Tuesday, December 10, 2019
Marketing strategy and management of brand - MyAssignmenthelp.com
Question: Discuss about the Marketing strategy and management of brand. Answer: Introduction Strategy marketing management is a submersion in the core standards of successful marketing. The strategic management is about the strategies used by managers bringing to accomplish better execution (Baker, 2014). This report outlines the proposed competitive strategy of Coca-Cola and Pepsi. The report outlines the proposed competitive strategy which will be successful in the aggressive period of the Cola wars. The report also explains whether the proposed strategy would still work for Coca-Cola at the present time. The other part of the report recommends the various ideas for launching a new product in the market by Coca-Cola in order to obtain the better research information to aid in the decision making. Proposed competitive strategy of Coca-Cola According to Kurt Christensen (2010), the main proposed competitive strategies for new coke that will be successful in the aggressive period of the Cola wars are explained as follows: Strong brand: Coca-Cola unification technique may be an endeavor to influence customers to perceive all of its offerings linked to one brand. The essence of the brand building of the company lies in the way that it needs its customer's availability to be inside an arms reach of want (Aaker 2012). In an attempt to establish its brand identity, as many as twenty attributes are tested each month including as many as 4000 customers. The brand development technique of Coca-Cola is viable as it has opposed the capacity to develop, handle as well as its brand identity. Strong customer relationship: Coca-Cola strongly believes in participative promoting by making shared values for all partners. Customizing its broad arrangement of items and packages for their stores depend on the local market's socio-economic demographics, important utilization event and the store's distinctive attributes (Michelini Fiorentino, 2012). Focus on core business model: The Coca-Cola has always been a creator of refreshing beverage brands. In the present time, organization expansive portfolio incorporates more than 500 brands, including shining refreshments, juices and drinks and enhanced hydration drinks. The organization have obtained and dealt with various Coca-Cola packaging partners with the objective of improving execution, and optimizing manufacturing and distribution system and at last, refranchising the packaging regions back to independent status. On the other hand, Pepsi is the second largest player in the food and beverage industry. There are several ways in which Pepsi can respond to the proposed competitive strategy which are as follows: Cost leadership: According to Weinzimmer McConoughey (2012), the cost initiatives as its essential competitive technique. This method concentrated on cost minimization as an approach to enhance Pepsi monetary execution and overall competitiveness. The organization also has unique marketing offers at a discounted cost. Broad differentiation: The organization uses wide separation as its other competitive strategy. This technique empowers business competitive benefit by attracting the customers to some special characteristics of the company products. Pepsi vital objective for the broad differentiation strategy is to improve the products in order to address concerns about their health issues. In todays, the above proposed competitive strategy will still work for Coca-Cola company. This proposed technique will enable the company to be centered on driving income and product development, become more effective, accomplishing the sustainable and quality development, and enhance the market share. The given proposed competitive strategy also help the company to overlook the approaches in order to increase the representative experience over the organization with the objective of developing the world's most energizing, gainful, fun and satisfying career environment with a workplace that sustains interest, knowledge, advancement, and development. Recommend ideas on how Coca-Cola acquire better research information to aid in decision making According to Kim Atuahene?Gima (2010), Coca-Cola should launch a new coke product in the market in order to diminish Pepsi competitive strategy. The company can launch the new coke product in the market by the following ways: Promotion: Coca-Cola can launch new coke product in the market by using various promotional tools, such as social media campaign in which organization use Facebook and Twitter in order to launch new coke product and enhance it among the customers (Neiger et al., 2012). The launch occasions can be a useful opportunity for catering the requirements of customers and interact face to face talk through the new product. Coca-Cola may also use the other marketing channels like advertising, public relations in order to promote the new coke product. Competitor analysis: According to Nair Selover (2012), Coca-Cola is one of the most famous brands in the world and it has long averted the competition with the use of a solid distribution technique and similarly strong promoting messages. Coca-cola has begun sponsoring local dealings and arranging customer marketing campaigns. The competitive advantage of the organization gets from its capacity to endeavor and collect suitable blend of resources. The organization also strongly promotes its new coke product and makes its product in response to consistently changing market conditions. The organization has a powerful market share as compared to Pepsi, as Pepsi has weaker customer loyalty, failure to separate products and weaker brand image compared to Coca-Cola. Understanding customer needs and requirements: Company determines the capacity to cater and exceed customer requirements by following consumer view through GfK, a market research organization. The organization finds better approaches to win in the marketplace and goal to be the favored provider to all the customers. In order to accomplish this, the organization adopted a wide-ranging of activities created to establish collaborative customer relationship and ensure great execution. In spite of the fact, individuals today are more concern about their health, Coca-Cola understands the customer needs and requirements by offering a wide range of varieties of drinks to their customers as compared to Pepsi. Conclusion From this report, it has been concluded that both Coca-Cola and Pepsi using innovative competitive strategy in order to expand its products and services among the customers. In the first case, the report provides the proposed competitive strategy for Coca-Cola which will be successful in the future and also benefit the company in the expansion of their products and services. The report also concludes that Pepsi also responds the proposed strategy of Coca-Cola by their cost leadership and broad differentiation of products. In the case study second, the report recommends the ideas on how Coca-Cola obtain better research data in order to aid in the business decision making. References Aaker, D. A. (2012).Building strong brands. Simon and Schuster. Baker, M. J. (2014).Marketing strategy and management. Palgrave Macmillan. Kim, N., Atuahene?Gima, K. (2010). Using exploratory and exploitative market learning for new product development.Journal of Product Innovation Management,27(4), 519-536. Kurt Christensen, H. (2010). Defining customer value as the driver of competitive advantage.Strategy Leadership,38(5), 20-25. Michelini, L., Fiorentino, D. (2012). New business models for creating shared value.Social Responsibility Journal,8(4), 561-577. Nair, A., Selover, D. D. (2012). A study of competitive dynamics.Journal of Business Research,65(3), 355-361. Neiger, B. L., Thackeray, R., Van Wagenen, S. A., Hanson, C. L., West, J. H., Barnes, M. D., Fagen, M. C. (2012). Use of social media in health promotion: purposes, key performance indicators, and evaluation metrics.Health promotion practice,13(2), 159-164. Weinzimmer, L. G., McConoughey, J. (2012).The wisdom of failure: How to learn the tough leadership lessons without paying the price. John Wiley Sons.