A PROJECT REPORT ON

“STUDY ON MARKETING STRATEGY OF

COCA - COLA”

SUBMITTED BY

QURESHI SUFIYAN MOHD IRFAN

FOR THE DEGREE OF BUSINESS MANAGEMENT STUDIES

UNIVERSITY OF MUMBAI

ROLL NO. 51

UNDER THE GUIDANCE OF PROF. GULFAM KHAN

FOR THE ACADEMIC YEAR 2021-22

SREE NARAYAN GURU COLLEGE OF COMMERCE

CHEMBUR, MUMBAI -400089.

Page 1
 CERTIFICATE

This is to certify that QURESHI SUFIYAN MOHD IRFAN Roll no.51

of Business Management Studies (2021-22) has successfully completed

the project on “A STUDY ON MARKETING STRATEGY OF

COCA - COLA”

Course Co-ordinator Principal Name

Name & Sign.

Project Guide External Examiner

Name & Sign. Name & Sign.

College Seal

Page 2
 DECLARATION

I, QURESHI SUFIYAN MOHD IRFAN, Student of BMS

SREE NARAYAN GURU COLLEGE OF Commerce of University of

Mumbai declare that the work done on the project “A STUDY ON

MARKETING STRATEGY OF COCA - COLA” is original. Any

reference in this report has been duly acknowledged.

To Presented here the best of my knowledge and belief, this subject

matter is original.

Date :

QURESHI SUFIYAN MOHD IRFAN

Page 3
 ACKNOWLEDGEMENT

I am thankful to SREE NARAYAN GURU COLLEGE OF Commerce

for giving me an opportunity to work on this project. Because of this
project, I could relate to the “A STUDY ON MARKETING
STRATEGY OF COCA - COLA” in the better way.

I like to thank our principal DR.RAVINDRAN KARATHADI and I

would also like to thank our coordinator & my project guide
PROF. GULFAM KHAN for helping out with this project. Without
their support, this project would not have been possible. They helped me
immensely by keeping me motivated throughout the course of the project.

Thank You,

Date :

QURESHI SUFIYAN MOHD IRFAN

Page 4
 INDEX

NO. DESCRIPTION PAGE NO.

1. CHAPTER – 1 6
INTRODUCTION

2. CHAPTER – 2 57
RESEARCH
METHODOLOGY /
Objective of the Study

3. CHAPTER – 3 60
LITERATURE REVIEW

4. CHAPTER – 4 64
DATA ANALYSIS

5. CHAPTER – 5 74
CONCLUSION &
FINDINGS

6. BIBLIOGRAPHY 78

Page 5
 CHAPTER – 1
INTRODUCTION
Every business needs a marketing strategy; however, creating one from scratch is
easier said than done. That might explain why some companies cut corners on
strategic planning and treat marketing like a cost center that eats investment to
produce collateral, instead of a revenue driver that connects business with consumers
and takes responsibility for growth.

This has some significant consequences for our work. Without understanding where
your business fits in the market, who your target customers are, and how best to reach
them before your competition does, you run the risk of spinning your wheels and
failing to grow your business. When this happens, marketing budgets get cut —
typically, as soon as times get tough.

Fortunately, you have the power to grow your organization, future-proof your career,
and become a brilliant marketing strategist. You can know your customers better than
they know themselves, understand exactly how to create content and launch
campaigns they love, and get reliable results that power sales. In short, you can
succeed at marketing strategy.

Everything you need to know is in this guide — based on the collective, personal
experiences of the CoSchedule team. It’s an in-depth guide that not only covers why
strategy matters for marketers, but how to actually put your plan into action in a
way that’s easy to follow. Plus, you’ll get a full downloadable set of templates and
resources to document and execute each step along the way, so you’re never left
wondering what to do next.

An Actionable Marketing Strategy Template You Can Actually Use

You’re likely here because you know you need a strategy, and you know it needs to
be documented. This will help you know what you’re doing (your tactics), why you’re
doing it (your strategy), and who you’re doing it for (your customers).

Page 6
This guide covers all of this and more, but in order to apply what you’ll learn, you’ll
need some basic tools and templates. A key piece in documentation is, well, actual
documents. One of the biggest inhibitors to documenting strategy — beyond the
practical knowledge required — is a lack of time.

A Marketing Strategy is the long term planning of business objectives that the
company wants to achieve. For these to be achieved it is important to choose well the
specific actions to consolidate the reputation of products and services or increase sales
in the market. Utilizing opportunities is vital to find the target market and to be able to
make customers loyal to the organization so that the positioning of the company gets
stronger.

It is important to define how you want to position the product/service in the market in
order to achieve positioning among customers and fulfil customer and organization
relationship loyalty. Is the method to create sales opportunities, also to communicate
and position the product or service and to translate the operational lines that allow
reaching a target market through the right channels.

There are four elements that make up the marketing mix, in which the 4ps of
marketing are found to shape the crucial strategies to generate profits in the company
and boost sales:
 Product strategies
 Pricing strategies
 Distribution strategies
 Promotion strategies
Importance of having a Marketing Strategy in your business

Choosing a suitable marketing strategies for the company will bring great advantages
such as:

 Increased sales
 Creating sustainable growth for the company

Page 7
  Understanding what your customers want
 You will meet the needs and exceed the expectations of the customers
 You will strengthen the relationship with the target market
 You will build the brand in the consumer’s mind
Marketing Strategies vs. Marketing Plan

In order to formulate strategies, it is necessary to have the marketing objectives in

mind, since strategies must be implemented to achieve these objectives; but also the
consumers that make up the target market, the competition, the resources and
capabilities of the company.

It is important that before identifying and formulating the strategies, the difference
between the marketing strategy and the marketing plan must be considered, since it
can generate confusion about these two concepts that go hand in hand but are focused
differently,

Marketing Strategy

Is the explanation of the objectives to be achieved with a company’s marketing efforts

(what). These strategies are determined by the company’s objectives. Goals and
strategy must go hand in hand.
The strategies must allow needs, desires, problem solving or take advantage of habits
and customs that the target audience has.

Marketing Plan

This is how you’re going to achieve those marketing goals (how). It is the map that
will guide you from one point to another of the desired situation (objectives).

Example

Objective: To achieve a higher market share.

Marketing Strategy: Enter a new market segment.

Market Plan: Develop a marketing campaign that reaches, identifies and focuses on
the specific segment.

Page 8
Marketing Strategy -> Marketing Plan-> Implementation = Successful Marketing
Strategy

How to develop an effective marketing strategy?

For an effective marketing strategy it is necessary to know your competition and

know that what you offer to your clients has the added value that the competition does
not have (FAB ANALYSIS- features, advantages and benefits).

After this define your target market in a demographic and psychographic way, this
will help to know why they need to buy products/services from you.

There are several ways to make marketing strategies effective, so it is necessary to

focus on the most important communication channels (traditional and virtual media)
and to be able to carry out the strategies with a successful follow-up of the
implementation of the strategies.

Establish the objectives and the process:

 Analyse the position in the market: identify the target audience, the competition
and what is happening in the company. In addition, define which are the strong
aspects and those that you should optimize
 Establish goals: create achievable brand and sales objectives and determine the
time frame to reach them
 Design the tactics: after you examine the landscape, create the lines of action
based on the strategies you know
 Implement controls: define how you will measure goal achievement and how you
expect performance to gradually improve

A carefully-cultivated marketing strategy should be fundamentally rooted in a

company’s value proposition, which summarizes the competitive advantage a
company holds over rival businesses. For example, Walmart is widely known as a
discount retailer with “everyday low prices,” whose business operations and
marketing efforts revolve around that idea.

Page 9
Whether it's a print ad design, mass customization, or a social media campaign, a
marketing asset can be judged based on how effectively it communicates a company's
core value proposition. Market research can be helpful in charting the efficacy of a
given campaign and can help identify untapped audiences, in order to achieve bottom-
line goals and increase sales.

Marketing strategy is a long-term, forward-looking approach to planning with the

fundamental goal of achieving a sustainable competitive advantage.[1]

Scholars continue to debate the precise meaning of marketing strategy. Consequently,

the literature offers many different definitions. On close examination, however, these
definitions appear to centre around the notion that strategy refers to a broad statement
of what is to be achieved.

Strategic planning involves an analysis of the company's strategic initial situation

prior to the formulation, evaluation and selection of market-oriented competitive
position that contributes to the company's goals and marketing objectives.[2]

Strategic marketing, as a distinct field of study emerged in the 1971s, and built on
strategic management that preceded it. Marketing strategy highlights the role of
marketing as a link between the organization and its customers.

The marketing mix is a crucial tool to help understand what the product or service
can offer and how to plan for a successful product offering. The marketing mix is
most commonly executed through the 4 P's of marketing: Price, Product, Promotion,
and Place. Carefully considering the marketing mix will enable a business to
understand how it can differentiate its product or service and thus build a marketing
strategy to drive sales.

The distinction between “strategic” and “managerial” marketing is used to distinguish

"two phases having different goals and based on different conceptual tools. Strategic
marketing concerns the choice of policies aiming at improving the competitive
position of the firm, taking account of challenges and opportunities proposed by the
competitive environment. On the other hand, managerial marketing is focused on the

Page 10
implementation of specific targets."[3] Marketing strategy is about "lofty visions
translated into less lofty and practical goals [while marketing management] is where
we start to get our hands dirty and make plans for things to happen."[4] Marketing
strategy is sometimes called higher order planning because it sets out the broad
direction and provides guidance and structure for the marketing program.

Marketing strategy involves mapping out the company's direction for the forthcoming
planning period, whether that be three, five or ten years. It involves undertaking a
360° review of the firm and its operating environment with a view to identifying new
business opportunities that the firm could potentially leverage for competitive
advantage. Strategic planning may also reveal market threats that the firm may need
to consider for long-term sustainability.[9] Strategic planning makes no assumptions
about the firm continuing to offer the same products to the same customers into the
future. Instead, it is concerned with identifying the business opportunities that are
likely to be successful and evaluates the firm's capacity to leverage such
opportunities. It seeks to identify the strategic gap; that is the difference between
where a firm is currently situated (the strategic reality or inadvertent strategy) and
where it should be situated for sustainable, long-term growth (the strategic
intent or deliberate strategy).[10]

Strategic planning seeks to address three deceptively simple questions, specifically:[11]

* Where are we now? (Situation analysis)

* What business should we be in? (Vision and mission)
* How should we get there? (Strategies, plans, goals and objectives)

A fourth question may be added to the list, namely 'How do we know when we got
there?' Due to increasing need for accountability, many marketing organisations use a
variety of marketing metrics to track strategic performance, allowing for corrective
action to be taken as required. On the surface, strategic planning seeks to address
three simple questions, however, the research and analysis involved in strategic
planning is very sophisticated and requires a great deal of skill and judgement.

Strategic analysis is designed to address the first strategic question, "Where are we
now?" [12] Traditional market research is less useful for strategic marketing because

Page 11
the analyst is not seeking insights about customer attitudes and preferences. Instead
strategic analysts are seeking insights about the firm's operating environment with a
view to identifying possible future scenarios, opportunities and threats.

Strategic planning focuses on the 3C's, namely: Customer, Corporation and

Competitors.[13] A detailed analysis of each factor is key to the success of strategy
formulation. The 'competitors' element refers to an analysis of the strengths of the
business relative to close rivals, and a consideration of competitive threats that might
impinge on the business' ability to move in certain directions.[13] The 'customer'
element refers to an analysis of any possible changes in customer preferences that
potentially give rise to new business opportunities. The 'corporation' element refers to
a detailed analysis of the company's internal capabilities and its readiness to leverage
market-based opportunities or its vulnerability to external threats.[13]

Strategic planning typically begins with a scan of the business environment, both
internal and external, this includes understanding strategic constraints.[54] An
understanding of the external operating environment, including political, economic,
social and technological which includes demographic and cultural aspects, is
necessary for the identification of business opportunities and threats.[55] This analysis
is called PEST; an acronym for Political, Economic, Social and Technological. A
number of variants of the PEST analysis can be identified in literature, including:
PESTLE analysis (Political, Economic, Social, Technological, Legal and
Environmental); STEEPLE (adds ethics); STEEPLED (adds demographics) and
STEER (adds regulatory).[56]

The aim of the PEST analysis is to identify opportunities and threats in the wider
operating environment. Firms try to leverage opportunities while trying to buffer
themselves against potential threats. Basically, the PEST analysis guides strategic
decision-making.[57] The main elements of the PEST analysis are:[56]

 Political: political interventions with the potential to disrupt or enhance

trading conditions e.g. government statutes, policies, funding or subsidies,
support for specific industries, trade agreements, tax rates and fiscal
policy.

