The Marketing Mix In Marketing Strategy
The amount of money paid by customers to purchase the product. Place (or distribution): The activities that make the product available to consumers. Promotion: The activities that communicate the product’s features and benefits and persuade customers to purchase the product Marketing tools Each of the four As has its own tools to contribute to the marketing mix: Product: variety, quality, design, features, brand name, packaging, services Price: list price, discounts, allowance. Payment period. Reedit terms Place: channels, coverage, assortments, locations, inventory, transportation, logistics Promotion: advertising, personal selling, sales promotion, public relations Marketing strategy An effective marketing strategy combines the 4 As of the marketing mix. It is designed to meet the company’s marketing objectives by providing its customers with value. The 4 As of the marketing mix are related, and combine to establish the product’s position within its target markets. Weaknesses of the marketing mix The four As of the marketing mix have a number of weaknesses in that they omit or underemphasize some important marketing activities.
For example, services are not explicitly mentioned, although they can be categorized as products (that is, service products). As well, other important marketing activities (such as packaging) are not specifically addressed but are placed within one of the four P groups. Another key problem Is that the four As focus on the seller’s view of the market. The buyer’s view should be marketing’s main concern. The four As of the marketing mix can be reinterpreted as the four CSS. They put the customer’s interests (the buyer) ahead of the marketer’s interests (the seller).
Customer solutions, not products: Customers want to buy value or a solution to their problems. Customer cost, not price: Customers want to know the total cost of acquiring, using and disposing of a product. Convenience, not place: Customers want products and services to be as convenient to purchase as possible. Communication, not promotion: Customers want two-way communication with the companies that make the product. Marketing mix of Coca-Cola Coca cola is the brand with the highest brand equity. No doubt it has gone through the ups and downs of business to reach that position.
The marketing mix of Coca cola has been changing over time with more and more products being added such that today it has 3300 products. So what is the marketing mix of Coca cola? Read on. Product The company has the widest portfolio in beverage industry comprising of 3300 products. Beverages are divided into diet category, 100% fruit Juices, fruit drinks, water, energy drinks, tea and coffee etc. As per Nelson’s data, Coca cola is the No. L brand in sparkling beverages, Juice, and retail packaged water in 2010. Coca cola has its market presence around 200 countries.
Coca cola brands in India are Faint, Amaze, Lima, sprite, Thumb up, Minute Maid, Nimbi fresh, Nested iced tea etc. Price Due to the availability of wide range products the pricing is done according to the market and geographic segment. Each sub-brand of coca cola has different pricing strategy. Their pricing strategy is based on the competitors pricing, Pepsi is the direct competitor to coke. Beverage market is said to be an oligopoly market (few sellers and large buyers), hence they form into cartel contract to ensure a mutual balance in pricing between the sellers. Place
Coca cola is the world’s most favorite brand and is available all over the world. The distribution system of coca cola follows the FMC distribution pattern. The effective distribution network of coke has almost eroded the small and middle level players in the market. In India they have captured even the rural market by extensive distribution and have eroded the market share of Bonito, Calamari etc. Promotion Coca cola adopts various advertising and promotional strategies to create an increased demand in the market by associating with life style and behavior and mainly targeting value based advertising.
You are more likely to see a coke ad individualized for a particular festival or in with a general positive message. Coca cola uses CARS as its marketing tool to gain emotional benefits in consumers mind. The current promotions through CARS include “Support my school” campaign with .NET. It has many brand ambassadors like Shrunk khan, Writhe Reason, South Indian Actor Visa and Trash , Chamber, Mari khan etc and has signed contract recently with Miriam khan. It allows price discounts and allowances to distributors and retailers in order to push more products into the market. It employs both push campaigns.
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