Business Finance
Marketing Mix: Product, Price, and Place

Question Description

*** SEE ATTACHED DOCUMENTS FOR THE BACKGROUND OF MY PRODUCT***

For this week's course project, you will begin defining the marketing mix for your project. Specifically, you will define the product, price, and place components of the marketing mix. Please note that this is a two-part assignment. To complete this assignment, do the following:

Part 1 - Product Features and Benefits

For this part of the project, you will define the features and benefits of your product. Your benefits should be based on what you learned about your target market's needs, so review what you wrote about the target in the previous assignment and then do the following.

  1. List a minimum of three product features you will include in your new product.
  2. Explain the benefits to consumers of each feature.
  3. Include in-text citations, a title page and a reference page formatted according to APA standards. Your paper should be a minimum of one page.

Part 2 - Price and Place

For this part of the project, you will create a PowerPoint presentation that includes your pricing and distribution strategies. Do the following:

  1. Create a "price" slide that includes a comparison of the suggested retail price of your product with the price of similar competitive offerings. Include a product image or logo of each competitor, along with its price.
  2. Create a "place" or "distribution" slide that includes the types of channel partners you plan to use to distribute your product to the consumer in a distribution channel chart. A distribution channel chart shows the relationship between your company (the manufacturer/producer) and its channel partners (e.g., wholesalers, retailers, etc.). Your distribution channel chart should include at least three different distribution channels (paths for getting your product to the customer). To see examples of a distribution channel chart, conduct a Google images search for "distribution channels." Instead of using generic labels such as "retailer," include specific channel partners, such as "Walmart."
  3. The PowerPoint presentation should include a title slide. The presenter's notes on each slide should explain the rationale for your pricing and place/distribution decisions. The final slide should list any references, formatted according to APA standards.
  4. Record your PowerPoint presentation with narration. Click here for instructions on how to record your presentation with narration in PowerPoint. You should present your ideas as if your audience is the senior management team. Communicate your recommendations using an influential tone and engaging presentation style.
  5. Discuss any technical issues you experienced and what you did to troubleshoot them. If there were no technical issues, discuss your process for using multiple windows and applications (e.g., PowerPoint and Internet browser) to effectively complete the assignment (e.g., to create the slides, locate product images, etc.).