Page 12
  Economic: economic factors with the potential to affect profitability and
the prices that can be charged, such as, economic trends, inflation,
exchange rates, seasonality and economic cycles, consumer confidence,
consumer purchasing power and discretionary incomes.
 Social: social factors that affect demand for products and services,
consumer attitudes, tastes and preferences like demographics, social
influencers, role models, shopping habits.
 Technological: Innovation, technological developments or breakthroughs
that create opportunities for new products, improved production processes
or new ways of transacting business e.g. new materials, new ingredients,
new machinery, new packaging solutions, new software and new
intermediaries.

When carrying out a PEST analysis, planners and analysts may consider the
operating environment at three levels, namely the supranational; the
national and subnational or local level. As businesses become more globalized,
they may need to pay greater attention to the supranational level

addition to the PEST analysis, firms carry out a Strengths, Weakness, Opportunities
and Threats (SWOT) analysis. A SWOT analysis identifies:[59]

 Strengths: distinctive capabilities, competencies, skills or assets that

provide a business or project with an advantage over potential rivals;
internal factors that are favourable to achieving company objectives
 Weaknesses: internal deficiencies that place the business or project at a
disadvantage relative to rivals; or deficiencies that prevent an entity from
moving in a new direction or acting on opportunities. internal factors that
are unfavourable to achieving company objectives
 Opportunities: elements in the environment that the business or project
could exploit to its advantage；external factors of the organization
including: new products, new markets, new demand, foreign market
barriers, competitors' mistakes, etc.[48]

Page 13
  Threats: elements in the environment that could erode the firm's market
position; external factors that prevent or hinder an entity from moving in a
desired direction or achieving its goals.

Typically the firm will attempt to leverage those opportunities that can be
matched with internal strengths; that is to say the firm has a capability in any area
where strengths are matched with external opportunities. It may need to build
capability if it wishes to leverage opportunities in areas of weakness. An area of
weakness that is matched with an external threat represents a vulnerability, and
the firm may need to develop contingency plans.[

The vision and mission address the second central question, 'Where are we going?' At
the conclusion of the research and analysis stage, the firm will typically review
its vision statement, mission statement and, if necessary, devise a new vision and
mission for the outlook period. At this stage, the firm will also devise a generic
competitive strategy as the basis for maintaining a sustainable competitive advantage
for the forthcoming planning period.

A vision statement is a realistic, long term future scenario for the organisation.
(Vision statements should not be confused with slogans or mottos.)[61] A vision
statement is designed to present a realistic long-term future scenario for the
organisation. It is a "clearly articulated statement of the business scope." A strong
vision statement typically includes the following:[62]

 Competitive scope
 Market scope
 Geographic scope
 Vertical scope

Some scholars point out the market visioning is a skill or competency that
encapsulates the planners' capacity "to link advanced technologies to market
opportunities of the future, and to do so through a shared understanding of a given
product market.[63]

Page 14
 A mission statement is a clear and concise statement of the organisation’s reason
for being and its scope of operations,[64] while the generic strategy outlines how
the company intends to achieve both its vision and mission.[65]

Mission statements should include detailed information and must be more than a
simple motherhood statement.[66] A mission statement typically includes the
following:

 pecification of target customers

 Identification of principal products or services offered
 Specification of the geographic scope of operations
 Identification of core technologies and/or core capabilities
 An outline of the firm's commitment to long-term survival, growth and
profitability
 An outline of the key elements in the company's philosophy and core values
 Identification of the company's desired public image

he generic competitive strategy outlines the fundamental basis for obtaining a

sustainable competitive advantage within a category. Firms can normally trace their
competitive position to one of three factors:[67]

 Superior skills (e.g. coordination of individual specialists, created through

the interplay of investment in training and professional development, work
and learning)
 Superior resources (e.g. patents, trade-mark protection, specialized
physical assets and relationships with suppliers and distribution
infrastructure.)
 Superior position (the products or services offered, the market segments
served, and the extent to which the product-market can be isolated from
direct competition.)

It is essential that the internal analysis provide a frank and open evaluation of the
firm's superiority in terms of skills, resources or market position since this will

Page 15
 provide the basis for competing over the forthcoming planning period. For this
reason, some companies engage external consultants, often advertising or
marketing agencies, to provide an independent assessment of the firms
capabilities and resources.

In 1980, Michael Porter developed an approach to strategy formulation that proved to

be extremely popular with both scholars and practitioners. The approach became
known as the positioning school because of its emphasis on locating a
defensible competitive position within an industry or sector. In this approach, strategy
formulation consists of three key strands of thinking: analysis of the five forces to
determine the sources of competitive advantage; the selection of one of three possible
positions which leverage the advantage and the value chain to implement the
strategy.[68] In this approach, the strategic choices involve decisions about whether to
compete for a share of the total market or for a specific target group (competitive
scope) and whether to compete on costs or product differences (competitive
advantage). This type of thinking leads to three generic strategies:[69]

 Cost leadership - the firm targets the mass market and attempts to be the
lowest cost producer in the market
 Differentiation - the firm targets the mass market and tries to maintain
unique points of product difference perceived as desirable by customers
and for which they are prepared to pay premium prices
 Focus - the firm does not compete head to head, but instead selects a
narrow target market and focuses its efforts on satisfying the needs of that
segment

According to Porter, these strategies are mutually exclusive and the firm must
select one approach to the exclusion of all others.[70] Firms that try to be all things
to all people can present a confused market position which ultimately leads to
below average returns. Any ambiguity about the firm's approach is a recipe for
"strategic mediocrity" and any firm that tries to pursue two approaches
simultaneously is said to be "stuck in the middle" and destined for failure.[71]

Page 16
 Porter's approach was the dominant paradigm throughout the 1980s. However, the
approach has attracted considerable criticism. One important criticism is that it is
possible to identify successful companies that pursue a hybrid strategy - such as
low cost position and a differentiated position simultaneously. Toyota is a classic
example of this hybrid approach.[68] Other scholars point to the simplistic nature
of the analysis and the overly prescriptive nature of the strategic choices which
limits strategies to just three options. Yet others point to research showing that
many practitioners find the approach to be overly theoretical and not applicable to
their business

During the 1990s, the resource-based view (also known as the resource-advantage
theory) of the firm became the dominant paradigm. It is an inter-disciplinary approach
that represents a substantial shift in thinking.[73] It focuses attention on an
organisation's internal resources as a means of organising processes and obtaining a
competitive advantage. The resource-based view suggests that organisations must
develop unique, firm-specific core competencies that will allow them to outperform
competitors by doing things differently and in a superior manner.[74]

Barney stated that for resources to hold potential as sources of sustainable competitive
advantage, they should be valuable, rare and imperfectly imitable.[75] A key insight
arising from the resource-based view is that not all resources are of equal importance
nor possess the potential to become a source of sustainable competitive
advantage.[73] The sustainability of any competitive advantage depends on the extent
to which resources can be imitated or substituted.[6] Barney and others point out that
understanding the causal relationship between the sources of advantage and successful
strategies can be very difficult in practice.[75] Barney uses the term "causally
ambiguous" which he describes as a situation when "the link between the resources
controlled by the firm and the firm's sustained competitive advantage is not
understood or understood only very imperfectly." Thus, a great deal of managerial
effort must be invested in identifying, understanding and classifying core
competencies. In addition, management must invest in organisational learning to
develop and maintain key resources and competencies.

Page 17
Market Based Resources include: Organisational culture e.g. market orientation,
research orientation, culture of innovation, etc.

 Assets e.g. brands, Mktg IS, databases, etc.

 Capabilities (or competencies) e.g. market sensing, marketing research,
relationships, know-how, tacit knowledge, etc

In the resource-based view, strategists select the strategy or competitive position

that best exploits the internal resources and capabilities relative to external
opportunities. Given that strategic resources represent a complex network of inter-
related assets and capabilities, organisations can adopt many possible competitive
positions. Although scholars debate the precise categories of competitive
positions that are used, there is general agreement, within the literature, that the
resource-based view is much more flexible than Porter's prescriptive approach to
strategy formulation.

Hooley et al., suggest the following classification of competitive positions:[79]

 Price positioning
 Quality positioning
 Innovation positioning
 Service positioning
 Benefit positioning
 Tailored positioning

The choice of competitive strategy often depends on a variety of factors including: the
firm's market position relative to rival firms,[80] the stage of the product life
cycle.[81] A well-established firm in a mature market will likely have a different
strategy than a start-up.

Growth strategies

rowth of a business is critical for business success. A firm may grow by developing
the market or by developing new products. The Ansoff product and market growth
matrix illustrates the two broad dimensions for achieving growth. The Ansoff matrix

Page 18
identifies four specific growth strategies: market penetration, product
development, market development and diversification.[82]

The Ansoff Product/market Growth Matrix

Market penetration involves selling existing products to existing consumers. This is a

conservative, low risk approach since the product is already on the established
market.[82]
Product development is the introduction of a new product to existing customers. This
can include modifications to an already existing market which can create a product
that has more appeal.[82]
Market development involves the selling of existing products to new customers in
order to identify and build a new clientele base. This can include new geographical
markets, new distribution channels, and different pricing policies that bring the
product price within the competence of new market segments.
Diversification is the riskiest area for a business. This is where a new product is sold
to a new market.[83] There are two type of Diversification; horizontal and vertical.
'Horizontal diversification focuses more on product(s) where the business is
knowledgeable, whereas vertical diversification focuses more on the introduction of
new product into new markets, where the business could have less knowledge of the
new market.[84]

Horizontal integration

A horizontal integration strategy may be indicated in fast changing work

environments as well as providing a broad knowledge base for the business and
employees.[85] A benefit of horizontal diversification is that it is an open platform for
a business to expand and build away from the already existing market.[84]

High levels of horizontal integration lead to high levels of communication within the
business. Another benefit of using this strategy is that it leads to a larger market for
merged businesses, and it is easier to build good reputations for a business when using
this strategy. A disadvantage of using a diversification strategy is that the benefits
could take a while to start showing, which could lead the business to believe that the
strategy in ineffective. Another disadvantage or risk is, it has been shown that using

Page 19
the horizontal diversification method has become harmful for stock value, but using
the vertical diversification had the best effects.[87]

A disadvantage of using the horizontal integration strategy is that this limits and
restricts the field of interest that the business.[84] Horizontal integration can affect a
business's reputation, especially after a merge has happened between two or more
businesses. There are three main benefits to a business's reputation after a merge. A
larger business helps the reputation and increases the severity of the punishment. As
well as the merge of information after a merge has happened, this increases the
knowledge of the business and marketing area they are focused on. The last benefit is
more opportunities for deviation to occur in merged businesses rather than
independent businesses.[86]

Vertical integration

Vertical integration is when business is expanded through the vertical production line
on one business. An example of a vertically integrated business could be Apple.
Apple owns all their own software, hardware, designs and operating systems instead
of relying on other businesses to supply these.[88] By having a highly vertically
integrated business this creates different economies therefore creating a positive
performance for the business.[citation needed]
Vertical integration is seen as a business
controlling the inputs of supplies and outputs of products as well as the distribution of
the final product.[citation needed] Some benefits of using a Vertical integration strategy is
that costs may be reduced because of the reducing transaction costs which include
finding, selling, monitoring, contracting and negotiating with other firms. Also by
decreasing outside businesses input it will increase the efficient use of inputs into the
business. Another benefit of vertical integration is that it improves the exchange of
information through the different stages of the production line.[citation needed]
Some
competitive advantages could include; avoiding foreclosures, improving the business
marketing intelligence, and opens up opportunities to create different products for the
market.[89] Some disadvantages of using a Vertical Integration Strategy include the
internal costs for the business and the need for overhead costs. Also if the business is
not well organised and fully equipped and prepared the business will struggle using
this strategy. There are also competitive disadvantages as well, which include; creates

Page 20
barriers for the business, and loses access to information from suppliers and
distributors

Market position and strategy

The market leader dominates the market by objective measure of market share. Their
overall posture is defensive because they have more to lose. Their objectives are to
reinforce their prominent position through the use of PR to develop corporate image
and to block competitors brand for brand, matching distribution through tactics such
as the use of “fighting” brands, pre-emptive strikes, use of regulation to block
competitors and even to spread rumours about competitors. Market leaders may adopt
unconventional or unexpected approaches to building growth and their tactical
responses are likely to include: product proliferation; diversification; multi-branding;
erecting barriers to entry; vertical and horizontal integration and corporate
acquisitions.
Market challenger: The market challenger holds the second highest market share in
the category, following closely behind the dominant player. Their market posture is
generally offensive because they have less to lose and more to gain by taking risks.
They will compete head to head with the market leader in an effort to grow market
share. Their overall strategy is to gain market share through product, packaging and
service innovations; new market development and redefinition of the to broaden its
scope and their position within it.
Market follower: Followers are generally content to play second fiddle. They rarely
invest in R & D and tend to wait for market leaders to develop innovative products
and subsequently adopt a “me-too” approach. Their market posture is typically
neutral. Their strategy is to maintain their market position by maintaining existing
customers and capturing a fair share of any new segments. They tend to maintain
profits by controlling costs.
Market nicher: The market nicher occupies a small niche in the market in order to
avoid head to head competition. Their objective is to build strong ties with the
customer base and develop strong loyalty with existing customers. Their market
posture is generally neutral. Their strategy is to develop and build the segment and
protect it from erosion. Tactically, nichers are likely to improve the product or service
offering, leverage cross-selling opportunities, offer value for money and build

Page 21
relationships through superior after sales service, service quality and other related
value adding activities.

