Coca-Cola Company: Market Overview, Competitor Analysis, Product Portfolio And Marketing Strategy

Market Overview

Key Market and Competitor Issues

Consolidated beverage conglomerate Coke is an important player in the worldwide market. Coca-Cola has consistently rated as the best-selling soft drink in the world, with over $74 billion globally. Its revenue has varied worldwide, reaching nearly $40 billion in recent financial years. That year, about 30% of the company’s total revenue was generated in North America, making it the most profitable operating segment ever. In the United States, Coca-Cola is the top carbonated soft drink (CSD) organization with about 45% volume share. On the other hand, Coca-Cola was the foremost carbonated beverage brand in the UK by sales revenue. The company made about £229 million in sales. It shows that the organization occupies a large market share of the sales of carbonated drinks in the UK market (Statista 2022).

 

Fig: Leading carbonate brands in the UK

Source: Statista 2022

  However, PepsiCo, Coca-Cola’s biggest competitor, regulated about a quarter of the UK marketplace. PepsiCo is a foremost multinational beverage and food corporation that produces several renowned household brands, including Lipton Iced Tea, Lays, and Mountain Dew. The goal of the new competition is to broaden the product line and introduce new non-carbonated and carbonated beverage types to the market. While Coca-Cola operates almost exclusively in the beverage sector, PepsiCo earns a large portion of its total revenue from non-beverage categories, such as oats and oats. If the sparkling beverage market trend continues to decline, Pepsi could use another product line. However, Coca-Cola does not have the same opportunity as it relies heavily on the carbonated beverage industry and lacks diversification efforts in other industries. Thus, the Coca-Cola Company may be left vulnerable (Hughes 2022).

In this context, the Porter’s Five Forces model is used to identify the competitor elements  of Coca-Cola in the beverage industry, as shown in below figure:

 

Fig: Porter’s Five Forecs analysis

Source: Hughes 2022

Brand portfolio

The brand portfolio of Coca-Cola is considered as far-reaching and eclectic as they come, especially for the food and beverage sector. Its brands contain edible products and beverages covering different qualities, prices, purposes, and regional marketplaces. The BCG matrix of Coca-Cola demonstrates various products in the following figure.

 

Fig: BCG Matrix of Coca-Cola

Source: Adamkasi 2016

• Dogs

Coke is a potential dog product as it reduces the demand for a carbonated soft drink to increase the demand for low-calorie beverages or healthier alternatives.

• Stars

The bottled water section is considered a star product. Coca-Cola provides two brands of bottled water, Dasani and Kinley, operating in different geographical places. While Dasani is well-known in the American market, Kinley is delivered in Europe. Due to the growing market for bottled water and healthy drinks, the Coca-Cola segment will have a large market share and a good opportunity for more investment (Adamkasi 2016).

• Cash Cows

Within the carbonated soft drink industry, Coke is the market leader and a substantial income source for the company. In more than 200 countries, Coke has been an established brand for many years, making it a cash cow for an organization.

• Question Marks

Competitor Analysis

The company introduces many new products and brands, such as Honest Tea and Diet Coke. Sparkling water, Minute Maid, and Smartwater. Such brands are increasingly used as healthy non-carbonated beverages for a healthier lifestyle. Furthermore, the company is investing in new products and increasing awareness of those brands. Such brands are a question mark for the Coca-Cola Company. These companies or products are still in development or in the early stages of their product life cycle, and thus have a lot of room to expand (Fuchs 2020).

Online branding strategy

Coca-Cola has generated its iconography, visual language, and culture from the boundless power of a digital playground. Each online ad on its website and social media channels connects with its audience on a level. For example, Coke has done a fair share of content marketing. All Coca-Cola ads that go viral globally say volume but nothing about Coke and only a flash of the iconic beverage bottle at the end of each ad. It makes their branding visually appealing, whereas Coke manages to make great stories that focus on the person realizing their ‘sharing and happiness’ philosophy. Additionally, Coca-Cola invests in high-quality content – videos, product descriptions, photos, and videos to ensure that the brand looks as good online as in-store (Hughes 2022).

