Friday, December 6, 2019
Analysis of the Product Category-Free-Samples-Myassignmenthelp.com
Question: Discuss about the Marketing in the context of Deep River Rock bottled water. Answer: Introduction Marketing management is a process to develop specific strategies and planning to market a specific product or service (Homburg, Jozi? Kuehnl, 2017). In order to promote a product, it is crucial to concrete a plan as it allows an organization to introduce the product to the target audience. An organization needs to develop the marketing strategy of a product based on its category. This study deals with the product category and the strategies in the context of Coca-Cola Bottling. Deep River Rocks or DRR is the brand of Coca-Cola Bottling. Hence, to enhance the marketing for this particular brand by Coca-Cola will be discussed in this study. Analysis of the product category in the context of Deep River Rock Deep River Rock or DRR is a bottled water product, which is produced by the Coca-Cola Bottling company. This brand is not a global brand as it is developed by the Coca-Cola-Bottlers Ireland or CCBI. This product is popular in Ireland. In the recent years, the growth of DRR is significant as it is considered as the high quality bottled water in Ireland (Ie.coca-colahellenic.com, 2018). However, Coca-Cola wants to increase the package size of DRR to enhance its sale. At present, the package of DRR ranges from 330 ml to 2 liters. This is a sugar-free product with no calories. This healthy drink is very popular in Ireland. Its increasing range of pack size is influencing the customers as they are able to aid a greater hydration. In the recent years, Coca-Cola Bottlers has infused the minerals and the herbal extracts in order to improve the category of DRR. Consumers can easily define DRR as it is a healthy drinking water and categorized under FMCG product. DRR is categorized under the food and beverage industry. Coca-Cola Bottler is famous for its beverage. Hence, by offering DRR they are able to cover a large number of consumers in Ireland. Drinking water is the basic need of consumers thus there is no effect of the seasonal changes on DRR. In the context of other food and drinking products, customer needs may vary. However, sell of DRR is similar throughout the year. Customers choose product category based on the ingredients (Ling, 2017). However, today the customers are more health conscious thus; healthy products are their first preferences. Coca-Cola Bottlers offers healthy drink by introducing DRR in Ireland. DRR is a fast moving consumer good thus, it has covered a large population in this particular country. However, many other organizations especially PepsiCo is one of the major competitors of Coca-Cola. This company focuses o n producing the substitute products of Coca-cola, which is a big threat for DRR. Many beverage companies produce the drinking water, which creates a strong competitive environment for DRR as well as Coca-cola in Ireland. Analysis of the sectors in the context of DRR Market segments analysis is crucial for each brand as it focuses on the target audience. In order to promote a brand market segmentation and the analysis of the sector are vital (Scott, 2017). However, DRR is categorized under the beverage industry thus through PESTLE analysis the sector of DRR can be analyzed. Coca-Cola Bottlers has introduced Deep River Rock bottled drinking water in Ireland. The political environment of Ireland is stable and it is a democratic country. This brings a good opportunity for the Coca-Cola to enhance the sale of DRR in Ireland. However, Coca-Cola is categorized under FDA (Food and Drug Administration). Hence, changes in any law by Ireland government may affect operation process of Coca-Cola in the context of DRR (Ie.coca-colahellenic.com, 2018). Service sectors have a great contribution to the economy of Ireland. However, 72% of the total GDP comes from the business industries of Ireland. On the other hand, this country has faced economic recession in t he year 2009 but they overcome it through their strong fundamentals. Hence, this ensures that Coca-Cola can improve the economy of Ireland by enhancing their DRR sell. Social factor focuses on the income level and the lifestyle of the people in Ireland. However, the people of Ireland belong from high to mid-range income group and they are socially aware (Collison, Brennan Rios?Morales, 2017). As a result, they are willing to purchase the drinking water. On the other hand, Coca-Cola offers its products to the cultured countries to meet the demands of the consumers. They have focused on the 18-35 years age group of people to sell DRR. Such group has good income and social awareness. Thus, this particular group will be a good target audience for C Coca-Cola to sell their new product Deep River Rock bottled water. In Ireland, information technology is the leading industry. Thus, this country is technologically fast. This brings the best opportunity for Coca-Cola to improve the feature and operation process of DRR. Legal factor focuses on the maintenance of all rights in Coca-Cola. They comply with the legal requirements while operating in a new country. Water accessibility is the big factors for Coca-Cola as they offer soft drinks and drinking water. Due to the water accessibility issue, this organization has faced losses (Ling, 2017). Hence, water accessibility is the major environmental factor of Coca-Cola. This organization needs to follow the environmental laws while introducing DRR to reduce their impact on the