Keywords: examine additional components of the expanded marketing mix
This essay looks at the main elements of both the original and the extended marketing mix. This includes an launch to the idea of the product life routine, new product development, prices strategies, syndication options and the campaign blend. Finally, the essay develops marketing mixes for Coca Cola to meet the needs of different concentrate on groups.
Explain how products are developed to maintain competitive advantages.
"Sustainable competitive advantage is the center point of a corporate strategy" (E-Course, 2013). It allows the preservation and improvement of your organisational competitive position on the market. It is an advantage that allows business to stay alive against its competition. "A competitive advantage is an gain over opponents gained by offering consumers increased value, either by means of lower prices or by providing higher benefits and service that justifies higher prices" (Teacher Republic, 2013). See Coca Cola Company's opponents and positioning in (Appendix1)
See Porter's competitive advantages and cost advantages in (Appendix 2). When a company brings a new product into market they must think about who's the product targeted at, what advantage will customers expect, so how exactly does the company intend to position the merchandise inside the market and what advantage will the product proffer over their challengers. Regarding to Kotler product have three levels, core product, genuine Product and augmented product, see Coca Cola product levels in (Appendix 3)
Product life cycle is "the course of a product's sales and profiles over its lifetime. It entails five distinct periods: product development, launch, development, maturity and decrease" (Kotler, et al, 2005). When companies create new product, it requires some time to be thoroughly accepted, of which point its sales and earnings will begin to go up. This will attract other competitors in to the market, cause the market to mature. Finally, the market will drop as companies learn to introduce another product, and customers change compared to that product. See Coca Cola product life circuit in (Appendix 4)
Coca Cola Company provides different type soft drinks like Coke No, Diet Coke, Fanta etc. There good image makes the company more strong. Coca Cola is providing good flavour, quality products with certified staff, good atmosphere and hygienic environment. They are specialised in delicate and fizzy drinks. Coca Cola have created good image in customers brain, their image is reputable and reliable, and it offers one of the very most well-liked soft drinks available. They have well-known which is why customers feel comfortable in buying Coca Cola products. Coca Cola can market too many different segments. Coca Cola can market their product to teenagers easier than older people, because young adults are their target market. See Coca Cola's quest affirmation in (Appendix 5).
Explain how syndication is assemble to provide customer convenience.
Distribution in marketing functions importantly to appeal to customer's convenience and organisations use approach to circulation to see their potential. Two types of route of distribution methods are available. "Indirect distribution consists of distributing product by the use of an intermediary. Immediate distribution includes distributing direct from a manufacturer to the buyer" (Kotler, et al, 2005).
Distribution is within the band of place, therefore organisations create a precise distribution method so that it's readily available to the customers and it can improve possible sales for an organisation. See Coca Cola circulation stations in (Appendix 6).
The Coca Cola Company sell its products with bottling and canning procedures. The distributors reach the Coca Cola to the wholesalers and the wholesalers' get it to retailers with final the clients buy Coca Cola from merchant shop. If Coca Cola can not work on its circulation services then their bottles are just reachable at their factories then customers may well not be eager to get them. It's more appropriate for the client to buy Coca Cola from an in depth seller as compared to getting it from manufacturing plant. Therefore circulation system of an organisation can be both its weakness and strength. Companies ought to know that their products can be found at retailer shops and stores where customers may easily buy it.
Explain how prices are arranged to reflect an organisation's goals and market conditions.
One of the parts in the marketing combination is pricing. This area of the 4P's will be the one making profits and which is also why it's important that an company chooses the right price. Charges is one of many elements of the Coca Cola Company marketing mixture, which makes income for the kids. Coca Cola use different types of rates strategies. The charges strategies are standing much on what aspires the company has put itself to accomplish. See (Appendix 7).
Owing to the ease of access of wide range products the rates is complete in line with the market and geographic portion. Each sub-brand of coca cola has different costing strategy. Their charges strategy is foundation on the competitors charges, Pepsi is one of their competitor in soft drink industry. The Coca-Cola Company choose their rates objective they believe will be most reliable in dispensing their brand to customer, to get this done Coca-Cola use market-skimming pricing.