As the speed of change in the marketing environment quickens, time horizons are
becoming shorter. Nevertheless, most firms carry out strategic planning every 3– 5
years and treat the process as a means of checking whether the company is on track
to achieve its vision and mission.[55] Ideally, strategies are both dynamic and
interactive, partially planned and partially unplanned. Strategies are broad in their
scope in order to enable a firm to react to unforeseen developments while trying to
keep focused on a specific pathway. A key aspect of marketing strategy is to keep
marketing consistent with a company's overarching mission statement.[91]

Strategies often specify how to adjust the marketing mix; firms can use tools such
as Marketing Mix Modeling to help them decide how to allocate scarce resources, as
well as how to allocate funds across a portfolio of brands. In addition, firms can
conduct analyses of performance, customer analysis, competitor analysis, and target
market analysis.

Whereas the vision and mission provide the framework, the "goals define targets
within the mission, which, when achieved, should move the organization toward the
performance of that mission."[104] Goals are broad primary outcomes
whereas, objectives are measurable steps taken to achieve a goal or strategy.[105] In
strategic planning, it is important for managers to translate the overall strategy into
goals and objectives. Goals are designed to inspire action and focus attention on
specific desired outcomes. Objectives, on the other hand, are used to measure an
organisation's performance on specific dimensions, thereby providing the organisation
with feedback on how well it is achieving its goals and strategies.

Managers typically establish objectives using the balanced scorecard approach. This
means that objectives do not include desired financial outcomes exclusively, but also
specify measures of performance for customers (e.g. satisfaction, loyalty, repeat
patronage), internal processes (e.g., employee satisfaction, productivity) and
innovation and improvement activities.[106]

After setting the goals marketing strategy or marketing plan should be developed. The
marketing strategy plan provides an outline of the specific actions to be taken over

Page 22
time to achieve the objectives. Plans can be extended to cover many years, with sub-
plans for each year. Plans usually involve monitoring, to assess progress, and prepare
for contingencies if problems arise. Simultaneous such as customer lifetime
value models can be used to help marketers conduct "what-if" analyses to forecast
what potential scenarios arising from possible actions, and to gauge how specific
actions might affect such variables as the revenue-per-customer and the churn rate.

Marketing warfare strategies are competitor-centered strategies drawn from analogies

with the field of military science. Warfare strategies were popular in the 1980s, but
interest in this approach has waned in the new era of relationship marketing. An
increased awareness of the distinctions between business and military cultures also
raises questions about the extent to which this type of analogy is useful.[108] In spite of
its limitations, the typology of marketing warfare strategies is useful for predicting
and understanding competitor responses.

In the 1980s, Kotler and Singh developed a typology of marketing warfare

strategies:[109]

 Frontal attack: where an aggressor goes head to head for the same market
segments on an offer by offer, price by price basis; normally used by a market
challenger against a more dominant player
 Flanking attack: attacking an organisation on its weakest front; used by market
challengers
 Bypass attack: bypassing the market leader by attacking smaller, more vulnerable
target organisations in order to broaden the aggressor's resource base
 Encirclement attack: attacking a dominant player on all fronts
 Guerilla warfare: sporadic, unexpected attacks using both conventional and
unconventional means to attack a rival; normally practiced by smaller players
against the market leader

Page 23
Relationship between the marketing strategy and the marketing mix

Marketing strategy and marketing mix are related elements of a comprehensive

marketing plan. While marketing strategy is aligned with setting the direction of a
company or product/service line, the marketing mix is majorly tactical in nature and is
employed to carry out the overall marketing strategy. The 4P's of the marketing mix
(Price, Product, Place and Promotion) represent the tools that marketers can leverage
while defining their marketing strategy to create a marketing plan.

Definitions
"The marketing strategy lays out target markets and the value proposition that will be
offered based on an analysis of the best market opportunities." (Philip Kotler & Kevin
Keller, Marketing Management, Pearson, 14th Edition)
“An over-riding directional concept that sets out the planned path.” (David Aaker and
Michael K. Mills, Strategic Market Management, 2001, p. 11)
"Essentially a formula for how a business is going to compete, what its goals should
be and what policies will be needed to carry out these goals." (Michael
Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors
, NY, Free Press, 1980)
"The pattern of major objectives, purposes and goals and essential policies and plans
for achieving those goals, stated in such a way as to define what business the
company is in or is to be in. (S. Jain, Marketing Planning and Strategy, 1993)
"An explicit guide to future Behaviour.” (Henry Mintzberg, “ Crafting
Strategy,” Harvard Business Review, July–August, 1987 pp. 66–74)
Strategy is "reserved for actions aimed directly at altering the strengths of the
enterprise relative to that of its competitors... Perfect strategies are not called for.
What counts is... performance relative to competitors.” (Kenichi Ohmae, The Mind of
the Strategist, 1982, p. 37)
Strategy formulation is built on "the match between organisational resources and
skills and environmental opportunities and risks it faces and the purposes it wishes to
accomplish." (Dan Schendel and Charles W. Hofer, Strategy Formulation: Analytical
Concepts, South-Western, 1978, p. 11)

Page 24
Marketing strategy represents a key element of success for organizations. Executing
an effective marketing strategy is just as important as conceptualizing and creating it.
Through marketing strategy implementation firms employ scarce resources through
marketing capabilities in order to attain the set goals and targets. In order to illustrate
the value of marketing strategy and the process of implementation a detailed literature
review was performed. A total of (Number of Studies Depending On the References
Count, After Employee Deletion) studies on the topic of marketing strategy have been
examined. The meta-analysis uncovers two distinct but related features to marketing
strategy content: marketing strategy decisions and marketing strategy decision
implementation. The literature also suggests there is a relationship of marketing
strategy, and marketing mix elements on organizational performance, and emphasizes
a further need to perform conceptual and empirical studies. The originality and value
of the review lies in the fact that marketing strategy has been analyzed both in terms
of its outcomes and as a process that does not yield satisfactory results without
effective implementation.

Exploring the Value and Process of Marketing Strategy Review of literature

Company marketing strategy is an important and crucial constituent for the global
market. Marketing strategies can vary from country to country, brand to brand and
organization to organization. In order to achieve a satisfactory and adequate
marketing strategy which has a positive outcome on global and overall firm success,
the marketing department within a company should bear in mind all the different
marketing mix strategies that can influence the comprehensive result and the
cumulative firm success. When launching a product into foreign markets companies
can use a conventional marketing mix or adapt the existing marketing mix, to satisfy
the country they are carrying out their business activities in. the link between
standardization/adaptation and company performance is complicated and possibly
influenced by other factors (Shilke, Reiman, Thomas, 2009, Solberg, Durrieu, 2008).
It should be emphasized that the influence of standardization/adaptation decisions of
international marketing strategy on company performance is named also as one of the
most topical research objects of international business (Griffith, Cavusgil, Xu, 2008).
Therefore inconsistent results of empirical research works and limited research

Page 25
contexts confirm that the link between standardization/adaption decisions of
international marketing strategy and company performance are a topical object of
scientific research (Ryans, Griffith, White, 2003, Theodosiou, Leonidou,
2003). International marketing solutions become particularly relevant for enterprises
that operate in a global business environment and that look for survival or business
development opportunities. Latterly more attention is given to the link between
international marketing strategy and company performance in scientific literature on
the subject of international marketing (Samiee, Roth, 1992; Cavusgil, Zou, 1994;
O’Donnell, Jeong, 2000; Katsikeas, Samiee and Theodosiou, 2006, Solberg, Durrieu,
2008; Shilke, Reiman, Thomas, 2009). Company performance is one of the most
important aspects when assessing the suitability of certain strategies (Jain, 1989).
However, despite the importance of international marketing strategy for company
performance, the number of scientific research works that analyse the mentioned link
is limited, and results of the research works are contradictory (Katsikeas, Samiee &
Theodosiou, 2006.). By conducting etailed literature review we will explore the
concept of marketing strategy discussing its value, consequently creating foundation
for a conceptual model and empirical study.

2. The Concept of Marketing Strategy

Marketing strategy is a significant driving force that distinguishes the success of many
organizations not only by well-developed marketing strategies outlining where, when,
and how the firm will compete but also by their ability to execute the marketing
strategy decision options chosen (e.g. Day and Wensley 1988; Varadarajan 2010).
The appropriate and effectively implemented marketing strategies are required to
productively guide the deployment of the limited available resources via the firm’s
marketing capabilities in pursuit of desired goals and objectives (Black and Boal
1994; Varadarajan and Clark 1994). The literature reveals two distinct but related
features to marketing strategy content: marketing strategy decisions and marketing
strategy decision implementation. Hence, decision makers responsible for the
marketing strategy must select which available resources the firm should deploy,
where to deploy them appropriately, and set and signal priorities in terms of achieving
the various goals and objectives of the firm (Slater 1995). These marketing strategies
toward firm performance may be either formal, top-down strategies (Varadarajan and
Clark 1994) or emergent or improvisational strategies (Moorman and Miner 1998). A

Page 26
firm’s marketing strategy content therefore involves explicit or implicit decisions
regarding goal setting, target market selection, positional advantage to be pursued,
and timing to attain firm performance (e.g., Day 1994; Varadarajan 2010). Well-
defined strategic marketing objectives are critical feature of marketing strategy in
which managers must make decisions about what the objectives and priorities of the
firm are, translate these objectives and vision of the firm into marketing-related goal
criteria, and set and articulate the desired achievement levels on each goal. This can
be complicated to realize by the fact that many goal criteria and levels may be
incompatible or at least non-complementary in the pursuit of achieving firm
performance. For instance, the firm’s growth revenue and margin growth are difficult
to achieve simultaneously (Morgan et al. 2009). Managers, therefore, have to
prioritize objectives that may be in conflict. Since most definitions of strategy concern
plans for how desired objectives are to be achieved, such goal setting is clearly
important in determining subsequent marketing strategy content decisions. Indeed
such goal selection decisions may be one of the most important manifestations of
strategic choice within the marketing strategy content (Child 1972). Another
important feature of marketing strategy content is the selection of the market. This
deals with the segmentation and targeting decisions of the classic STP framework of
marketing strategy, which revolves on market segmentation, target and positioning.
Specifically, this marketing strategy content decision determines where the firm will
seek to compete in order to meet the strategic marketing objectives stipulated. Value
proposition is also a significant feature of the marketing strategy as it is responsible
for the choosing of the specific product and/or service offerings to be delivered into
the target market with the objective of exceeding the customers’ expectations (Slater
1995). The decision surrounding the value proposition is therefore a measurement of
the value offering that managers consider will create adequate demand at required
price points among target customers to allow the firm to achieve its strategic
marketing objectives arranged to total firm performance. The assumption here is that
the value proposition can be delivered by the firm as envisaged and that the delivered
value proposition is perceived by customers in the way that decision makers anticipate
in getting positive returns. This decision of the marketing strategy content therefore
determines which specific resources and capabilities are required to be combined and
transformed to develop and deliver the value offering that consequently leads to firm
performance. In order for a marketing strategy to offer subsequent amount of value

Page 27
and achieve performance it should be well-timed with market requirements.
Therefore, Timing is an important marketing strategy decision when examining new
market targets or value propositions is the timing of entry or launch (e.g., Green et al.
1995; Lieberman and Montgomery 1998). Nonetheless, even if a marketing strategy
does not involve such changes to target markets or value propositions, timing is still
an important component of most marketing strategies especially in nowadays-rapid
changing consumer tastes and preferences, which are accelerated by ever changing
technologies. Literature reveals that most firms also have specific timeframes
associated with their strategic marketing goals or regular planning horizons that
provide time objectives and constraints within which marketing plans may be
formulated and executed. Such important time considerations can often impact other
marketing strategy content decisions. For example, when a marketing strategy must
be developed to deliver a return on investment in 1 year versus 2 years, then different
market segmentation, targeting, and value proposition decisions may be appropriate
(e.g., Green et al. 1995).