The Coca-Cola Company uses the Internet to promote its products and brands. The organization has a user-friendly website. The website has some interesting features that reassure customer interaction. This enables consumers to interact through various shopping, contests, games, and a special section of the website that allows buyers to understand how they can support the community. Additionally, consumers are even permitted to respond to different Coca-Cola brands and offer suggestions for product improvements. In the modern age of social networking and communication, Coca-Cola uses several social networking sites, e.g., Twitter, Facebook, and YouTube, to connect with its customers (Kolvitz 2021).

Further, the Coca-Cola community posts on new product launches, so many young audiences are attracted through online advertising. Therefore, online marketing helps reach customers who cannot afford to spend time on television and are always busy online for occupational or personal purposes. While they are working, advertisement is flashed on different websites, which provide information about the product (Fuchs 2020).

On the other hand, Coca-Cola advertisements can be seen in different magazines and newspapers. When a special offer or a new product is launched, Coca-Cola posts an attractive ad on the full page of newspapers or the full cover page of magazines. Thus, those who read magazines or newspapers cannot ignore the influential Coca-Cola ads. Also, stickers and posters are shown in different stores on new launches and their brands. When one purchases Coca-Cola products in the store, these stickers and posters capture their attention and may entice them to purchase more products than planned before viewing the posters. Additionally, the hoardings and billboards of Coca-Cola are available in rural and urban regions (Nguyen 2022).

The Coca-Cola Company introduces the Internet-based Virtual Shopping Mall. The company sells and delivers its various brand products in its online stores that can be accessed through the EC-Mall website. Coca-Cola also offers a drop shipping service to distribute its products directly to customers through the EC-mall. Hence, online buyers find this service supportive because they will be autonomous from the physical burden of carrying the product, which can be heavy when buying in bulk (Prezlab 2021).

Product Portfolio

Conversely, PepsiCo does not sell directly to customers online. However, it sees e-commerce as an important portion of the future and generates digital sales works with the retailers to remain competitive and connected with consumers during the epidemic. But the e-commerce investment enables PepsiCo to be prepared to increase orders across each e-commerce channel because customers moved to online shopping due to the outbreak (Sonthalia 2017).

Overview

In 1886, John Stith Pemberton established the Coca-Cola Company. Nowadays, this organization is one of the leading beverage manufacturers in the world, operating in more than 200 nations, with headquarters in Atlanta, USA. It produces over 500 beverage brands and more than 1.07 billion beverages per day globally (Arica 2020). The Digital Marketing Communications Plan is designed to develop a high-level digital marketing engagement to reach growth in the UK market. The plan incorporates opportunities through SWOT analysis. This report determines the digital marketing communication objectives and methods concerning the marketing environment. This study also proposes how to enhance organizational performance. The target market profile will be established to gain insights that motivate customers to purchase the product online. In addition, the plan will outline social media strategies because the organization is now seeking to develop a social media presence.

SWOT Analysis 

Strengths · Coca-Cola is a widely popular brand with a distinct brand name. Coca-Cola was the best-selling beverage in history. · It has been ranked the 6th best global brand in the Interbrand’s annual rankings, with a total brand value of $57 billion in 2021. · It operates in over 200 nations with 9 billion products per day. It has almost 900 bottling plants and 225 bottling partners across the world. · It was the leading carbonated beverage brand in the UK in terms of sales revenue in 2021.

Weaknesses · Numerous health experts have banned soft drink consumption. · A carbonated beverage is a primary reason for sugar consumption. This leads to serious health problems. · There is a small variety of Coca-Cola products. While Pepsi has introduced several snack products like Kurkure and Lays, Coca-Cola has only beverage products (Arica 2020). · In Europe, especially in the United Kingdom, around 21% of products are not consumed through Impulse Buy.

Opportunities · The highest consumption of cold drinks is observed in several hot weather regions. The increased existence in such areas would be outstanding (Harman 2018). · Coca-Cola can introduce new products in the food and wellness markets. · The company can leverage and explore and increase its chances for success. · There are opportunities to develop and add more healthy beverages to the marketplace.

Threats · Coca-Cola has had many criticisms about water control matters, i.e., the company consumed huge amounts of water in a water-scarce area. · It has faced a robust accord, e.g., the ‘Cola War.’ · It has also been criticized for its renewable and recyclable resources (Parker 2022).

 
The Coca-Cola Company has achieved great success in digital marketing through its many followers on social media and other platforms. Some of the attractive digital advertising campaigns done by the Company are Test the Feeling, Share A Coke, Love Story, #ThatsGold, London 2012, We Do, A Sleepover in the Christmas Truck, Super Bowl 2012, Ahh Effect, and The Friendship Experiment.