Coca Cola Company use marketing-skimming as there's a enough volume of purchasers which may have a high demand, also Coca Cola sets an major high price and then lower the purchase price to help make the product open to a comprehensive market. Coca Cola Company use penetration charges strategy as they would like to hold maximum talk about of the marketplace by maximum earnings. Coca Cola use discount costs, where their products prices tend to be become down during sale periods and special events, like Christmas, Easter etc. Also Coca Cola use competition pricing, where you can meet the competition charges, their products pricing are set about the same level as it competitors.
Illustrate how promotional activity is included to attain marketing targets.
"Promotion being an aspect of marketing blend involves communication among the customer and seller of this product" (Kotler, et al, 2005). Promotional activities are essential element because, these activities are performed in order to see customers about the merchandise and it includes personal selling, adverting, pr, sales promotion, immediate marketing etc.
An ad, for instance helps a buyer to get to know about the company which is products, this can be done by costs planks, banners or posters. The good thing about advertisement is that it informs people about different products and services, their utilities, cost and other requirements. The downside is cost because advertising is more expansive.
In personal advertising companies use their staffs to market their product after face-to-face communication with the customer and seller efforts to convince a person to purchase the product. Personal advertising is a great way to keep good customers connections, but this method is expensive.
"Sales advertising is short term incentives to encourage purchase or sales of a product or service" (Kotler, et al, 2005). Below are a few types of sales deals activities and it offers buy-one-get-one-free, bonus tips, free gift credit cards, vouchers and coupons, contests and prize draws, etc. The advantage is the fact that sales advertising can help companies to provide right information to customers, and yes it encourage repeat purchases and customer devotion, but the advantages are it increase price awareness which is generally for a brief duration
Public relationships play an important role in promotion. It could be used to create a good image of the business for example journals, Television or radio etc. PR is inexpensiveness of the price, but it is hard to forecast about the replies and it raise the risk.
Direct marketing is in which a company selling their products right to people such as fliers or road advertising. It allows targeting specific customer and it could be measureable, but it is difficult to obtain it is immediate impact and it can be quite expansive.
Coca Cola use different methods of advertisement and the company spends a significant sum of money to become seen on billboards, radio, publications, tv, and on the internet. The Coca cola Company uses advertising as its key way to obtain increasing buyer awareness. It generally uses the tv screen; this source allows the company's products to catch the attention of more customers.
Coca Cola uses the air as another approach to advertisement and this is a cheaper then Television set. They use personal offering, where in fact the company train their sales staffs, which they preform as a representative of the company to the outlets. Newspapers and mags are other forms of advertising that is thoroughly utilized by Coca Cola.
Moreover, Posters, indicators and billboards are also broadly used as an important part of the Coca Cola advertising. Coca Cola billboards are usually placed at the city centres and their posters are usually viewed at the shops, public transport and restaurants like McDonald's, KFC, etc.
In addition, Internet is another method where different varieties of Coca-Cola advertisements are put. Specially, the brand online ad is assumed through the wide use of banners, on-site sponsorships and many other forms of online advertisements.
Analyse the additional elements of the extended marketing mix
Marketing blend has three additional elements: People, Process and Physical Evidence
People are one of the elements of service marketing mix. People define a service. This mentions to the folks who are in straight contact with the client such as staff. One of the important parts in offering something is the company's staff because most customers count on a reasonable service before purchasing a product. For instance, the employees in Coca Cola Company have a typical uniform. The firms always give attention to friendly and quick service to its customers using their company staffs. The procedure of the merchandise is vital in marketing. This determines the ability of the product to provide the demand of the consumers.
The process at Coca Cola Company is transparent and concealed (the complete process is not noticeable to the clients). Coca Cola has two types of procedures which is involves bottling and labelling alternatives. The main level that Coca Cola consider is control of the company to get products at the decided time and good quality, and the previous step they consider is, the advertising of beverage for concentrate on customers of vendors.
