4P's of Coca Cola

4P's of Coca Cola

Introduction

Marketing Mix is also referred to as the 4Ps of marketing. These 4Ps are product - an entity that satisfies a need or want, price - an amount a customer is willing to pay for a product, place - the geographical location and convenience of purchasing the product and promotion - the way a product is communicated to an audience. The marketing mix is one of the fundamental strategies of marketing. The core objective of the marketing mix is that it supports a firm to pursue towards its marketing objectives. It is a powerful concept and is considered as a framework that makes it easy to handle the marketing activities. This strategy of marketing has been extremely influential (Goi, 2009). The report presents the marketing mix of the leading company in the beverage industry namely “Coca-Cola”.

Marketing Mix

Product

Coca Cola is the most successful and popular beverage brand in the world. It is a carbonated drink and is popularly known as 'Coke'.The product is aimed to cater the market needs of the beverage industry. Coca Cola is not only a beverage any more it is rather an association due to its extreme brand loyalty. The beverage is consumed by a broad range of consumers with no age limit. The product has a global existence and is well known for its sweet taste. The product satisfies the thirst and taste needs of the consumers. Its consumption is for the purpose of quenching thirst or consumers all over the globe has adopted it as a culture to go with their food. The product has its presence in different varieties and packaging (Gherasim, 2011). Apart Coca Cola, the other common brands of the firm are Sprite, Fanta, Diet Coke, Coke Zero, Minute Maid, and some others as the firm is serving multiple categories in the beverage industry.

Price

The pricing strategy of Coca Cola is designed as per the status quo approach. The company has adopted this approach to stay competitive in the market, especially with its archrival Pepsi. This pricing strategy is used to cope up with the market and its competitors. On the other side, these prices are also based on the growth rate and environmental opportunities. The product comes in multiple packaging and sizes so, the prices of the product vary from region to region (Naik, Kalyan et. al, 2005). The pricing strategy of Coca Cola varies due to its availability in different sizes and packaging. Some of the elements in the pricing strategy of Coca Cola are like trade promotion strategy which includes incentives for retailers to push the product. These include agreements with retailers or high consumption consumers. In the case of Coca Cola, the pricing strategy is designed to compete with the competitors, especially Pepsi (Russell, 2011). The long term strategy for pricing is an indicator of value orientation. It has maintained affordable price points.

Place

The term place can also be referred to as the distribution setup of any company. Coca Cola has a global existence which ...