This assessment will cover the following questions:
- Discuss the role of marketing in order to achieve the desired goals in the organisation.
- Coca-cola is a soft drink manufacturer. What is the meaning of the term market orientation?
- Explain how being market-oriented affects the strategy, formulation, implementation, and planning of the Coca-cola company.
Marketing management refer to the procedure of planning and evaluating conception, promotion, pricing, distribution of ideas, services and products in order to develop, satisfy and exchange organizational as well as individual objectives. This concept is essential for organizations to understand target market needs and improve goods to satisfy people requirements. It is considered as business discipline, which focuses on applicable utilization of marketing methods. It clearly communicates and packages the best strategic thinking to meet decision taking requirements of knowledgeable & skilled executive operating real world businesses.
The present report is based on Coca Cola firm, it is an American multinational corporation, retailer and manufacturer of non-alcoholic beverage syrups and concentrates. An explanation is made under this report on the role of marketing in achieving organizational goals including its procedures in providing perceived value to consumers of respective firm. Along with this, justification is also made onon how marketing means as a market orientated means with the affect of same on strategy formulation, planning and implementation (Tuten and Solomon, 2017).
Role of marketing in achieving goals of organization considering delivering good value to customers
Marketing is one of the best way that firms l use to achieve their goals and deliver greater value to its consumers. Marketing helps business to achieve their objectives and goal because it is consumer centric, it supports to satisfy clients beyond their expectations in effective manner. Marketing department is accountable for increase in market share and revenue of firm. In simple term, marketing is set of activities, procedures and institutions for creating and exchanging offerings that value for partners and consumers (Cortez and Johnston, 2019).
Coca Cola mainly aims to deliver perceived value to clients, in which range of marketing methods it has applied to achieve the same. Types of marketing methods, such as cause marketing, direct selling, paid media advertising, word of mouth promotion, internet marketing and point of purchase .
The role of marketing is to identify people, satisfy them and retain consumers for longer. Without identify, needs of customers, organization cannot be able to achieve their goals on timely manner. Market research is the best way that firm can use to deliver perceived value to people. Marketing department and its team member conduct research in depth manner, in which they are responsible to determine the needs of people and their beliefs regarding beverages. It is very important for them to know before manufacturing products (Para-González, Jiménez-Jiménez and Martínez-Lorente, 2018). With the help of conducting target market research, marketing section is able to acquire greater knowledge and information that they can use while making promotional plan and producing goods according to needs of people.
Company identify needs of their customers and then adopt the best marketing strategies accordingly. With the help of marketing, firm is able to grab the attention of new consumers and retain the existing customers with them for longer. Market research allow marketing department to collect amount of data related to preferences of target people, which they can use for taking decision of product promotion in area.
Marketing develop bundle of services and products that firm offers at price to its consumers. It is responsible for identifies people, their requirements and how much value they place on acquiring those needs to be addressed. It helps to inform design of goods to assure it meets people need as well as provide value proportional to what it costs. Marketing role in company is to communicate with people about beverages, explaining who is offering them and why they are desirable.
Marketing department listen to target market can communicate back to deliver perceived value to them, it also communicate again to cater about how well they are satisfying people demands & chances for improvement.
It helps to create value for large number of people who are seeking to buy products offered by Coca cola. Marketing play role as instrument in helping business to achieve their purpose and is more than advertising goods, selling and gathering money.
Market research is beneficial in order to achieve organizational goals undertaken into marketing function, which helps to identify better opportunities in marketplace. Firm use this method to obtain better understanding and perspective of target audience and to assure that its business stays ahead of competition.
This research is the key element of success in which management goes beyond learning and understanding about trends in specific area and changes in consumers behaviour, that helps to deliver perceived value to people. Coca cola marketing department conduct this research in order to collect a lot of data about current trend and believes of people towards their products. Marketing is one of the best procedure that help company to reach at international level and provide better value to its consumers in effective manner.Concept of market orientation
Market orientation is business philosophy and customer-centric approach, which is mainly used to design product. Coca cola is successful market oriented firm, they discover and meets wants as well as desired of its target market thorough their product mix.
Marketing is way firm interacts with potential and current consumers, company think of it as communication tool of business, collecting information form and delivering out content to consumers, marketing orientated firms are spirited, communicative businesses that quickly seek ways to comprehend what their clients want and product products specially designed for those peoples (Frösén and et.al., 2016). Coca cola is considered as marketing orientated firm because they are able to understand significance of marketing in developing well-known brand.