The target market of the company is initially between 15 and 35 years. While Coca-Cola products are popular with middle-aged customers, young people and teenagers are the key customers of the organization. It is a beverage made with water and carbonated sugar. It shows the target population, and basically, the organization acts like a teenager to evaluate accurate consumer records. The company has effectively adapted to new generations and new technologies. Thus, it is prepared for marketing on social media sites and digital platforms. It has brought together one of the most powerful groups on social media. Coca-Cola has more than 3.75 million YouTube subscribers and 107 million Facebook followers (Econsultancy 2018).

Some of the suggestions for the techniques used by Coca-Cola are that the company should actively promote its beverage products on all social media sites. Further, various campaigns can be organized on social media to attract more buyers.

The customer’s perceived value is a difference between the evaluation of the comfort of a potential customer and the price of a product compared to others. Therefore, value is an upfront relationship between perceived cost and supposed product benefit. The significance of the value relies on the kind of purchase and the consumer. Thus, the value must always be described from the customer’s viewpoint. In the case of Coca-Cola, product reviews usually focus on the taste of the product. Buyers value the brand for its quality and, more importantly, for its overall satisfactory experience and indulgent taste (Christina, Fenni and Roselina 2019). Perception is important for product selection and evaluation. Customers try to assess product features using physical cues of shape, smell, taste, and size. However, sometimes no distinction can be made from one product to another, so customers should make a buying decision based on characteristics instead of the physical attributes of a product. For example, a customer may decide to buy Coke based on the carbonated sugar and locally sourced attributes of the brand. Therefore, it is the basis of branding activity, in which a brand personality is created, distinguishing a product from competitors (Sweeney 2018).

Marketing Strategy

Market Trends

Functional and healthier drinks are on the rise. Low and no alcohol ready-to-drink offering has grown from North America to Asia-Pacific and Europe. It is still demonstrated to be a safer and more convenient option overwhelmed by the covid-19 barriers and measures in the world. Buyers want a compelling motive to acquire a beverage. People, for example, consume coffee in the morning to enhance their energy and chamomile tea at night to improve their sleep. Also, individuals want more than just a drink, such as extra value, storytelling, functionality, and origin; thus, they need coffee and more. When Coca-Cola introduced a zero-sugar version of Coke with Javanese coffee across America. Customers are looking for two health benefits from the epidemic: digestive health and immunity (Desai 2019).

The Coca-Cola Company will work hard in the coming years to meet customer demand for more sustainable packaging, convenient and functional beverage formats and healthier product offers. The company should adjust as customers are to be more prudent when purchasing, from the basic structure of the product to more protective or sustainable packaging. This trend has led to an increase in the number of SKUs within the beverage industry, while the company will launch new formats, packaging, and products to meet customer demand. The beverage industry is projected to grow by 5.21% in 2025, with global growth of 6% over the same period (Pagani and Pardo 2017).

Competitor analysis

While many soft drink brands are available in the market, Coca-Cola faces stiff competition from PepsiCo, born 12 years after Coca-Cola. PepsiCo and Coca-Cola alone have a combined share of about 65-75% of the global beverage market and stay competitive. The Coca-Cola Company focuses on covering the higher number of buyers in every corner of the globe, thereby making a monopoly. PepsiCo focuses on niche marketing, which covers specific customer groups and optimizes profits and sales (Saura, Palos-Sánchez, and Cerdá Suárez 2017). Coca-Cola is more popular among the older generation, but PepsiCo has built its image on the younger generation (Gen X) because they make up most of the populace. Yet, other beverage organizations, including Red Bull, Nestle, and Keurig Dr. Pepper, pose serious market dominance threats. If Coca-Cola expands to other markets, such as food, it will have more chance to expand its market share than Nestle and Pepsi. Coca-Cola will focus on satisfying the preferences and tastes of consumers. Additionally, it should invest more in advertising campaigns that make known its products to a larger market. This organization also ensures that its products are reasonably priced for different socio-economic communities (Kannan 2020).

