Marketing Strategy The goal of a marketing strategy is to increase sales and stay current with how a market is behaving. Present

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.

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 Milestone Three Guidelines and Rubric Marketing

Overview: For this milestone, due 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. Prompt: First, review Chapter 14 and Chapter 16 in your text. Next, draft a paper that explains in detail the goals of the overall marketing campaign, channels through which you will market the new segment, the way you will incorporate a one-to-one strategy, and messaging strategy. When discussing your one-to-one strategy, be sure to define one-to-one marketing, describe the stage/s in the consumer buying process for which this strategy is most effective, and determine a one-to-one strategy that would work for the stage you identified, explaining why it aligns with your chosen segment. Specifically, the following critical elements must be addressed:

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.

Instructor feedback on this milestone should be incorporated into your next milestones and into the final project.

Rubric Guidelines for Submission: Milestone Three should follow these formatting guidelines: 2–3 pages in length (excluding title and reference pages), double spaced, 12-point Times New Roman font, one-inch margins, and citations in APA style. Cite your sources within the text of your paper and on the reference page. For help with PowerPoint and preparing your slideshow, visit Infobase, or the Microsoft PowerPoint help center. Please note that the grading rubric for this milestone submission is not identical to that of the final project. The Final Pr oject Rubric will include an additional “Exemplary” category that provides guidance for how you can go above and beyond “Proficient” in your final submission.

Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Marketing Strategy:

Goals Defines at least three overall 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 15

Marketing Strategy: Channels

Determines the channels through which you will market the product to your segment and justifies response

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

Does not identify the channels for marketing the product

15

Marketing Strategy: Messaging Strategy

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 15

Marketing Strategy: One-to-One Marketing

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

15

Marketing Strategy: Stages

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

15

Marketing Strategy: Strategy

Determines a one-to-one marketing strategy that would work for the stage(s) 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

15

Articulation of Response

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

10

Total 100%