Marketing Principles Essay Example | Topics and Well Written Essays - 2000 words

Marketing Principles - Essay Example It will help the organization to develop effective future strategies in order to improve business performance. 4Ps of Marketing The 4Ps marketing mix framework will help to determine Coca Cola’s price, place, promotion and product development strategy. Product The Coca Cola Company is the leading manufacturers and distributors of soft drinks. The organization has wide range of differentiated and diverged product line. These strategies helped the organization to ensure significant competitive advantages over its competitors. Aggressive product development and continuous differentiation of products helped the organization to meet the needs and demand of target customers (Dost 14). Recently, the organization faced several legal and social issues regarding high pesticides and calories level in cold drinks. But, the organization started to introduce healthy, differentiated and calorie free soft drinks for target customers to maintain sustainability in business performance and busin ess operation. Price The Coca Cola Company implemented advanced technology in each and every business operation processes. This strategy helped the organization to reduce business operation cost. Low business operation cost helped the organization to implement competitive pricing strategy. ... Most importantly, the Coca Cola Company always motivates is distributors and suppliers to follow the organizational policies (Peterson 29). It actually helps the organization to maintain sustainability. Promotion Coca Cola Company uses different promotional mediums in order to give adverts for existing products. Print and digital media advertisings help the organization to attract children and youths. In addition to this, effective social media advertising or online promotions help the organization to target mass target audience (Carmody 143). Moreover, giving sponsor to popular sporting teams, event and campaigns helps Coca Cola Company to create effective customer awareness. General Costs of Marketing The Coca Cola Company has become the leading organization within the industry due to effective adoption and implementation of brand extension and umbrella branding strategy. Slowly and gradually, the organization is increasing its product portfolio to increase market share meet curren t market demand. It is important for the organization to market this developed product portfolio successfully in order to avoid business losses. Truly, the organization spends a significant part of its business profit in the marketing activities. For example, the organization spent almost 2.9 billion US dollars in USA for promotion purpose. On other hand, the organization spent 2.3 billion Euros in UK to create significant customer awareness. The organization managed to get successful business outcome through these promotional marketing strategies which are aggressively backed by huge marketing cost. However, the organization failed to get success through few products due to limited acceptance of these