Integrated Strategic Marketing Plan: Section Five
Jessica Grimminger
Zachary Martin
Erin McIver
Russell Rowan
Ryan Village
Marketplace Research
When it comes to market research Coca-Cola “CC” has had its fair share of failure. In the 1980’s CC did a research survey on 200,000 taste tests and created a new formula over the original flavor. The people who were surveyed liked the new coke flavor, but they were not aware the old one was to be canceled. So, the data CC received was inaccurate and this caused the “New Coke” to fail because people still wanted the original formula. This is one major failure CC has had with market research. (PHD, 2013) This type of research was primary, because it was done by CC. Coca-Cola understands the different types of consumers in the marketplace and therefore CC has the “One Brand” campaign. This campaign is pushing how CC offers a taste for everybody with Coke Life, Zero, Diet and light. Coca-Cola has a customer care survey and this is the qualitative type of survey. Qualitative data seems to be what CC tries to gather, this gives them a better understanding of the consumers wants and needs. (Business Case Studies)
Market Observation
Coca-Cola knows their customer base is turning towards the healthier side of beverages. This is the reason we have Coke Life it has only 60% of the calories that original Coke does, without losing the flavor. Also Coke Zero has low-calories and no sugar and is marketed towards men, because men associate diet coke as a “women’s” drink. (Huffington Post) The reason CC is still the current beverage leader because they observe the market and see the trends. They now have a bottle water brand, energy/sports drink, tea, and coffee beverages.
Online Survey Analysis
Online survey results can be a constructive way to get information on the market a company is a part of. They can give companies a glimpse into the opinion of a target market on certain products or of an entire industry. Coca-Cola is a leader in the soda beverage sector, so knowing the current trends of soda consumption is crucial to successful campaigns. A survey by the polling company, Gallup, in 2012 found that about 48% of American’s drink at least one glass of soda per day (Saad, 2012). Another survey by polling company FiveThrityEight found that American’s soda consumption during an average day peaks at about noon (a typical time for lunch), but there is still a large population who drink soda products late into the evening (Chalabi, 2014). This is in comparison to coffee consumption, which most consumers are only willing to drink between the hours of 6:00 a.m. to 11:00 a.m. (Chalabi, 2014). Then there is a more defined survey by Rasmussen Reports asking whether Americans prefer Coca-Cola or Pepsi. Coca-Cola was the clear choice for Americans with 73% having a favorable opinion of the company as a whole (Rasmussen Reports, 2012).
All this data could be used to create an effective marketing campaign. The survey information from FiveThirtyEight could define how the company portrays the average Coca-Cola consumer. The product could be shown as a drink of choice at night and during the daytime. And by analyzing the questions used to find the results of the Gallup poll, Coca-Cola might be able to define what the 48% of soda drinkers are looking for in a soda drink. This could really define how effectively the company reaches its target market.
Advertising Strategy
The proposed advertising strategy for Coca-Cola revolves around the recommended slogan “Live Fast, Sip Slow” Essentially, this relates to our target market because it hinges upon the fast pace lifestyle of our target market. Today’s consumer values time, convenience, and availability due to the need for instant gratification, hence “Live Fast.” In addition, we want to stay true to our roots and incorporate “Sip Slow” to make the connection between enjoying the best moments in life with a Coca-Cola product. Together, the marriage of both statements appeals to the lifestyle of our core consumers as well as provides a relationship to our foundational marketing message. This advertising campaign exhibits how Coca-Cola plays a role in the busy lifestyles of consumers and how it can be used as a means of relaxation and enjoyment, both key aspects of Coca-Cola’s marketing strategy. With this slogan, print ads, social media posts, and commercials will be developed to reflect the new message of Coca-Cola and appeal to our consumer base.
Precedent Studies
Coca-Cola has a long history of marketing and advertising strategies utilized to generate interest in products and grow brand strength. Described in the article “A History of Coca-Cola Advertising Slogans,” slogans used in advertising has been a core aspect of Coca-Cola’s marketing plan since its inception in 1886. Characterized by short, to-the-point sayings, Coca-Cola has used slogans as simple as “Drink Coca-Cola” and “Open Happiness.” The variation in slogans over time has been largely dependent on consumer trends and outside environmental influences. For example, during prohibition Coca-Cola served as an alternative product to consumers starting to veer away from alcoholic beverages. During this time, they chanted slogans almost yearly to communicate marketing messages to a wide variety of new customers. From there on, Coca-Cola has focused on different advertising strategies based upon consumer trends including an emphasis on quality, refreshing taste, and its role in entertainment. Despite these variations in advertising, the company has remained centered on communicating the idea that Coca-Cola is a part of life’s best moments and the role the product plays in those experiences. While advertising themes and strategies have changed, the core message remains the same (“A History of Coca-Cola Advertising Slogans,” 2012).
