years besides functioning in more than 200 nations around the world. They have the most advanced supply chain management and logistics system to reach the product to the door of the customers. The product of Coca-Cola is available in every corner of the customer access point.
Promotion
For promoting the product of Coca-Cola they use the innovative idea and unique message which influences the buyer consumption behavior and induce them to buy the product. As a part of promotional activities, they use Television, social media ads, print media, supports, and many more. Coca-Cola becomes the sponsors of the Olympic Games, American Idol, NCAA, NASCAR, NBA, BET Network, FIFA world cup. Coca-Cola launched “Taste the Feeling” Movement which looks for reminding its clients about the blissful and pleased instants Coca-Cola brings toward their lives in China, January 2018.
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