environment. Strategies to increase the market share and maintain the profit in the context of Coca-Cola As per the given scenario, it has been found Coca-Cola Bottling Company has been facing a huge competition in the market. They need to enhance their customer engagement to gain competitive advantage. Position analysis Position analysis is one of the major strategic actions for the business organizations to enhance their market share. This strategic helps the organization to identify their primary market condition, nature of the product and resources of the company (Ayden, Demirbag Tatoglu, 2018). This strategy will be helpful for Coca-Cola Bottling Company to increase their market share by analyzing their current position. They will be able to identify their primary market is stable, declining or growing in the context of DRR. Therefore, this strategy will allow them to analyze their product nature however, it is differentiable or homogenous. Therefore, they will be able to identify the status of their resources that are high, low or medium. Hence, such positioning analysis will be beneficial for Coca-Cola Bottling Company to improve their position and enhance the share by analyzing the different aspects of their DRR brand. Product innovation Product innovation is a good strategy to engage the customers in a business. However, in the recent years, Coca-Cola Bottling Company has been facing challenges due to the rising competitors in the beverage industry. In order to gain competitive advantages in the market, innovation should be taken by the organization (Liu Atuahene-Gima, 2018). However, if Coca-Cola Bottling Company brings innovation in their DRR product then it will enhance the customer attention towards this product. As a result, customer engagement will be enhanced. In the recent years, Coca-Cola Bottling Company aims to use herbal extract in Deep River Rock. Such approach will be helpful for this organization to meet their innovative strategy. Product innovation not only enhances the customer engagement but also helps to increase the market share for a particular product. This strategy is considered as the most effective strategy to enhance the market share. Market segmentation strategy Market segmentation strategy is another vital activity to increase the share in the existing market. As argued by (Nenonen Storbacka, 2018), many organizations fail to enhance their sale due to inappropriate market segmentation. However, Coca-Cola Bottling Company focuses on the 18-35 years age group people to sell Deep River Rock bottled water. They do not focus on the mass market. Hence, selection of the mass market as the target market will be beneficial for this organization increase their sale as bottled drinking water is the basic requirement of everyone who is going outside of their home. Innovation in promotion Promotion innovation is one of the major strategies for the organizations to enhance their market share as well as the customer engagement. This strategy is beneficial for an organization to innovate new approach in their product promotion to attract the customers to their product (Di Benedetto Lindgreen, 2018). In the context of DRR Coca-Cola Bottling Company can use social media advertising as an innovative approach for their bottled water. Social media advertisement covers a large number of customers from different geographical regions. This will be helpful to enhance the customer engagement and sales in the context of DRR. Such strategic activity will allow Coca-Cola Bottling Company to increase their consumer numbers and sale of DRR by engaging more consumers. Conclusion The above piece of work highlights on the product category, industry analysis and the strategic decision in the context of Deep River Rock bottled water. It is important for this organization to carry out a huge market research to understand their current position in the market. On the other hand, innovation in the business promotion will be an effective approach for Coca-Cola Bottling Company to increase the market share. References Ayden, Y., Demirbag, M., Tatoglu, E. (2018). Market Entry Strategies of Turkish MNEs. InTurkish Multinationals(pp. 127-168). Palgrave Macmillan, Cham. Collison, P., Brennan, L., Rios?Morales, R. (2017). Attracting Chinese Foreign Direct Investment to Small, Developed Economies: The Case of Ireland.Thunderbird International Business Review,59(3), 401-419. Di Benedetto, C. A., Lindgreen, A. (2018). The Emergence of Industrial Marketing Management as the Leading Academic Journal in Business-to-Business Marketing.Industrial Marketing Management. Homburg, C., Jozi?, D., Kuehnl, C. (2017). Customer experience management: toward implementing an evolving marketing concept.Journal of the Academy of Marketing Science,45(3), 377-401. Ie.coca-colahellenic.com. (2018).Deep RiverRock. Retrieved 25 February 2018, from https://ie.coca-colahellenic.com/en/brands-and-campaigns/explore-our-brands-and-products/deep-riverrock/ Ling, X. (2017). Customer Relationship Management: Case study Coca-Cola Company. Liu, W., Atuahene-Gima, K. (2018). Enhancing product innovation performance in a dysfunctional competitive environment: The roles of competitive strategies and market-based assets.Industrial Marketing Management. Nenonen, S., Storbacka, K. (2018). Smash: Using Market Shaping to Design New Strategies for Innovation, Value Creation, and Growth. Scott, M. (2017).Renewing urban communities: Environment, citizenship and sustainability in Ireland. Taylor Francis.
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