Promote Product and Services
Introduction
A promotional plan seeks to guarantee the business enterprise an opportunity to meet its objectives for the year along with executing its marketing strategies. It is hence inevitable for the organization to consider designing an effective promotional plan, key items for deliberation, and a sample of what the final item should look like. A promotional plan entails all forms of business communication between the company and the audience of prospective or existing customers. The promotional plan has a complete budget as well as methods by which the company will evaluate the efficacy of the plan (McDonald 23).
- Identifying a business & the product/ service it intends to promote
The business organization under focus is The Coca-Cola Company. This multinational has wide market coverage with its presence felt in more than 200 countries worldwide. The beverage company is famous for its flagship product Coca Cola. The promotional plan centers around increasing people’s awareness of its newest product called Coca Cola light/ Diet coke. The plan seeks to determine how Coca-Cola Company fulfills its marketing strategy to boost potential clients’ awareness of the Coca Cola light/Diet coke (McDonald 23). The Atlanta, Georgia-based Corporation attempts to increase consumers’ knowledge of existence of Diet coke in the market with a view to boost its turnaround and consumer rating of the product. Several licensed Coca Cola bottlers worldwide facilitate production and distribution of Coca Cola light/ Diet coke to various retail outlets. However, the promotional plan would step up efforts to keep existing and potential consumers well conversant with the benefits resulting from consumption of the product (McDonald 23).
- Setting the marketing goals and strategies
In order to enhance consumers’ knowledge and understanding of new products and brands Coca Cola has introduced into the market, the company ventured into a long-term initiative to ensure it accomplishes its goal to increase acquaintance of consumers about the product together with its features (McDonald 23).
The Company’s Business Values and Vision
The Company has a vision to become the leading manufacturer of beverages and non-alcoholic drinks globally. This company still dominates the list of companies with high sales volume and a return on capital employed. Generally, the Company’s values revolve around creating an environment where prospective clients are passionate about performance. Some of the most essential values include the integrity, individual initiatives, enhancing customer value, teamwork, and mutual trust and respect (McDonald 23).
Coca-Cola light is mainly for people without any interest in calories but like plenty of taste. The product is available in flavors such as Cola, Black Cherry Cola, Cola Green Tea, Cola Lemon, Cola Lime, Cola Orange, and Cola Raspberry. Apart from Diet Coke, the key products the business marketing also focuses on include Coca Cola Citra, Crestar, Cherry Coke, Coca Cola Zero, and Diet Cherry Coke (McDonald 23). The Company’s marketing strategy attempts to expand the global market for its products besides discovering new markets for the numerous brands of Coca Cola products.
Conclusion
The promotional plan play important part in making sure the enterprise accomplishes its crucial marketing objectives. This would considerably help promote consumers’ knowledge and awareness of newest brands the company manufactures to meet the taste and preferences of its diverse consumers. Since the company prepares the plan once annually, it would provide the benchmark to evaluate the company’s successes and drawbacks at the close of the year. The product budget and methods for promotional plan provides the basis for effective evaluation (McDonald 23).
- 4 Ps of Marketing (Product, Promotion, Price, and Place)
What is the Product?
Coca-Cola Company engages in the manufacturing of sugar-free beverage (Diet Coke) with the aim of capturing the aspect of market segmentation. Diet Coke comes in numerous forms and sizes thus offering consumers the opportunity to choose in relation to their preferences or taste and costs (McDonald 23). Among the six types of products under the category of diet coke, include stay extraordinary, caffeine free, diet coke plus, diet coke lime, diet coke cherry, and diet coke sweetened (splendor).
What is their Price?
Coca Cola aims at providing affordable commodities to their customers across the globe. One packet of cans of diet coke goes for approximately $ 7. This represents wholesale pricing system to enable consumers and retailers save while they purchase commodities in bulk. 2 L of diet coke goes for approximately $ dollars hence providing consumers with the opportunity to choose on what quantity to purchase in the market. One liter of diet coke goes for approximately $ 1.95 thus offering the chance for consumers who lack the ability and willingness of purchasing the 2 L packet or quantity to enjoy the product from Coca-Cola Company (McDonald 23).
How do they promote the Product?
