The prices are also lowered during launch to attract consumers.Ĭoca-Cola carries out product development by promoting new products in existing markets. It also associates itself with various events and concepts such as music, festivals, and other cultural events. It also prints the images of these individuals on its products to promote itself. The company also takes on celebrities and sports figures during launching in new markets as a part of promoting brand image and building up customer loyalty. It also offers various packaging sizes to suit the new markets to gain acceptance. It can geographically expand into these markets with the help of the various products of the company. However, there are certain territories and regions in these nations that the company does not operate in. Coca-Cola already operates in 200 nations (US SECP, 2019). Market DevelopmentĮntering new markets with existing products is termed as market development. All of these measures help increase the exposure of Coca-Cola products in its existing markets. Also, the company aggressively advertises its products using various promotional mediums.
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Coca-Cola also offers free samples during marketing events to help customers get acquainted with its products (Oakley, 2015). The company also gets involved with various sporting and community events to advertise its products and promote brand image. Coca-Cola also offers different discounts and bundled pricing during various events to boost sales. It also offers different bottle sizes and tin cans to suit the needs of different consumers. The company also reduces competition by acquiring competitors. The same goes for associating Coca-Cola with Eid. One example is of associating Coca-Cola with Christmas as both have red color in common. One of the strategies Coca-Cola uses to penetrate markets is associating the drinks with various cultural and other events. Promoting existing products in existing markets is termed as market penetration. The company produces syrup concentrate which is then sold to various companies holding bottling rights of Coca-Cola products.įollowing are the four dimensions of the Ansoff Matrix for Coca-Cola: Market Penetration In 2018, the company earned revenue of $31.85 billion and had more than 62,600 employees (US SECP, 2019). The company also expanded into various international markets and launched various other products under the brand name. Over the years, the company also acquired various other brands to increase its market share. Soon after, the company spread rapidly across the United States with the help of its flagship product through marketing and promotions. The current headquarters are also in Atlanta, Georgia. The Coca-Cola Company was launched in 1892 in Atlanta, Georgia (WII, 2019). It was invented in 1886 by a pharmacist John Stith Pemberton. The flagship product of the company is Coca-Cola and was the first product the company launched. The Coca-Cola Company is the manufacturer of a variety of non-alcoholic beverages.
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