Do you know???? The second most widely understood term after “okay” and the answer is guess?? And yes it’s Coca-Cola.
The saga begins with its birth at a soda fountain in Atlanta, Georgia, in 1886 penned down in an elegant Spencerian Script,the red disc and the iconic glass bottle, originally intended as a patent medicine grew leaps and bounds to be one of the global brands providing billions of moments of refreshment each day with social interaction and innovation as its kingpin.
Marketing mix of Coca cola, the brand with the highest brand equity:
The company’s billion dollar brands:
Placing the right products in the right markets at the right time.
The company portfolio comprises of 3300 products including 20 billion-dollar brands Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitamin water, POWERADE, Minute Maid, Simply, Georgia, Dasani, FUZE TEA and Del Valle with its market presence in around 200 countries providing products at an augmented level by offering a help line and complaint phone service for customers earning the position of the king in the beverage industry.
Pricing is done according to the market and geographic segment with each sub-brand having a different pricing strategy.
Competition based pricing approach: Intense competition with Pepsi so its price can’t exceed too much nor decrease too much.
Promotional pricing approach: E.g. In Ramadan, Coca-Cola reduces its rate unto 5 rupees for 1.5 litre bottle.
Market penetration pricing approach: E.g. In an economy like that of Pakistan consumers switch to buy a low-priced product so to target every consumer of a country Coca-Cola charges the same price as charged by its competitors.
Follows the FMCG distribution pattern. E.g. In India they have captured even the rural market by extensive distribution and have eroded the market share of Bovonto, Kalimark etc.
Coca cola uses a blend of push and pull strategy through promotions,advertisements and campaigns mainly earmarking value based advertising and more often coke ads individualized for a particular festival or in with a general positive message. CSR is the main marketing tool used by the coke to make an impact in the consumers mind.
Global Creative Campaign “Taste the Feeling”
‘One Brand’ global marketing strategy unites the Coca-cola family under the iconic beverage brand extending the equity and iconic appeal of Coca-Cola.The campaign uses the universal story telling to resonate with the consumers globally.
“Share a Coke” campaign originated in Australia in 2011 was a great success which helped Coke grow volume, revenue and share in its flagship market.and the next phase “Share a Coke and a Song” is part of the “Taste the Feeling” campaign which uses the universal language,music that inspires connection to appeal diverse tastes.
Coke’s global marketing for the Rio 2016 Olympic Games will celebrate the “gold” moments fans around the world – not just medal-winning athletes – share each day.
Coca-cola focuses mainly on market penetration and other non-diversification strategies.
Coca-Cola has been boosting the sales by creating association between Coca-Cola and Christmas through Coca-Cola Christmas advert during the festive period.
The launch of Cherry Coke in 1985, a profitable opportunity to add cherry-flavored syrup to Coca-Cola and other flavored variants including lime, lemon and vanilla.
The launch of Coke Zero in 2005 , a classic example – with zero sugar and low calories. Whilst Diet Coke was preferred by females, young men avoided it the perception of being a woman’s drink. Coke Zero has successfully generated a more ‘masculine’ appeal with its shiny black can and polar opposite advertising campaigns.
An approach towards the growing health drink sector due to decrease in sales of carbonated drinks,Coca-Cola spent $4.1 billion to acquire Glaceau and its health drink brand Vitamin water.
The Ground-Breaking Giving Back edge!
In 2015, the company and the Coca-Cola foundation gave back more than $117 million to nearly 300 organizations across more than 70 countries along with the indulgence in women empowerment, water conservation and recycling, access to clean water, youth development, education and supporting many local community programs. With its water replenishment activities, it became the first global beverage company to replenish all the water it uses back to the communities and nature.