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It has been noticed that brand loyalty is an important factor in maintaining the number
one position.
Founded in the year 1886, the Coca Cola company enjoys the status of being one of
the biggest non alcoholic beverage companies of the world. It has a distribution
system, which makes it unique from the rest of the non alcoholic beverage
manufacturers. Over the years, Coca Cola has passed several tests of brand
enhancement and the company makes it a point that the products under the banner
Coca Cola continue to invade the minds of the consumers.
The brand development strategy of Coca Cola comprised redesigning of its brand
development policies and techniques to keep up with the changing mindset of its
consumers. Earlier, this brand believed in the following:
● Afford ability
● Availability
● Acceptability
● Price value
● Preference
● "Pervasive penetration".
The essence of brand building of the company lies in the fact that it
wants its consumers accessibility to be "within an arm's reach of
desire". In an attempt to build its brand identity, as many as 20 brand
attributes are tested every month involving as many as 4000
customers. The brand development strategy of Coca Cola is effective
as it has been able to construct, manage
As well as maintain its brand image.
Another reason why this brand has gained unanimous acceptance all
around the globe is due to the fact that it has been able to connect
very well with its consumers. This implies brand loyalty. Brand loyalty
has been instrumental in keeping up the brand image of Coca Cola. It
believes in shelling out the best so that the consumers are retained
by default. A part of the brand building technique is also to enhance
"purchase frequency". The company has also invested in various
advertisement campaigns often engaging the services of celebrities
around the globe. In addition to the consumers, there is another
category of consumers, who increase the consumer base and they
constitute the collectors of the brand. The collectors usually indulge
in collecting old as well as upcoming logos of Coca Cola, bottles and
literary matter.
If you were another soft drink company, you might define your
competitive frame of reference as the cola market or the soft drink
market or even the beverage market. But Coke thinks of its business
and its market share in terms of “share of human liquid consumption.”
This makes water a competitor. In fact, a Coke executive has said that
he won’t be satisfied until “there is a Coca-Cola faucet in every home.”
Coca-Cola’s mantra is “within an arm’s reach of desire.”
Consistency is king
While coming up with a fresh marketing campaign that will catch the
eye is of vital importance to all businesses, this cannot override the
need for consistent branding. Customers and prospects need to know
that marketing is for a company, which requires certain aspects to
remain the same, or at least very similar.
As Forbes explains, creating a "lasting imprint" on the consciousness
of the consumer can take time, meaning that constantly changing
branding approaches can have a detrimental effect. Not only has
Coca-Cola maintained a similar script font for branding and its tell-
tale red, all marketing features happy people smiling broadly and
simple taglines.
Its brand is built on the idea of 'enjoying a coke' and this message is
the one that is always hammered home, even as its product range
changes and adapts to emerging trends.
4. Remain relevant
Brand Equity-:
“The brand assets (or liabilities) linked to a brands name and symbol
that add from a service.”
Coca-Cola's brand equity is difficult to measure because they have extended their
brand to include numerous products. In addition to the numerous of versions of
Coca-Cola worldwide that compete against other beverage brands, Coca-Cola
competes with itself. Nationally there are numerous versions / brands that are a
part of the Coca-Cola family. Some of the brands include Coca-Cola Classic, Dasani
Water, Full Throttle, Fanta, and Soy Products. In addition to competing against
itself the Coca-Cola Company has saturated the market and consumers who may
dislike one product may actually enjoy a different Coca-Cola product. However, the
consumer may be unaware that the beverage is actually in the Coca-Cola family.
As a result measuring brand equity may be difficult as consumers may be loyal and
repeat customers of a brand and not know its origin.
Coca Cola was taking its core product, Coke, and expanding the
product in new form factors and new overseas markets. The brand
promise stayed the same whether it was sold in a Coke store in New
York or a road side stand in Mongolia - refreshment, good times, and
pure Americana.
Despite the numerous brands and the difficulty in measuring brand equity it is
evident that Coca-Cola has high brand equity. They are a company who has been
in business for many years they have gained the business of consumers in the soda
market as well as numerous other beverage markets nationally and internationally.
Their sales and growth show that they are a successful company
Brand identity
the brand identity is the audio-visual 'face' of the brand - the cues that tell you that you
are are in the right place. The brand definition is the formal description of what the brand stands
for within different description categories - its personality, its values, its stories, its emotional
benefits etc.. The brand proposition is the 'deal' the brand is offering you at any given moment
Brand image-
“A unique set of associations in the mind of customers concerning
what a brand stands for and the implied promises the brand makes.”
There could be hardly any person around the world that hasn't heard
the name Coca Cola. Ever since it beginning as world's leading name
in cold drinks, Coca Cola has created a strong brand image
irrespective of age, sex and geographical locations. Millions of people
around the world are consuming cold drinks or soft drinks as part of
their daily meal. Coca Cola, ever since its inception has been the leader
in soft drink market.
Brand loyalty
Brand loyalty is a central construct to marketing. Keeping the
consumer satisfied, and loyal enough to frequently purchase just one
brand, is more difficult in today’s marketplace than ever before. But
today, major brands are experiencing heightened brand loyalty due
to the growing popularity of the brand as a collectible.
Brand personality:-
Brand Personality identity is understood as the set of human
characteristics associated with a brand. The brand image building
strategy implies the definition of a brand personality and a user
personality.
1) Are well-known,
Brand Positioning:-
The location of a brand in relation to its competitors in some pre-
defined space. The space may be defined by criteria used by
consumers, such as "value for money" or "age of consumer" etc.”
1. Brand Attributes
2. Consumer Expectations
3. Competitor attributes
What the other brands in the market offer through features and
benefits to consumers.
4. Price
5. Consumer perceptions
Coca cola respect and support the primary role that parents play in
decisions affecting the lives of young children, including choices
about diet and lifestyle. Beverage choice, like food selection, is a role
for parents and we assist them in this through the provision of
nutrition information and by making available a wide range of
products suitable for all ages, stages and occasions.
Labelling
Packaging
Coca-Cola is committed to strict environmental guidelines, and to
ensuring our packaging has as little impact as possible on the
environment. To this end, a recycling project was introduced in New
Zealand during 2001 which ensures our PET bottles contain an
average of 10% recycled material.
Information Programmes
Pricing
Brand extension :-
Brand extension or brand stretching is a marketing strategy in which
a firm marketing a product with a well-developed image uses the
same brand name in a different product category. Organizations use
this strategy to increase and leverage brand equity (definition: the net
worth and long-term sustainability just from the renowned name)
Conclusion:-
The progress and advancement in the field of technology in the fields
of soft drink raw material, production, manufacturing, information
and communication technology and logistics have great positive
impacts on the operations and sales of Coca-Cola. The availability of
new soft drink ingredients enables Coca-Cola to introduce new
variety of its products to its existing consumers, not forgetting to
attract the new consumer groups. The use of the latest information
technology has made able the company to attract the new
generation of soft drink consumers with the latest features of song
downloading. Also the existence of company website has enabled the
world to be in touch with the latest progress, promotions and offers
of Coca-Cola.
When it comes to big brands that seem to get marketing spot on,
Coca-Cola is one of best. Considering Coke has been established for
just over 130 years, it shows that it is doing something right with its
branding, giving businesses plenty to learn from.
Coke's marketing is always noteworthy, exciting and fresh while still
building on the brand's core values, ensuring that consumers know
that an advert or piece of content is from Coca-Cola. Its take on
branding has guaranteed that it has remained consistently popular
for decades, even when it experienced a few slip-ups.
Companies looking for the best branding practices need to not look
much further than Coca-Cola and here's why: