Introduction
The examination of a company’s position on the market incorporates the assessment of the key elements of its activity. They include the products or services, locations of operations, strategies intended for increasing the market share, and pricing, and the combination of these components can demonstrate a clear picture of a business’ situation. In the case of Coca-Cola, the mentioned aspects of their activity are beneficial for further growth and maintaining leadership on a global scale.
Product
The main competitive advantage of The Coca-Cola Company is a wide range of realized products, which is regularly readjusted to customer needs. According to the information from the official website, they offer hundreds of goods, including sparkling soft drinks, waters, juices, dairy, plant-based options, coffee, and tea (“Brands & products,” n.d.). This variety ensures the availability of choices for all buyers regarding their preferences. In addition, it adds to the worldwide recognition of the brands, which, in turn, guarantees further growth of the business in different countries. Thus, Coca-Cola products can be viewed as one of the main factors, which contribute to the flexibility of operations.
Place
The activity of The Coca-Cola Company is also supported by well-developed distribution channels around the world. In this way, the places of operations are connected due to the cooperation of numerous bottling partners and plants (“The Coca-Cola System,” n.d.). They are complemented by local channels, which include manufacturers, and the general tasks are divided between the participants depending on their location (“The Coca-Cola System,” n.d.). Hence, the company cooperates with organizations in Africa, ASEAN & South Pacific, Eurasia & Middle East, Europe, North America, and many others (“The Coca-Cola System,” n.d.). It means that localization of production is their priority when realizing products.
Promotion
The initiatives intended for promoting the brands of The Coca-Cola Company are designed with regard to high competition on the market. Thus, they focus on the personal characteristics of their potential buyers and thereby attempt to offer a more suitable option than those of other manufacturers of drinks. For example, the orientation on people’s age, income, family size, geographical location, and gender allows thoroughly analyzing the situations in different countries (Mevada, 2020). As a result, such an individualized approach brings significant profits, and the business’ prosperity is the outcome of efficient advertising, which costs about 4$ million a year (Mevada, 2020). Therefore, these decisions determine the popularity of Coca-Cola among different population groups.
Price
The above considerations are complemented by pricing strategies used by The Coca-Cola Company. From this point of view, their power can be explained by the fact that the price of the products is not fixed. One of the most convenient options is a quantity buy, which helps customers save money (“What you can learn about pricing from Coca-Cola,” 2019). In addition, an impulse buy is another phenomenon, which is used by managers (“What you can learn about pricing from Coca-Cola,” 2019). Thus, they also vary depending on customer needs and thereby increase their satisfaction.
Conclusion
To summarize, the benefits of The Coca-Cola Company are conditional upon the careful approach to pricing, products, promotion, and price. The existence of numerous brands alongside their efficient distribution around the world creates a positive environment for productiveness. Moreover, the use of an individualized approach to customer needs in terms of their characteristics affecting choices and flexible prices depending on the location of stores ensure profits. In this way, the activity of the company complies with the considerations of sustainable development.
References
Brands & products. (n.d.). The Coca-Cola Company.
Mevada, N. (2020). Marketing strategy of Coca-Cola. Brainito.
The Coca-Cola System. (n.d.). The Coca-Cola Company.
What you can learn about pricing from Coca-Cola. (2019). Pricing Insight.