Physical evidence is an important component of marketing mixture where customers will starting their decisions predicated on the service which intangible. Companies' physical facts is reinforced by signs, symbols and artefacts of the business itself. Examples of this would be the signage in Coca Cola which reassures the client through branding.
Plan marketing mixes for just two different segments in consumer markets.
Coca Cola Company is focusing on marketplace; when it trading markets something it mainly consider on demographic and physiographic segmentations; where demographic portion before it market segments it identify the buyer groups in: age group, sex, education, competition, and profession, and in physiographic it divides the market into different levels as: lower course, middle class, and upper category to identify their customers. Coca Cola sections different ages. The company focus on complete population on the globe, but young generation is the prospective marketed of the business. Also Coca Cola sections different income levels by packing. For instance, customers who have small income, Coca Cola has small returnable glass container, for middle people it includes small non returnable bottle and for wealthy and higher income people, the business has Coca Cola tin.
Marketing combination for Diet Coke:
Product: Diet Coke is a very fresh and yummy diet drink. This new and fresh drink was created to provide the consumers with lively feel with preference as well. Diet Coke can be found in different sizes of which begin from '330ml - 2L bottle'. This drink is principally for the "female young adults from era 16 - 24". (Get Me Press, 2012)
Price: Price of Diet Coke is very reasonable as compared to its major challengers. Corresponding to Tesco price its 330ml bottle is good for 65p and 2L bottle is designed for 1. 98.
Place: placement comes with an important role to learn in the products success and failure. That is why the company makes certain that the dietary plan Coke is place in such a way in market that it's in reach of every customer. They have got very strong syndication route and their product is on maximum stores in the town.
Promotion: For something of such high specifications like Diet Coke it requires good promotional activities. For this function the Coca Cola Company have chosen pursuing promotional tools: for advert the business have use different kinds of press like television, newspapers, newspapers, internet and radio.
Illustrate dissimilarities in marketing products and services to businesses alternatively than consumers
There are some characteristics to something such as: lack of ownership, intangibility and inseparability. Each one of these considered when marketing a service, see (Appendix 8). Something is something which is tangible where as something is intangible. A product is a lot easier than the service because after marketing and offering a product there is something tangible to be seen by the customers for they are satisfaction however in services they can not because it's intangible. Fundamentally, the marketing of product is particularly centered on 4P's in marketing mix specifically product, price, place, and promotion. The Coca Cola Company analyse the major demand of the customers to be able to find out something that can act in response the marketplace demand.
Firstly, Coca Cola Company focuses on the durability as well as eliminates the vulnerabilities of marketed products in order to boost products to meet customer's demand whenever you can. Secondly, they give attention to the pricing factor in product marketing because the price must be place to complement with the purchasing ability of a concentrate on group. The Coca Cola know the nature price of offering products. Finally, the Coca Cola concentrate on place because host to product marketing identifies distribution channels to provide and sell the product to customers. Last but not least, they create the promotion on the product in order to persuade customers and stimulate the sales in a brief term.
On the other hand, something is the action that provide for customers. The service marketing is normally use 7P's which is expanded from 4P's by adding people, process and physical data. It's important for just about any service industry to employ appropriate staffs or people. Employing and training of staffs have good impact that's the reason the Coca Cola Company gives training to their staffs because most of customers will judge the grade of their service from staffs. Therefore, Coca Cola use staffs that contain good and interpersonal skills.
The essay shows that marketing combination (4P's and 7P's) is an essential part of creating marketing strategy, and yes it is crucial for a firm to execute their marketing theory successfully. The Coca Cola Company grows their service or product to meet the customer's needs and wishes; then they seem to be into deciding how their consumer heading to receive the product plus they consider direct or indirect channels of circulation. The Coca Cola Company will determine a price for their products that ensures a income. Finally, they promote their product by using different advertising solutions to attract customers.
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