Coca-Cola is a carbonated soft drink that is manufactured by the Coca-Cola Company, which is based in The United States of America. This soft drink is no stranger to popular culture and is well-known to most of us. In 2020, the brand of Coca-Cola was deemed as the sixth most important in the world, currently valued at 97.9 billion U.S. dollars. This can only lead us to wonder what marketing strategies are used by the company and how it caters to the target market. Let us know about the ‘Coca-Cola & Marketing Strategy’.
Coca-Cola & Marketing Strategy
The answer is that target market for Coca-Cola marketing strategy includes the entire world population with no specifications. Their marketing strategies mainly include application of the 4 P’s of marketing (Product, Price, Promotion and Place) and the strategy of mass marketing.
The 4 P’s of Marketing Strategy: Coca-Cola
People who have studied the subject of marketing may be familiar with the 4 P’s – that are ‘product’, ‘price’, ‘promotion’ and ‘place’.
Product:
Coca-Cola is the type of product that can cater to the wants of many people, which is what makes it a unique and appealing product that people would want to get their hands on. Made with a unique concentrate produced by the Coca-Cola Company along with sweeteners, it is refreshing and sweet in taste. When the product itself is quite pleasant for consumers, marketing becomes easy and effective.
Price:
Coca-Cola is not an expensive product. Neither is it so cheap that it is deemed to be of no value by consumers. It is well-priced and affordable to people no matter where they are in the world. The price point is so effective, that their advertisements are believable when featuring people from all professions and walks of life. The pricing is also the reason why bulk purchase of the product is possible by families, restaurants and other companies for celebratory or meeting purposes, creating an effective model for good income through quantitative sales – where the product is reasonably priced but sold in large number of units. It is not necessarily high in price and sold in smaller number of units.
Promotion:
Coca-Cola has many rigorous advertising campaigns that catch the attention of a large number of audience. They make use of celebrity endorsements, peppy-themed advertisements, attractive graphic designs and make effective use of the signature elements of the product (the use of the colour red, the Coca-Cola logo, the curve of the Coca-Cola bottle). The advertisements are shown all over from television to social media and advertising boards, bringing awareness to the product. They may also appeal to the audience’s emotions by using advertisements that symbolize togetherness, achievement, etc.
Place:
The Coca-Cola Company strives to make Coca-Cola an immensely easily available drink. Whether you are in a large, bustling city or in a small rural area, you can find bottles of Coca-Cola for sale in your nearest shop or vending machine. The product is available across all the seven continents in every single country, including places such as North Korea and Cuba, which are notorious for being against the sale imported goods from foreign countries within their boundaries.
Mass Marketing: Coca Cola
Mass marketing, as the name suggests, it the act of marketing a product of a mass of people. It is said that Coca-Cola’s target market includes, in fact, everyone. As the product contains a high amount of sugar, it is normally avoided or not consumed by young children, diabetics, health-conscious individuals and elderly people. For this reason, the Coca-Cola Company released variants of Coca-Cola, such as Coca-Cola Diet and Coca-Cola Zero, which are said to contain lesser to no (“Zero”) sugar or caffeine.
Frequently Asked Questions
1. When, where and by whom was Coca-Cola created?
Coca-Cola was created in the late nineteenth century by John Pemberton in Atlanta, Georgia.
2. What are some interesting variations of Coca-Cola that are available in the market today?
Some interesting variations of Coca-Cola that have been brought out in order to attract more consumers include Coca-Cola Cherry, Coca-Cola Vanilla, Coca-Cola Citra, Coca-Cola Lime, Coca-Cola Mango, etc.
3. Is Coca-Cola an alcoholic drink?
No, Coca-Cola is not an alcoholic drink. It is non-alcoholic.
4. What is the normal quantity of Coca-Cola included in a bottle?
A standard bottle of Coca-Cola typically consists of 250-350 ml of the drink, depending on where the drink is being sold. In India, it is normally 250 ml while in the United States, the standard bottle is of 350 ml.
5. How much does a bottle of Coca-Cola cost?
A standard 8.5 ounce bottle of Coca-Cola costs around 1.60 dollars in the United States. The price in different currencies and countries varies, but is at an extremely affordable price point.
Conclusion
Coca-Cola is an extremely profitable brand that is mass marketed to people in a well-strategized fashion. Availability and price point are the key factors that make the product highly profitable.
