Introduction
Since historic periods, marketers and business people have been striving to increase their sales volumes and profit margins using various marketing approaches. In the 21st century, companies and business entities have changed their marketing approaches in a manner that places the customer as the king or the queen in the manufacture and sale of products with a view of maximising profits. The objective of the approach that places customers at the top of the marketing firms is to achieve maximum profits and outsmart competitors through enhanced customer satisfaction.
As a result, various businesses have started emphasising on delivery of products that match customer expectations in terms of quality and quantity in an attempt to outsmart their competitors and increase their market share. Coca-Cola Company is one of the companies that have successfully adopted a marketing approach that strive to match customer expectations with a view of dominating the global market share and satisfy its clients. Hence, it is against this background that the essay examined marketing practices in of Coca-Cola Company in details and compares its current marketing approaches with the 21st century marketing approaches.
Overview of Coca-Cola Company
Coca-Cola Company is one of the global companies that deal with the manufacture and sale of beverages. Founded in 1886, the company, which has its headquarters in Atlanta, Georgia, in the United States has effectively grown and become a global supplier of beverages to the customers worldwide (Ma 27). Currently, the company is among the leading global producers and marketers of beverages in the world with the United States being the leading consumer of its products.
Remarkably, modern consumers are dynamic and concerned with value for their money in line with product quality and value. In essence, the company has employed marketing approaches that are in tandem with the 21st century with a view of increasing its market share and profit margins through enhanced satisfaction of its customers. The implication of using enhanced customer satisfaction to increase profit margins and market share means that the company not only enjoys high sales volumes, but also sustains its growth and development in the competitive markets of the 21st century.
Marketing Practices
The Internet
Coca-Cola Company has employed the Internet to increase its customer base and market its products online. The company understands the importance of using online sites such as Facebook, Twitter, and YouTube in marketing its products. Since the potential consumers are individuals from all demographics, the old and the young, the use of online media to market its products proves to be very productive for the company.
Ma explains that since Coca-Cola Company targets consumers from all demographics by using the social media to market its products to the younger segment of consumers (25). The company has developed its website where clients can post their suggestions, opinions, and complaints. Through the platform created by the Internet, especially the social media, the company can easily decipher the changing customer dynamics and quickly conform to the trends. It is evident that the Internet is one of the strategies that place the customers as kingpins of the company’s customer-oriented marketing approach.
The Use of Television and Radio
Coca-Cola Company employs television and radio to market its products to consumers, who do not have easy access to the Internet. The use of radio and television increases the market share of the company, and thus, the company outsmarts its competitors in the beverage industry. In addition, strategic placement of Coca-Cola adverts in between radio and television programmes facilitates high awareness and persuades potential customers to purchase and consume its products. Through a customer-oriented approach, the company reaches out to its potential clients in the comfort of their houses or workplaces and informs them about its products.
Since the company knows the significance of branding, the design and packaging of products follows a strategy that appeals to the potential customers and increases their willingness to purchase. Kotler, Keller, and Koshy explain that good product packaging and branding increases customer willingness to purchase and consume a product from a given marketing organization (45). Therefore, radio and television play an integral role in enhancing customer-oriented approach employed by Coca-Cola Company to increase customer satisfaction and maximise its profits.
Promotional Campaigns
Since Coca-Cola Company is a multinational business, its promotional campaigns require intensive research into the diverse likes, tastes, and preferences of target clients in the global market. Remarkably, the use of international events such as the World Cup and Olympics to promote its products is one of the elements that make the marketing strategy of Coca-Cola Company effective and smart. Through platforms created by global events like World Cup, Coca-Cola promotes its products to a wide range of potential clients and gets their opinions concerning the expected changes and shortcomings that require amendments.
As a result, the company is able to deliver products that do not only satisfy their consumers in quality and quantity, but also enjoy a sustained growth and reap maximum profits over its competitors. According to Ma, the use of global events such as FIFA and Olympics helps the company to advertise its products to several consumers from various parts of the world (24). Therefore, promotional campaigns used by Coca-Cola Company are practical in the exchange of ideas between customers and the company concerning product quality and customer expectations.
Coca Cola’s 21st Century Marketing Approach and the Current Marketing Practice
Marketing Approaches
Marketing approaches usually facilitate increased sales volumes and profit margins of marketing firms in a sustainable manner. The approaches employ all the marketing activities so that the company can easily assess its initial state and propel itself towards a sustained growth. A good application of effective marketing approaches leads to increased customer awareness of the products, while augmenting the knowledge that marketers have concerning the needs and demands of target customers.
In the 21st century, the use of social media, websites, television, and newsletters to communicate with target clients are some of the approaches that marketers employ in product marketing (Kotler, Keller, and Koshy 32). Comparatively, Coca-Cola Company is employing these practices and approaches, which implies that it keeps abreast with current marketing strategies of the 21st century.
Customer-Oriented Marketing Approach in Coca-Cola Company
Coca-Cola Company has successfully employed the customer-oriented marketing approach in an attempt to increase its sales and revenues. In keeping abreast with the marketing approaches of the 21st century, Coca-Cola Company has adopted the customer-oriented approach and effectively employed it to increase consumer awareness and sales. Some of the methods used by the company to increase and implement its customer-oriented marketing approach include the use of television, the Internet, newsletters, and promotional campaigns (Ma 23).
The approach focuses on increasing client awareness and facilitates the delivery of products that match client expectations. Moreover, the company understands that clients are the kings and queens in today’s market because failing to meet their needs leads to poor performance. The company also tailors the customer-oriented approach in a way that increases access and communication between it and the consumers so that it can pull out ideas and opinions of the customers and convert them into products that satisfy clients.
From the mentioned practises, which include the use of internet, television and radio, as well as promotional campaigns, it is evident that Coca-Cola Company has strived to keep in tandem with the marketing practises of the current times. The dynamic nature of the 21st century consumers have compelled the company to ensure that its products match the clients’ desires regarding quality and quantity.
According to Kotler, Keller, and Koshy, a good marketing practise is the one that informs clients on the products offered by a company and creatively persuades them to purchase (52). Several products introduced by the company in the current market aims to satisfy the diverse needs of its customers, achieve their loyalty, and sustain growth and development. Apparently, the company introduced diverse products to match the expectations of the contemporary clients in terms of quality and quantity.
Conclusion
Marketing has evolved over time and has adopted different approaches and practises that captivate potential clients of the contemporary world. At the turn of the 21st century, a new set of consumers, who were more concerned with utility for their money and quality of their product, emerged. The emergence of the value-oriented customers compelled business organizations like Coca-Cola Company to adjust their marketing approaches to conform to the dynamic needs and desires of customers.
As a result, Coca-Cola has placed its customers at the top of their organization by striving to increase their satisfaction and delivering products that match their expectations. The current customer-oriented marketing approach of Coca-Cola is in tandem with the 21st century marketing approaches because it uses the Internet, television and radio, as well as promotional campaigns, which are effective marketing practises.
Works Cited
Kotler, Philip, Kevin Keller, and Abraham Koshy. Marketing Management: Analysis, Planning, Implementation, and Control. New York: Pearson Education, 2007. Print.
Ma, Tony. Professional Marketing and Advertising Essays and Assignments. New York: Tony Ma, 2014. Print.