Marketing is an important management process that includes the movement of final goods of an organisation in the market for its consumption by customers. There are many other important functions are performed by the marketing manager in organization which includes the development of products as per preferences of customers, fixation of pricing policies as per the paying capacity, selection of best routes of distribution and deployment of best promotional activities to attract customers in large numbers (Al-Ekam and et. al., 2012). There is a huge importance of these activities within the organization for the purpose of survival in market and attaining sustainability in operations. Coca-cola is a multinational organisation that provides diversified drinks in the market.
In the present report explain about, concept of marketing, importance of marketing for organization, determination of key marketing functions along with the roles of personnel, the relation of marketing activities with other functions of organization and designing of marketing mix for planning of marketing activities to accomplish business objectives. Also, formulation of marketing plan for organization.
P1 Key roles and responsibilities of the marketing function
Marketing refers to all the activities which company perform to acquire clients or customer. Involved advertising ,selling ,delivering product to customer’s .It is done in different way through slogans, packaging, celebrity support, and media influence. The supreme goal of marketing is to match a company's product according to customer needs and wants to insure profitability (Baker and Magnini, 2016).
Importance of marketing for coca-cola:
- Develop awareness– Marketing help to create awareness among people about the product as already coca-cola customer know who are they ,what they offer ,where they can find ,when to purchase their product.
- Gain sales –Their marketing campaign is at its best which get popularity and remembrance in very short time and people like to become their customer ,which directly increase sales.
- Increase trust - When some company continuously doing campaign customer able to create trust and loyalty in our business. Coca cola always take this benefit as customer ensure about the quality of product they offer.
- Creates employment– Marketing is a activity which involve large number of people to perform. It involve functions which is production, buying ,selling, financing, transport, warehousing, risk bearing , packing and standardisation etc. Coca cola gives employment to large no. of people as huge persons involved in performing all such activities (Campbell and Martin, 2012).
- Source of new ideas –Marketing as an instrument of measurement, give info about new demand pattern, so accordingly changes can be made in the goods. With the help of this coca cola company also make alteration in their product and attract more and more customer’s.
- Development of economy – Marketing is the thing ,makes the economy strong and stable,the lesser the stress on this function,the weaker will be the economy,Coca cola has big hand in the upliftment of the economy.
Key marketing functions
It a role which help a company to identify and point towards beneficial products for the market they continue and then promote by differentiate from available similar products. It a important part every company or organisation done. It starts from identifying what client needs and end with satisfying client needs. It include performing strategy formation,market research, financing an enterprise, producing a marketing plan, and product development, product designing, product development, promotion, pricing, distribution for sale, customer service and public relations. In modern marketing has other functions apart from that has to gathering the market info and examine that info (Dibb and Simkin, 2014). There are many functions are performed by the marketing department of Coca-cola which should be understood from the following points defined below:
- Market analysis:It is important activity which includes the functions related to research of the different perspectives of market which are present in business environment and having significant impact upon functioning of organisation. The evaluation is done with the aim of attaining information which improved decision making management in future. Such information is related to preferences of target customers, number of competitors and quality of their products and market trends which are present in industry in current scenario. All these information has huge importance in making the overall internal structure of Coca-cola stronger.
- Segmentation of market: It is the duty of marketing manager is to divide the market into different segments to cater the need of different type of individual present in society. It is important for organisation to know the preferences of customers and actual demand of their products in market. This will provides the opportunity to bring changes in the features of their product to make it more attractive and unique which enables in attraction of large number of customers (Draelos, 2010). The market is segmented into four basis such as demographic, behavioural, psycho-graphic and geographic. All the four aspects divides the market on different basis which improves the understanding of management regarding interpretation of the situation and behaviour of customers in more appropriate manner.
- Pricing: Another important function which is performed by marketing department within the organisation is related to determination of pricing policies as per the buying behaviour of customers. There is huge influence of pricing on the number of sales of products. There are many products are delivered by Coca cola in market required to adopt different pricing policies as per their specification and demand in market. At present, huge competition is present in soft drink market so, required to adopt reasonable pricing for maintaining competitiveness.
- Distribution: After the production of products their main aim is to effectively distribute them in market for its consumption by the end users. Coca-cola is multinational organisation provides their products in almost all countries required to be adopt vast distribution channels to improve their reach. It is the responsibility of marketing manager is to select distribution channels in different nations and continuously check the availability of their products (Eslinger, 2014).
- After sales services: There is huge importance of after sales services to attain the trust and loyalty of customers and their retention of longer period of time. This function is also marketing department which enables Coca-cola to maintain their same position in market and captures large market share.
P2 Interrelation of marketing activities with other wider organisational functions
Coca-cola is founded in 1886 in US which provides soft drinks in market. Now this organisation have their business operations in almost all nations. The main core products of Coca-cola includes:
- Diet coke
In behind the success of Coca-cola in market significant efforts are provided by all the departments which are present within the organisation upon which structure of organisation stands. Such main departments are known as finance, marketing , human resource and customer service etc. All the departments having their different functioning in organisation which helps in accomplishment of different tasks. Finance department of organisation provides the function related to allocation of funds, marketing department is performs the functions related to advertisement and emergence of product as per customer demand, Human resource department provides their effort in regards to planning and management of workforce and customers service department provides more emphasis on after sales services where issues of customer are resolve in adequate manner (Hsu, 2011).
