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Objectives & Target Market for the Coca Cola Company
Write at least two marketing objectives to be accomplished by this marketing plan.
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SMART Objectives for The Coca Cola Company
SMART Objective 1: To increase the sales of the products by 30% by the end of 2020.
SMART Objective 2: To increase the market shares by 20% by the end of 2020.
Target Market for The Coca Cola Company
The target market of The Coca cola Company can be determined with the help of STP analysis.
Segmentation
Segmentation enables the brand in defining the appropriate products or services for the specific consumers groups (Camilleri, 2018). Through the process of segmentation, the niches with the specific requirements can be identified, along with the mature markets for finding the novel consumers. This allows the organisation in delivering more effective and focused marketing messages (Lynn, 2011; Kotler, et al., 2015). With respect to the case of The Coca Cola Company, it can be mentioned that the company does not target any kind of specific segment, however, they adapt their marketing strategy through the development of novel products. The demographic segments that are suitable for the marketing of the brand of The Coca Cola Company includes individuals belonging to the age group of 12-30 years. The psychographic segmentation that is suitable for the marketing of the products of The Coca Cola Company encompasses of those individuals who have the nature of entertainment loving, joy and fun. The habits that are taken into consideration regarding the habits of the consumers that are to be targeted for marketing, include the following:
- The mobile generation that have social media as a part of the daily life
- The young target audience who prefer media exposure
- The individuals who prefer innovations and like being surprised
The major segment that is targeted by The Coca Cola Company includes those individuals who require any beverage for any occasion.
Targeting
Market targeting comprises of recognition of commercial and potential attractiveness of each of the market segment. These require taking into consideration certain criteria, namely, difference, focus on varied benefits, criteria size, money and accessibility (Hassan, and Craft, 2012). The major target of The Coca Cola Company encompasses of individuals from varied age groups, but is majorly focused for the ages between 12 year till 30 years. The targeting approach that is implemented by The Coca Cola Company is mix of mass and undifferentiated marketing strategies, along with the focus towards niche marketing for some of the particular products so as to drive the sales within the competitive market. The target market of The Coca Cola Company is divided under primary and secondary market, of which, the primary market includes individual of the age range 10-25 years and the secondary market includes individuals from the age group range of 25-40 years. Coca Cola also ensures to target its products towards individuals seeking strong flavour, apart from the diet cola range that have been targeted towards individuals that are health conscious.
Positioning
Positioning is a very vital strategic consideration that is required by every organisation and business. The manner in which an organisation is able to position its product or brand allows it to gain a competitive advantage over its competitors (Dibb, and Simkin, 2013). The Coca Cola Company has strategically positioned itself as one of the leading soft drink brands, within the global soft drink market. The brand believes in the principle of "think global, act local". As a result, the company ensures that the sore product remains the same and adapt the same with respect to the requirements of the local markets.
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