Advertising
Coca-Cola is one of the largest advertisers in the world. Although Marco de Quinto has recently resigned as chief marketing officer, Coca-Cola is still moving forward with the “Taste the feeling” advertising campaign (Adbrands,2017). This strategy focuses on the iconic appeal of the world’s number one beverage brand to Coca-Cola Light/Diet Coca-Cola, Coca-Cola Zero, Coca-Cola Life, and the all new Coca-Cola Plus. The three advertising agencies that Coca-Cola has partnered with are Ogilvy New York, SRA Rushmore, and Santo in Buenos Aires (Richards, 2013). The idea is to bring together the best ideas from around the world, through these award-winning agencies, to create a message that will resonate with Coca-Cola consumers (Richards,2013).
Sales Promotions
Sales promotions targeted at Coca-Colas consumer base include online sales promotions, live events such as the Barclaycard presents British summer time in Hyde Park, London England, and digital storytelling (Coca-Cola Zero, Coca-Cola Co. UK). For summer 2017, Coca-Cola worked with information analysts to determine the 20 most common last names in the U.S. and will be printing them across the bottles to give it a personalized twist (Isidore,2016). Trade promotions utilized by Coca-Cola include manufacturer coupons, store coupons, My Coke Rewards promotions, and share a coke promotion codes.
Public Relations
The Coca-Cola Company’s public relations strategy for Coca-Cola Plus should not stray too far from the advertising or promotional campaigns, but it should be based more around media communications. Public relations strategy is all about creating a positive image for the company through media outlets. So, to create the right image for Coca-Cola Plus, the company will reach out to publications that talk about healthy eating. Magazines like Women’s Health or Prevention, often talk about healthy recipes and new health trends so mentioning Coke Plus would fit right in, because it is meant to be a healthier alternative to regular Coke, Coke Zero, or competitors offerings. This would create the right image for Coca-Cola Plus while simultaneously advertising the product.
Personal Selling
Coca-Cola is a global company and caters to the diverse population of people who live within it. The company has many salespeople who sell their products and manages their accounts. For example, Coca-Cola has sales people who mainly take care of orders. Company Order Takers, make sure that their accounts have a steady supply of products always. In addition, Order Takers make sure their accounts have displays, restock the displays, and answer incoming account phone calls. Coca-Cola also has salespeople who oversee in the process of landing new accounts. These salespeople are responsible for generating leads, providing information to prospects, persuading customers and closing sales. For each location across the globe, Coca-Cola trains their salespeople differently. Through these personal selling strategies, Coca-Cola has been able to establish one of the strongest sales teams in the world.
Direct Marketing
Direct marketing efforts by Coca-Cola are innumerable. The devices operated integrate vendor company partnerships designed for selectness, i.e. restaurants and movie theaters only offer Coke products, eliminating any direct competition. Coca-Cola sponsors sporting events via use of the company, e.g. baseball fields, again offering associated consumers the brand’s products exclusively. This allows for one-to-one sales to important clients in especially reserved seating areas. Mobile marketing endeavors send out text messages to personalize promotions, and viral marketing exertions rely heavily on word-of-mouth communication from brand loyalists (Wilkin, 2009).
References
A History of Coca-Cola Advertising Slogans. (2012, January 1). Retrieved May 02, 2017, from
http://www.coca-colacompany.com/stories/coke-lore-slogans
Business Case Studies. (n.d.). A Coca-Cola Great Britain case study. Retrieved from Business Case Studies: http://businesscasestudies.co.uk/coca-cola-great-britain/using-market-research-to-develop-a-product-range/market-research.html
Chalabi, M. (2014). More Cola Than Juice: America’s Favorite Beverages. Retrieved from https://fivethirtyeight.com/datalab/more-cola-than-juice-americas-favorite-beverages/
Coca-Cola Zero Sugar. (n.d.). Retrieved from https://www.cocacola.co.uk/coca-cola/coca-cola-zero-sugar/
Hacking Carr, E. (2017, April 25). Coca-Cola Ups Its Personalization Game with 2017 'Share a Coke' Campaign - Print+Promo. Retrieved from http://money.cnn.com/2016/01/19/news/companies/new-coke-ad-campaign/
Huffington Post. (n.d.). Diet Coke vs. Coca-Cola Zero: What’s The Difference? Retrieved from Huffington Post: http://www.huffingtonpost.com/2016/04/18/diet-coke-vs-coca-cola-zero_n_1199008.html
PHD, S. S. (2013). Coca-Cola Lost Millions Because of This Market Research Mistake. Retrieved 2017, from Qualtrics: https://www.qualtrics.com/blog/coca-cola-market-research/
Rasmussen Reports. (2012). Americans Prefer Coke Over Pepsi. Retrieved from http://www.rasmussenreports.com/public_content/lifestyle/general_lifestyle/americans_prefer_coke_over_pepsi
Richards, K. (2013, August 13). Coke Chooses 3 WPP Agencies for Its Next Big Global Ad Campaign – Adweek. Retrieved from http://www.adweek.com/brand-marketing/coke-chooses-3-wpp-agencies-its-next-big-global-ad-campaign-166381/
Saad, L. (2012). Nearly Half of Americans Drink Soda Daily. Retrieved from http://www.gallup.com/poll/156116/nearly-half-americans-drink-soda-daily.aspx
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