Promotion of diet coke as a product of Coca-Cola Company adopts numerous forms in the aspect of promotion or advertisement. In order to enhance the awareness of consumers on the product in the market, the company decides on application of offers or after sales services such as discounts or purchasing of certain quantities and then obtaining specified quantity free. This bulk selling or promotion technique aims at improving the rate of turnover while enhancing the awareness of consumers in relation to the products available in the market at their disposal. This would also provide the opportunity for consumers to enjoy maximum profits by the organization. The other way of promoting diet coke is through mass media such as television adverts, billboards, newspapers, and magazines with the aim of wooing consumers to respond effectively and efficiently to the products within the market (McDonald 23). Coca-Cola Company also conducts road shows to meet their clients thus opportunity to enhance their awareness on the products available at their disposal. Diet coke is also under promotion through relevant sponsorship programs by the company.
Where do they sell the Product?
Diet Coke products sold is in numerous stores and outlets across the globe. Coca-Cola Company possesses numerous distribution and manufacturing outlets across the globe to ensure availability of the diet coke to consumers from different regions. Supermarkets and retail shops also have the products at the disposal of the consumers, thus widespread coverage of the product in the modern economy.
Profile of the Target Market
| Factors | Audience of Market |
| Age | Diet Coke seeks to serve all ages with the aim of checking the level of sugar within the blood system. |
| Race | Diet Coke does not apply to any specific race. The Company aims at providing the product to all races that possess the resources and willingness to purchase the products. |
| Income | The Company aims at providing affordable prices to capture the low-income earners within the economy. |
| Preferences | Diet Coke products come in different forms and prices to capture all market segmentations. |
Position of the Product
Coca-Cola achieves the position of the diet coke in numerous ways. One of the means is through additional of value under minimal cost. This is through extensive evaluation of the competitors and their tactics within the market. This provides the opportunity for the company to adopt constructive methods to enhance the quality of its products at minimal cost. The other way of achieving a position of the product is through elimination of the waste aspect of production thus reducing the cost of operations within the organization. This would enable the organization to produce products at lower cost hence affordable prices to the consumer. The other aspect is through adoption of effective and efficient brand for the product to compete accordingly in the market and industry.
- Explain the marketing/promotional ideas/ themes
In the modern world, many business owners exploit promotional themes and ideas to help them promote their business. In any given marketing environment, customers get the chance to experience the various marketing strategies and promotional ideas. With promotional strategies such as advertisements, various businesses are becoming more creative during their promotional methods in a bid to attract more customers. Some of the promotional ideas/ themes which the coca-cola company may use to attract more customers include; the charity sponsorships, cooperative promotions and the creative giveaways.
Charity Sponsorship
This type of promotional idea entails charities publishing sponsorship information on newsletters and the event fliers. This method will help the company get its name out to its customers. In this promotional theme, the clients who will have the chance to see the company sponsor information will then be committed to a particular charity that the company is supporting. The clients will also be able to assume the company’s shares the values and goals. The charitable sponsorship will help in making the company more memorable in case clients need its products and services.
Cooperative Promoting;
This promotional theme can be used by both the big cooperates or the small businesses. It mainly entails co-branding of the products. The coca-cola company can benefit from this type of promotional idea. The company can do this by networking with different merchants, thus, the company can think of ways in which it can combine its services and share its advertising costs.
Creative Giveaways;
This type of promotional theme entails offering and delivering different marketing solutions to client. The company will offer client creative approaches in terms of gifts and the products thus the Coca-Cola light/Diet. This approach system favors the company a lot because, it will enable the company get close to its clients.
- Provide a list of promotions to be used in the next year selected from the handout list
There are various types of promotions, which the coca-cola company can employ during the upcoming year. In order for the company to have a successful promotion, it should ensure that the promotion stimulates the curiosity of its clients; hence, it will prompt them to engage in the company’s products. As the coca-cola company considers its promotional ideas, it should also consider the various ways in which it will speak to its target market’s interests. Some of the promotions, which the coca-cola company will use the coming year, are; the Giveaways, discounts, special events and the Ad campaigns.
Giveaways: This type of promotion is good in enticing customers whereby, they will have the chance to sample the Diet Coke without any financial risks. This strategy is effective in case factors such as high costs and perception becomes an obstacle for the clients. Giveaways are also effective in spreading the word about the coca-cola company. Normally, the giveaways usual branding is on items, which carry the company’s logo and the company’s main marketing message.
