Introduction
Promotions opportunity analysis refers to a process by which the target audiences for a certain product or business organization in the market are identified. In order to be able to develop effective promotions opportunity analysis it is important to ensure that the right decisions concerning resources available are made. Such decisions will be based on the assessment of environmental factors, also the targeted customers needs and wants and expectations should be put in place. Through such actions it will be possible to come up with promotion opportunity analysis that is very effective and that will meet all the objectives of the coke-cola company (Clow and Baack, 2004).
There are main objectives that the promotions opportunity analysis target to meet in the company and they are first to determine the promotional opportunities that already exist in the firm and secondly to be able to identify the different characteristics of each of the target customers or audience. These are the main objectives that coke-cola marketers seek to meet and if they are met the business organization achieves the highest degree of success in the business marketing environment (Clow and Baack, 2004).
Main body
There are certain steps that are followed when coming up with the promotions opportunity analysis. They include conducting of a communication market analysis, establishment of marketing communications objectives, establishment of a communications budget, and preparation of promotional strategies and finally matching of the techniques developed with the strategies. Proper adherence to these steps results to effective promotional opportunity analysis and achievement of the targeted objectives (Clow and Baack, 2004).
Communication market analysis
This is one of the major processes when carrying out the promotional opportunity analysis; for coke-cola communication is a key factor in carrying out promotional objectives. Through communication market analysis the company has been able to identify organizations strengths, weaknesses, opportunities and threats in relation to the promotional strategies of the company. All communication strategies in business have been used by the company to achieve high achievements in promotion of its products. The company uses advertising campaigns, sponsorship of events, mass media and many other communication strategies to pass information on the product in the market (Clow and Baack, 2004).
For effective market communication analysis there are certain components of communication marketing that are analyzed. These components include competitive analysis, opportunity analysis, target audience analysis and positioning analysis. These are the components that make easy for the marketing planners to understand the marketing communication strengths, weaknesses, opportunities and threats that are there.
Competitive analysis
Competitive analysis in the coke-cola company has been carried out, the main focus being on the competitive environment within and surrounding of the organization. There are certain factors that are considered under competitive analysis, one of the methods of carrying out competitive analysis are considering the porters five forces. The first thing is to identify the degree of rivalry; this involves the identification of the number of competitors in the market. For the coke-cola product the degree of rivalry is also very high this is because there are other companies in the market that produce soft drinks. These companies have been like rivalries in the market but the coke-cola product has managed to beat rivalry power and has gained a competitive advantage over many rivalry products like Pepsi drinks.
The other key thing in competitive analysis is threat of substitutes; the coke-cola marketers have been able to identify competitors in the market and the substitute products they offer, the quality of the products and any other factor that might attract customers to purchasing the product. The coke-cola marketers have used this information to come up with better competitive strategies that have given the product competitive advantage in the market over the rivals (Clow and Baack, 2004).
Buyer power analysis has been used by the coke-cola marketers to analyze the kind of buyers they have and their contribution to success of the product in the market. The marketers have known the way in which the buyers can be handled since they play important role in ensuring that the products of the business firm sell in the market. The coke-cola company carries out supplier power analysis that helps in determining the power that the company has to capture the customers to the business organization. Through this the company carries out its own assessment to know the ability and potential it has for maintaining its customers (Clow and Baack, 2004).
The business organization should identify the barriers to entry that are there for the other business organizations to enter in the same market. There are barriers to entry that the coke-cola company uses to protect its products from unworthy competition. The company owns patent rights for the formula of producing the coke-coca products that has remained unknown to many competitors companies in the market. Though the competitors have tried they have never known the exact formula used by coke-cola and that the reason the products have been competitive in the market and the market share is very large. When there are no barriers it means that competition may be tight as compared to when there are barriers to when there are barriers (Clow and Baack, 2004).
Opportunity analysis
This refers to analysis of the opportunities that may be available for the business to expand its operations. It is a “structured method for testing ideas against market conditions.” The coke-cola company carries out in-depth opportunity analysis, this is done through marketing research whereby marketers try to identify the different opportunities available in the market that can be utilized by the company to gain competitive advantage in the market. Opportunity analysis is very important especially at the time when there is high competition in the market; through this it becomes easier to identify different strategies that can be used to maintain competitive advantage. Through this the coke-cola marketers have been able to develop strategies that help in capturing all the available opportunities in the market hence it has gained higher competitive advantage (Entr200, 2008).