Market orientation perform in opposite direction to previous marketing strategies, such as product orientation, where focus of management was on establishing selling points for current products. It mainly focuses on consumers’ desires and creating the product as per their needs and desires. Organization used concept of market orientation by determining new flavours that people will really like for example, strawberry is most popular and demanding flavour in beverages. More than efforts to get people to like and become aware of benefits of products, with marketing orientation method company meets the demands of their consumers. It defined as approach of business means reacts to what people want. The judgement taken are based on info about consumers wants, instead what business think is appropriate for target market. Assuring there is a need for their service and products is one of the most essential components of marketing orientated firm (Papadas, Avlonitis and Carrigan, 2017). Amount of efforts that goes into selling will be differences between failed and a successful organization.
To be market orientated Coca Cola company use different types of strategies available for companies. Firm used traditional and latest marketing technologies such as social media marketing. There are three major identifying characteristics of marketing oriented firm, first they are able to find out what its consumers wants from. Second characteristic of market orientated company is that they respond consumers feedback as fast as possible. The third trait of company, is that they are able to create excitement of its goods or services and build anticipation for new releases with the help of communicating different features benefits for consumers.
They invest in surveys and market research just like Coca Cola do. Market research is the process conducted by marketing team and professionals who are able to asked certain questions to consumers in order to get their opinions regarding products. Firm seek to know what their potential clients are looking for in services or goods.
Market orientation allows firm to view their individuals and consumers with subtle differences in what they want. In simple words, it means to be lead in market and retain people by comprehension their needs. It is more of culture than individual procedure, market orientation is values, norms, mindsets and behaviour of firm, together with structure, systems and control of business. Market orientated companies like Coca cola defined their functions as services activities aimed at satisfying their service users.
To be market orientated means that firm is constantly listening to consumers to see what people most urgent demands are and how these requirements are changing according to trends. Organization keep dialled into their target consumers and efforts to bring services or products to market that are right match to these wants (ErdoÄŸan Çelik and Zehir, 2017). Achieving this next match with what people want permits firm to gain competitive advantages as well as market share will less selling attempt. By following the four important stages of market orientation, company can always be market orientated within its sector for longer period, that is quite beneficial for them. Initiation, reconstitution, institutionalization and maintenance are the 4 phases of this approach. coca cola used marketing strategies and production strategies to design their products in effective manner.
How being market orientated affects strategy formulation, planning and implementation
Strategy formulation is the procedure by which company chooses the most suitable works of action to achieve their defined goals. This process is quite essential to success of business because it helps to cater framework for actions that can lead to expected outcomes (Dayan, Heisig and Matos, 2017). It basically includes six major steps that are - setting organizations objectives, evaluating organizational environment, setting target market, aiming with divisional plans, strategy implementation and evaluation. There is deliberate and conscious attempt to centre attention on what company can do better than their business rivals.
Market orientated affects strategy formulation as well as implementation in positive manner that is beneficial for company as they are able to sustain business for longer within marketplace. Without being market orientated, organization cannot formulate effective strategy and gain the attention of people. With market orientation, firm management unit is constantly scanning business external environment to spot emerging trends that they can take as advantage of, by adapting their existing goods to meet needs of new target consumers.
It is the ability of company to orient their marketing strategy as per needs of market. It is conceived as bunch of activities whose undertaking is conditioned by organization competitive interest, accordant to idea that strategy at competitive stage determines framework of functional strategies.
Being market orientated, firm identify particular initiatives that need to be formulated and implemented as element of transformation procedures (ManevskaTasevska, Hansson and Labajova, 2017). Market orientation assists company to focus on their priorities and efforts on understanding as well as meeting needs of prospects & consumers. With market orientated approach organizations can obtain information about their consumers’ needs and develop strategy accordingly to tailor the same. They also invest in development of goods that consumers want to purchase rather than try to persuade them to buy things that firm wants to sell.
By being market orientated, information about perspectives of target market is collected that used by marketing department for formulating, planning and implementing strategies in order to enhance consumer interest towards purchasing and to increase profit margin of company above expectations. Product promotion decision taken by marketing department is depended on market orientation method. Without considering the needs of people, the growth and success of business is not possible. Market orientated firm effectively increase their consumer satisfaction & loyalty by implementing and formulating the best strategy with focusing on clients needs. In context of business case, market orientation helps Coca cola company to identify the needs of consumers specially regarding with health priorities. They collect more info about target market preferences and needs and then take decision to offer product accordingly.
After considering the needs of people they can offer new goods such as smart water and vitamin water by being market orientated.
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From above analysis, it has been concluded that marketing plays an important role in delivering perceived value to its consumers. Through market research, Coca Cola company acquire in depth info about target market and produce their products accordingly. Furthermore, this report has been summarized that by being market orientated, organization gain benefits. Paying attention to people need and build trust in order to repeat sales.