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The Coca-Cola Company’s Marketing After Economic Downturn

Coca-Cola is the largest non-alcoholic beverage and one of the two most strong beverage brands. The soda industry has been hit hard by the economic downturn, and exchange rates have affected major soda brands’ earnings in the aftermath of the recession. This is because of the rising popularity of healthy drinks and other health phenomena; soft drink consumption has decreased. Coca-Cola is recognized for having a positive brand identity and high customer loyalty, in addition to its vast market share (Istiqomah, 2016). Following is a description of the Coca-Cola firm’s marketing matrix and 4Ps (product, price, placement, and promotion).

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Marketing

Marketing is described as the procedure of conceptualizing, pricing, promoting, and distributing concepts, products, and facilities to establish transactions that meet individual and organizational objectives. A Marketing Matrix is a plot on a two-dimensional plane that ranks products and services based on how well they fulfill key consumer requirements (MAS’ARI, Hamdy & Safira, 2020). The 4P Matrix is focused on the premise that marketing decisions are typically divided into four classifications: item, position, price, and promotional. The best response from the core demographic would come from carefully placing the item in each category.

Coca Company’s 4Ps (Product, Price, Placement, and Promotion)

Product

The definition of product quality is twofold: it emphasizes uniqueness while also stressing the high degree and reliability. Coca-Cola has selected the acceptable quality level to meet the needs of the target audience and competing product quality levels. Coca-Cola continues to be the most well-known brand on the planet. This occurs because the organization retains the traditional characteristics that, according to Arab (2018), can propel a brand name to new heights. Coca-Cola, in general, as brand identity is small and concise, flexible to packaging, branding criteria, and all forms of advertising, as well as being easy to spell, understand, and pronounce in all languages. Coca-Cola has made significant investments in its items’ packaging materials, ensuring that they are available in a range of packaging materials and sizes. The company is concerned with storing and preserving the fabric and using packaging to target and retain customers.

Price

Since it ensures income, price is considered the heart of any market.

According to the study, Coca-Cola uses Pendergrast & Crawford, (2020) theory by incorporating two of the three main methods for evaluating a product’s price: consumer valuation pricing and competition-based pricing. All pricing decisions at Coca-Cola begin with consumer satisfaction, which allows the consumer to assume that the value obtained from the product is commensurate with the price charged. The firm then focuses on its competitors before enforcing the pricing strategy, basing the final cost on the expenses, fees, and offers of competitors, mainly Pepsi. Finally, and perhaps most critically, before releasing the final price, the company considers factors such as regional segmentation, employment levels, and business opportunities.

Place

Coca-Cola uses indirect distribution networks to build an extensive distribution network, adjusting service results to customers’ needs. As the foundation for marketing providing service quality follows consumer products’ moving pattern, distribution begins from the producer. It ends with the user, making the items accessible in almost every retail and large box market around the world (Kumar, 2020). Despite the fact that the business environment is cluttered with distribution models, Coca-Cola brings together all middlemen and brokers. To develop and maintain the world’s most successful marketing tool, one that meets customers’ needs for product diversity, waiting and distribution time, spatial convenience, and service backup. It is worth noting that the company’s distribution chain is so successful that it erodes smaller manufacturing units for similar items.

Promotional

Coca-Cola uses various advertising tactics to increase customer appetite for goods, resulting in increased revenue and brand loyalty. Advertisement, public affairs, product promotion, and digital selling are only a few of the agency’s promotional methods (Wiratama, Armini, & Pradanie, 2020). The vast amount of money spent on advertisement campaigns such as TV, radio, print and online press, transportation and advertisements, serves as a barometer for this aggressive marketing. Coca-Cola also utilizes corporate governance to instill emotional value in customers while also supporting sustainability programs such as social issues advancement and environmental protection. Although the organization pays celebrities with the main objective of getting people to adopt the goods as required in their daily lives, it also sponsors major events. The provided advertisement method is interactive because the customer has a chance to win one of the company’s goods while still remembering the brand. Finally, and perhaps most importantly, Coca-Cola uses a push-pull approach to market the brand by providing excellent rewards to distributors and retailers. Specifically, the business encourages dealers to participate in promotions and suppliers to receive price cuts and allowances.

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Conclusion

To summarize, it would be prudent for the business world to consider these considerations when approaching this problem. In terms of effectiveness, the marketing mix model, in my view, has influenced organizations’ marketing strategies in the marketing place. Coca-Cola is the most illustrative example of how a given technique can be implemented with tremendous success. In my view, any company that wants to be compelling needs to be able to keep its product line relevant and competitive, respond to changing market preferences, and create customer value. To accomplish this, each company should carefully listen to its customers’ opinions, introduce the marketing mix based on customer needs, and then carefully decide on a line-stretching plan.

References

Arab, N. (2018). Relationship Between Dimensions of Brand Equity and 4ps of Marketing Mix – Place, Product, Promotion, & Price: Coca Cola -Consumer Based Qualitative Survey. International Journal of Academic Research in Business and Social Sciences, 8(2). Web.

Istiqomah, Y. N. (2016). The Influence of Marketing Mix (Product, Price, Place, and Promotion) and Service on Customer’s Decision of Using BSM Saving Products. Global Review of Islamic Economics and Business, 3(2), 073. Web.

Kumar, D. M. (2020). Marketing and its Application: Case Study of Ella Drinks Ltd: Comparative Analysis with Coca-Cola. SSRN Electronic Journal. Web.

MAS’ARI, A. H. M. A. D., Hamdy, M. I., & Safira, M. D. (2020). Analisa Strategi Marketing Mix Menggunakan Konsep 4p (Price, Product, Place, Promotion) pada PT. Haluan Riau. Jurnal Teknik Industri: Jurnal Hasil Penelitian Dan Karya Ilmiah Dalam Bidang Teknik Industri, 5(2), 79. Web.

Pendergrast, M., & Crawford, R. (2020). Coke and The Coca-Cola Company. Decoding Coca-Cola, 11–32. Web.

Wiratama, N. Y., Armini, N. K., & Pradanie, R. (2020). The Factors of Product, Price, and Place toward the Satisfaction of Men of Reproductive Age in Performing Vasectomy Based on Kotler’s Marketing Mix Theory. International Journal of Psychosocial Rehabilitation, 24(02), 3956–3966. Web.

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StudyCorgi. (2022, December 31). The Coca-Cola Company’s Marketing After Economic Downturn. Retrieved from https://studycorgi.com/the-coca-cola-companys-marketing-after-economic-downturn/

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StudyCorgi. "The Coca-Cola Company’s Marketing After Economic Downturn." December 31, 2022. https://studycorgi.com/the-coca-cola-companys-marketing-after-economic-downturn/.

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StudyCorgi. 2022. "The Coca-Cola Company’s Marketing After Economic Downturn." December 31, 2022. https://studycorgi.com/the-coca-cola-companys-marketing-after-economic-downturn/.

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StudyCorgi. (2022) 'The Coca-Cola Company’s Marketing After Economic Downturn'. 31 December.

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