A New Product for Coca Cola Company Strategies and Tactics - 1650 Words

A New Product for Coca Cola Company: Strategies and Tactics (Book Report Sample) Content: A New Product for Coca Cola Company: Strategies and TacticsStudents NameInstitutional AffiliationOutline * Introduction * Strategies and Tactics 1 Marketing and Information Technology 2 Monitoring and Control 3 Evaluation 4 Ethical, Legal and Regulatory Issues 5 Corporate Social Responsibility 6 Implications of the Triple Bottom Line * ConclusionA New Product for Coca Cola Company: Strategies and TacticsIntroductionCoca Colas new product Coke Diet Plus is likely to get a larger and wider market compared to its previous similar products like Coke Diet. This new product is positioned to attract clients who believe that they can have fun but still drink healthy drinks. Coca Cola will be the first company to launch this new product that contains nutrients and lacks the harmful sugars that are feared by most people. However, it is imperative for the company to consider various issues and act responsibly before it achieves the intended purposes. Strategic positioning, rebra nding, pricing and effective marketing strategies alone are not adequate to guarantee this company a reliable and stable market for the new product (Harris, Heard, Kunkel, 2015). This paper examines the strategies and tactics that Coca Cola Company can employ to win the targeted clients, maintain them and expand its market for the Coke Diet Plus brand.Strategies and TacticsMarketing and Information TechnologyToday, the use of modern technology in all companies is a basic requirement since lifestyles, trends and consumer preferences have changed significantly. Investors have a challenge of deciding which communication channels suits them in terms of effectiveness, availability, affordability and integration with the existing systems and structures. The production of a high-quality and cheap product is not a guarantee that it will sell if the producer does not invest in marketing and advertising it to the right clients (Singh, 2014). Coca-Cola has a unique marketing strategy that has enabled it to sell its existing products. However, this new product is unique and may not auger well with the existing marketing strategies. The company should not target the whole public but instead focus on potential customers who are conscious about what they take and would like to keep their bodies healthy and fit while enjoying the fun and refreshment of a drink. Geo-targeting is a best example of a marketing strategy that will target consumers who want nutritious drinks that are free from sugars. The use of the social and mainstream media would promote the popularity of this product. In addition, the use of branded promotions will enable the message to be delivered to the right audience while also promoting the value and benefit of this product. The inclusion of modern advertisement channels like the internet, Facebook, Twitter, Google and other social network sites will promote the popularity of this product and give people ample time to know its qualities and benefits.Monit oring and ControlCoca Cola has an effective monitoring and control department that is responsible for the supervision of how consumers react to its products. The monitoring and control department ensures that the companys products meet the needs of consumers, makes them happy and attracts new ones (Kapferer, 2012). Winning customer loyalty is also a prerogative of this department that ensures the quality of the companys products is not compromised even as the company gets many clients. The department ensures the company sustains a culture of producing high-quality and refreshment drinks throughout its production process. The quality and standard of its products are tested at various levels to ensure the products abide by the international healthy, legal and industry standards.EvaluationProduct performance evaluation refers to the process of monitoring the performance of the new product once it is released to the market (Karnani, 2015). New products may sometimes face challenges in t erms of resistance by consumers. Food products rake time before they are accepted in market because they affect the consumers directly. The evaluation of the Coke Diet Plus will be done under the same departments responsible for evaluating the performance of other products. The evaluation department will integrate the existing practices with the new ones that may be introduced regarding the new product. Evaluation will be done in terms of collecting information regarding what people say about the new product, how they think it should have been and whether its price and quality are reasonable. The information gathered through this process will enable the company to know what to do to improve its quality and public perception.Ethical, Legal and Regulatory IssuesFood and drinks are delicate commodities that should be produced, distributed and sold under stipulated conditions (Menon, Yao, 2014) The ethical principles that the company should consider while producing and marketing this p roduct includes telling the public the truth about the ingredients used to make it, educating consumers about its health benefits without misleading them and mentioning any side effects if any. The legal requirements include producing the products following the public health standards, not infringing on the copyright and patents of other companies and using legal means to promote it (Nestle, Peters, Hill, Nestle, 2016). Regulatory issues involve the aspects that are considered important in the industry and which should be observed by all players. Issues like pricing, taxation and appropriate marketing communication are regulated and this company should follow the prescribed channel and practices.Corporate Social ResponsibilityCoca Cola is known for sponsoring many events and corporate social activities like charity walks and community advocacy programs. The company should establish a new project that will be sponsored by the new product to ensure it gives back to the community by d eveloping it. Most of the ingredients used to prepare the Diet Coke Plus are obtained from nature and this means that the company owes a lot to the community and environment. The company should be in the fore-front in promoting environmental protection and sustainability as a measure of advancing its goal of promoting healthy living.Implications of the Triple Bottom LineCoca Cola is one of the most profitable companies of this century and this means that it controls a significantly large consumer market (Shelley, Ogedegbe, Elbel, 2014). The new product will position the company in a more competitive and attractive position if it sells according to the forecasted targets. This means that the company will generate more profits, have a larger coverage and influence the lives of many people. The company has been blamed for environmental degradation, especially regarding the disposal of its waste plastic and glass bottles (Lam, 2013). This issue should be given the desired attention to ensure it ...