With this article, I have tried to touch base on marketing and to help businesses to adopt the right marketing strategy for their business following by the case study of one of the big giants in the beverage industry i.e. Coca Cola.
What is Marketing
In simple language, marketing is the way to promote a product and service and capture the buyers' attention by different means i.e. by product differentiation and brand awareness. Many companies do price wars, advertising by well-known celebrities, and various offers to customers. Subconsciously you attach yourself to their brand emotionally, meaning they will stay at the top of your mind.
But adopting the right strategy for the product is a must before adopting any marketing strategy.
Law of Marketing
As Al Ries and Jack Trout — the world-renowned marketing consultants and bestselling authors of Positioning — note, you can build an impressive airplane, but it will never leave the ground if you ignore the laws of physics, especially gravity.
Why is understanding marketing is important in the first place?
Marketing is the whole and soul of any business, if the customers are knowing about the usage and benefit of your products, no one would come and buy your product and services. Even in the case of personal branding if you are not working hard to get the attention of the employers you won’t be getting the new projects. So, marketing is the most important thing for any business.
What is the role of communication in marketing?
As mentioned above that letting the customer know about your product’s usage and benefit is super most important and for that adopting the right communicating strategy is of utmost importance. Understanding the user of the product and marketing the product or services keeping in mind the users’ sentiments. For example, if the product is for a kid then marketing the product in a way that the kids get attracted for the product and if the product is for female then marketing between the age group of 20–35 then marketing and communicating the usage as per their taste.
Effect of Global Economic on Marketing
With globalization, the need to understand the global economy is increasing day by day in every sector of business. Many people hear the word “economics” and think it is all about money. Economics is not just about money. It is about weighing different choices or alternatives. Some of those important choices involve money, but most do not. Most of your daily, monthly, or life choices have nothing to do with money, yet they are still the subject of economics. For example, your decisions about whether it should be you or your roommate who should be the one to clean up or do the dishes, whether you should spend an hour a week volunteering for a worthy charity or send them a little money via your cell phone, or whether you should take a job so you can help support your siblings or parents or save for your future are all economic decisions. In many cases, money is merely a helpful tool or just a veil, standing in for a partial way to evaluate some of the goals you really care about and how you make choices about those goals.
Economics is the study of given ends and scarce means. Lionel Robbins, biography, from the Concise Encyclopedia of Economics:
Robbins’ most famous book was An Essay on the Nature and Significance of Economic Science, one of the best-written prose pieces in economics. That book contains three main thoughts. First is Robbins’ famous all-encompassing definition of economics that is still used to define the subject today: “Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses.”
What is the difference between digital and traditional marketing?
Traditional marketing is about marketing the product via traditional means like Television, Radio, and News Paper’s advertising. Whereas digital marketing is the recent term by which the products and services are advertised on the internet via different means whether it is by social media, paid ads, email marketing, or websites through cross-selling.
Of course, traditional marketing doesn’t mean it’s old-fashioned. Traditional marketing still plays an important role in people’s lives with the ever-growing need to step out of the digital world. In the same token, digital marketing is just as important as traditional if not even more so. Digital marketing uses every touchpoint of your daily use of the internet to reach you.
What is direct response marketing?
Direct response marketing is a type of marketing in which you are seeking an instant response from your customer about your products and services. Whether they like to products or services or not or else any further change is needed. Sometimes this marketing strategy is very helpful to serve the customer with the product right kind of product. However, this may take much time in the product revision and many other costs may get involved but the end emerged product will be as per the customer preference.
What is CATT Marketing Funnel?
The full form of CATT is C (Content), A (Attention), T (Trust) & T (Transaction) this is start with selecting the correct Niche, this is the funnel used in digital marketing. After selecting the correct Niche one needs to select the Content and drive the customer’s attention and progress toward building the customer trust toward the brand and then converting that to the transaction and continuous improvement is a must in this process and it should be a never-ending process.
What is integrated digital marketing?
Integrated digital marketing is the integration of multiple showcasing methodologies to create a cohesive online approach for your commerce.
Here’s what it regularly entails:
- web advancement and design
- search engine optimization (SEO) and search engine marketing (SEM)
- content marketing
- social media marketing
- local postings management
- paid advertising (or pay-per-click publicizing) campaigns
The thought behind integrated digital marketing is that, whereas each individual technique doesn’t have a huge impact on its own when utilized in conjunction, you’ll make a more persuasive online presence. And it’s not fair a few passing fades. Of course, there are still one-off campaigns out there, but most organizations are moving toward integrated solutions, as a well-rounded promoting methodology gives way better visibility and ROI for businesses online.
Coca- Cola Marketing Strategies:
Marketing strategy in a nutshell maps an idea which forms the base of sustaining business keeping in mind the long-term benefits and competition in the market. Marketing strategy is an idea that grows from the seed of value proposition enabling the company a step further over its competitors in terms of brand development and profit-making. Its effects on companies worldwide have been astonishing, especially over public-centric domains like automobiles, beverages, etc. A soft drink giant, Coca-Cola, is one such example which market aggressors since has been 1886. Coke as a brand in itself tries to substitute the entire soft drink market. The main idea behind their marketing is they read people’s minds across geographical boundaries. They started tying up with various food chains that have widespread not only in India but the world as a whole. The unique feature of their strategy is they tend to change their tag lines; this ensures that the target audience is interested in the product and they feel that the company is doing some innovation.
