Coca-Cola's Marketing Strategy |
| Credit: Better Marketing |
About the company
Coca Cola is an international company and the world largest manufacturer, licensor and distributor of 3,500 nonalcoholic beverages with more than 500 brands and selling 17 billion servings per day in more than 200 countries.
The factors of Coca-Cola's marketing strategy are
• Price strategy - From the year 1886 to 1959, Coca-Cola had a fixed price of only five cents. But further on in the years, the prices of the product kept changing in order to match up to its competitors.
• Slogan - Even after 125 years and more the company has remained consistent in communicating one strong and compelling message in its slogans like "enjoy", "You can't beat this feeling" and "happiness". Showing that Coca-Cola always has simple and understandable slogans which can be relatable and translated in all the countries.
• The shape of the bottle One of the reasons Coca-Cola has been successful is its consistency and fact that everyone can recognize the product. In 1915, when the brand was losing market share to hundreds of competitors, a national contest for a new bottle design was launched. This helped the customers to identify the original bottle and also made the product look premium.
• The iconic font and logo of Coca-Cola - The iconic font and logo of coca cola has remained consistent from after it was made, making it unforgettable for its customers. The logo was first made in 1923, where the company decided use the font of Spenserian script which at that time was only used by accountants. This made the company logo stand out from the others.
Coca Cola's Recent Developments
• World without waste: The company is taking steps to respond to reducing waste. Among the goals for this initiative is to curb the use of virgin plastic from non-renewable sources by three million metric tons by 2025.
• Diversity, equity, and inclusion: Coca-Cola's mission is for the company to emulate the diversity of its consumer market. It aims to have women represent 50% of its leadership on a global scale and for its U.S. employee base to correspond to census data in terms of race and ethnicity by 2030.
• Reducing added sugar: This effort is meant to address the global obesity epidemic and changing consumer tastes, as they shift away from sugary beverages. This includes reducing added sugar to its beverages and increase product offerings to cater to those who want healthier options.
Key Takeaways
• The Coca-Cola Company was founded in 1886 in Atlanta, Georgia. Since then, the company now sells more than 1.9 billion beverages in more than 200 countries around the world daily.
• When the company first started in 1886, it used coupons for free drinks to raise interest in the product, advertising on painted wall signs, napkins, and clocks.
• By 1911, the company's advertising budget had skyrocketed to more than $1 million.
• In 2020, Coca-Cola was ranked sixth as the world's most valuable brand according to Forbes.
• For more than a century, Coca-Cola has managed to retain its popularity and keep up with the times while still remaining entrenched in nostalgia.
0 Comments