3. Adaptation/Standardization Typologies

Literature reveals that most studies concentrate on factors that influence the selection
of a certain strategy, and they seek to recognize forces that stimulate standardization
or adaptation. Nevertheless, the validity of the choice of standardization or adaptation
strategy is determined by its potential to improve company performance (Samie &
Roth, 1992). Jain (1989) states that suitability of an international marketing strategy is
confirmed by the strategy’s influence on the company performance – economic and
strategic benefit, received due to implementation of the chosen strategy.

3.1 Adaptation

Adaptation transpires when firms adjust their market strategies when entering foreign
markets, even in an era of globalization where many brands and products are nearly
universally prevalent. Those adaptation decisions cleave into an adaptation strategy
that can influence the firm’s competitiveness and, in turn, its performance in foreign
markets in terms of sales, financial and customer performance. Adaptation strategies
encompass changing the pricing method, promotional mix and packaging of a
product, or even the product itself, in order to fit the needs and preferences of a
particular export market. Adaptation happens when any element of the marketing

Page 28
strategy is modified to achieve a competitive advantage when entering a foreign
market and thus attain firm performance. Adaptation strategies may not be so
complex but a simple tweaking of the logo and the colours of the packaging can
achieve the marketing objectives, or may involve developing new products better
fitted to the local palate or new financing models more fitting for the local economy
or market. Proponents of the international marketing adaptation approach, emphasize
the significance of customization to meet varied customer requirements. The central
basis of the adaptation school of thought is that when entering a foreign market,
marketers must consider all environmental factors and constraints such as religion,
language, climate, race, occupations, education, taste, different laws, cultures, and
societies (Czinkota and Ronkainen, 1998). However, researchers have distinguished
important source of constraints that are hard to measure such as cultural differences
rooted in history, education, religion, values and attitudes, manners and customs,
aesthetics as well as variations in taste, needs and wants, economics and legal systems
in the export markets. In adaptation approach “multinational companies should have
to find out how they must adjust an entire marketing strategy and, including how they
sell, distribute it, in order to fit new market demands” (Vrontis and Thrassou, 2007). It
is crucial for marketers to adjust the marketing mix and marketing strategy to suit
local tastes, meet special market needs and consumers’ non-identical requirements
(Vrontis and Thrassou, 2007). The mechanisms to implementing a successful
adaptation strategy as a follow; once a firm has taken the strategic decision to adapt
its marketing strategy, it must make an assessment of its objectives and resources in
light of the characteristics of the new foreign market it is entering. At this stage, the
input from experts familiar with the new market is crucial in developing an effective
strategy. In the example of a new product introduction in the domestic market, the
adapted marketing strategy must be articulated in terms of the marketing strategy
elements namely product, price, distribution and promotional aspects, all coordinated
to achieve specific objectives within the new market.

3.2 Standardization

The opposite of adaptation is standardization approach of marketing. Firms following

a standardization approach enter foreign markets using the same promotional mix,
packages and presentations that were used in the domestic market to lure customers in
the export market. Because making new advertisements, packages and product lines is

Page 29
expensive, standardization requires less investment compared to adaptation approach
of marketing. The view of the standardization standpoint (as proposed by Jain, 1989;
Levitt, 1983) posit that there is a union of cultures with comparable environmental
and customer interest around the globe that calls for standardized products across
export markets. The proponents in this approach argue that trade barriers are getting
lower and that technological capability advances and firms are presenting a global
orientation in their marketing strategy. Also, the proponents of a standardization
approach argue that it allows for the presentation of a consistent image across
countries. Therefore, marketers in the global oriented environment are creating one
strategy for the global market and standardizing the marketing mix elements namely
product, price, promotion and place to achieve consistency with customers as well as
enjoying economies of scale through lower costs. According to Levitt (1983)
companies that are marketed well have moved away from customizing items to
offering globally standardized products that are advanced, functional, reliable and low
priced. The author adds that companies can achieve long-term performance by
directing their marketing activities on what everyone wants rather than worrying
about the particulars of what everyone thinks they might like which can be costly to
cater when following individual preferences.

4. Standardization and Adaptation of the 4Ps

Product

The product itself is at the beginning of marketing strategy efforts toward firm
performance and is the heart of brand because it is the primary impact on what
consumers experience with a product or rather a brand, what they heard about the
product from others through word of mouth, and what the firm can win customers
about their product in their communications. Therefore, designing and delivering a
product or service that fully satisfies customer needs and wants is a prerequisite for
successful marketing strategy implementation, regardless of whether the product is a
tangible good, service, or organization. According to Keller, (2003) in order to create
brand loyalty, consumers’ experiences with the product must, at least, meet, if not
actually exceed, their expectations. Customer satisfaction is determined by exceeding
customers’ expectations. The image of the product is paramount to winning customers
in international markets. According to Doole and Lowe (2004) product image is one

Page 30
of the most powerful points of differentiation for consumers. Image positioning has an
influence on the consumer and buyer behavior. Because the aspiration and achiever
groups of purchasers wish to belong to particular worldwide customers segments and
are keen to purchase products which are associated with that group. Then again,
company image is becoming increasingly important aspect of international marketing
strategy in creating a central theme running through diverse product ranges that
reinforces the vision and the values of the company which can be recognized by
employees and customers alike. For this reason many companies have spent
considerable effort and adequate resources on controlling and improving the corporate
identity through consistent style and communications.

Pricing

The second P of the marketing mix elements is price. Of all the aspects of the
marketing mix, price is the one, which creates sales revenue to the firm – all the other
elements are costs. The price of an item is clearly an important determinant of the
value of sales made. In theory, price is really determined by the discovery of the value
perception of the item on sale by customers. Thus far, marketing managers must
develop the habit of continually examining and re-examining the prices of the
products and services they sell to ensure the firm’s prices are still appropriate to the
realities of the current market situation. Sometimes it is necessary to lower prices
depending on market demand fluctuations and intensity of competition. At other
times, it may be suitable to raise the prices all depending on market circumstances.
Many companies have found that the amount of effort and resources that go into
producing the products do not justify the profitability of certain products or services.
Hence, by raising their prices, they may lose a percentage of their market share, but
the remaining percentage of the market share can still generate profit on every sale. It
is crucial to research on consumers’ opinions about the firm’s pricing decisions,
because it indicates how consumers value what they are looking for as well as what
they want to pay. An organization’s pricing policy therefore will vary according to
time and circumstances of the market. Companies need to change their terms and
conditions of sale to maximise the sales volume and profitability. Some other market
situations will push the firm to spread its price over a series of months or years, with
aim of selling far more than the current sales figures, and the firm can charge interest
more than the make up for the delay in cash receipts. Another pricing option is to

Page 31
combine products and services together with special offers and special promotions. In
addition, a firm can include free additional items that cost very little to produce but
the firm can make its prices appear far more attractive to its customers than rivalries.
Generally, in business, whenever the firm experience resistance or frustration in any
part of its sales or marketing strategy it should be open to revisiting that area. The
firm should be considerate to the possibility that its current pricing structure is not
ideal for the current market. Therefore, the firm must be open to the need to revise its
prices, if necessary, to remain competitive, to survive and perform in a fast-changing
marketplace.

Place

The fourth P in the marketing mix is the place which is also known as distribution. It
is concerned with the availability of products or services to customers. In order to
implement a successful marketing strategy, it is important to form the habit of
evaluating and reflecting upon the exact location where the customer meets the
salesperson in which products and services are converted into cash. Sometimes a
change in distribution channels can lead to a rapid increase in sales, although figures
vary widely from product to product, as it can be costly in getting the product to the
customer. Place encompasses of various methods of transporting and storing goods,
and then making them available for the customer. The success formula is getting the
right product to the right place at the right time through effective distribution systems.
The choice of distribution method will depend on a variety of
circumstances. Marketers can choose to sell their product in many different places.
Some companies prefer direct marketing, in which the salespersons are sending out to
personally meet and talk with the potential customers. While some companies sell by
telemarketing. Furthermore, place or distribution channels occurs in other various
methods such as selling through catalogues or mail order, sell at trade shows or in
retail establishments, sell in joint ventures with other similar products or services,
some companies use manufacturers’ representatives or distributors and others use a
combination of one or more of these methods. In each case, the marketer must make
the right decision about the very best location or place for the customer to receive
essential buying information on the product or service needed to make a buying
decision. The critical questions are asking what your effective distribution channel is.
In what way should you change or improve it? Where else could you offer your

Page 32
products or services? It is quite known that a good product may not be accepted by a
market if it is not properly made available in convenient places. All products need
effective distribution structures (Onkvisit and Shaw, 1993). Every company must
manage smoothly the distribution, or the flow of products to the end consumer.
Marketing channels can be viewed as sets of independent organizations involved in
the process of making a product or service available for use or consumption to
profitable markets. However distribution channels is not only concerned to satisfy
market demand by supplying goods and services at the right place, quantity, quality,
and price, but they also stimulate market demand through the third P which is
promotional activities of the units (e.g., retailers, manufacturers’ representatives, sales
offices, and wholesalers) comprising them. Therefore the choice of distribution should
be viewed as an orchestrated network that creates value for user or consumer through
the generation of form, possession, time, and place utilities (Stern and El-Ansary,
1988). Distribution channels comprise a host of different institutions and agencies.
Among the most prominent structures of these are retailers, wholesalers, common and
contract carriers, public warehouses, and distribution centers. Companies can utilize
to deliver a product to consumers by using various types of middlemen. Companies
face a number of problems in designing and implementing a distribution strategy in
the international market because of different geographic areas, the varying
expectations of distribution partners, differences in competitive structure, and the
dimensions of the macro-environment, such as legal regulations, culture-specific
buying habits or the level of economic development, relevant to the company’s
business (Mühlbacher et. al., 1999). As introduced above, there are two main type of
distribution channels: Direct and indirect channels. There are two ways to distribute
goods; directly to the final customer or indirectly through a more complex system that
employs intermediaries. Direct channels of marketing involve selling through
personal contacts from company to prospective customers by mail, phone, and
personal visits. Indirect channels of marketing involve selling through third party
intermediaries such as agents or broker representatives, wholesalers or distributors,
and retailers or dealer. Wholesalers buy products in bulk from the manufacturer to
make them available for retailers and sell products to other channel members in
smaller quantities. Retailers are useful intermediary in handling transactions with final
consumers. While, direct channel facilitates corporate control and motivation of
system members. A member here can be a company employee that monitor

Page 33
distribution activities and use the authority of the company to influence the behavior
of distribution personnel. The opposite of direct channel is indirect channel which are
not directly controlled by the company. The company uses intermediaries to contact
with the final customers.

