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Assignment on 4ps marketing

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Assignment on 4ps marketing

  1. 1. PREMIER UNIVERSITY CHITTAGONG Course Title : - “Marketing Management” Assignmenton:Marketingmix Submitted To Ms. Kaniz Fatema Lecturer Department of Marketing Premier University Chittagong -: Submitted By:- Name Id 1) Dipankar Deb Nath 12-026-1-01-06215 2) Saiful Islam 12-026-1-01-06275 3) Sanjoy Deb Nath 12-026-1-01-06274 Department : Accounting Section : (B) Submission Date : 14/02/2016
  2. 2. **What is the Marketing Mix? Marketing is the social and managerial process by which individual and group obtain what they need and want through creating, offering and exchanging products of value with others. ---------------Philip Kotler **What is the importance of the marketing mix? All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others. The Marketing Mix Product Place PromotionPrice
  3. 3. **The 4Ps of Marketing Mix** The service marketing mix comprises off the 4Ps. These include…. 1. Product 2. Price 3. Place 4. Promotion -:Product:- Refers to the item actually being sold. The product must deliver a minimum level of performance;otherwise even the best work on the other elements of the marketing mix won't do any good. -:Price:- Refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.
  4. 4. -:Place:- Refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location -:Promotion:- This refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prize.
  5. 5. Marketing Mix Product Product variety Quality Design Features Brand name Packaging Prices Listprice Discount Allowances Payment period Creditterms Place Channels Coverage Assortsment Locations Inventory Transport Promotion Sales promotions Advertising Salesforce Publicrelations Direct marketing
  6. 6. **Coca cola Marketing Mix** The marketing mix of coca cola has been changing over time with more and more product being added such that today it has 3300 product many different way of advertising all those product. But because of this Coca cola s the brand equity. The 4Ps of marketing: Product, Price, Place, Promotion -:PRODUCT:- Many Products are physical objects that you can own and take home. But the word product means much more than just physical goods. In marketing, product also refers to services, such as holidays or a movie, where you enjoy the benefits without owning the result of the service. Businesses must think about products on three different levels, which are the core product, the actual product and the augmented product. The core product is what the consumer is actually buying and the benefits it gives. Coca Cola customers are buying a wide range of soft drinks. The actual product is the parts and features, which deliver the core product. Consumers will buy the coke product because of the high standards and high quality of the Coca Cola products. The augmented product is the extra consumer benefits and services provided to customers. Since soft drinks are a consumable good, the augmented level is very limited. But Coca Cola do offer a help line and complaint phone service for customers who are not satisfied with the product or wish to give feedback on the products. Positioning Once a business has decided which segments of the market it will
  7. 7. compete in, developed a clear picture of its target market and defined its product, the positioning strategy can be developed. Positioning is the process of creating, the image the product holds in the mind of consumers, relative to competing products. Coca Cola and Franklins both make soft drinks, although Franklins may try to compete they will still be seen as down market from Coca Cola. Positioning helps customers understand what is unique about the products when compared with the competition. Coca Cola plan to further create positions that will give their products the greatest advantage in their target markets. Coca Cola has been positioned based on the process of positioning by direct comparison and have positioned their products to benefit their target market. Most people create an image of a product by comparing it to another product, thus evident through the famous battles between Coca-Cola and Pepsi products. Branding It is often hard to say exactly why we buy one company’s product over another. Companies such as Nike and Adidas spend large amounts of money trying to win consumers away from their competitors who make products that are very similar. The popularity of the brand is often the deciding factor. Over the time Coca Cola has spent millions of dollars developing and promoting their brand name, resulting in worldwide recognition. ‘Coca-Cola’ is the most recognized trademark, recognized by 94% of the world’s population and is the most widely recognized word after “OK”. Coca Cola’s red and white colour and special writing are all examples of world- wide trademarks. There are a number of branding strategies: Generic brand strategy, Individual brand strategy, Family brand strategy, Manufacturer’s brand strategy, Private brand strategy and Hybrid brand strategy. Coca Cola utilizes the Individual brand strategy as Coca Cola’s major products are given their own brand names e.g Fanta, Sprite,
  8. 8. Coca Cola etc although they maybe presented as different lines they operate under the name of Coca Cola. Packaging Packaging, which is not as highly perceived by businesses, is still an important factor to examine in the marketing mix. Packaging protects the product during transportation, while it sits in the shelf and during use by consumers, it promotes the product and distinguishes it from the competition. Packaging can allow the business to design promotional schemes, which can generate extra revenue and advertisements. Coca-Cola has benefited from packaging the product with incentives and endorsements on the labeling as a promotional strategy to increase its volume of sales and revenue. -:PRICE:- Price is a very important part of the marketing mix as it can effect both the supply and demand for Coca Cola. The price of Coca Cola’s products is one of the most important factors in a customer’s decision to buy. Price will often be the difference that will push a customer to buy our product over another,as long as most things are fairly similar. For this reason pricing policies need to be designed with consumers and external influences in mind, in order to effectively achieve a stable balance between sales and covering the production costs. Price strategies are important to Coca Cola because the price determines the amount of sales and profit per unit sold. Businesses have to set a price that is attractive to their customers and provides the business with a good level of profit. Long before a sale was ever made Coca Cola had developed a forecast of consumer demand at different prices which inevitably determined whether or not the