Unformatted Attachment Preview

Mod 01 Course Project 1 Module 01 Course Project Company and Product Selection Matthew Marquette Rasmussen College B475/MAR4806 Author Note This paper is being submitted on February 17th, 2019 for Professor Bonnie Anderson B475/MAR4806 Section 01 Marketing Capstone. COCA COLA COMPANY 2 The coca cola company is an American corporation. It is a retailer and marketer of nonalcoholic beverages. The most known beverage is the Coca Cola which was invented by a pharmacist known as John Stith Pemberton. The company has been doing very well in the market. As a brand manager, I am supposed to launch a new product on the market (Barney, et al. 1995). This is due to the fact that the company values innovation and this is a top priority. However, understanding the business will be the first requirement prior to the launch of the product. Understanding the business will mean looking at different things such as the competitive advantage. With the level of competition continuing to rise, it is essential for every brand to have a competitive advantage. It is important to note that for a product to take leadership in any particular industry, something must stand out. The following are the competitive advantages of the Coca Cola Company. • Global presence and brand image- Coca Cola as a brand are present in more than 200 countries. Both its logo and name are easily recognized anywhere. This is one of the key strengths. Furthermore, Coca Cola's brand image is represented youthfulness and energy due to its connection with the young generation. • Large supply and distribution network- The Company has one of the largest supply and distribution network in the world. This means that it is basically a leader in the industry. It is important to note that Coca Cola as a company deals mainly with drinks. This means that it belongs to the beverage industry. This is the industry in which the Company competes. As a result, the product is to be launched in this same industry. This is because the diversion to another industry may make the product less popular. Concentrating on the same industry will also make sure that we reach the same population of people. We will also know how to deal with COCA COLA COMPANY 3 the competition since it is an industry we are familiar with. It is important to note that there are certain factors that must be considered for a product to succeed in the beverage industry. Below are three of these factors; • Consumer knowledge- this is a vital factor for any product launching in the market. Without this knowledge, the marketing of the product will be difficult and thus failure. • Research and analysis- research and analysis are to make you as a producer find cheaper ways to make your product and also different ways on how to improve on the product you are making. • Goals- for any beverage Company to succeed, then a goal must be set. A clear welldefined goal ensures that the business does not lose focus but rather sticks with its objectives. These are some of the factors that have helped the Coca Cola Company to succeed in the beverage industry. However, the Coca Cola Company paired these factors with other marketing strategies. Coca Cola uses Pricing as a marketing strategy. They do this by first selling new products at low prices and then increasing them over time. This helps in that people have already identified with the product. This will most likely ensure sales. Sponsorship. This is also used as a marketing strategy for the Coca Cola Company (Wright, et al. 2017). The company sponsors so many events such as American Idol. By doing this, they end up creating awareness and therefore popularizing their products. The advertisement is also used as a marketing strategy by the Coca Cola Company. They have created profiles for social media accounts such as Twitter, Instagram and Facebook. This is effective especially now that almost everyone has access to the internet. In as much as Coca Cola Company has made all these advancements in the industry, other beverage companies are also growing. Pepsi and Red Bull are only two examples of the COCA COLA COMPANY 4 competitors Coca Cola faces. Red Bull has a competitive advantage over Coca Cola. The founder of Red Bull was the first to introduce energy drinks. It also has an appealing brand image. The drink is associated with so many sporting activities. It has actually surpassed Coca Cola in this sector. Pepsis competitive advantage is mainly its product portfolio. While it is a beverage company, it also has snacks that are associated with it different from the others. Pepsi as a company also focuses on technology. This is advantageous in that most people identify with technology today. This has even popularized their product more. From the research, I now understand Coca Colas key competitive advantages (Miller, et al. 1998). • Global presence- in as much as these other companies also thrive on global presence. The global presence of Coca Cola Company precedes any other company in the industry. • Financial strength- It is important to note that Coca Cola existed in the industry way before the other beverage companies. This means that they have financial capabilities that precede the rest. Initially, I thought that due to the large supply and distribution network of Coca Cola Company, then it definitely had a competitive advantage over the other companies. However, further analysis has shown that Coca Cola's Competitors also have a large supply and distribution network. For one, Pepsi even runs hotels and restaurants. However, the global presence of Coca Cola still remains a competitive advantage for other companies. This is because Coca Cola is known everywhere. Many people identify with the white and red logo of the Coca Cola Company. Due to all these factors, the best product to launch is an energy drink. This is because Coca Cola's competitive advantage will ensure it stays at the top. Furthermore, energy drinks such as Red Bull and Malt do not have the type of global presence Coca Cola has. This will also ensure COCA COLA COMPANY 5 that Coca Cola deals with all the products. The consumers will be able to access whatever they want in any Coca Cola shop (Doyle, et al. 1989). This will require a cross-functional team. Marketing is an area that will be needed in the cross-functional team. This is because the product is new and will, therefore, require the right channels to market it. Operations will also be an important area in this team. This is because the raw materials for the making of the energy drink will need good management. Lastly, Finance will be also required to help manage the financial resources delegated towards the new product. A cross-functional team is beneficial in that you get different insights from everyone. Creativity and problem solving are also increased in these teams. However, in some cases, diverse perspectives are not respected in a team. This can lead to serious demotivation and slow growth in the team. The team is also made weak by the fact that the opinion of one person is not respected. This creates a weakness in the team. This will eventually lead to the failure of the business. If cross-functional teams work together and respect each other, then the business goal will automatically be achieved. There is strength in unity. The company will approach milestones as one entity. Each person's voice will be heard and respected (Porter, et al. 2008). This gives a sense of importance and motivation. 