5. Phases of Marketing Strategy Success

Review of literature shows that there is growing interest in the process by which
marketing strategy is developed. This study investigates the performance implications
of using multiple organizational approaches to the development of marketing strategy
while focusing on the 4Ps elements of marketing mix. Specifically, we developed and
test a model in which implementation of marketing mix elements mediates the
relationship between number of marketing strategy approaches in reference to
adaptation and standardization pursued and firm performance. Prior studies of the
implications of marketing strategy development have focused almost exclusively on
direct financial performance, with inconsistent results (Miller and Cardinal, 1994).
Ramanujam and Venkatraman (1987) discuss the limitation of focusing on
performance as an outcome variable, posting that any causal relationship between
planning characteristics and organizational performance may be tenuous at best.
Menon et al. (1999) adds that researchers have tended to investigate formulation and
implementation issues separately rather than as integrated components. Therefore, in
this study we posit that the success of marketing strategy implementation is owing to
best formulation strategy. This is an important overview because the primary
objective of the strategy formulation process is to improve the marketing strategy
implementation and it results in superior firm performance (Farjoun, 2002;
Ramanujam et al., 1986; Sinha, 1990; Venkatraman and Ramanujam, 1987). As stated
by Noble and Mokwa (1999), “Marketing strategies only result in superior returns for
an organization when they are implemented successfully.” Therefore, we argue that
the persistence of revisiting through evaluation process the formulation and
implementation of marketing strategy regarding the relationship between strategy-
making and performance.

5.1 Marketing Strategy Formulation

An integrative framework developed by Hart (1992) that outlines the complementary

roles top managers and organizational members play in the strategy-making process.

Page 34
As Hart and Banbury (1994) state, “Specifying both who is involved in strategy-
making and in what manner provided useful organizing principle for framework
development”. The specification of people required and designing their roles and
responsibilities is covered in strategy formulation. In addition, Westley and Mintzberg
(1989) have observed, strategy-making as a two-way street requiring both visionary
leaders and empowered followers. There are five styles of strategy development
discussed in Hart’s (1992) framework: command, symbolic, rational, trans active, and
generative. In essence, the different values and beliefs of top managers and
organization members regarding the creation of strategy are reflected by the five
styles covered in Hart’s framework. The command style signifies a situation in which
a few top managers control the strategy development. Symbolic style is the strategy-
making driven by the organization’s mission and vision of the future. The strategy
development that is guided by formal and written procedures is denoted as rational
style. Trans active style refers to strategy-making that emphasizes interaction and
learning among employees such as reflective of efforts to foster employee
involvement. Finally, the generative style denotes strategy development characterized
by experimentation methods, encourages risk taking, and the entrepreneurial actions
of employees. Review of literature gives insights on how firms potentially utilize
multiple strategy development styles as the foundation of strategy implementation
(Hart, 1992). Resource-based view (RBV), the paradox perspective on organizational
effectiveness, and the of competitive rationality theory all support the notion that as
firms use more strategy-making styles, their capability to implement strategy is
expected to improve. Resource-based view theorizes a strategy-making process that
employs diverse styles will be more ambiguous and thus more difficult for other firms
to comprehend and successfully imitate which forms as a competitive advantage for
the firm and thus improve its performance (Barney, 1991; Capron and Hulland, 1999;
Dutta et al., 1999; Hunt and Morgan, 1995; Reed and DeFillippi, 1990; Srivastava et
al., 1998). Barney, (1991); Moorman and Slotegraaf, (1999); Slotegraaf et al., (2003)
narrate that if the strategy-making process is more difficult to imitate, the firm’s
ability to implement its marketing strategy should be more likely to result in superior
performance. Correspondingly, the paradox perspective proposes that the
simultaneous use of multiple organizational processes that may be seemingly
contradictory or competing can result in a more effective strategy-making process
(Bourgeois and Eisenhardt, 1988; Quinn, 1988; Quinn and Rohrbaugh, 1983). The use

Page 35
of both a top-down oriented command style and a bottom-up oriented transactive style
can be a good example of seemingly contradictory strategy-making processes.
According to Dickson (1992) competitive rationality describes the process of creating
marketing strategy as a “higher order routine.” In the “higher order routine”, Dickson
describes how strategy-making excellence requires the ability to combine multiple
organizational routines such as market analysis and experimentation which leads us to
implementation stage of the marketing strategy.

5.2 Marketing Strategy Implementation

The marketing strategy implementation involves deciding on the details of how

intended decisions of the marketing strategy on goal selection, choice of market and
customer targets, desired value proposition, and timing can best be realized through
the selection of the most appropriate set of marketing tactics, and deploying resources
in ways designed to enact this (e.g., Cespedes 1991; Day and Wensley 1988).
Effective implementation of marketing strategy, therefore, concerns both detailed
tactical issues in terms of the design of an appropriate marketing program and
resource allocation and capability issues in enacting each of the specific marketing
tactics selected (e.g., Cespedes 1991; Weitz and Wensley 1988). Regarding the
definition of implementation there is no consensus as Noble and Mokwa (1999) point
out. Wind and Robertson (1983) treat implementation as synonymous with control
and monitoring of the marketing program. Kotler (2003) defines implementation as
the process that turns plans into actions. While Farjoun (2002) refers to
implementation as simply “the execution of strategy”. Constructing on these various
implementation perspectives, we define implementation in this study as the
company’s competence in performing, directing, and evaluating its marketing
strategy. The link between marketing strategy implementation and firm performance
is the focus in this study. The not matching scenario of supply and demand are
constantly changing and the strategic windows in the market arise as a result of
changes in the behaviors of both targeted segments and the market as a whole
(Dickson, 1992). Firms can strategically capitalize on these market opportunities by
delivering either superior customer value because of their ability to segment the
market and provide differentiated offerings to those targeted market segments, by
producing goods or services at lower relative costs because of their ability to control
and evaluate their marketing program (Day and Wensley, 1988). This means that,

Page 36
firms that successfully implement their marketing strategy should enjoy greater
performance because they are more likely to benefit from market opportunity. A study
conducted by Menon et al. (1999), of the strategic planning process calls for the
inclusion of components from both strategy formulation and implementation. In this
study the three steps namely formulation, implementation and evaluation are
incorporated and the implementation is considered as mediating link between the
number of marketing mix elements and firm performance. Noble and Mokwa (1999)
refer to implementation as “a critical link between the formulation of marketing
strategies and the achievement of superior organizational performance.” The failure to
incorporate implementation as a mediator between marketing strategy and firm
performance could explain the lack of results. According to the description by Farjoun
(2002) of the organic strategy process, proposes a model in which strategy
formulation precedes strategy implementation, which in turn precedes firm
performance. In addition, Farjoun (2002) argues that strategy formulation may have a
less significant role in affecting performance than traditionally conceived because
whether or not the firm plans well, the organization cannot succeed without effective
implementation. The literature reveals that the ability to execute strategy is inherently
tied to performance, and that implementation of marketing strategies results in
positive organizational returns (Bonoma 1984). Companies that can implement
marketing strategies more successfully may be able to perform relatively better due to
their ability to attract more marketing investments (Rust et al. 2004). Superior
execution also aids a company to facilitate key outcomes, such as faster new product
development (Noble and Mokwa 1999), which can enable positive levels of
performance. Moreover, marketing strategy implementation success may be a
reflection of marketing strategies that are superior, also it can be attributed to better
alignment of the marketing strategies with firm level strategies, all of which have
been shown in prior studies to result in better performance at the business unit and
firm levels (e.g., Lee et al. 2006; Rao et al. 2004; Slater and Olson 2001). Therefore,
this study expects and models the successful implementation of marketing strategies
is likely to achieve the firm performance. Marketing program alignment is crucial to
the successful implementation of the marketing strategy. According to (Bonoma
1985; Cespedes 1991) this involves translating each marketing strategy decision into
specific action-oriented tactics covering the relevant marketing program aspects.
Marketing program alignment with the marketing strategy execution is often not a

Page 37
single act of translation from a set of relatively abstract strategic decisions to more
concrete and detailed marketing program actions. As there are usually alternative
operationalizing ways of marketing strategy decisions through and across marketing
program factors, and decisions about one marketing program element may affect
decisions concerning other marketing program elements, designing marketing
programs requires careful strategic choices and often involves trade-offs, negotiation,
and compromise (e.g., Bonoma 1985; Cespedes 1995). Moreover, the importance of
achieving meaningful differentiation in delivering desired value propositions to the
target market. This means that translating marketing strategy decisions into marketing
program designs has increasingly been viewed as a creative rather than simply an
analytic process toward achieving firm performance (e.g., Andrews and Smith 1996;
Moorman and Miner 1998; Sterling 2003).

6. Performance of Marketing Strategy Implementation Success

6.1 Sales Performance

Sales performance is directly linked to the marketing efforts and activities carried out
by personnel to sell the firm’s products and services to customers. Thus, sales
performance management is important toward achieving the sales targets, as it focuses
on the practice of monitoring and guiding personnel to improve their ability to sell
products or services. Improving sales performance is imperative to every business, the
model below discusses such improvement by focusing on sales force motivation
strategy. Implementing strategies can be challenging due to variety of factors, which
include the global nature of the market place, international government regulations
and no direct tracking of sales results. Hence, adopting motivation strategy, firms can
improve sales performance. Three dimensions of motivation strategy are critical for
superior sales performance (Amue et al., 2012). The three dimensions are financial
incentives, meetings with salespeople and involvement of salespersons in setting
quotas. The analysis of the study by Amue et al., (2012) validated that firm’s level
characteristics (size and age) affects motivation strategy on sales performance (sales
growth and profit). The results showed a strong relationship between the dimensions

Page 38
of the motivation strategy and sales performance.

Figure 1: Conceptual Models of Sales force Motivation Strategy and Firm Sales
Performance
Source: Amue et al. (2012)

6.2 Financial Performance

Financial performance refers to the act of performing financial activity of the firm. In
broader perspective, financial performance refers to the degree to which financial
objectives being or has been accomplished. It is the process of measuring the results
of a firm’s policies and operations in monetary terms. It is used to measure firm’s
overall financial health over a given period of time and can also be used to compare
similar firms across the same industry or to compare industries or sectors in
aggregation. In financial performance, the firm itself as well as various stakeholders
such as managers, shareholders, creditors, tax authorities, and others seeks answers to
the following important questions: Firstly, what is the financial position of the firm at
a given point of time? Secondly, how is the financial performance of the firm over a
given period of time? Interest of various related groups is affected by the financial
performance of a firm (Meigs, 1978). Therefore, these groups analyze the financial
performance of the firm. The type of analysis varies according to the specific interest
of the party involved. For example, trade creditors are interested in the liquidity of the
firm (appraisal of firm’s liquidity), bond holders are interested in the cash-flow ability
of the firm (appraisal of firm’s capital structure, the major sources and uses of funds,
profitability over time, and projection of future profitability), investors are interested

Page 39
in present and expected future earnings as well as stability of these earnings (appraisal
of firm’s profitability and financial condition), and the company’s management are
interested in internal control, better financial condition and better performance
(appraisal of firm’s present financial condition, evaluation of opportunities in relation
to this current position, return on investment provided by various assets of the
company, etc.). The financial analysis of a firm can be helpful in answering these
questions. Financial analysis involves the use of financial statements to assess the
performance of policies set. A financial statement is an organized collection of data
according to logical and consistent accounting procedures. Its purpose is to convey an
understanding of some financial aspects of a business firm. It may show a position at
a moment of time as in the case of a Balance Sheet, or may reveal a series of activities
over a given period of time, as in the case of an Income Statement. Thus, the term
‘financial statements’ generally refers to two basic statements: the Balance Sheet and
the Income Statement. The Balance Sheet shows the financial position (condition) of
the firm at a given point of time. It provides a snapshot and may be regarded as a
static picture. “Balance sheet is a summary of a firm’s financial position on a given
date that shows: Total assets = Total liabilities + Owner’s equity.” The income
statement (also known as the profit and loss statement) reflects the performance of the
firm over a period. “Income statement is a summary of a firm’s revenues and
expenses over a specified period, ending with net income or loss for the
period.” However, financial statements do not reveal all the information related to the
financial operations of a firm, but they furnish some extremely useful information,
which highlights two important factors profitability and financial soundness. Thus,
analysis of financial statements is an important aid to financial performance analysis.
Financial performance analysis includes analysis and interpretation of financial
statements in such a way that it undertakes full diagnosis of the profitability and
financial soundness of the business. The analysis of financial statements is a process
of evaluating the relationship between component parts of financial statements to
obtain a better understanding of the firm’s position and performance. The financial
performance identifies the financial strengths and weaknesses of the firm by properly
establishing relationships between the items of the balance sheet and profit and loss
account. The first task is to select the information relevant to the decision under
consideration from the total information contained in the financial statements. The
second is to arrange the information in a way to highlight significant relationships.

