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Role Of Marketing Models in Enhancing Business Performance

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International Marketing Management

663 Downloads 10 Pages 2408 Words

Introduction

International Marketing Management is very important part of expansion of business operation in overseas or new emerging market. It includes development of international marketing plans and process on the basis of needs and interest of people of overseas market. In addition to this, it can be said that by having an effective understanding of international work standards the business firm can easily attain better opportunities in the market. In order to have better understanding regarding international marketing management the work culture of Coca Cola. It has been noticed that company is one of leading hospitality firm and provides services in different areas. Along with this, organisation is also referred as global brand of full range of products in beverage sector. It reflects that by exploring the working of Coca Cola the learning about international marketing can be advanced in critical manner. Marketing management allows to promote services in desired way so that goals and objectives can be accomplished.

Literature Review

Marketing Management Concept

According to Cox and Yang (2007), marketing management is considered as organisational disciple which allows to promote products and services in appropriate manner. In addition to this, it can be said that management of Coca Cola can have effective application of diverse tactics for sustainable development. Classification of marketing management tactics can be as marketing orientation, techniques and methods that improve brand loyalty. Dibb and Carrigan (2013) has stated that with an assistance of marketing management the company can have effective allocation of activities. By having an application of marketing management the scope of organisation within sector can be advanced effectively. It allows to advance the customer base and make sure that goals and objectives can be accomplished effectively.

Marketing Mix

Fifield, (2012) has asserted that marketing mix is combination of factors which are allowed to design strategies in a manner to attract customers. In this, Coca Cola mainly focuses on the marketing mix elements such as product, price, place and promotion. It has been noticed that application of marketing mix element is significant because it allows to meet long term objectives. Kotler and Armstrong (2009) has said that product must be developed according to customer needs so that better satisfaction can be offered to them in order to meet objectives. Pricing also need to design as per economic values. If economic values and customer expectations are not considered then vital issues might be faced by Coca Cola . Along with this, the place is a factor which decide the distribution of products and services. It is significant to have selection of tool properly so that better convenience can be offered to customers. Moreover, promotion is also a critical element of marketing mix which boosts the success opportunities. By having effective selection of advertising and promotional method the business firm can easily attract more and more customers. In addition to this, it can be said that application of marketing mix provides a support to marketing activities and lead business firm to impressive level of success.

Marketing plan

For supporting the marketing analysis as well as introducing the new product within the beverage industry, organisation must focuses on creating effective marketing plan. As per the view of Hair, Bush and Ortinau (2003) marketing plan plays significant role within the business that support in integrating the activities of business so that they can easily make aware customers regarding their products that they are offering. The marketing plan mainly focuses on assessing the different stages such as situational analysis of the industry and reviewing the current beverage products that are offered by the range of companies. Another step within the marketing plan include assessing reviewing the needs of customers that prefer dietary and Caffeine Free coke to the customers as now a days customers are more conscious towards their health that lead to in-take dietary coke and beverage products.

According to Pelton, Strutton and Lumpkin (2002) another step in the marketing plan is reviewing the product offering that support the organization in differentiating their services from the rival companies. It would also focuses on highlighting the key strength and weakness of the organisation along with assessing the opportunities and threats that are commonly faced by the beverage organisation in the environment. Therefore, this support the organization in dealing with the weaknesses and threats existing in the environment. On the other hand, Ramaswamy and Namakumari (2002) has also stated that engaging in the marketing plan also sometime results in creating the unrealistic financial projection and anticipation that lead to the loss for the organisation. In addition to this, marketing plan also focuses on assessing the pricing of their products that is Glacéau Vitamin-water so that it support the customers in opting their products and coke product from the rival companies.

Product life cycle

In the marketing terms product life cycle is an effective marketing tool and theory that is implemented in practice to know the success of the beverage products in the market. As per the view of Dibb and Carrigan (2013) product life cycle model clearly states that successful product and services looses their market with the sudden change in the demand and preferences of the customers or with the introduction of product in the beverage industry. The foremost effectiveness of product life cycle is that it is consider as proactive approach in which the management focuses on engaging in effective services with the declining of their different products (Kraus, Harms and Fink, 2010). For instance, management of organisation reviews that there sales is constantly declining therefore, to grow their sales of services company must focuses on using the higher promotional strategies that would results in promoting their new vitamin water products in the market.

On the contrary to this, Fifield (2012) has also stated that this model is ineffective when they are handling brands as they are not products they do not have life cycle. Therefore, the products that are offered by the brand would get affected with the change in market demand and supply. Along with this, it has been also assessed that marketer of competitor with the help of using this model would also use the similar strategies and plan of action so that they may also reach to the desired stage in the cycle. Along with this, it has been also assess that with the help of product life cycle model it also assists the companies to engage in the planning process so that company may easily accomplishes their marketing activities (Kotler, 2011). Hence, it is advantageous for business to draw in more customers and supply them low monetary value products at the time of introduction and then increases the amount of product to sustain in the beverage industry. Thus, it helps in maintaining effective pricing strategy and thus enhances brand image in market.

Application of theory to practice

It can be stated that Coca Cola introduces Glaceau Vitaminwater into India in order to influence Indian customers towards firm. Thus, it increases the sales and profitability of firm in market (Bunnell, 2005). There are different theories which are practices within business in order to implement the same-

Marketing Management

It can be stated that Coca Cola aims to undertake effective marketing management tools and thus implement the same in order to inform consumers regarding different products available within firm in order to enhance sales and profitability of firm in market. Thus, business aims to target Indian customers by promoting their new range of Glaceau Vitaminwater and thus provide nutrient water beverage to potential clients (Foroud and et. al., 2010). For this, business aims to uses social media advertising and hoardings in relation to attain desired performance in market. Introducing such vitamin water helps in growing the business performance in market and thus attain desired results. Marketing is considered as an effective concept that helps in influencing business performance and results into improving success and profit margin. Through carrying out survey it helps in assessing that Indian customers are attracted towards such type of product and helps in influencing the sales of firm. Management of Coca Cola identifies such technique and uses effective promotional tools in regard to promote the product in Indian market (Geunes and et. al., 2011). For this, different promotional activities such as advertising on television, social media and hoarding are the best suitable and it leads firm to introduce cited product in developing country which is India. Hence, using different marketing concepts helps firm to improve its business decision making. Through expanding the business functions it helps in enhancing the market share and growth of firm.

Marketing mix

According to the view point of Gubb (2010), it can be stated that it involves 4 P's of marketing mix which helps in expanding the business performance in market. It is essential for firm to undertake effective approaches so that business can enhance its market share and profitability ratio. Therefore, it is essential for Coca Cola to introduce Glaceau Vitaminwater product range. It is available in varied variants and thus attracts consumers towards firm (Gubb, 2010). Through providing such products it helps in influencing consumers and profit margin can be enhanced. Following is the marketing mix of Coca Cola which is as follows-

Product

Coca Cola aims to introduce new product range in market in order to attract potential customers. Therefore, it helps firm to expand its business operations so that performance of firm can be enhanced. Further, it is essential for enterprise to focus upon Glaceau Vitaminwater product and attracts consumers towards it. It is the best way through which profit can be enhanced. Appropriate plan needs to be developed which helps in increasing business performance in market and thus raises its efficiency (Helman, 2010).

Price

It is another crucial concept that needs to be undertaken by Coca Cola management so that it enhances the sales of firm in market. However, business is selling its products in Indian market which is still a developing country therefore it needs to adopt penetration pricing strategy (Jahdi and Acikdilli, 2009). Hence, it is beneficial for firm to attract customers and provide them low prices at the time of launching and then gradually increases the amount. Thus, it helps in maintaining effective pricing strategy and thus enhances brand image in market.

Place

For launching new product Coca Cola selects Indian market and thus enhances the sales of firm. It is essential for firm to identify appropriate place where product can be introduced and attracts wide range of consumers so that sales and profitability of firm can be enhanced (Kotler, 2011).

Promotion

Further, in order to promote cited firm's product it helps firm to use social media, television advertising and hoardings so that large number of Indian customers can be attracted. It is the best way through which business can enhance the sales and market share (Kraus, Harms and Fink, 2010).

Role of marketing models

It is essential for company to adopt effective marketing models for promoting the product in Indian market. Coca Cola management prepares effective marketing plan in relation to promote the product Glaceau Vitaminwater in Indian market. It is significant for firm to develop such product in market and attain desired results. In order to improve business performance it is effective for firm to undertake marketing tools so that success can be attained (Bunnell, 2005).

Conclusion

It can be concluded from the study that Coca Cola aims to prepare effective marketing plan and thus introduce Glaceau Vitamin water in Indian market and thus attracts potential customers towards firm. For this, business introduces its product in Indian market and enhances market share of firm. It helps in enhancing profitability of firm in market so that desired results can be attained. It is significant for business to undertake effective marketing strategy so that Coca Cola can enhance its operations in international market and thus expand the business product into market.

It can be recommended to firm that business should focus upon adopting effective pricing strategy in order to enhance business performance. Also, launching such product should benefit consumers so that they prefer to consumer it more as compared to other rivals.

References

  • Bunnell, T., 2005. Strategic marketing planning in international schools.International Journal of Educational Management.
  • Cox, A. and Yang, T., 2007. The proactive alignment of sourcing with marketing and branding strategies: a food service case. Supply Chain Management: An International Journal.
  • Dibb, S. and Carrigan, M., 2013. Social marketing transformed: Kotler, Polonsky and Hastings reflect on social marketing in a period of social change. European Journal of Marketing.
  • Fifield, P., 2012. Marketing Strategy. 3rd Routledge.
  • Foroud, A. and et. al., 2010. A multi-objective framework for dynamic transmission expansion planning in competitive electricity market. International Journal of Electrical Power & Energy Systems.
  • Geunes, J. and et. al., 2011. Approximation algorithms for supply chain planning and logistics problems with market choice. Mathematical programming.
  • Gubb, J., 2010. Will a market deliver quality and efficiency in health care better than central planning ever could? Yes. BMJ.
  • Hair, J. F., Bush, R. P. and Ortinau, D. J., 2003. Marketing research: Within a changing information environment. Richard d Irwin.
  • Helman, U., 2010. Resource and transmission planning to achieve a 33% RPS in California–ISO modeling tools and planning framework. In FERC Technical Conference on Planning Models and Software.
  • Jahdi, K. S. and Acikdilli, G., 2009. Marketing communications and corporate social responsibility (CSR): marriage of convenience or shotgun wedding? Journal of Business Ethics.
  • Kotler, P. and Armstrong, G., 2009. Principles of Marketing 11th Edition. New York: McGraw-Hill Publishing.
  • Kotler, P., 2009. Marketing management. Pearson Education.
  • Kotler, P., 2011. Reinventing marketing to manage the environmental imperative. Journal of Marketing.
  • Kraus, S., Harms, R. and Fink, M., 2010. Entrepreneurial marketing: moving beyond marketing in new ventures. International Journal of Entrepreneurship and Innovation Management.
  • Pelton, L. E., Strutton, D. and Lumpkin, J. R., 2002. Marketing channels: a relationship management approach. McGraw-Hill College.
  • Ramaswamy, V. S. and Namakumari, S., 2002. Marketing Management: Planning, Implementation & Control: Global Perspective Indian Context. Macmillan.
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