6 COCA COLA COMPANY References Barney, J. B. (1995). Looking inside for competitive advantage. Academy of Management Perspectives, 9(4), 49-61. Doyle, P. (1989). Building successful brands: the strategic options. Journal of marketing management, 5(1), 77-95. Miller, D. (1998). Coca-Cola: a black sweet drink from Trinidad. Material cultures: Why some things matter, 169-87. Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education. Porter, M. E. (2008). Competitive advantage: Creating and sustaining superior performance. simon and schuster. Running head: SITUATIONAL ANALYSIS AND OBJECTIVES Module 02 Course Project Situation Analysis and Objectives Matthew Marquette Rasmussen College B475/MAR4806 Author Note This paper is being submitted on February 24th, 2019 for Professor Bonnie Anderson B475/MAR4806 Section 01 Marketing Capstone. 1 SITUATIONAL ANALYSIS AND OBJECTIVES 2 Part 1 - Situation Analysis Digital Resources There are several relevant digital resources that I identified about Coca-Cola Company and the products it provides in the market. The most important digital resource was the company’s website. However, I also identified Yahoo Finance to be an important digital resource specifically when looking for various financial statements for Coca-Cola Company. Some of the statements include the statement of financial position, the income statement, and the statement of changes in equity. SWOT Analysis Strengths Weaknesses - An incredible brand identity - Great competition from Pepsi - Has a great distribution network - Huge concerns over some of the across the world - contents in its products Is a trusted brand by millions of - Low product diversification people - Water management issues - Very high sales - It has been blamed for increased rates - Easy access to new markets Opportunities of diabetes and obesity Weaknesses - Diversification of its product range - Issues in water sourcing issues - Accessing new markets in developing - Great competition from Pepsi nations - Indirect competition from other - Producing packaged drinking water companies such as Starbucks SITUATIONAL ANALYSIS AND OBJECTIVES - Improvement of water management 3 - issues - Increase the marketing of its lesser consumed products Unethical business practices by some of its partners - Brand imitation in developing countries Discussion From the SWOT analysis table presented above, there are several things that can be discussed. The first thing is what role is played by the strengths and why they are important to the core business of Coca-Cola Company. The strengths are important since they ensure that the company has high sales across the world. Having a global distribution network means that the company can easily use the channels to distribute its products thereby guaranteeing that success and sustainability is achieved. The identified weaknesses pose as huge threats that can easily push the business out of the market. Increased competition from Pepsi means that the company could easily lose its market share to competitors and this could affect the realization of its goals and objectives (Porter, 2008). These weaknesses also pose as huge risks for the business model of the company. As a result, it is imperative that they are addressed by Coca-Cola Company. For the company to pursue the identified opportunities, it must have to conduct investments in each of the opportunity. For example, increasing its product range would mean that the company would have to diversify its products. Such diversification could include coming up with new brands and products that are delivered into the market (Hu, & Chuang, 2014). The threats may be minimized through coming up with a great marketing campaign that increases brand awareness in the market. Such a strategy would be aimed at occupying some of the market share that is currently being controlled by Pepsi and other indirect competitors. The threats can also be reduced through accessing new markets especially in developing nations. Doing this SITUATIONAL ANALYSIS AND OBJECTIVES 4 would over time increase the sales revenue and this could increase the profitability and sustainability of the company. The list of strengths by Coca-Cola Company given this week can be compared to some of the competitive advantages that were identified in the past week. The competitive advantages that were identified include global presence, brand image, and large supply network. What I noticed is that the competitive advantages of the company are all included in the strengths in the SWOT analysis of Coca-Cola. This means that competitive advantages are strengths that can allow a company to be successful within the industry. However, some of the strengths are not competitive advantages since they are possessed by other companies in the industry such as Pepsi. From the SWOT analysis, some of the strengths can be used to overcome the weaknesses of the company. For example the great distribution network can be used to tackle the intense rivalry and competition that the company faces from Pepsi. This can be done through expanding into new markets such as the Far East and developing countries. Doing this may increase the market value of the company while at the same time increasing its revenues from sales (Christensen, 2016). Coca-Cola is also a trusted brand by millions of people across the world. It can use this trust to correct some of the water management issues that it has experienced in the recent past. Coca-Cola Company can also use the strengths to capitalize on the opportunities in the market. One of the opportunities is expanding and diversifying its product range. Since the company has a great distribution network, it can use this strength to create awareness about the new brands in the market. Coca-Cola Company can also use its strengths to minimize the threats. One of the strengths is high sales. The high sales level may be used to counter the threat of SITUATIONAL ANALYSIS AND OBJECTIVES 5 intense competition from companies such as Pepsi. Countering the competition may help protect its market share that has in the recent past been encroached by other companies in the