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For example, every company must be careful bout the product aspect of its marketing mix. There are a number of factors that a company needs to consider when straightening on the product aspect of Its marketing mix. The first factor that a company needs consider when deciding on the product aspect of its marketing mix is to identify what qualities or satisfaction customers intend to obtain from a product or service. A company is then required to identify the features that should be Incorporated into the product or service In order to satisfy the requirements of consumers. Mom of the other factors that companies need to insider when coming up with the product aspect of their marketing mix include what size, name and color they should use when producing their products. Companies should also consider how to brand and differentiate their products from those produced by rival companies (Manometer & Carlson. , 2012). The second aspect that a company should consider when straightening on its marketing mix is how it shall set the price for its products.
The pricing decision is very crucial to a company since it determines the amount of profit that a company will make from Its sales. When setting the price for its products, a company should first evaluate what value a buyer will obtain from the product or service. A company should also consider the level of sensitivity of demand that its products have to a change in the price. It will also be important for a company to consider whether the use of price discounts will have a positive effect on the level of sales of Its products.
Finally, the company should consider how the price of its products compares to the price charged by rival companies who produce a similar product (Manometer & Carlson.. 2012). It is also important for a company to consider the promotion aspect of its marketing mix. Promotion refers to all strategies and measures adopted by a company In an effort to inform potential customers on the product’s existence in the market. When formulating its promotion strategy, a company needs to consider when and where it can reach out to its target market most effectively.
A company also needs to identify the most appropriate time to promote its product. It Is also Important for a company to decide on what method it shall use to promote Its product e. G. Through the press, billboards, radio or TV. Finally, a company also needs to evaluate the methods used by rival companies to promote their products. Once a company evaluates the methods used by rival companies, It should come up with promotional strategies that will counter those that are used by Its rivals (Manometer ; Carlson.. 2012).
Companies are also required to consider the most convenient place they will use to sell their product or service. The place where companies sell their product or service I OFF provide its product at a place that will be most convenient to its customers. When deciding on the place to sell their products, companies should first determine where cost customers look for products when intending to purchase them. Secondly, a company needs to find out how to access the most effective distribution channels for its products and services.
Finally, a company also needs to identify the different places used by its rivals to sell their products in order to come up with a counter measures that will enable them to find more convenient places to sell their products (Manometer ; Carlson. , 2012). In a bid, to understand how companies adopt and implement their marketing mix, an analysis of the Coca Cola Company which vocalizes with the soft drink industry can be done to provide a better understanding of how the four components of a marketing mix can be used to determine the level of sales made by a company.
In terms of the product component of the marketing mix of Coca Cola Company, the company has come up with a number of strategies. For example, the company produces around 300 types of beverages to ensure that it has a diversified range of products to meet all their consumers’ needs. The Coca Cola Company also packages its beverages in a variety of sizes to ensure that all consumers find a quantity of beverage that suits their needs. Coca Cola also uses its well renowned trademark on all its products to assure customers on the authenticity of its products thus increasing its level of sales (Kaki, 2012).
An analysis of the price aspect of the marketing mix used by the Coca Cola Company reveals a number of issues. For example, the company usually sets different prices for its products after evaluating various factors affecting different markets or geographical segments. The Coca Cola Company also adopts different pricing strategies after evaluating the different prices strategies adopted by its competitors e. . Coca Cola may observe the pricing strategy used by its main rival Pepsi Cola before setting its price.
In markets where the Coca Cola Company faces competition from very few firms, it sometimes chooses to form cartels with its competitors in order to arrive at prices that will maximize the interests of all firms (Kaki, 2012). An analysis of the strategy used by the Coca Cola Company to determine how it considers the place aspect of its marketing mix reveals a number of things. First, the Coca Cola Company has always strives to ensure that its main products are resent in all the markets present in the world’s soft drink industry.
In a bid to ensure that it is successful in accessing all the available soft drink markets in the world, the Coca Cola Company usually forms partnerships with various bottling and distributing companies that have established their operations in various parts of the world (Kaki, 2012). The Coca Cola Company has also adopted a number of promotion strategies to ensure that its customers continue to demand large quantities of its products. The Coca Cola Company usually exploits almost all advertising channels available to it. For example, usually uses television and radio channels of the media to show adverts to its potential customers.
The company has also been using billboards and pamphlets to inform potential customers of the existence of its products in the market as well as any changes it has made on its products. Finally, on a number of occasions, the Coca Cola Company has sponsored a number of popular events as a way of promoting its products with the aim of increasing its volume of marketing mix of a company, it is evident that the product, price, promotion and place strategies adopted by a company have a huge role to play in determine the bevel of sales and profitability achieved by a company.