Discounts: In choosing the discount to present to customers, the coca-cola company will have to choose a discount, which will convince its customers. Generally, customers prefer to save money hence, discounts and sales will bring attention to the coca-cola company. For customers who do online ordering, the company can offer free shipping.
Special Events: This type of promotion is effective in attracting a large number of consumers at once. The coca-cola company will have to choose an appropriate event for its business. During the event, a retail outlet is applicable to hold various activities to customer preference. The activities may include; special sales, live music and free foods.
Ad Campaigns
The Ad campaigns are the most common promotional methods of an advertising campaign. In designing its campaign, the coca-cola company will have to create a campaign, which will be simple, unique and memorable (McDonald 23).
- Decisions about when to schedule the promotion in order to meet with organizational marketing needs and the mood of the market
The decisions on when to schedule the promotion is a generic approach towards executing sales target with the aim of increasing the overall revenue of the Coca-Cola Company. The decisions include:
Establishment of the sales goals
A list of the Coca-Cola Company sales goals for its current quarter drawn is inclusive of consideration to the other time established for the completion of other promotion programs. The sales goals follow the basic marketing principles in consideration to getting the company’s product in front of the specified market. This includes a strong encouragement on decision making within the market to enable the test run for the product (McDonald 26).
Establishment of promotional activities
The promotion should have a schedule upon the creation of e program for the promotion including sampling booth. The networking of specified trade shows with potential vendors and existing customer for the product should be under consideration.
Reviewing the success and failures of the previous promotion
Reviewing of the previous done market promotion is into consideration. Basing on the information and the list of the Coca-Cola Company’s current sales goals, incorporation of the previous successful strategies used for promotion is significant with gleaned new market information up-to-date.
Creation of a detailed spreadsheet
The creation of the detailed spreadsheet meant to track details of the market promotion is vital on the choice on when to do the promotion. Each column of the spreadsheets should have similar wording: the planning of the promotion, anticipated inception and end dates, the resources necessary for the execution of the market promotion, the project cost, the current effectiveness of promotion and outcome detailed notes. The spreadsheet updates are regular with new market information.
A 12-month calendar study is necessary
Notes are significant on the seasons deemed suitable for the market promotion. The events involved with the seasons can help incorporate plans in the market promotion schedule.
Reviewing of the results
The planed sales promotion tracking spreadsheet is necessary for review of market promotion schedule. It will help in consideration of the approach effectiveness with the overall sales goal. It is significant to consider that running of the similar market promotion on a regular basis discourages repletion of business (McDonald 26).
Grand chart showing the promotional activities on when in the first year
5.2 GANTT CHART
| Month | February | March | April | May | |||||||||||||
| Week | 1 | 2 | 3 | 4 | 1 | 2 | 3 | 4 | 1 | 2 | 3 | 4 | 1 | 2 | 3 | 4 | |
| Sales promotion | |||||||||||||||||
| Merchandising | |||||||||||||||||
| Personal selling | |||||||||||||||||
| Exhibitions | |||||||||||||||||
| Advertising | |||||||||||||||||
| Sponsorship and public relations | |||||||||||||||||
- A 12 month budget allocating funds of $500,000pa depending with the size of the business
| 12 month budget with an allocation of $500,000pa | |
| Items | Allocation |
| Indirect materialistic supplies | $80,000 |
| Indirect labor cost supervisors salaried and the organization personnel | $120,000 |
| Building occupancy , insurance and tax | $115,000 |
| Machinery and equipment | $180,000 |
| Federal state compliance cost | $55,000 |
| Market promotion | $75,000 |
| Other expenses | $130,000 |
| Total | $ |
- Monitoring and improving market performance
Regular monitoring of the Coca-Cola Company marketing performance is significant for its products success. Assessing and making analysis of the Coca-Cola Company market performance ensures that the performance remains effective. This enables the better control of the market performance with the market promotion strategy. The significant method applicable in monitoring and improvising market performance is the marketing audit. This involves a comprehensive examination of the specified objectives with strategies for the determination of opportunities and areas for improvement. For the audit to be a useful tool, a predetermined periodic source should be active to enable the provision of regular updates. This assists in the improvisation of the specified market strategy effectiveness (McDonald 26)
Works Cited
McDonald, Malcolm. Marketing Plans: How to Prepare Them, How to Use Them. Chichester: Wiley, 2011. Print.