There are certain steps that can be carried in opportunity identification, first is to identify the potential opportunities for the organization; for the coke-cola company the potential opportunities are identified through marker research and interaction with the customers in the market. After the potential opportunities are identified then the main purpose and objectives for analysis are identified, the purpose and objectives of the coke-cola drink is to meet customer needs and to satisfy them effectively. This is what will determine the most viable opportunity for the business organization since there are opportunities that may not be worthy investing based on objectives (Entr200, 2008).
The related data to the opportunities is gathered, data should be based on primary sources. The coke-cola company carries out market research whereby they collect primary data on the needs of their customers; this enables effective satisfaction of the needs of the customers and achievement of objectives. Data collection is a process and should be taken serious since implementation is based on the data collected. The final step is the data analysis and interpretation of the results, the collected data on market is analyzed, this helps to give a clear direction of how to implement the potential opportunities available in the market (Entr200, 2008).
Target market analysis
Target market refers to the customers that given business organization intends to capture, in order to carry out an effective target market analysis the first thing is to identify the targeted market. After target market identification it becomes easier to know the exact needs of the targeted market after which it will be easier to know what exactly to offer to them.
The coke-cola company identifies the target markets for the different soft drinks they offer. The target market for the coke-cola drink covers almost every mature person in the society; the marketers carry out campaigns and other promotional programs to determine whether the targeted market has been reached. It also carries out surveys to know the groups of people in the market who consume certain coke-cola drink in the market. Such things have helped in target market analysis.
It is important to know the target market in order to know how to approach the market to gain a competitive advantage over the rivals in the market. Also it becomes easier to develop the marketing strategies that best meet the needs of the target market in a perfect manner. Target market analysis also helps in identifying the different opportunities that are available in the market and that can be utilized.
Also it is done to ensure that the objectives regarding the target market are met, which includes accessing whether the intended products marketed to the target market are delivered and that they are convinced to use the products. When the objectives are not met then new strategies to approach the targeted market are developed, this are implemented in order to attain the intended objectives. Because of this the coke-cola products have gained competitive advantage in the market over rivals (Clow and Baack, 2004).
Customer analysis
Customer analysis is also another essential factor in the success of the coke-cola products in the market. This enables the company to know the exact customers in the market for their products. This is because when you are aware of the customers it is easier to develop products that perfectly meet the needs of the customers in the market. The company has been able to develop soft drinks that satisfy customer’s needs in the market. It has also been able to develop strategies that help in attracting the potential customers and also maintaining the customers who are already there. (Clow and Baack, 2004)
Customer analysis also help in developing good relationship with the customers in the market such that the customers who have complains can pass them comfortably to the organization and action can be taken to solve the problem. This helps much in knowing the customers in the market and at the same time deciding on ways to approach potential customers in the market. Also it becomes easier to know the requirements of the customers in the market and then developing ways to meet those requirements in an effective manner. In order to ensure this the company has support team that handles all the customer companies and through this they get to learn of the mistakes they make and they correct them easily.
Market segmentation strategy
These are methods that are used to divide up the market according to different characteristics based on the products offered by the business organization. Business organizations come up with market segmentation strategies in order to ensure that different customer’s needs under different segments are met accordingly.
The coke-cola company has segmented its market based on different needs of people in the market. For instance there are the products it developed for people with health problems like diabetes and for the normal people that has variety to choose from. Market segmentation is usually very important for the success of the business organizations in the competitive business environment. There are also other methods that the company uses to segment its products that include demographics, geographical areas and age. When markets are segmented the company concentrates fully on the given segment and maximizes the opportunities available in that market (Clow and Baack, 2004).
Analysis is done on market segments and different issues are identified based on the one that is used by the organization. Weaknesses and threats experienced are identified after which they are usually transformed to strengths and viable business opportunities. This is the importance of market segmentation analysis since it is used to maximize the benefits of the attained form the market segmentation (Clow and Baack, 2004).
Corporate strategies
Corporate strategies enable business organizations to achieve the targeted objectives within the set duration of time. They are the enabling force for the success of any business organization in the business environment. Corporate strategies are usually very important in the success of the business organization and for that reason they are usually adhered to keenly.