Page 40
The final is interpretation and drawing of inferences and conclusions. In short,
“financial performance analysis is the process of selection, relation, and evaluation.”
Financial analysts often assess firm’s production and productivity performance,
profitability performance, liquidity performance, working capital performance, fixed
assets performance, fund flow performance and social performance.

6.3 Customer Performance

Market sensing in the form of customer responsiveness is significant in meeting and

satisfying customer wants effectively which works through dispersion of marketing
capabilities both relational and strategic forms to achieve customer performance (Day,
1994). Relational for is focused at building lasting relationship with customers by
retaining and attracting them. Strategic form is designed to thwarting competitors to
have a larger market share. Kirca et al. (2005) their meta-analysis re-affirms a number
of mechanisms through which customer responsiveness could reasonably be
converted to positive customer performance (Kirca et al. 2005). Prior studies reveal
that market orientation is related to effective strategy implementation (Krohmer et al.
2002). Thus, customer performance such as effective responsiveness provides a
unifying focus that is critical to strategic implementation which is essential action
directed part of marketing strategy to achieve visible and convincing outcomes (Kohli
and Jaworski, 1990). Customer performance focuses the attention on prioritizing
critical elements for strategic execution, such as the customer metrics and goals used
for marketing performance measurement. Similarly, the unifying focus of customer
responsiveness performance signifies the commitment of the marketing function in
providing strategic direction essential to strategic implementation effectiveness that
bring customer performance (Bonoma 1984; Noble and Mokwa 1999; Noble et al.
2002). Customer performance through customer responsiveness is a strategic action
which can lead to competitive advantage that ultimately leads to sales, customer, and
financial performance (Ketchen et al. 2007). Hence, customer responsiveness
performance can enable effectiveness to strategy implementation that is deliberated
excellent, effective, and even exemplary within the firm and its industry. Customer
responsiveness very significant to the firm as it provides the ability to create superior
solutions, which has been validated to lead the firm’s financial performance
(Homburg et al. 2004). In addition, the results from the study of Kirca et al., (2005)
demonstrate the effect of customer orientation on firm performance, and

Page 41
(Diamantopoulos and Hart 1993; Hult et al. 2005) demonstrates the effectiveness of
customer responsiveness in yielding financial performance outcomes. Some
researchers focus much on the relationship portfolio effectiveness by describing the
perceptions of the business unit’s portfolio of customer relationships (Johnson et al.
2004). Hence, relationship portfolio scans and recognizes the customer portfolio as a
group. The responsiveness is one possible strategic pathway by which a firm provides
value to its customer portfolio with increasing effectiveness. An increase in customer
responsiveness, it enables the firm to act timely to customer needs and wants. In order
to create superior customer value across the portfolio, a firm should possess the ability
to swiftly respond to customers and strengthen their products and services (Kohli and
Jaworski 1990; Narver and Slater 1990; Vijande et al. 2005). Providing customer
value is an ongoing process a firm must commit to, is this case, the firm is expected to
maintain a strong connection of ongoing relationships with its customer base. It is less
costly to maintain a customer than the cost of acquiring a customer, the value of
customer responsiveness results in greater firm performance. In addition, customer
responsiveness instils the organization with better understanding of customers,
specifically a gathering of customer intelligence (Jaworski and Kohli 1993; Kohli and
Jaworski 1990). Having a greater capability on customer intelligence is likely to
involve the understanding of interactions with the customer base. This sort of
knowledge is a significant asset, as it can be leveraged across all of the firm’s
customer relationships to achieve satisfactory customer performance (Johnson et al.
2004) and serve as a driving force in creating effective customer value (Jayachandran
and Varadarajan 2006). Thus, companies with greater customer performance have the
capability to effectively satisfy customers and build stronger aggregates of
relationships.

Page 42
COMPANY PROFILE

The Coca-Cola Company, American corporation founded in 1892 and today

engaged primarily in the manufacture and sale of syrup and concentrate for Coca-
Cola, a sweetened carbonated beverage that is a cultural institution in the United
States and a global symbol of American tastes. The company also produces and sells
other soft drinks and citrus beverages. With more than 2,800 products available in
more than 200 countries, Coca-Cola is the largest beverage manufacturer and
distributor in the world and one of the largest corporations in the United States.
Headquarters are in Atlanta, Georgia.

The drink Coca-Cola was originated in 1886 by an Atlanta pharmacist, John S.

Pemberton (1831–88), at his Pemberton Chemical Company. His bookkeeper, Frank
Robinson, chose the name for the drink and penned it in the flowing script that
became the Coca-Cola trademark. Pemberton originally touted his drink as a tonic for
most common ailments, basing it on cocaine from the coca leaf and caffeine-rich
extracts of the kola nut; the cocaine was removed from Coca-Cola’s formula in about
1903. Pemberton sold his syrup to local soda fountains, and, with advertising, the
drink became phenomenally successful. By 1891 another Atlanta pharmacist, Asa
Griggs Candler (1851–1929), had secured complete ownership of the business (for a
total cash outlay of $2,300 and the exchange of some proprietary rights), and he
incorporated the Coca-Cola Company the following year. The trademark “Coca-Cola”
was registered in the U.S. Patent Office in 1893.

Page 43
nder Candler’s leadership, sales rose from about 9,000 gallons of syrup in 1890 to
370,877 gallons in 1900. Also during that decade, syrup-making plants were
established in Dallas, Los Angeles, and Philadelphia, and the product came to be sold
in every U.S. state and territory as well as in Canada. In 1899 the Coca-Cola
Company signed its first agreement with an independent bottling company, which was
allowed to buy the syrup and produce, bottle, and distribute the Coca-Cola drink.
Such licensing agreements formed the basis of a unique distribution system that now
characterizes most of the American soft-drink industry. Capitalized at $100,000 in
1892 upon incorporation, the Coca-Cola Company was sold in 1919 for $25 million to
a group of investors led by Atlanta businessman Ernest Woodruff. His son, Robert
Winship Woodruff, guided the company as president and chairman for more than
three decades (1923–55).

The post-World War II years saw diversification in the packaging of Coca-Cola and
the development or acquisition of new products. The trademark “Coke,” first used in
advertising in 1941, was registered in 1945. In 1946 the company purchased rights
to Fanta, a soft drink previously developed in Germany. The contoured Coca-Cola
bottle, first introduced in 1916, was registered in 1960. The company also introduced
the lemon-lime drink Sprite in 1961 and its first diet cola, sugar-free Tab, in 1963.
With its purchase of Minute Maid Corporation in 1960, the company entered the
citrus juice market. It added the brand Fresca in 1966.

History

The Origin of Coca-Cola

On May 8, 1886, Dr. John Pemberton sold the first glass of Coca-Cola at Jacobs'
Pharmacy in downtown Atlanta. Serving nine drinks per day in its first year, Coca-
Cola was new refreshment in its beginning. See the story here of how it all began.

Coca-Cola’s Sustainability History

Sustainability is not something new at The Coca-Cola Company. Since 1917, our
efforts have covered a wide range of topics including: water sustainability, women
empowerment, community well-being, sustainable packaging, climate protection,
human and workplace rights, and sustainable agriculture.

Page 44
Making of ‘Hilltop’
Read the story about one of the most famous commercials that saw Coke not as it was
originally designed to be -- a liquid refresher -- but as a tiny bit of commonality
between all peoples, a universally liked formula that would help to keep them
company for a few minutes.Learn about the background of “I’d like to buy the world
a Coke”

Coca-Cola’s First Bottle

The contour bottle has been celebrated in art, music and advertising. Read the story of
the collaboration that began in 1915 and turned into one of the most famous shapes in
the world.

Starting a Coca-Cola Collection

Interested in starting a collection of your own Coca-Cola memorabilia? Read former
archivist Phil Mooney’s recommendations for building a Coca-Cola collection.

125 Years of Coca-Cola Advertising

The remarkable story about the evolution of an iconic brand and the company that
bears its name. Read about Coca-Cola advertising, products, and major milestones
throughout its unique history.

Types of Marketing Strategy by Coca-Cola

Portfolio Marketing Strategy

Analyse which products are sold and which are not in order to decide which ones are
still on the market and continue with their manufacturing process since keeping the
products that are not generating economic income must be discarded.

Page 45
Segmentation Marketing Strategy

This strategy is to decide which segments the market has been classified into. The
segmentation can be of three types:

 Differentiated: when addressing each of the market segments that have been
identified with a different offer and positioning. This strategy has a higher cost,
but it will allow to satisfy the specific needs of each selected segment
 Undifferentiated: segments with different needs are identified, but the company
chooses to address them with the same offer, in order to try to get the largest
number of customers
 Concentrated: only one of the market segments is chosen. This avoids making
efforts in other segments and allows the campaign to be focused. This is the most
effective strategy for companies that are growing
The segmentation strategy is derived from previous market research in order to
classify the segments and make good decisions about them.
Brand Positioning Marketing Strategy

This strategy consists of defining how the brand wants to be perceived in the strategic
segments decided, what attributes we want to have as a company or brand in the mind
of the consumer. There are several ways to access the positioning in comparison to
the competition and it can be with the product’s cover, the company’s image, the
characteristics and uses of the product.

The main marketing strategies on positioning are:

 Benefit: this strategy is based on positioning the product for the benefit it offers
 Quality/price: offering the highest quality at a competitive price
 Attributes: position the product by the attributes it has
 Use/application: position based on the use or application given to the product
 Categories: position yourself as a leader in a product category
 Competitor: compare your products with those of your competitors, this is a
classic strategy

Page 46
When we talk about positioning strategy as a concept, we must take into account that
we are designing three different strategic marketing keys: the positioning of the
company, the positioning of the brand and the positioning before the consumer.

Functional Marketing Strategy

This strategy is formed by the strategies of the marketing mix or also called the 4Ps of
marketing are variables of great importance to achieve the commercial objectives that
the organization has. The 4 variables are product, price, distribution and promotion.
 Product: brand, image, warranty, after-sales services among others
 Price: modification of prices, discount scales, payment conditions etc.
 Distribution: packaging, storage, order management, inventory control, point of
sale location and transport
 Promotion: internal and external communication, supports and media
Marketing Strategy with the Competition

This strategy focuses on competitive value. You must define where you are in the
market compared to your competition.

 If you are above your competitors, maintain that position

 If you are below the competition, scale your position
 If you are below, you can also stay there, in case fighting for a higher place is
counterproductive
Loyalty Marketing Strategy

It will maintain customer loyalty. It will prevent them from leaving with the
competition thanks to the constant creativity and good customer service that the
company will provide to its consumers. It can include discounts, promotions, gifts,
etc.

Content Marketing Strategy

This strategy is based on the creation of content such as: articles, computer graphics,
ebooks. This type of strategy can be used as a blog where you can:

 Publish news, trends and information about the company or specific product

Page 47
 Reviews
 Educate the customer about the product/service
Direct Marketing Strategy

A direct-customized message is implemented with the client. The consumer values the
fact that the company communicates in a personal way for him/her as close ties are
created.

Digital Marketing Strategy

Today most companies do digital marketing something that was not common several
years ago. Being just one click away from information makes this strategy popular.

The following can be applied:

 Inbound marketing, used to attract and convert customers organically through

useful content
 Mailing where segmented communication can be established
 Social networking to connect your posts with customers
 Web search engines to make the brand appear in the first options, among others
With the type of strategies mentioned you can visualize what objectives you want to
achieve and what results you want to bring to your company in a short term.

Conclusion

A marketing strategy is a type of strategy with which each business unit plans to
achieve its marketing objectives by:

1. Selecting the target market you want to reach

2. The definition of the positioning you will try to achieve in the minds of your
target customers
3. The choice of the marketing combination or mix (product, distribution, price and
promotion) with which you intend to meet the needs or desires of the target
market
4. The determination of marketing expenditure levels

Page 48
 In order to develop the marketing plan, it is important to first choose the marketing
strategy for the long-term objectives of the company. For this you can accompany
yourself by creating SMART Objectives, performing a SWOT Analysis or FAB
Analysis, among other methods to structure well what you want to do, how you
should do it and what results you could obtain.
Some of the traditional strategies that are still widely used by organizations today.
However, the world is in a constant media development so companies have also felt
the pressure to use other types of marketing strategies to survive and transform the
processes of change, this is why the importance of digital marketing strategies.

