Coca-Cola Marketing Strategy
Marketing Strategy
Marketing strategy, market segmentation, the marketing mix, go to market strategy, digital/online marketing strategies
A marketing strategy helps a business identify various ways to communicate with its audience and focus on the most effective methods to achieve its marketing goals. For example, if the business aims to increase its customer base by 10%, its marketing strategy would involve planning, market research and arriving at a marketing mix that helps to achieve this goal. A marketing strategy helps a business determine what to say, whom to say it to, how to say it and when.
The marketing mix is a good starting point for a marketing strategy and plan as it helps define the marketing elements that go into positioning
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This lets the business channel its activities in such a way that they are consistent with business goals and maximize its return on investment.
• Market research and competition analysis
Businesses do not operate in isolation. They exist in a competitive market and must keep abreast of industry trends and stay a step ahead of the competition.Market research is critical for a business to make informed decisions. Since marketing involves directing resources and activities geared to satisfy customer needs, market research helps identify those needs and find ways to create the ideal marketing message. It also helps in modifying and keeping track of various elements in the marketing strategy. Thus, market research helps understand the competition and leverage that knowledge to improve the business.
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It encompasses a range of activities starting with the acquisition of raw materials, managing the product creation process, distribution and logistics, marketing and sales, customer service and human resource management.
While marketing goals reveal a business’s intentions, marketing strategy provides the roadmap for achieving these goals.
Types of marketing strategies
According to Michael Porter, marketing strategies can be divided into overall cost leadership, differentiation and focus.
• With overall cost leadership, the business focuses on minimizing production and distribution costs and sells at a price lower than the competition to increase its market share. This strategy, however, has it flaws as another competitor might enter with an even lower price. This can be detrimental to the business if its marketing strategy is based on cost leadership.
• Differentiation,where the business seeks to excel in a specific aspect such as superior service or technology that directly benefits the customer.
• Focus, where the businesses concentrates on a particular market segment or niche and specializes in catering to their needs.
Another emerging marketing strategy today is the “go to market” strategy.
Go to market
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Coca Cola Product Differentiation Strategy
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