Corporate image strategy
These are the kind of strategies that are used by the business organization in order to buildup the image of the business organization in the market environment there are certain important things that ought to be put in place. A strong corporate image strategy usually begins with understanding of how the given business organization is perceived internally as well as externally. In order to build the corporate image the company conducts surveys with the management and all the employees within the business organization.
Also other surveys are carried out in the market and through this they get to know how it is viewed in the society. They get to know where they are going wrong and the positive aspects of the products, this enables it to maximize on its positive potentials and to improve the weak areas hence gain competitive advantage in the market. Corporate image is very important in the survival of business organization this is because it is through the corporate image that organization manages to build its reputation in the market and the coke-cola products have built positive one in the market (Hollinden, 2006).
Corporate image strategies are aimed at improving or building the image of the business organization. Some of these strategies include development of a strong brand name in the market as the coke-cola company has already done and continues to do in the market. Strong brand name in the market in the first place attracts customers and also increases market share. Most of the strategies are usually based on promotional or marketing strategies that are used to promote the products of the business organization. Brand name and corporate image is built through the promotional activities that take place in the coke-cola company (Hollinden, 2006).
Brand development and positioning strategies
In building corporate strategies brand development and positioning strategies are very important in the success of any business organization. In order to develop a strong brand name in the market the first thing is to come up with a brand name that the customers will associate with and also will be able to associate the business organization with. The coke-cola company came up with the brand name that has become like the song of every person in the market; this has also enabled high market capture of the coke-cola product. Because of the strong brand name which has been a strategy for the company, awareness of a business organization and its products has greatly increased. Through the brand name the company has established strong feelings and reactions and favorable view towards the whole company and the products (Hollinden, 2006).
Distribution strategy
A business organization can have a strong brand name and image but the distribution strategy can be not favorable at all. These are the strategies that are used to move products from the business organization to reach the targeted customers in the market. Distribution strategies ensure that the products reach the targeted customers in the market in the right place and at the right time. Availability of products in the market also ensures success of the business organization in the market. The coke-cola company has realized the importance of distribution strategy and they have developed coke-cola deports in nearly all the places where their customers are concentrated. They also use specially built coke-cola vehicles that transport those products. The distribution strategy for the company’s products is very effective (Clow and Baack, 2004).
Distribution channels ensure that products are at the right place at the right time hence attracting the attention of the targeted customers. While designing distribution channels organization choose the best channels that present the products in the market. They may either choose to use a certain number of middle men or even distribute the products directly in the market. For coke-cola products they use one middle man, where the products are put in depots then they are distributed to retail shops where final consumer easily accesses them (Schultz et al, 1996).
Public relations strategy
These strategies help in building a good relationship in the business environment. They usually communicate to the public the mission, vision and objectives of the business organization and inform the public on the existence of that business organization in the market. Public relations are very important since the public get to know the business organization better through the strategies used (Schultz et al, 1996).
The coke-cola company values public relations and for that reason they have many different strategies that are used to create good public relations in the market. The company uses advertising campaigns whereby people participate in certain activity and they are awarded using the company’s products. The other strategies used by the company to build public relations include strategic planning and positioning, marketing on the internet among others. These strategies help in determining the view of the organization by the public in the market. So the kind of strategies used may either promote the business organization in the market or even destroy the image of the business (IBS, 2008).
Evaluation
This is the final part in the corporate strategies and it involves assessment of the strategies and determination of whether they are meeting the targeted objectives or not. The strategies that are not effective they can be eliminated or improved and also the best are highly maintained.
Integrated marketing communications management
For the coke-cola company to have a successful management of the integrated marketing communication there are certain things are done first. The first thing is setting of objectives that guide the whole process to the achievement of the final results. The second thing is setting up a budget that is to enable the objectives to be achieved effectively. Setting of the budget is based particularly on what is aimed to be achieved.