 

Fig: Competitor analysis

Source: https://www.talkwalker.com/blog/conduct-competitor-analysis

Target Market Profile

The company should increase user traffic and social media engagement between the ages of 15-and 24. They are the future customers, so it is necessary to reach them to achieve long-term goals. Women are also heavy consumers like men must be targeted as a priority to increase their consumption rate. Coca-Cola also targets areas that demand a stronger flavour with cola beverages that are consistent in taste. In this context, diet cola drinks and their variants target health-conscious consumers. For those who do not like to drink regular Cola drinks, the Coca-Cola Company has extended its product line to non-cola products (Veleva and Tsvetanova 2020).

Online Marketing Strategy

Coca-Cola is a brand that enjoys foremost digital media achievements, creating the most impressive promotion over the heads of consumers. This company signifies passion, creates marketing campaigns on happiness as an entire philosophy and enhances ideas in each marketing field. Coca-Cola’s digital marketing strategies have made a leading position in the industry. Its products are more of the home-consummated beverage. Individuals don’t think about purchasing Coca-Cola bottles when they are out of the house (Urban, Gosline and Lee 2017). Hence, one of the objectives for the brand will be to boost impulse purchases within the next twelve months. Thus, the market share can grow by 12% in the next twelve months. In this context, the digital marketing communication goals for the company are:

• To make differentiation between its beverage and competitors and raise awareness by 22% in the next twelve months.
• To increase public awareness within the next six months by 5%.
• To emphasize brand value awareness by 18% within the next twelve months
• To restore the brand as fun and young
• To educate and inform buyers and consumers.
• To keep the brand preference between consumers
• To encourage a liking for Coca-Cola products over competitors.
• To increase short-term sales via stimulating action
• To encourage product trials among potential new consumers.
• Direct contact with customers
• To reassure buyers and strengthen their certain desirable purchasing behavior.
• Personalized customer experience
• To generate information from buyers
• To increase the traffic on its website
• Global Outreach

The Coca-Cola Company will use a pull communication strategy to reach its target customers while delivering the right message at the right time through the right medium. In addition, the organization will direct its marketing operations to the end customers to persuade them to buy the product. Digital social media marketing is one of the fastest-growing forms of direct marketing (Guo and Wen 2021). This strategy will raise brand loyalty and awareness of Coca-Cola. The goal is to connect with customers directly. With social media marketing, Coca-Cola will be able to create personal and targeted content tailored to communities and individual customers. This marketing plan is incredibly cost-effective and easy for Coca-Cola. The marketing communication approach for Coca-Cola will include interactive communication using social media platforms such as Facebook, Instagram, and Twitter (Durai and King 2019).

The company has to decide on the value proposition. Coca-Cola should differentiate itself from major local competitors. Differentiation is important, particularly when competitors offer the same product. As a result, the organization should offer solutions and then emphasize differences from competitors. Effective positioning and differentiation depend on determining the competitive advantage of the company to create the position (Deepa 2021). For example, expanding the low-calorie market segment would be advantageous for Coca-Cola as its main competitors do not provide such products or services. The company can gain a competitive advantage by providing superior consumer value. It can be accomplished by offering more benefits or reducing the price that validates higher values. It may include distributing email newsletters, posting native promotional articles online and launching a social media campaign. The company can use digital communications to share special messages, expand its reach globally, and develop a significant relationship with its target audiences (Bragg et al. 2017).

A marketing mix can be illustrated as a decision to stimulate demand for a company’s products and services from four components. Also, this concept can be stated as a manageable and planned marketing tool whose four components an organization uses to respond to its target market.

Socialization

Social media online communication network is one of the evolving marketing tools. The Coca-Cola Company can take advantage of this and create accounts for every legitimate social media site.

• Facebook

Coca-Cola should communicate more frequently with its customers. The organization has a low social media presence, apparently because of the lack of eye-catching content created. The post must be miscellaneous and include facts, Coke-making videos, new launch updates, and promotional offers. The goal is to make visual content that attracts the attention of customers. The page of Coca-Cola is not visually attractive as other brands. To attract younger customers and expand into other categories, the content posted must reflect present trends on social media (Makrides, Vrontis and Christofi 2020).

