As a marketing manager for Coca Cola Company the global leader in beverage industry, good marketing opportunity that I would suggest is the change of the colour of the refreshments offered by the company. Coca Cola Company has good strategies in marketing its products it goes globally in sponsoring the international sports for example the world cup. In Kenya for example the colour of a one of its products called coke is dark in colour, this colour is not attractive. The products should be probably orange in colour or any other colour that is attractive to the eye. The product would be more marketable especially to the children and young people if the colour was not dark. The strategy used in changing the colour should increase customer retention, increase customer quality and increase the market share (McKnight, 2003).
This type of marketing opportunity can be categorised as low hanging fruit. It is easier to achieve since it requires low cost, the management will use little time in implementing the idea and the risk involved is relatively low. It does not also affect many parts of the organization during implementation and after implementation.
The risks involved in changing the dark colour of the beverages are:
The customers who are loyal to the colour of the product might be lost.
The ingredients used to produce the product might not be easily changed to another colour which may interfere with the marketing mix of the company’s product (Barton, Shenkir &Walker, (2002)
The second strategy in marketing is to change the packaging. Coca Cola Company uses mostly bottles in packaging of its beverages. I would prefer that the company should use disposable packing since it will be cheap and cost effective. The bottling system should be changed so that the people are not interested in bottles can be reached. The bottles should not be completely removed; my idea is that some beverages be placed in disposable packets (Haines, 2008).
This type of marketing opportunity is home run since it is a large scale investment; it is expensive and involves a lot of risks. The marketing strategy affect many parts of the organization since the firms contracted to do the packaging have to be changed or re-structured. The strategy also needs more of management time before it is implemented. The bottling system has grown up with roots deeply rooted in local communities and this heritage has served the company well as people seek brands that honour local identity and the distinctiveness of local markets. This makes this marketing strategy risk and hard to implement (Olson, 2009).
There are many risks involved in this marketing opportunity which includes:
The bottling system of packaging honours local identity of the customers and by changing this it will lead to loosing of the customers.
Packaging involves a lot of cost incurred and before the packaging is accepted in the market it may have led to loss to the company.
The packaging will cause environmental degradation which will affect the public health to the living creatures
The third marketing opportunity that the coca cola company can use is its involvement in corporate social responsibility. The corporate responsibility has led to sustainability of the company’s products. Through collaboration and partnership has made the company to reach across borders. This has also touched communities across the globe. Corporate responsibility is not only good to coca cola but for the whole world. This will involve such activities as protecting resources, encouraging recycling saving energy. It also includes official involvement in Olympic Games for example in London 2012. Corporate responsibility will at the end of the day benefit everybody. The company should involve itself in corporate responsibility and especially to the global events for example the Olympic Games and the world cup which involves many countries from all over the world (Shane, 2004).
This type of marketing opportunity can be categorised as single because it is not large scale investment and it’s not very expensive. It also does not affect many parts of the company.
The risks that will be encountered when corporate responsibility is used as a marketing opportunity include:
The weaknesses of the company will be exposed and this will make the competitors to capitalise on the weaknesses. This will make competition to be very stiff.
Some of the projects for example the charity and voluntary work are costly and may not yield any returns. This will make the company to finance the projects which are not profitable and may lead to losses.
The second firm or company is the Sony music entertainment
This is the second largest global recorded music company. It deals with electronics that brings fine tunes .this company has taken a huge shift in a strategic direction from making a consumer electronics to service provider in a digital world. It has really brought a lot of transformation to this world(Noble & Gruca, 1999).
The marketing strategy that I would propose for this company is that it should cover a wide variety of well known artists. When the company uses these artists it will be able to market its products through advertisements that will be done by the artists as they perform. This is a good opportunity as it will benefit the artists to nurture their talents as they market the products of the company. When one is interested in the performance of a particular artist then definitely he/she will have to purchase the products used by the artist.
The marketing strategy can be categorised as home run kind of strategy since the company has to fund the artists in producing their movies and music. This is costly and involves more time in management. It is also large scale project.
The risks that will be involved in this project of marketing include:
The artists may advertise their talent services at the expense of marketing the products of the company and this may bring a great loss to the company
The other risk is that it may not have a wide coverage since the artists may not be globally known.
The other marketing opportunity is the use of internet to market the products. This can be done by extending television sets and video game franchises in the internet world.
This type of marketing opportunity can be categorised as low hanging fruit because it does not involve many parts of the organization. It is also a small scale project. The internet rights of music artists verses the right to down load music is a controversial issue that is yet to be fully worked out.
The Toyota Company
The TOYOTA Company company is now facing a massive marketing challenge and the company has to win back confidence in its vehicles safety as worries grow of further bad news. The company has to put in place good marketing opportunity.
The good marketing opportunity that I would prefer is for the company to engage in corporate responsibility now that it’s trying to restore its confidence. It should there fore engage in projects as charity contributions, use of carbon free fuel engines so as to protect the environment (Noble & Gruca, 1999).
This type of marketing opportunity is a home run this is because it might be expensive and involves a lot of management time. It is also a large scale project.
The risk is that the weaknesses of the company will be exposed and the competitors will have the opportunity to capitalise on them.
The marketing opportunity that I would strongly recommend is the corporate responsibility. This is because its beneficial to the company and to the people outside the organization. It will have positive public relations to the company since corporate responsibility reflects a good picture of the company. This will lead to great financial improvement.
The company’s idea to phase out its large, profitable SUV line of automobiles to focus on smaller, more fuel efficient cars.
- It will be cheap at long-run
- It will be easy to manage
- It may be difficult to implement
- It may be costly to initiate
I agree with the pros and cons
I would not approve the marketing idea proposed by the company because it will take a lot of time before it is implemented
A better marketing idea of the company would be for the company to participate in corporate social responsibility so that the company will have a good picture in the outside world(Feldman, 2002).
Human relations movement theory
This theory state that more attention be given to individuals and their unique abilities in the organization. An organization prospers if the employees prospered well. The human resource department helps to understand the needs of the workers and how the needs of the organization and its workers could be aligned(Noble & Gruca, 1999).
Theory x and theory y
They were developed by Douglas McGregor. These are theories of human motivation. They describe two different attitudes towards work force motivation. In theory x management assumes employees are generally lazy and will avoid work if they can and that they inherently dislike work. Workers should then be closely supervised.
Theory y management assumes that the employees may be ambitious and self motivated and exercise self control. Given the right conditions most people will do their work well.
The penetration pricing theory
This is a strategy of introducing of new goods or services to the marketplace. The prices are lowered in the hope of penetrating into the marketplace quickly and securing significant market share. It is used in products of good quality but the products do not stand out to be competitive this is according to Ronald w.Hilton in managerial accounting.
The theory enables the organization sell the products which were not competitive in the market. It enabled the organization to make more sales and faster profits.
As a senior manager in these situations I could advertised the product and give out the promotions since the product is new in the market.
According to philiph kotler authentic marketing is not the art of selling what you make but knowing what to make (Feldman, 2002).
In conclusion marketing is identifying and understanding customer needs and creating solutions that satisfies their needs, the company should earn profit and the stake holders should also benefit. The marketers should also understand the consumer behaviour so as to align their products and services to the strongest consumer signals. It is therefore important to match what matches to consumer behaviour this is for efficient and effective sale.