Select a consumer segment that your company serves, and describe why this segment is worth pursuing. Identify and qualify research sources t

Coca Cola Megan George

Consumer segment

! The Coca Cola understands the needs of the customers.

! It develops a business strategy that aligns with the expected consumer behavior.

! Primary consumers or target market (consumers aged 10-25 years).

! Secondary consumers (aged 25-40 years) (Wang, 2021).

Resources

! Consumer behavior information can be sourced from resources such as:

! Social media platforms. ! Focus groups and surveys. ! Customer reviews ! Competitor analysis.

Secondary research

! Scholarly reviewed articles and journal articles are used in studying the characteristics of Coca Cola’s consumer segment.

! Characteristics of the consumer segment: ! Highly influenced into adapting a given

consumption behavior. ! Majority have varying purchasing power with

differences in level of income. ! Prefer trending fashion or newly introduced products

(Melancon & Dalakas, 2018).

Segmentation strategies

! There are various strategies the Coca Cola Company can segment the market:

! Demographic such as age, income, occupation and income.

! Geographic segmentation: based on the location of the customer.

! Psychographics: based on hobbies and interest ! Behavioral; strategy: based on behavioral patterns as

studies from the resources.

Behavioral segmentation

! This segmentation strategy is based on consumer behavior.

! Consumer aged (20-45) are affected by factors such as income, interests, age.

! These factors affect their consumer patterns. ! Behavioral segmentation would assist in

implementing the best offer in terms of marketing mix.

Selected consumer segment

! Segment: Low income, highly literate adults aged 25-40 years

! The segment is highly price sensitive due to limited purchasing power.

! The segment understands the quality standards of the product.

! The segment has information on prices (De et al, 2021).

Research needs

! Impact of technology: helps determine needed differentiation strategies.

! Effect of change in income: helps in understanding expected changes in demand.

! Effect of competition and pricing: helps determine the ability to switch to competitors.

References 


Wang, J. (2021, October). How Coca Cola and Pepsi Use Segmentation in Consumer Product Industry. In 2021 International Conference on Public Relations and Social Sciences (ICPRSS 2021) (pp. 866-870). Atlantis Press. Melancon, J. P., & Dalakas, V. (2018). Consumer social voice in the age of social media: Segmentation profiles and relationship marketing strategies. Business Horizons, 61(1), 157-167. De Villiers, R., Tipgomut, P., & Franklin, A. (2020). International market segmentation across consumption and communication categories: Identity, demographics, and consumer decisions and online habits.

1

The goal of the marketing campaign of Coca-Cola Company is to increase sales within

the organization and stay with how its market is behaving. Coca-cola is known for

understanding the needs of its customers and therefore the need to develop a business

strategy that best fits their consumer behaviors. The best channel that can be used in the

marketing of the products is online advertising. This is based on the idea that Coca-Cola

has both primary and secondary consumers who can access any other form of online

advertisement. This marketing strategy conforms to all the stages of the consumer

purchasing process. Digital marketing is often involved disseminating information

through all the media channels including social media, emails, websites, and other

applications.

Coca-cola benefits from the strategy in that it displays advertisements with the use of

images, videos, and texts making the client well informed and can always remember the

concept. The channel is also cheaper than the rest of the traditional methods and has

powerful analytics that can lead to the production and distribution of the Coca-Cola

company. It is also possible that Coca-Cola can target either their primary or secondary

users with targeted ads to trigger sales and understand how the market is indeed

behaving. Online marketing promotes all stages of consumer purchasing decisions and

hence the goals of the marketing strategy are likely to be met by the Coca-cola company.

The messaging strategy in using social media to convey the message to its users. The

sample messaging strategy was issued to represent evaluability and urgency to engage

their purchasing power (Ting et al,2021). Coca-cola must formulate messages that

complement its audience and lure them towards purchasing.

2

One-on-one marketing refers to customer-relationship management programs

which aim at changing behaviors toward individual customer-based needs. This works on

a basis that customer tells the company what they need hence creating a personal

relationship between the two. The strategy can be applied to the overall marketing

campaign in addressing sales increase and understanding customer behaviors of the

Coca-Cola company. The strategy is advantageous in ensuring returning customers as

well as cost benefits that can be used in dedicating more funds to ensure relationships

between customers are maintained, which saves on long-term campaigns rather than

costly marketing campaigns (Hoekstra & Leeflang,2020). Incorporate the type of

marketing into the marketing campaign, it can be made possible by incorporating

customer preferences by asking for opinions using online marketing strategies such as

social media. As a company, Coca-cola accesses the client feedback and produces better

and newer products in favor of what the customers prefer best.

The second stage of the consumer buying process is likely to correspond with the

purpose of one-to-one marketing such that it helps with addressing information search.

