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I agree with the Greater personalization and customamization of the products. For the below reasons and some of the cons and pros associayted with it and how to overcome them.
There comes a time when customized products and personalized services were catered exclusively for the discerning and well heeled. Coca-cola stands as a testament to personalized luxury. There has been an up-shift by certain manufacturers trying to offer tailored ranges and services to a wider audience
Simply put, clients are demanding more and don’t share the same sense of brand loyalty as previous generations. Marketing strategists believe that focus must be on generating a community tied to customer satisfaction.
With ever increased competition, brands must show genuine benefit to hold the client’s attention as well as affection.
Customization and Personalization discussed:
“ customization” is the use of flexible computer-aided manufacturing systems to produce custom output.
These systems combine the low unit cost of mass production processes with the flexibility of individual customization.
“Mass personalization” on the other hand,
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In theory, they are sophisticated and unafraid to express their taste as trendsetters and style mavens. They can also be the hardest segment to market to effectively because they are spoiled for choice.
“Mass customization” and “mass personalization” (or “build-to-order marketing” and “one-to-one marketing”) in delivering either products or services when properly implemented, bring about across-the-board improvements in all dimensions of a business. This includes, price, responsiveness, quality, and a positive experience. Competitiveness and operational effectiveness of a company also
Thus new products/line extensions will be based on Allround brand, each one with a unique target market, delivering different value proposition to the respective customer.
Above recommendations might improve the quality and reduce the defects & customer complaints. They might also help making the ramp up faster, improving the process and increasing the savings per product launch ---------> Maintain the high quality image, Increase in the market share. However there would be a trade-off on flexibility and creativity.
These consumer behavior has evolved in order to request more interaction from the companies and brands in order to provide a full image about what motives the company to provide an excellent product or service. The comparison made by Kotler (2010) has emerge in a way to understand how the companies have to present themselves to the consumers.
Soman,D & Marand, S (2009). Managing Customer Value: One Stage at a Time.: World Scientific Publishing. p9-14.
Coca-Cola has been a complex part of world culture for a very long time. The product's image is loaded with over-romanticizing, and this is an image many people have taken deeply to heart. The Coca-Cola image is displayed on T-shirts, hats, and collectible memorabilia. This extremely recognizable branding is one of Coca-Cola's greatest strengths. "Enjoyed more than 685 million times a day around the world Coca-Cola stands as a simple, yet powerful symbol of quality and enjoyment" (Allen, 1995).
product uniqueness. There are more and more shoppers who want to design their own clothes, shoes, and other apparel products. It is possible that customization will create a deeper connection between a shopper and the product he or she creates.
Tanner and Raymond (2014) describe branding activity as “strategies that are designed to create an image and position in the consumers’ minds” (c.6). When branding messages coincide with its offerings’ characteristics, it establishes consumer trust, and brand strength. For example, when first introducing Dove brand in 1957, by labeling its product as a “beauty cleansing bar . . . [with] ¼ moisturizing cream, that rinses cleaner than soap” (Unilever, 2016), we can see that marketers associated the brand to moisturizing and beauty, and disassociated the brand from common soap. Over the years, this consistent message coinciding with product performance has strengthened the Dove brand. Strong brand equity is derived from consistent, strategic branding that establishes perceived quality and emotional attachment (Entrepreneur, 2016); therefore, consumers are more likely to pay higher prices, as well as purchase new offerings connected to the
Since an increasing number of people focus on brand names instead of product, brands become important elements for customers to choose products (Carroll, 2008). When customers trust the brand, the benefits for the manufactures are generated. In the first place, brands can be used by products as the tool to identify and differentiate themselves from various products. Secondly, brands are helpful for companies to build a competitive advantage (Bick, 2009). Therefore, organisations take more attention to branding.
Companies are trying to become more market driven and their major efforts go in retaining customers. Customer retention has become much more important than customer attraction because attracting new customer costs five times more than pleasing an existing one. (Kotler, Marketing Management Millenium Edition, 2002).
Coca-Cola has been around for generations with the same iconic taste, logo and symbolism. Its brand has represented family and the memories of good times, celebrations and comfort of being with those we love. Unfortunately, the company has not made good marketing decisions in the recent past and has lost relevancy. The purpose of this essay is to assess the conditions that created Coca-Colas marketing problems, evaluate the future of healthy beverages and non-carb drink brand extensions, and provide recommendations to the management.
2, mass personalization is different from personalization which can be dated back to craft production. Contrast to the products at that time with an excessively high price tag, mass personalization provides personalized products with affordable fulfillment cost for both customers and producers. Mass personalization brings more values to both customers and producers. For customers, they can be provided with products with less lead time and high quality. Additionally, customers feel they are treated distinctively by the firm. For producers, they can gain differentiation by providing personalized products[19]. Though craft production can enable personalization to the extent of market of one, the cost of production is relatively high. In the paradigm of mass production, there is no involvement of customers because products are standardized by designers. For mass customization, it exhibits a process of customers’ making choices passively from standard offerings, where customers are led by designers with limited participation. Based on these choices, firms can then gear up supply chains and production process to fulfill the orders with little or even no customer participation. However, in the paradigm of mass personalization, customers are intensively integrated into the production process. It is obvious that active customer participation is a crucial factor to satisfy user experience related requirements, since experience is influenced by a chain of human cognitive activities. Thus, active customer participation is an important driving force for the whole production process, which affects the final product offering directly in personalization.
Learning from experience Coca-Cola has had some fierce competition over the years but nothing in the form of an entire health market shift like now. As well as mounting political persecution of its products like they are facing today. They must rely on past experiences to get through but likely will need to start studying the new trends to stay relevant.
As a result of the above they were giving less importance to customer satisfaction and customer relationship building. This form of strategy conformed to short term business motives. In a globalised and highly competitive world, modern marketing is about concentrating ...
...change production planning and control, and supply and payment process, when firms provide customized products.
Heterogeneity : aggregability makes it difficult to control phases and one single mistake will affect the final product. It’s not just the product being customized but any given trip.