The company must adapt to changes in technological development, communication

channels, customer mentality and different processes that today’s world moves
fiercely. Not all organizations carry out market strategies in the same way. Just as
there is diversity of people, there is diversity of brands, and each of them has
particular preferences and needs. Choose the strategies that work best for you and take
you to the right audience.

The Importance of Customer-Driven Marketing Strategy Steps

A robust marketing strategy will reach your target audience – this includes those who
have never heard of your brand all the way to those who have purchased from you
before.

Without a defined strategy, you’ll essentially be throwing things to the wall to see
what sticks. And it’s costing you cost, time, and resources.

A marketing strategy will:

 Align your team to specific goals.

 Help you tie your efforts to business objectives.

 Allow you to identify and test what resonates with your target audience.

There are seven key steps to crafting a successful marketing strategy: Build your
marketing plan, create your buyer personas, identify your goals, select the tools,

Page 49
 review your existing resources, audit and plan media campaign, and lastly, execute
your strategy.

Let’s get into the details of each step in the next section. Or you can jump to the
section you're most interested in.

 7 Steps of a Marketing Strategy

o Build a marketing plan.
o Create buyer personas.
o Identify goals.
o Select the appropriate tools.
o Review your media.
o Audit and plan media campaigns.
o Bring it to fruition.
 Examples of Succesful Marketing Strategies
 What to Do After Following Your Marketing Process Steps

1. Build a marketing plan.

Wait, I have to make a plan for my strategy? What's the difference?

Your marketing strategy provides an overview of the reasons why your marketing
team will need certain resources, take certain actions, and set certain goals over the
year. Your marketing plan is the specific actions you'll take to achieve that strategy.

The right template can help you build a marketing plan that identifies your budget for
the year, the initiatives your marketing organization needs to tackle, and the
marketing channels you'll use to implement those initiatives.

Plus, it’ll tie everything back to a business summary, to keep you aligned with
overarching company goals.

Page 50
2. Create buyer personas.

If you can't define who your audience is in one sentence, now's your chance to do it.
A buyer persona is an example of your ideal customer.

For example, a store like Macy's could define a buyer persona as Budgeting Belinda,
a stylish working-class woman in her 30's living in a suburb, looking to fill her closet
with designer deals at low prices.

With this description, Macy's Marketing department can picture Budgeting Belinda
and work with a clear definition in mind.

Buyer personas have critical demographic and psychographic information, including

age, job title, income, location, interests, and challenges. Notice how Belinda has all
of those attributes in her description.

You don't have to create your buyer persona with a pen and paper. In fact, HubSpot
offers a free template you can use to make your own (and it's really fun).

Buyer personas should be at the core of building your strategy.

You can also use a platform like Versium, which helps you identify, understand and
reach your target audience through data and artificial intelligence.

3. Identify your goals.

Your marketing strategy goals should reflect your business goals.

For example, if one of your business goals is to have 300 people attend your annual
conference in three months, your goal as a marketer should be along the lines of
boosting online registration by 10% at the end of the month to stay on track.

Other marketing goals might be to increase brand awareness or generate high-quality

leads. You might also want to grow or maintain thought leadership in your industry or
increase customer value.

Whatever your goals, identify what they are and how your marketing organization can
work to achieve them over the next year.

Page 51
 4. Select the appropriate tools.

Once you have your goals identified, make sure you have the right tools to measure
the success of those goals.

Online software like social media schedulers gives you analytics to help you keep
track of what your audience likes and doesn't.

5. Review your media.

Decide what you already have in your arsenal that can help you create your strategy.
To streamline this process, think of your assets in three categories – paid, owned, and
earned media.

 Paid media means any channel you spend money on to attract your target audience.
This includes offline channels like television, direct mail, and billboard to online
channels like social media, search engines, and websites.
 Owned Media refers to any of the media your marketing team has to create: pictures,
videos, podcasts, ebooks, infographics, etc.
 Earned media is another way to say user-generated content. Shares on social
media, tweets about your business, and photos posted on Instagram mentioning your
brand are all examples of earned media.

Gather your materials in each media type and consolidate them in one location to have
a clear vision of what you have and how you can integrate them to maximize your
strategy.

For example, if you already have a blog that's rolling out weekly content in your niche
(owned media), you might consider promoting your blog posts on Twitter (paid
media), which customers might then reTweet (earned media). Ultimately, that will
help you create a better, more well-rounded marketing strategy.

If you have resources that don't fit into your goals, nix them. This is a great time to
clean house and identify gaps in your materials.

Page 52
6. Audit and plan media campaigns.

Cleaning house segues straight into this step. Now, you must decide which content is
going to help you.

Focus on your owned media and marketing goals. For instance, will updating the
CTAs at the end of your blog posts help you increase RSVPs to your event?

Next, look at your buyer personas. Let's say you work for a video editing software
company. If one of your persona's challenges is adding clean sound effects to their
videos but you don't have any content that reflects that, make a 15-second demo video
for Instagram to show how great your product is at solving that challenge.

Finally, create a content creation plan. The plan should include topic clusters, goals,
format, and channel for each piece of content. Be sure to include which challenge it's
solving for your buyer persona.

For ideas on content creation or a more in-depth look at how to create a content plan,
check out our post, The Ultimate Guide to Content Creation.

7. Bring it to fruition.

At this point, your market research and planning should help you visualize how your
strategy will be executed – and by which teams.

The final step is to bring that all together and assign actions to your plans.

Create a document that maps out the steps you need to take to execute your campaign.
In other words, define your strategy.

Think long-term when creating this document. A standard strategy document is 12

months. This structured timeline should be the home base for your strategic marketing
efforts.

Page 53
The 4Ps of marketing is a model for enhancing the components of your "marketing
mix" – the way in which you take a new product or service to market. It helps you to
define your marketing options in terms of price, product, promotion, and place so that
your offering meets a specific customer need or demand.

The marketing mix and the 4Ps of marketing are often used as synonyms for one
another. In fact, they are not necessarily the same thing.

"Marketing mix" is a general phrase used to describe the different kinds of choices
organizations have to make during the process of bringing a product or service to
market. The 4Ps is one way – probably the best-known way – of defining the
marketing mix, and was first expressed in 1960 by E. J. McCarthy in his book, "Basic
Marketing – A Managerial Approach." [1]

The 4Ps are:

Product (or Service).

Place.

Price.

Promotion.

A good way to understand the 4Ps is by the questions that you need to ask to define
your marketing mix. Here are some questions that will help you understand and define
each of the four elements:

Product/Service

What does the customer want from the product /service? What needs does it satisfy?

What features does it have to meet these needs? Are there any features you've missed
out? Are you including costly features that the customer won't actually use?

How and where will the customer use it?

What does it look like? How will customers experience it?

Page 54
What size(s), color(s), and so on, should it be?

What is it to be called?

How is it branded?

How is it different from products by your competitors?

What is the most it can cost to provide and still be sold sufficiently profitably? (See
also Price, below.)

Place

Where do buyers look for your product or service?

If they look in a store, what kind? A specialist boutique or in a supermarket, or both?

Online? Or direct, via a catalog?

How can you access the right distribution channels?

Do you need to use a sales force? Or attend trade fairs? Or make online submissions?
Or send samples to catalog companies?

What do your competitors do, and how can you learn from that and/or differentiate?

Price

What is the value of the product or service to the buyer?

Are there established price points for products or services in this area?

Is the customer price sensitive? Will a small decrease in price gain you extra market
share? Or will a small increase be indiscernible, and so gain you extra profit margin?

What discounts should be offered to trade customers, or to other specific segments of

your market?

How will your price compare with your competitors?

Promotion

Where and when can you get your marketing messages across to your target market?

Page 55
Will you reach your audience by advertising online, in the press, on TV, on radio, or
on billboards? By using direct marketing mailshots? Through PR? On the internet?

When is the best time to promote? Is there seasonality in the market? Are there any
wider environmental issues that suggest or dictate the timing of your market launch or
subsequent promotions?

How do your competitors do their promotions? And how does that influence your
choice of promotional activity?

Page 56
 CHAPTER - 2

RESEARCH METHODOLOGY

Choosing the best marketing strategy is a vital task of any company, but it may
involve great uncertainty and risks. Any action impacting the marketing 4P's
(Product, Place, Price and Promotion) may influence directly both the market share
and the product costs and, thus, the profitability of a company. On the other hand,
huge marketing efforts can drain a significant amount of investments, without a
satisfactory expected return. In fact, for over 50 years research on the market
response has drawn considerable attention and many models has been proposed to
explain how marketing mix variables influence the sales (Hanssens, Parsons and
Schultz, 2001).

Market research (or marketing research) is any set of techniques used to gather
information and better understand a company’s target market. Businesses use this
information to design better products, improve user experience, and craft a
marketing strategy that attracts quality leads and improves conversion rates.

Without research, it’s impossible to understand your users. Sure, you might have a
general idea of who they are and what they need, but you have to dig deep if you want
to win their loyalty.

Objective of Study :

 To know how Coco-cola using Marketing strategies in Business

 To analysis Marketing Mix used by Coco-cola
 To identify the 4 P’s used by company to achieve the sales
 To know the Sales impact due to Marketing Strategy.

Page 57
Benefits of Research

It is a model for continuous improvement that relies on quick, efficient

research to understand customer needs and test new features.

Lean market research can help you become more...

 Efficient : it gets you closer to your customers, faster.

 Cost-effective : no need to hire an expensive marketing firm to get
things started.
 Competitive : quick, powerful insights can place your products on
the cutting edge.

Data Collection

Primary Data
Due to limited research and non-availability of structured, systematic, recent,
secondary data; primary data had to be collected. This also enforced the exploratory
research format.

The stakeholders of the industry have been broadly categorized as per the value chain
of the business and they are as follows:

1. Producers

2. Traders

3. Customers

Page 58
Secondary Data
1. Books

2. Websites

3. Magazines

Page 59
 CHAPTER – 3
LITERATURE REVIEW
Marketing is one of the important things in the business. Many people mistakenly
think that marketing is only about communication activities such as advertising,
promotion, public relations, and personal selling. In his book Ferrell and Hartline
(2005) says that marketing is the process of planning and executing the conception,
pricing, promotion, and distribution of ideas, goods, and services to create exchanges
that satisfy individual and organizational objectives. Viewed from that perspective,
we can see that the scope of marketing function is considerably broader

According to Walker and Boyd (1992), Strategy is a fundamental pattern of present

and planned objectives, resources deployments and interactions of an organization
with markets, competitors, and other environmental factors. According to that
definition Walker conclude that a good strategy should specify

(1) what is to be accomplished;

(2) where, that is, on which industries or product-markets it will focus; and

(3) how, or which resources and activities will be allocated to each product-market to
meet enviromental opportunities and threats and to gain a competitive advantage.
Therefore according to the Walker, the primary purpose of a marketing strategy is to
effectively allocate and coordinate marketing resources and activities to accomplish
the firm’s objective within a specific product-market. Then Marketing strategy
requires a definition of the market domain in which the company will compete and a
statement of how utility and value will be created for customers through product and
service offerings. Recognizing customers needs and filling them better than
competitors is the core of successful marketing strategy. When customers needs are
satisfied by effective marketing programs, long-term competitive advantage can be
achieved and financial goals can be met (Urban & Star, 1991). The marketing
strategy can be consist of one or more marketing programs. Each programs consists
of two elements—a target market and a marketing mix. To develop a marketing
strategy, an organization must select the right combination of target over it market(s)
and marketing mix in order to create distinct competitive advantages over its rivals
(Ferrell & Hartline, 2005).