After setting the proper budget to be followed the next and final step is selection of the agency to be used in accomplishment of the set objectives. The major objectives include consumer objectives, and distribution channel objectives. These are the major things in the success of the coke-cola products in the market and achievement of these objectives determines the success of the whole business. (Clow and Baack, 2004)
Integrated Marketing Communications methodologies
These are the methods that are used to achieve consumer objectives and they include:
Advertising
The company uses advertising methods in most of its promotional activities, but for this to be successful there are certain things that take place first. Goals and budget for advertising of the products is set down. The goals are usually based on what the company plans to achieve at a given period of time. Also the budget is set based on goals and objectives of the company in order to ensure that the set goals are objectives are effectively met. After the goals and the budget have been set down then a creative brief in regards to the advertising method is set down, whereby the way in which the method will be implemented is analyzed. (IBS, 2008).
The final thing is the designing of the advertising design; this refers to the form in which the advertising method is going to take. The reason for this is because of the many different advertising methods that are usually there, the best and suitable advertising method is used.
Consumer promotions
The coke-cola company also uses consumer promotions to meet its customers in the market. These are the methods that are used to promote the products to the customers. In order to have effective consumer promotions a budget has to be allocated for the operations. Since there are different consumer promotion methods a selection of the suitable ones is done, the selection is done among methods like discount offering, free gifts among many others. These methods are then implemented accordingly (Schultz et al, 1996).
Personal selling
Personal selling is also another method that is employed by the coke-cola company in promotion of its products. These are methods whereby the marketers are engaged in personal contact with the consumers or the businesses they are marketing the products to. Personal selling enables a direct interaction with the customers hence marketers being in a position of getting to know more from the customers. Through the different methods of personal selling it has become easier for the coke-cola marketers to give detailed information on products to customers hence increasing the chances of purchasing such products (Clow and Baack, 2004).
A budget has to be set down and goals to be achieved through personal selling; the budget helps in accomplishing the goals. Personal selling is a bit costly as compared to other methods of promotion and for that reason it needs a location of a little more finances as compared to other methods. Personal selling is usually practiced for the products that need more specialization and explanation on the part of the customer, through this strategy high sells are achieved (Schultz et al, 1996).
Sponsorship programs
The coke-cola company has been greatly engaged in sponsorship programs that include sports and other major activities in the society. The strategy involves support of different public activities that take place in the society, through support of the activities many of the people during the events get to know the existence of the business organization and its products; hence these acts like a marketing program for the coke-cola company products. For instance sponsorship of games and other events in the society, through this it has become easier to build corporate image as well as promoting the business organizations products effectively in the market. Sponsorship programs are demanding for the business organization hence there is a great need of allocating enough finances to support the method (IBS, 2008).
Data base programs
These are also programs that are used to promote business organizations in the market. This involves collection of data pertaining different marketing factors and using that information to come up with information that can be used in promotions opportunity analysis. Database programs are very essential in the running of any business organization and especially for the promotions opportunity analysis since the data collected provides useful information that can be used to locate different opportunities under marketing communications. Database programs include data warehouse, direct marketing and permission marketing, through the different programs data pertaining different aspects in the organization is collected. Businesses choose the ones that best suit the needs in the organization and implement it effectively to achieve its objectives (Schultz et al, 1996).
Media plan
This is a plan that is usually set down to cover all the expenses involved in different promotions methods. This is done through analysis of the different budgets set for the methods and combining the total together to determine the amount to be spent. Since many of the promotional activities involve media a plan is set down to determine the different media strategies that can be implemented in the business organization to achieve the intended objectives. Also plan on the way the different methods will be implemented is also done and the kind of media that will be used (Schultz et al, 1996).
Evaluation
It is the final evaluation of all the activities that are done in integrated marketing communications. Through the evaluation the success of the different strategies used is assessed based on achievement of the objectives and goals. Evaluation determines whether the integrated marketing communications are a success or not.
List of references
- Blankson C. (2008), Promotions opportunity analysis.
- Clow K, and Baack D, (2004). Advertising Promotion and Integrated Marketing Communications 2nd edition: Prentice Hall Publishers.
- Entr200, (2008). Opportunity analysis. Web.
- Hollinden C.M, (2006). Strong corporate image begins with well thought out strategy, Houston business journal.
- IBS, case development center, (2008). Marketing strategies case studies, advertising strategies of coca-cola: can it be refreshed?
- Schultz E.D, Tannenbaum S.I, and Lauterborn.R.F, (1996). The new marketing paradigm: Integrated Marketing Communications, McGraw-Hill Professional Publishers.