industry. Part 2 - Objectives When developing a marketing plan for the Coca-Cola, it is imperative to come up with several marketing objectives. These are goals that are supposed to be met by the plan once it has been put into place. A marketing plan is essential for any company since it helps raise awareness about the products and services that company delivers into the market (Noe, Hollenbeck, Gerhart, & Wright, 2017). One of the major objectives is to increase the sales level. Companies such as Coca-Cola aim at generating profits for their shareholders while at the same time expanding into new markets. The increase in sales should also be higher than the costs that have been incurred in various marketing strategies that have been adopted. When the sales level increases, the profitability and sustainability of the business can be guaranteed and this can go a long way towards realizing the goals of the business. Another marketing objective is to increase product awareness in the public realm. The main aim of marketing is to allow consumers to know about various products and services and what needs and desires they can fulfill (Sirgy, & Dong-Jin, 2015). When Coca-Cola Company launches a marketing strategy, it aims at creating such awareness. When awareness is created, consumers can know what value they can receive from purchasing a given product or service. Another marketing objective that may be developed by Coca-Cola Company is brand management. Coca-Cola Company produces many brands under its name. Through proper marketing, each of the brands can be appropriately managed and this can created sustained sustainability and growth for the company. These objectives help shape the marketing plan thereby determining its success or failure in the market. SITUATIONAL ANALYSIS AND OBJECTIVES 6 References Christensen, H. K. (2016). Defining customer value as the driver of competitive advantage. Strategy & Leadership, 38(5), 20-25. doi:http://dx.doi.org/10.1108/10878571011072048 Hu, F., & Chuang, C. C. (2014). How can different brand strategies lead to retailers' success? Comparing manufacturers brand for Coca-Cola and private brand for Costco. Journal of Global Business Issues, 3(1), 129-135. Retrieved from https://search.proquest.com/docview/223740994?accountid=45049 Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education. Porter, M. E. (2008). Competitive advantage: Creating and sustaining superior performance. Simon and Schuster. Sirgy, M. J., & Dong-Jin, L. (2015). Setting socially responsible marketing objectives: A qualityof-life approach. European Journal of Marketing, 30(5), 20-34. Retrieved from https://search.proquest.com/docview/237020315?accountid=45049 Running Head: SEGMENTATION, TARGETING, AND POSITIONING Module 03 Course Project Segmentation, Targeting, and Positioning Matthew Marquette Rasmussen College B475/MAR4806 Author Note This paper is being submitted on March 3rd, 2019 for Professor Bonnie Anderson B475/MAR4806 Section 01 Marketing Capstone. 1 SEGMENTATION, TARGETING, AND POSITIONING 2 Segmentation, Targeting, and Positioning Segmentation Segmentation is the division of customers into segments or groups. The groups created comprise of individuals with the same characteristics and interests. The four main types of segmentation include; demographic segmentation, geographic segmentation, behavioral segmentation, and psychographic segmentation. In demographic segmentation, customers get divided according to their sex, gender, economic status, age, religion, and family size among others ("4 types of Market segmentation and how to segment?" 2018). Behavioral segmentation divides customers according to their decision making patterns, usage, and behavior. Psychographic segmentation considers people’s lifestyle, the activities they partake in, their interests, and their opinions. Lastly, geographic segmentation looks at the location of the individual. Market segmentation is one of the oldest marketing strategies. My ideas and opinions Reasons consumers might want to purchase your product. • Fair prices • People trust the Coca-Cola brand • It is readily available • It doesn’t have many side effects SEGMENTATION, TARGETING, AND POSITIONING 3 The types of people who would use your product • People who like to hike • People who prefer energy drinks to alcoholic drinks Occasions for which people might use your product • Family gatherings • Picnics Research Findings Why might consumers want to purchase your product? The company has a strong brand image. People often want to identify with a popular product. Coca-Cola is the most popular energy drink in the world. People can also trust the drink. The drink is readily available. The company supplies to more than 200 countries worldwide. It is rare to walk into a shop and find it lacking a Coca-Cola energy drink. The prices of the commodity are low, an aspect that attracts more customers. What types of people would want to use your product? Coca-Cola is popular with young people. People who are still in their youth will most definitely buy the drink. If you look at its commercials, it mostly advertises to a younger audience. People with children are also likely to purchase the product. Individuals in college or have attended college also use this product unlike those who aren’t or haven’t gone to college. SEGMENTATION, TARGETING, AND POSITIONING 4 On what occasions might people use your product? The drink gets sold in various clubs so, during a night out with friends, people who don’t take alcoholic beverages will most likely use it ("Coca-Cola Demographics and Consumer Insights | Numerator," n.d.). Family gatherings also include the drink in its budget because there are people who don’t use alcoholic beverages as well as the presence of children in such meetings. Work events also include such drinks. Finally, we have picnics. Comparison between researched idea ...
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Coca Cola Energy Drink:
Price and Place
Student’s Name
Institutional Affiliation

Pricing of Competitors

Place/Distribution

References


Kukar-Kinney, M., Walters, R. G., & MacKenzie, S. B. (2007). Consumer
responses to characteristics of price-matching guarantees: The moderating role
of price consciousness. Journal of Retailing, 83(2), 211-221.



Yadav, P., Stapleton, O., & Van Wassenhove, L. (2013). Learning from cocacola. Stanf Soc Innov Rev, 11(1), 51-55.


Running head: PRODUCT FEATURES AND BENEFITS

Product Features and Benefits
Student’s Name
Institutional Affiliation

1

PRODUCT FEATURES AND BENEFITS

2

Product Featur...

mwalimumusah (18735)
University of Virginia

Anonymous
Return customer, been using sp for a good two years now.

Anonymous
Thanks as always for the good work!

Anonymous
Excellent job

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