This stage is referred to as information searching which helps consumers identify what

they need in a specific type of product and the knowledge about the viable product. The

information searching stage of the consumer buying process uses sales representatives as

a form of listening to the customers to best offer client needs.

3

References

Hoekstra, J. C., & Leeflang, P. S. (2020). Marketing in the era of COVID-19. Italian

Journal of Marketing, 2020(4), 249-260.

Ting, L. P. Y., Wu, P. H., Jhang, J. Y., Yang, K. J., Chen, Y. J., & Chuang, K. T. (2021,

September). Boosting Latent Inference of Resident Preference from Electricity

Usage-A Demonstration on Online Advertisement Strategies. In International

Conference on Big Data Analytics and Knowledge Discovery (pp. 272-279).

Springer, Cham.

Consumer Buying Process

Megan George

Consumer Buying Process ● The term "consumer buying process"

refers to the processes taken by a prospective consumer while making a purchase decision on a product or service.

● Thus, the consumer purchasing process involves five basic processes that a prospective buyer must complete before making a choice to buy on items or services.

● These steps are; Need recognition, Information search, Alternatives evaluation, Buying decision, Buying and Post-purchase evaluation.

Consumer Buying Process Cont. ● Need recognition: A consumer cannot make a

buy a good or service until he or she understands what they truly require or desire.

● Information searching: After a consumer identifies his or her requirements and desires, obtaining knowledge about viable items that fit those needs and desires becomes critical.

● Assessing the alternatives: If the consumer executes the information seeking properly, he or she may be presented with a number of options from which to choose (Hill & Gardner, 2017). .

● Purchasing decision: after looking at different options the consumer makes a buying decision.

● Post-purchase evaluation: The customer examines whether they have been satisfied by the product.

Marketing Strategy ● The best advertising or marketing

approach that can be used by the organization like Coca-Cola is at all the stages of the consumer purchasing process.

● Digital marketing is the process of creating and disseminating information via digital media channels like as websites, social networking sites, email, and smartphone apps, as well as promoting that material using a range of sponsored, earned, and owned online platforms.

● Additionally, it entails informing the buyer about the nuances of how an item fits a specific need or desire.

● This enables the consumer to make an informed decision about the best goods to buy.

Marketing Strategy Cont.. ● Digital marketing approach is appropriate and

applicable to all stages of the consumer purchasing decision.

● Three stages of the consumer purchasing decision can benefit/utilize fully digital marketing.

● Digital marketing can aid in the searching of information. Consumers can use digital platforms to search all the relevant information relating to their product of their choice.

● It can also be used to search for alternative products from other companies.

● Digital marketing can also be used to buy a product. It offers a platform where consumers can order and pay for the product.

References Stankevich, A. (2017). Explaining the Consumer Decision-Making Process: Critical Literature Review. Journal of International Business Research and Marketing, 2(6), 7-14. https://doi.org/10.18775/jibrm.1849-8558.2015.26.3001 Hill, R. P., & Gardner, M. P. (2017). The buying process: Effects of and on consumer mood states. ACR North American Advances.

MKT 345 Final Project Guidelines and Rubric

Overview In this course, you will select a Fortune 500 company from a list provided and then select a consumer market segment that the company targets. With a focus on this segment, you will conduct analysis on the consumer behavior of this group and then make marketing recommendations on how to best reach them at various points in the buying cycle. You will need to consider who this segment is, which products would be most likely to appeal to them, and how the company should most effectively market to them. This assessment addresses the following course outcomes:

 Analyze marketing research for informing promotional approaches and strategies for a specific market

 Create messaging and promotional elements that effectively apply marketing mix principles for reaching specific target markets

 Evaluate the impact of consumer behavior on the development of focused one-to-one marketing campaigns

 Evaluate segmentation approaches for informing the selection of effective marketing strategies

 Analyze the stages of the consumer buying process for their implications to develop sound marketing strategies The project is divided into three milestones, which will be submitted throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three, Four, and Six. The final marketing research brief will be submitted in Module Eight.

Prompt First, select an existing Fortune 500 organization from the following list:

 Coca-Cola

 Nike

 Google

 Amazon

 Apple

 Target

 Starbucks In this scenario, you have been named vice president of marketing for your selected company. You have been told to choose one of the consumer segments the company targets and conduct an analysis of the buying behavior of that group. After you complete your analysis, you will need to present your proposed marketing strategy based on your analysis to the executive team.

Your presentation must address the following prompt: Select a consumer segment and develop a set of marketing strategies to reach this group at the different points in the buying cycle. The final deliverable for this assessment will be a presentation that includes detailed speaker notes explaining each slide. For help with PowerPoint and preparing your slideshow, visit Infobase or the Microsoft PowerPoint help center. Specifically, the following critical elements must be addressed:

I. Market Research A. Select a consumer segment that your company serves, and describe why this segment is worth pursuing. B. Identify and qualify research sources that can be used in obtaining information on consumer behavior. C. Analyze the characteristics of the chosen consumer segment using secondary research.

II. Segmentation

This section is where you will apply the information gained from your market research to your identified market segment. A. Identify the various segmentation strategies that your selected company uses to divide the market. Be sure to consider the overall market for

your chosen brand. B. Select the segmentation strategy(s) to create your market segment, and explain why the strategy(s) would be effective. C. Describe the consumer segment you have selected. Explain why they are a good fit for the product. D. Determine the research needs for this segment, and provide rationale for each need.

III. Consumer Buying Process

A. Define the stages of the consumer buying process. B. Analyze a marketing strategy that can be used for each stage of the consumer buying process in regard to your chosen market segment. C. Determine the specific stages of the consumer buying process for which your marketing strategies can be most effective for your consumer

segment.

IV. Marketing Strategy The goal of a marketing strategy is to increase sales and stay current with how a market is behaving. Present this strategy in a way that communicates why this strategy will be effective, and defend your claims. Remember that when creating a presentation, you should ensure that the elements used display a level of professionalism and do not distract viewers from the key points being presented.

A. Overall marketing campaign 1. Define the goals of your marketing campaign for your segment. 2. Determine channels through which you will market the product to your segment. Justify your response. 3. Develop a messaging strategy, including sample messaging, for each channel you identified.

B. One-to-one marketing campaign 1. Define one-to-one marketing, and describe how you will incorporate it into your overall marketing campaign. 2. Describe which stage(s) in the consumer buying process would best lend itself to one-to-one marketing.

3. Determine a one-to-one marketing strategy that would work for the stage(s) you identified and explain why it aligns with your segment.

Milestones Milestone One: Market Research and Segmentation In Module Three, you will prepare a PowerPoint presentation summarizing the research on segmentation strategies you have so far considered to market the consumer product you are proposing for your final project. This milestone will be graded with the Milestone One Rubric. Milestone Two: Consumer Buying Process In Module Four, you will prepare a PowerPoint presentation summarizing the consumer buying processes you have so far researched in order to market the consumer product you are proposing for your final project. This milestone will be graded with the Milestone Two Rubric. Milestone Three: Marketing In Module Six, you will submit a paper outlining the marketing strategy you have selected for the new segment you chose for your brand. This paper should include information about the overall campaign and should explain your strategy in detail. This milestone will be graded with the Milestone Three Rubric. Final Submission: Marketing Presentation In Module Eight, you will submit your final marketing presentation. Your presentation should include an analysis of the consumer behavior of the segment you chose and should make marketing recommendations on how to best reach that segment at the different points in the buying cycle. Your presentation should identify who this segment is, which products would be most likely to appeal to that segment, and how the company should most effectively market to the segment. Your final presentation should be a complete, polished artifact containing all of the critical elements of the final product. It should reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project Rubric.

Deliverables Milestone Deliverable Module Due Grading

One Market Research and Segmentation Three Graded separately; Milestone One Rubric

Two Consumer Buying Process Four Graded separately; Milestone Two Rubric

Three Marketing Six Graded separately; Milestone Three Rubric

Final Submission: Marketing Presentation

Eight Graded separately; Final Project Rubric

Final Project Rubric Guidelines for Submission: The submission should be a 12- to 15-slide PowerPoint presentation with audio or speaker notes included. Citations should be done in APA format as needed.

Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Market Research: Consumer Segment

[MKT-345-04]

Meets “Proficient” criteria and demonstrates keen insight regarding the selected consumer segment

Selects a consumer segment the company serves and describes why the segment is worth pursuing

Selects a consumer segment the company serves, but does not describe why the segment is worth pursuing or the description is cursory or contains issues regarding accuracy

Does not identify consumer segment

6

Market Research: Sources

[MKT-345-01]

Meets “Proficient” criteria and offers key insight into what information is valuable in researching consumer behavior

Identifies research sources that can be used in obtaining information on consumer behavior

Identifies research sources, but sources cannot be used to obtain information on consumer behavior

Does not identify research sources

6

Market Research: Secondary Research

[MKT-345-01]

Meets “Proficient” criteria and demonstrates a nuanced understanding of how to effectively analyze research

Analyzes the characteristics of the chosen consumer segment using secondary research sources

Analyzes the characteristics of the chosen consumer segment, but does not use secondary research or analysis contains flaws

Does not analyze the consumer segment

6

Segmentation: Segmentation

Strategies [MKT-345-04]

Meets “Proficient” criteria and demonstrates keen insight into market segmentation

Identifies various segmentation strategies that the selected company uses and response considers the overall market