Page 60
The term ‘marketing mix’ is attributed to Neil H.Borden and refers to the set of
marketing ingredients a company can use to achieve its objectives. Lancaster and
Massingham (2010) suggest some of the factors that the detailed marketing mix plans
as four Ps are Products (Quality, Features, Options, Style, Services, Installation,
Warranty, Packaging,and New product development), Price (Pricing, Price changes,
List prices, Discounts, Allowances, Payment, and Credit terms), Promotion (overall
emphasis in promotional mix, objectives, strategies and plans), and the last is Place
(Channel configuration/coverage/levels, Specific type of intermediaries, Terms and
responsibilities of channel members, Order processing systems, Warehousing,
storage, stocking and delivery policies) In a modern marketing system, marketing mix
incorporated in 7P, i.e. product, price, place, promotion, people, physical evidence,
and process (Lovelock & Wirtz, 2011). The definition of 7P according to The
Chartered Institute of Marketing (2009) is as follows:

a. Product There is no point in developing a product or service that no one wants to

buy, yet many businesses decide what to offer first, and then hope to find a market for
it afterwards. In contrast, the successful company will find out what customers need
or want and then develop the right product — with the right level of quality to meet
those needs now and in the future.

b. Price A product is only worth what customers are prepared to pay for it. The price
also needs to be competitive, but this does not necessarily mean the cheapest; the
small business may be able to compete with larger rivals by adding extra services or
details that will offer customers better value for money. The pricing must also provide
a profit. It is the only element of the marketing mix that generates revenue —
everything else represents a cost.

c. Place The place means of distributing the product to that place where customers
buy a product. The product must be appropriate and convenient for the customer. The
product must be available in the right place, at the right time and in the right quantity,
while keeping storage, inventory and distribution costs to an acceptable level. d.
Promotion Promotion is the way a company communicates what it does and what it
can offer customers. It includes activities such as branding, advertising, PR, corporate
identity, sales management, special offers and exhibitions. Promotion must gain
attention, be appealing, tell a consistent message and above all else give the customer

Page 61
a reason to choose your product rather than someone else’s. e. People Anyone who
comes into contact with customers will make an impression, and that can have a
profound effect — positive or negative — on customer satisfaction. The reputation of
the brand rests in the people’s hands. The people must be appropriately trained, well
motivated and have the right attitude. It is essential to ensure that all employees who
have contact with customers are not only properly trained, but also the right kind of
people for the job f. Process The process of giving a service, and the behavior of
those who deliver are crucial to customer satisfaction. Issues such as waiting times,
the information given to customers and the helpfulness of staff are all vital to keep
customers happy. g. Physical evidence A service cannot be experienced before it is
delivered. This means that choosing to use a service can be perceived as a risky
business because buying something intangible. This uncertainty can be reduced by
helping potential customers to ‘see’ what they are buying. Case studies and
testimonials can provide evidence that an organization keeps its promises. Facilities
such as a clean, tidy and well-decorated reception area can also help to reassure.

There are some previous research which being references in this research making.
Selection of the marketing strategy of the SME done by Astuti, Silalahi, and Wijaya
(2015). That research objectives is about to know the influence of 7P marketing mix
variables, which consists of product, price, promotion, place, people, physical
evidence and process on purchasing decision of consumers in determining appropriate
marketing strategy of Malang apples at Giant MOG. There are 2 variables;
independent variables that is 7P (X) and dependent variables that is purchasing
decision (Y). At that research, multiple linear regression analysis was used to
determine the marketing mix variable that most influences on purchasing decisions of
Malang apples consumers at Giant MOG. Analytical Hierarchy Process (AHP) was
used to set the right marketing strategy of Malang apples at Giant MOG according to
management of Giant MOG.

A research about marketing strategy also conducted by Kumar and Rajeev (2012). In
his research explained that internet marketing strategy have a very important role in
many industries because internet marketing is one of the easiest and cheapest way of
marketing. Its population of the internet user increase day-by-day and it is easily
available in any part of the country. With the same reason Kiran, Majumdar, and
Kishore (2012) in his research about innovative marketing strategies for SME also

Page 62
suggest to use Internet as a promotional tool in Small Medium Enterprise (SME). It is
also agreed by Öztamur and Karakadılar (2014), Dilhan did a marketing research
strategy using internet as the media with a assumption that internet give us a big
opportunity to connect with people throughout the world. In his research qualitative
content analysis is used as the main method, because the ultimate target is to see the
companies strategical use of social media, including which contents they choose, how
often they update their accounts, what style of language they use and how effective
their communication is.

Page 63
 CHAPTER – 4
DATA ANALYSIS

1) Is the Coco-cola is the Adopting Proper Marketing Mix?

Sr. No Title Percentage

1 Yes 80%
2 No 20%

40
Yes
No

80

Interpretations : -

From above it is proved that the Positive. Marketing mix is properly

adopted by Coco-cola.

Page 64
2) is the Coco-cola marketing Strategy is Proper ?

Sr. No Title Percentage

1 Yes 90%
2 No 10%

10

Yes
No

90

Interpretations : -

From above it is proved that the Marketing Strategy followed by

Coco-cola is a most proper.

Page 65
3) Is the Coco-cola is the most tastiest soft drinks?

Sr. No Title Percentage

1 Yes 55%
2 No 45%

45 Yes
55 No

Interpretations : -

From above it is proved that Majority Says Yes it is the tastiest.

Page 66
4) Is the Coco-cola is the perfect brand for soft drinks?

Sr. No Title Percentage

1 Yes 60%
2 No 40%

40
Yes
No
60

Interpretations : -

From above it is proved that the Positive answer is More than Half.

Page 67
5) is the Coco-cola’s Marketing Strategy has any loophole ?

Sr. No Title Percentage

1 Yes 5%
2 No 95%

Yes
No

95

Interpretations : -

From above it is proved that the Marketing Strategy followed by

Coco-cola’s is a most proper.

Page 68
6) Is the Coco-cola is Topmost Brand in the Other
countries?

Sr. No Title Percentage

1 Yes 55%
2 No 45%

45 Yes
55 No

Interpretations : -

From above it is proved that Majority Says that Co-cola is the

Topmost Brand in Fashion

Page 69
7) is the Coco-cola is the following Proper Strategy Norms?

Sr. No Title Percentage

1 Yes 60%
2 No 40%

40
Yes
No
60

Interpretations : -

From above it is proved that the Positive answer is More than Half.

Page 70
8) is the Coco-cola fulfill CSR Policies made by government?

Sr. No Title Percentage

1 Yes 80%
2 No 20%

20

Yes
No

80

Interpretations : -

From above it is proved that the Positive. Marketing mix is properly

adopted.

Page 71
9) Is any product in the market which can compete Coco-
cola?

Sr. No Title Percentage

1 Yes 90%
2 No 10%

20

Yes
No

90

Interpretations : -

From above it is proved that the Marketing Strategy followed by

Coco-cola is a most proper.

Page 72
10) Do you think that Coco-cola can earn huge profit in next
coming years. ?

Sr. No Title Percentage

1 Yes 5%
2 No 95%

Yes
No

95

Interpretations : -

From above it is proved that the chance are less.

Page 73
 CHAPTER – 5

CONCLUSION & SUGGESTIONS

CONCLUSION

Newer marketing concepts are forcing marketers to realise that traditional marketing
methods are no longer as effective as they used to be, and the search is on for new and
more appropriate methods. Internet marketing and relationship marketing are some of
the most talked about “new concepts” judged by the increasing number of research
reports in reputable academic journals. Shani & Chalasani (1993:58) argue that the
4P-model suddenly seems to be outdated.

Planning is an important component of every business. Designing a plan begins with

a deep analysis of an organization’s internal and external environment. The situational
analysis helps the business determine its existing resources, strengths, and capabilities
compared to those of its customers. The situational review also helps the company
form its mission, vision, goals, objectives, and strategies in a number of key areas of
operations. One of the key areas that the situational review assists in is in designing
customer oriented marketing strategies that will help the business to achieve its
marketing objectives. A marketing strategy is therefore an important component of
the overall business strategy because it helps the business to gain a competitive
advantage by differentiating its products and aligning the marketing activities to the
mission of the organization.

The marketing plan is a document that outlines how the business will
implement, evaluate, and control its marketing efforts. The marketing plan serves a
number of functions. First, it outlines the goals and objectives of the company’s
marketing efforts. Therefore, the plan serves as a roadmap to help the managers to
implement their marketing strategies. Secondly, the marketing plan outlines the tasks
involved in design the marketing strategy as well as the resources to be assigned to

Page 74
each of the tasks. The marketing plan also gives the timing of all the marketing
activities (Schnaars, 1998).

According to Schnaars (1998), the main focus of marketing strategies is manipulate

the variables of the marketing mix, that is, the product, price, a place, and the
promotion strategies so as to achieve the objectives of the organization. There are four
steps in setting the marketing strategies: defining the business, setting the mission,
selecting the functional plans, and budgeting. Defining the business involves setting
the vision of the business. The vision outline the broad goals that the company would
like to achieve in future. Secondly, the process of setting the mission tries to define
why the business exists and how it will meet the needs of its target market in order to
meet its long-term objectives (Schnaars, 1998). Thirdly, developing functional plans
is involved with outlining the tasks that will help the business in achieving its
objectives. Finally, budgeting is concerned with the resources that the marketing
department will have to implement the marketing plan. As outlined above, managers
must make the marketing decisions within the boundaries of the company’s vision,
mission, goals, and objectives (David, 2001).

A good strategy must outline the marketing mix objectives that it wants to achieve.
The four elements of a marketing mix are the product, price, a place, and the
promotion strategies. Firstly, product strategy is involves deciding the product or
services that the business will offer to the customers and the need that this will satisfy.
For restaurants, the marketing mix will involve determining the menu mix that the
business will offer to its clients. The product mix should also take into considerations
like the customer service and quality to satisfy all the needs of the clients (Percy,
2008).

Secondly, the place involves determining how the customers will access the business
so as to consumer its services. The business must locate the business in a convenient
place so the customers can access the restaurant easily. The managers must also look
at the location of similar business in order to come up with a good location for the
business (David, 2001).

Thirdly, the price is concerned with the price that the customers must pay to acquire
the service. Pricing is an important component of the marketing strategy because it
helps the business in its branding and positioning efforts. For example, a luxury

Page 75
restaurant will price its services above those of its competitors in order to position
itself in the market. Finally, promotion is concerned with the strategies that the
business will use to bring clients to its business. This will involve determining the
appropriate promotion mix. Some promotion strategies include advertising, personal
selling and sales promotion (David, 2001).

In conclusion, the marketing strategy is an important strategic undertaking. This is

because the plan outlines the actions plans through which the business will achieve its
marketing objectives. The marketing strategies must take place within the mission,
vision, and objectives of the business. The strategy also involves determining the
marketing mix that the business will utilize in order to achieve its marking goals. The
four elements determine the product, price, place, and the promotion strategies that
the business will use to achieve its marketing efforts. Finally, a business should use
the four elements of a marketing mix to position and differentiate it from its
competitors. This will give it a competitive advantage over other restaurant
businesses.

SUGESTIONS

There is a lack of consensus on the correct terminology with regard to sport (singular)
or sports (plural) marketing which further confuse the issue. In this thesis the term
sport marketing (without an s) is preferred. Mullin et al (1993:6) argue that “sports
marketing” tends to characterise the industry as a mass of uncoordinated segments
without commonality. The singular form is therefore preferred because all sport
segments should be regarded as a homogeneous entity.

Sponsorship seems to be the most visible variable of a sport marketing strategy but a
wide and diverse set of views exists concerning how and where sponsorship fits into
the marketing mix. This particular problem is further exacerbated by the wide range
of views on the variables that should be included in the marketing communication
mix. In this chapter the following theoretical constructs will be examined to address
some inconsistencies: Revisiting the marketing mix, exploring the marketing

Page 76
communication mix; and evaluating an alternative approach to defining the sport
marketing mix.

This "groping" contributed to the proliferation of a conglomerate of “Ps” because in

many application fields additional marketing mix instruments have been developed to
suit strategy implementation and to make the application of marketing strategy more
suitable to the specific marketing situation in a given field or industry. A case in point
is Mullin et al (1993:203 & 247) who have added promotional licensing to the
promotion mix and public relations as a separate “P” to the four traditional “Ps” in an
attempt to define a sport marketing mix

A brief review of literature by Herbst & Van Heerden (1995:1-15) identified a

considerable number of other Ps - as outlined in Table 2.1. Some of these newly
identified Ps do not fall into the ambit of the original 4P-model. Collier (1991:45)
warns though, that any additional Ps should have to broaden management
perspectives towards a wider spectrum of service delivery and product augmentation.

Page 77
 BIBLIOGRAPHY

Books :

 Marketing Strategy
 6 Sigma’s
 Marketing Mix
 Dairymilk Choclote

Web :

 www.instopedia,com
 www.dairymilk.com
 www.wikipedia.com
 www.marketking.com

Page 78