Marketing is referred as core activity which enables the organisation to improve their sales and profitability which is prime of the objective of every organisation. It is assessed from the analysis of different marketing functions that there is huge relation is present of these activities with other functions of department. The interrelation of these marketing activities with other departmental functions of Coca-cola is understood from the points which are defined below:
Finance: The finance department is established within the organisation with the aim of effective procurement of funds as per requirement of different departments in organisation. They also provides the function related to preparation of budget for each and every department for effective allocation of funds according to their roles and responsibilities. It is important that funds are provided to department in adequate amount as it has direct impact upon their internal capacity. So, required to provide the funds after analyse the need of different departments. Marketing is one of the important department which has significant contribution in the success of Coca-cola. The interrelation can be understood from the point that huge amount of funds are disbursed to the marketing department regarding application of innovate ways of promotion and advertisement which has wide reach in market which helps to takes the revolution in sales of soft drink.
Human resource: One of the important department which performs the function regarding management of the business activities in appropriate manner. They provides their function regarding building of organisational structure more profound and enable achieve their predetermined targets. The different type of functions which are performed by HR department within Coca-cola is related to workforce planning, determination of remuneration, designing of raining and development programmes etc. It is an obligation upon HR department to oversee that all the necessary requirements which are imposed by government for conducting business is fulfilled timely (Lancaster and Massingham, 2010). In relation to marketing department, they have the duty is to appoint qualified candidates as per requirement to optimally utilise the given resources in effective manner to achieve desired results. This will improves internal strength of marketing department of Coca-cola which allows them to use innovative technologies which are in trend.
Customer service: One of the important department which is required to be build by every organisation is related to customer service. The main function of this department is to collect the feedback from the customers about quality and feature of their product and provide solution for their issues. They also responsible for after sales services to customers. It is observed that there is huge competition in soft drink industry and competitor like Pepsi have large market share impacts their ales and negatively. The function of customer service department of Coca-cola enables them to attain their trust and loyalty towards their products which influence their behaviour regarding purchase of their drinks only in future instead of competitor like Pepsi. There is huge relation is present between this and marketing department. Marketing department divided the whole market into four different perspectives (Lane, 2014). This helps the customer service department is to met their demand after sales according to their behaviour and nature.
P3 Application of marketing mix in the process of marketing planning
Marketing mix: It is referred as a set of marketing tool which enables the firm to use them in accomplishment of marketing objectives and targets. Here, decision is taken regarding product, price, promotion and place. Marketing mix of Coca-cola and Pepsi is defined below:
Marketing mix of Coca-cola
- Product: This will includes description about number of products provided by organisation under their brand name. It provides around 3900 beverages choices. It is observed from this analysis that Coca-cola has large value in market. The products provide by Coca-cola includes Sprite, Fanta, Diet coke, Coca-cola etc.
- Price: The prices which are adopted by Coca-cola is not too much high as they have huge competition in market in form of Pepsi and not too much low as depicts the impression of low quality. So, affordable prices are set by organisation which drive their brand loyalty (Malhotra, Birks and Wills, 2013).
- Place: It is observed that Coca-cola has business operations in more than 200 nations. The average number of products which sold every day is around 1.9 billion. They have relied on their bottle partners for packaging and distribution. They also have multiple local channels through which they reach towards customer's.
- Promotion: Dominant promotional strategy is adopted by Coca-cola due to having high competition such as Pepsi. The promotional budget is 216 is around $4billion. It uses both methods to advertise their products traditional and modern. For ex., TV ads, campaigns, internet and social media.
- People: The number of employees working in organisation is vast in number which allows them to easily serve their services across the world.
- Process: The process of making soft drink is need to re-invented on regular basis to make it more effective through which large number of benefits are gathered.
- Physical evidence: They have large number of local distributors through which they can provide their products to customers (Martin, Campbell and Harmsen, 2014).
Marketing mix of Pepsi
- Products: Having wide portfolio of products in both beverages and snacks. Such products are known as Pepsi, Mountain dew, Tropicana, Diet Pepsi, Cheetos, Aquafina, Mirinda etc.
- Price: Due to present of high competition in non alcoholic beverage industry the competition in price is high. So, they decide the pricing which helps to grab the attention of large customers.
- Place: It is wide present in worldwide market and used variety of distribution systems on the basis of consumer needs, characteristics, local trade practices etc. This will includes direct store delivery, customer warehouse, vending distribution networks.
- Promotion: The cost which is incurred on promotion in year 2016 is around $2.5 billion. They heavily rely on their advertising activities. They provide more emphasis on the mode of digital advertising. Here, they uses television, internet and social media (Moons and et. al., 2010).
- People: Large number of employees are working in Pepsi which helps in effective operation of different functions in diversified business environment.
- Process: Need to bring changes in their process on continuous basis for effective execution of functions. This will provides opportunity regarding minimisation of cost and improvement of profit margin (Perreault, 2010).
- Physical evidence: The products of Pepsi is distributed in market with the help of large number of local shops and distribution channels. This will improves the reach of their products easily towards final customers (Wieser, 2012).
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It has been concluded from the above report that main four key functions which are provided by marketing department within Coca-cola is related to selection and development of new drinks as per customer demand and selection of best promotional strategy which provides the opportunity to spread awareness among the different segment of individuals. There are many other important departments which are working in organisation includes finance, human resource, customer service and marketing. Huge relation is persist between marketing activities and other departmental functions which improves their strength regarding performance of their functions with more ease and effectiveness. Development of marketing plays assisting role towards employees of organisation in accomplishment of their desired objectives.
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