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'To be successful in the twenty-first century, businesses will need increasingly to market their product on a global basis.' With reference to a global business you have studied, analyse the elements of its marketing plan, and how it manages the marketing of its products on a global scale. - HSC - SSCE Business Studies - Question 28 - 2001 - Paper 1
Question 28
'To be successful in the twenty-first century, businesses will need increasingly to market their product on a global basis.' With reference to a global business you... show full transcript
Worked Solution & Example Answer:'To be successful in the twenty-first century, businesses will need increasingly to market their product on a global basis.' With reference to a global business you have studied, analyse the elements of its marketing plan, and how it manages the marketing of its products on a global scale. - HSC - SSCE Business Studies - Question 28 - 2001 - Paper 1
Step 1
Step 2
Analyse the elements of Coca-Cola's marketing plan
Answer
Coca-Cola's marketing plan includes several critical components: a thorough market analysis, the development of a unique brand identity, and strategic adaptations to meet the varying demands of local markets.
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Market Analysis and Research: Coca-Cola conducts extensive market research to understand consumer preferences, regional trends, and competitive dynamics in each market.
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SWOT Analysis: This helps Coca-Cola identify its strengths (strong brand recognition, extensive distribution), weaknesses (health-related criticisms), opportunities (expansion in emerging markets), and threats (competition from local brands).
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Target Market Identification: Coca-Cola segments its market based on demographics, geography, and customer behavior, ensuring tailored marketing strategies for each region.
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Marketing Strategies: Coca-Cola employs a variety of marketing strategies, including advertising campaigns featuring universal themes, localized promotions to cater to cultural tastes, and collaborations with local businesses.
Step 3
Discuss how Coca-Cola manages marketing on a global scale
Answer
Coca-Cola manages its marketing on a global scale through several strategies:
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Global Branding: The brand maintains a consistent image worldwide while adapting messaging to resonate with local cultures, ensuring global recognition.
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Standardization vs. Customization: Coca-Cola balances global consistency with the need for local adaptation. This includes using a standard logo and slogan while altering flavors and marketing campaigns based on local preferences.
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Monitoring and Control: Continuous environmental analysis aids Coca-Cola in adjusting its strategy to market changes. This includes monitoring sales data, customer feedback, and market trends to refine its approach.
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Expansion Strategies: The company strategically seeks to expand into new markets by understanding local regulations, consumer behavior, and competitive landscapes, ensuring that its entries are well-placed and effective.