  9. 9. product came on the market, as well as the allocation of adequate money and resources to produce, promote and distribute the product. Pricing Strategies and Tactics The pricing Strategy a business will use will have to focus on achieving the marketing plan’s objectives and support the positioning of the product, and take external factors such as economic conditions and competitors in to account. There are 5 strategies available to business: Market skimming pricing, Penetration pricing, Loss leaders, Price Points and Discounts. Over the years Coca Cola has used Penetration Pricing as a way of grabbing a foothold in the market and won a market share. It’s product penetrated the marketplace. Once customer loyalty is established as seen with Coca Cola it is then able to slowly raise the price of its product. There has been a fierce pricing rivalry between Coca Cola and Pepsi products as each company competes for customer recognition and satisfaction. Till now it appears as if Coke has come up on top, although in order to gain long term profits Coke had to sacrifice short term profits where in some cases it either went under of just broke even, but as seen it has been all for the best. Pricing Methods Good pricing decisions are based on an analysis of what target customers expect to pay, and what they perceive as good quality. If the price is too high, consumers will spend their money on other goods and services. If the price is too low, the firm can lose money and go out of business.Pricing methods include: Cost based Pricing, Market based pricing and Competition based Pricing. Over the years Coca has lost ground here in it’s pricing but has regained its strength as it employed the Competition-based pricing method which allowed it to compete more effectively in the soft drink market. Leader follower pricing occurs when there is one quite powerful
  10. 10. business in the market which is thought to be the market leader. The business will tend to have a larger market share, loyal customers and some technological edge, thus the case currently with Coke, it was first the follower but through effective management has now become the leader of the market and is working towards achieving the marketing objectives of the Coca Cola. -:PLACE:- The place P of the marketing mix refers to distribution of the product- the ways of getting the product to the market.The distribution of products starts with the producer and ends with the consumer. One key element of the “Place/Distribution” aspect is the respective distribution channels that Coca Cola has elected to transport and sell its product. Selecting the most appropriate distribution channel is important, as the choice will determine sales levels and costs. The choice for a distribution channel for any business depends on numerous factors, these include: • How far away the customers are; • The type of product being transported; • The lead times required;and; • The costs associated with transport; There are four types of distribution strategies that Coca Cola could have chosen from, these are: intensive, selective, exclusive and direct distribution. It is apparent from the popularity of the Coca Cola’s product on the market that the business in the past used the method of intensive distribution as the product is available at every
  11. 11. possible outlet. From supermarkets to service stations to your local corner shop, anywhere you go you will find the Coca Cola products. Physical Distribution Issues Coca Cola needs to consider a number of issues relating to the physical distribution of its soft drink products. The five components of physical distribution are, order processing, warehousing, materials handling, inventory control, transportation. Coca Cola must further try to balance their operations with more efficient distribution channels. Order Processing- Coca Cola cannot delay their processes for consumer deliveries (i.e. delivery to selling centers), as this is inefficient business functioning and is portrays a flawed image of the product and overall business. Warehousing and inventory control- warehousing of Coca Cola products is necessary. Inventory control is another important aspect of distribution as inventory makes up a large percentage of businesses assets. Choosing the correct and desired inventory measure that Jackson’s sees as most effective is vital. Jackson’s must remember though that there are factors involved with inventory control that can hinder the products sales and customer perceptions (hazards, distribution from storage facilities, etc…) Materials handling- this deals with physically handling the product and using machinery such as forklifts and conveyor belts. When holding products, then Coca Cola has benefited from purchasing or renting respective machinery.Transportation- transporting Coca Cola products is the one most important components of physical distribution. Electing either to transport the sports drink by air, rail, road or water depends on the market (i.e. global, or domestic) and depends on the associated costs. The most beneficial transportation
  12. 12. method for Coca Cola would be ROAD if the product were moved around from storage to the cost centers. -:PROMOTION:- In today’s competitive environment, having the right product at the right place in the right place at the right time may still not be enough to be successful. Effective communication with the target market is essential for the success of the product and business. Promotion is the p of the marketing mix designed to inform the marketplace about who you are, how good your product is and where they can buy it. Promotion is also used to persuade the customers to try a new product, or buy more of an old product. The promotional mix is the combination of personal selling, advertising, sales promotion and public relations that it uses in its marketing plan. Above the line promotions refers to mainstream media, advertising through common media such as television, radio, transport, and billboards and in newspapers and magazines. Because most of the target is most likely to be exposed to media such as television, radio and magazines, Coca Cola has used this as the main form of promotion for extensive range of products. Although advertising is usually very expensive, it is the most effective way of reminding and exposing potential customers to Coca Cola Products. Coca Cola also utilizes below the line promotions such as contests, coupons, and free samples. These activities are an effective way of getting people to give your product ago.
  13. 13. -: Conclusion:- In above, we analyzed marketing mixer of coca-cola cooperation .From your study we can conclude that main marketing mix components are how to used in coca-cola cooperation. Products of coca-cola company, satisfied consumer needs with highly satisfactions when we consider the characteristics of marketing mix that is the main objective. Price of coca cola products, get optimally economical satisfaction for consumer. By understanding Coca-cola we can say it the company is using its promotional mix in an effective and efficient manner Finally we can conclude that, for any company to reach the peak in today’s competitive era, has to use each and every component of the marketing mix For any company controllable function as use marketing mix.

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