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For this assignment I have been asked to produce a new marketing strategy for an existing product. The product that I have decided to study and research is Coca Cola this is because Coca Cola is my favourite drink and I would like to know what other peopl

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Introduction

Introduction For this assignment I have been asked to produce a new marketing strategy for an existing product. The product that I have decided to study and research is Coca Cola this is because Coca Cola is my favourite drink and I would like to know what other people think about it. I have been asked to obtain primary and secondary data relating to Coca Cola. Firstly I have been asked to carry out a questionnaire and analyse my result using graphs. Then I have been asked to investigate the secondary data, places where I would look to find this data is the Internet and magazines. I have been asked find out what are the external influences affecting Coca Cola. I have also been asked to carry out a PEST and SWOT analysis of the market. I will state how important are these external influences to my strategy. I will find out how the marketing mix been used to create the marketing mix and write a justification of my marketing mix. I have been asked to evaluate the different type of marketing models used in this assignment. I will assess the reliability and validity of the models. Lastly I will present one aspect of my strategy to an audience. Dr. John S Pemberton in Atlanta, Georgia invented Coca Cola on 8th May 1886. The name 'Coca-Cola' was suggested by Dr Pemberton's bookkeeper, Frank Robinson. He penned the name Coca-Cola in the flowing script that is famous today. 'Coca-Cola' was first sold at the soda fountain in Jacob's Pharmacy in Atlanta. During the first year, sales of Coca-Cola averaged nine drinks a day, adding up to total sales for that year of $50. Today, products of The Coca-Cola Company are consumed at the rate of more than one billion drinks per day in around 200 countries. The secret formula used to make Coca-Cola is made by using a unique combination of natural flavourings. ...read more.

Middle

Price Discrimination: The same product being sold at different prices to different segments of the market, e.g. Mobile Phone companies have 'peak' (expensive) and 'off-peak' (cheap) times, and they charge more or less depending on when you use your phone. Non-Price Competition: Competing with the competition using other strategies apart from price (i.e. packaging, sales promotion etc). Premium Pricing: This is were an organisation uses a high price where there is uniqueness about the product or service. This approach is used where a substantial competitive advantage exists. Such high prices are charge for certain luxuries such as first class flights and holidays. Economy Pricing: The cost of marketing and manufacture are kept at a minimum. Supermarkets often have economy brands for soups, spaghetti, etc. Psychological Pricing: This approach is used when the marketer wants the consumer to respond on an emotional, rather than rational basis. For example 'price point perspective' 99 pence not one pound. Optional Product Pricing: Companies will attempt to increase the amount a customer spends once they have started to buy. Optional 'extras' increase the overall price of the product or service. For example airlines will charge for optional extras such as guaranteeing a window seat or reserving a row of seats next to each other. Captive Product Pricing: Where products have complements, companies will charge a premium price where the consumer is captured. For example a razor manufacturer will charge a low price and recoup its margin (and more) For my organisations I am going to be using Cost-plus pricing. I have chosen this one because I feel that it is realistically possible for my business. I hope to achieve an approximate profit margin of �500 for the first 3 months. I also hope to use Non-Price Competition as well, as I feel that in my organisation I am going to be able to achieve this from the beginning. I can package my products differently, and I hope to offer excellent customer service by employing friendly staff. ...read more.

Conclusion

I did my primary research, which was conducting a questionnaire that included 10 questions and this questionnaire was given out to one hundred people. In order to do my Secondary research I looked at a variety of sources. Some of these sources were useful, some were out of date and some were not useful. After giving my questionnaire to one hundred people I found out that customers of Coca Cola wanted a new product to be launched but majority wanted me to launch blackcurrant flavour and fizzy drink. At the beginning I wasn't planning to make the flavour blackcurrant but I had to change it because it is the choice of customers and they have to be satisfied. If they are not satisfied they would not want to buy and I would not be able to make a profit. After planning my flavour I had to look at the external influences of Coca Cola. I had to do a PEST (Political, Economic, Social and Technology) and SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis, as these factories are very important for me to know before I am able to start marketing my new strategy. I had to research the marketing mix, which included the four Ps (Product, Place, price and Promotion. I had to research each P and relate it to my new strategy. These four Ps are also very important for me to know before I am able to start marketing my new strategy. Lastly I had to research the marketing models, which are Product Life Cycle, Boston Matrix and Ansoff Matrix. I researched each of the models. For the Product Life Cycle I explained what stage Coca Cola is currently in. For Boston Matrix I also explained what stage Coca Cola is at, and for Ansoff Matrix I had to state what stage I am in because I am launching a new strategy for an existing market. Overall I found this assignment very fun to do it gave me a wide range of knowledge of marketing. I enjoyed learning marketing and how it works out. ...read more.

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