• Twitter

Offline Marketing Strategy

Coca-Cola aims to increase its Twitter followers. The organization should use unique and relevant hashtags for every post to achieve this. Thus, the content will be characterized, and buyers will be able to find products as per their interests. For example, a follow-up campaign can help Coca-Cola create a dedicated audience to carry the message forward (ABBASI 2017). The organization has more than 270,000 tweets and 3.34 million followers. The company posts article on various topics like sports, music, food, fun, health, etc. These contents are related to the more important portion of human satisfaction. These are written to create a deeper level of personal kinship and success. It’s rather simple content to write, but it takes more effort than a tweet (Lacy-Nichols, Scrinis and Carey 2020).

• Online PR

Public relation has a significant promotional role. It can create the profile of a successful organization, such as radio, TV, and books. It is affordable, but it is difficult to predict risk and response. The company will ask customers to fill out a survey form and poll. Additionally, Coca-Cola can implement viral marketing to enhance marketing activities through social media sites (Kumar and Singh 2020).

• Internet Marketing

The Internet is another Coca-Cola platform with various advertisements. Online advertising for the brand is driven by the use of thousands of websites around the world through on-site sponsorship, advertising, short promotional videos, and other types of online advertising. Also, there are Coca-Cola websites and fan forums where consumers can share Coke stories. Hence, social media is a major link in modern times as well as personal, corporate websites. Thanks to YouTube, Instagram, Facebook, and Twitter, Coke is able to attract a youth audience through these web ads (Trivedi and Malik 2021).

• Weekly give-away

To follow the company on Twitter, Instagram, and Facebook, users post a selfie with a Coke bottle with a #coca-cola, tag Coca-Cola in the post and let us know why you love our soft drink. In this context, the two posts with more likes will be winners. Hence, users need to tag and share with their friends to get more like (Loura 2018). The contest will start every Sunday, and the winner will be declared each Friday. Each week six winners will be nominated (two from every social network).

Coca-Cola advertises on various social media sites, but many areas do not have adequate ad coverage. The company has the opportunity to expand its digital marketing across various platforms, like YouTube, Facebook, Twitter, Google, etc.

YouTube ads

YouTube is the most widely used digital platform for a variety of purposes. Every day, one billion hours of YouTube videos are seen throughout the world. So, YouTube ads are more accessible than traditional television ads, and YouTube coverage and streaming are extensive. This ad is about sharing Coca-Cola with family and friends, which expresses that sharing is caring. The company can promote the approach of writing the customer’s name on the bottle or can. This is a unique way to connect with consumers. In addition, not only the name, Coca-Cola can print the closeness between friends and family, such as brothers, sisters, and best friends, which is very good for showing absolute care and love between them (James et al. 2017).

Google Ads

Google ads rely on the competitiveness of the bidding keywords and their significance in the actual conversions of the company. When wants to use Google ads, the company needs to consider a number of factors, such as Google Quality Score, Cost Per Click (CPC), ad positioning in Google Ad, and Google Ad Rank. CPC is one of the main aspects of advertising and how much the organization can spend on the digital marketing segment. The primary step is to set a budget and need to spend on the campaign. A higher budget means a higher CPC rate, which means more persons can see ads. Coca-Cola may advertise special Christmas products, enjoy your summer with Coke, share Coke with family and friends, and Taste the Feelings (Dai 2021).

Website redevelopment

The Coca-Cola website is still rudimentary. When it provides consumers with all the information they need, there is no picture of stimuli. Its website looks outdated, and the layout is not easy to navigate. The company should add an online shopping option. Its key competitor, PepsiCo, offers this option to its customers. It is important for customers to be able to buy directly from the organization. Coca-Cola can take this chance to develop a decent customer service reputation. The organization would not only depend on retailers to sell its products because it is problematic to find products online to buy. As a result, by offering online shopping on its websites, Coca-Cola can increase brand loyalty by providing coupons, discounts, and loyalty schemes (Sinha 2018).

Monitoring and control assist the company in validating the budget variance. It is important because the Coca-Cola Company will take the essential steps to achieve its digital marketing communication goals. The organization should set clear objectives to monitor digital marketing performance. A performance assessment will be conducted every four weeks until the end of the campaign. These results should be closely observed to determine if the campaign has accomplished the corporate goals. In addition, the pre-assessment can be done in the next 6 months to test the assessment for various goals (Kuchta 2020). 

 

Table: Digital Marketing Capability Audit

The following table shows the control plan of digital marketing for Coca-Cola

 

The marketing communication plan for Coca-Cola will last about 12 months. It is a realistic timeframe that is proposed according to the available budget.

 

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