Identifies only one segmentation strategy that the selected company uses, or response does not consider the overall market

Does not identify any segmentation strategies

6

Segmentation: Market Segment

[MKT-345-04]

Meets “Proficient” criteria and evaluation demonstrates a nuanced understanding of how segments are approached

Selects segmentation strategy(s), creates a market segment, and explains why they are effective

Selects segmentation strategy(s) but does not explain why they are effective

Does not select a segmentation strategy

6

Segmentation: Consumer Segment

[MKT-345-04]

Meets “Proficient” criteria and description offers keen insight into fit between the consumer segment and the product

Describes the consumer segment selected, and explains why they are a good fit for the product

Describes consumer segment, but does not explain why they are a good fit for the product or explanation has issues regarding cogency or accuracy

Does not describe the consumer segment and product

6

Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Segmentation: Research

[MKT-345-01]

Meets “Proficient” criteria and demonstrates a nuanced understanding of the needs of the specific market segment

Determines the research needs for the specific segment, and provides rationale for each need

Determines the research needs for the specific segment, but does not provide rationale for each need or rationale is not cogent

Does not identify research needs

6

Consumer Buying Process: Stages [MKT-345-05]

Meets “Proficient” criteria and masterfully illustrates each step of the consumer buying process

Defines the stages of the consumer buying process

Identifies the stages, but does not identify all stages or does not define the steps, or definition is not cogent or inaccurate

Does not define the stages of the consumer buying process

6

Consumer Buying Process: Marketing

Strategy [MKT-345-05]

Meets “Proficient” criteria and demonstrates a nuanced understanding of how a marketing strategy can be applied to the consumer buying process

Analyzes a marketing strategy that can be used for each stage of the consumer buying process in regard to market segment

Analyzes marketing strategies, but does not address each step of the process or is misaligned with market segment or description is not cogent

Does not describe marketing strategies for stages of the consumer buying process

6

Consumer Buying Process: Buying

Process [MKT-345-05]

Meets “Proficient” criteria and demonstrates a nuanced understanding of the relationship of the consumer buying process and the marketing segment

Determines stages in the consumer buying process where marketing strategies can be most effective given the selected consumer segment

Determines stages in the consumer buying process where identified marketing strategies can be most effective, but is not aligned with the selected consumer segment

Does not determine stages where identified marketing strategies would be most effective

6

Marketing Strategy: Goals

[MKT-345-02]

Meets “Proficient” criteria and goals are masterfully constructed with specific segment characteristics incorporated

Defines the goals of the marketing campaign for the selected segment

Defines goals for a marketing campaign, but goals are not aligned with the chosen segment

Does not define the goals for the campaign

6

Marketing Strategy: Channels

[MKT-345-02]

Meets “Proficient” criteria and demonstrates keen insight into which channels will be most effective for marketing the product

Determines the channels through which the product will be marketed to the segment and justifies response

Determines the channels through which the product will be marketed to the segment, but either does not sufficiently justify selection or the selected channel is not appropriate

Does not identify the channels for marketing the product

6

Marketing Strategy: Messaging Strategy

[MKT-345-02]

Meets “Proficient” criteria and messaging strategy demonstrates an exceptional understanding of each channel

Develops a messaging strategy, including sample messaging, for each channel identified

Develops a messaging strategy, but does not include samples for each channel identified

Does not develop a messaging strategy

6

Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Marketing Strategy: One-to-One Marketing

[MKT-345-03]

Meets “Proficient” criteria and demonstrates a nuanced understanding of how one-to- one marketing fits within a marketing campaign

Defines what one-to-one marketing is and describes how it will be incorporated into the overall marketing plan

Defines what one-to-one marketing is, or describes how it will be incorporated into the overall marketing plan, but definition or description contains inaccuracies or is cursory

Does not define one-to-one marketing and how it will be incorporated into the overall marketing plan

6

Marketing Strategy: Stages

[MKT-345-05]

Meets “Proficient” criteria and demonstrates a nuanced understanding of each step of the buying process

Describes which stage(s) in the consumer buying process would best lend itself to one- to-one marketing

Describes which stage(s) in the consumer buying process would best lend itself to one- to-one marketing, but description is cursory or inaccurate

Does not describe a stage in the process for one-to-one marketing

6

Marketing Strategy: Strategy

[MKT-345-03]

Meets “Proficient” criteria and demonstrates a nuanced understanding of one-to-one marketing strategies

Determines a one-to-one marketing strategy that would work for the stage identified and explains why it aligns with selected segment

Determines a one-to-one marketing strategy, but chosen strategy is incorrect, or does not explain the connection to the chosen segment

Does not determine a one-to- one marketing strategy

6

Articulation of Response

Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to- read format

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

4

Total 100%