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Business level strategy of coca cola
Business level strategy of coca cola
Competitive strategy of Coca-Cola
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Product Analysis
Imagine buying Coca-Cola from a vending machine and getting an unmarked can of pop with no familiar logo, no red-and-white markings, nothing to identify it as a soft drink, let alone as the Real Thing. Would that product still be Coke as we know it? And would consumers purchase this product without its world-famous packaging?
The truth is, the only physical product that the Coca-Cola Company sells is soft drink syrup to bottlers not the bottles and cans of Coke that consumers buy. The company's greatest success comes from selling its brand, says William Dillon, associate dean for academic affairs and Herman W. Lay Professor of Marketing and Statistics in SMU's Cox School of Business. Dillon's research helps to differentiate among the threads of association and bias that affect consumer product choices and enables companies to make sense of where and why their products achieve their market positions.
To find these results, Dillon says, it's important to distinguish among the factors involved in consumer decisions and how they affect aspects of a brand's identity. He first makes the distinction between brand equity and brand valuation. Brand equity, like equity in a home, "is meant to reflect appreciation the good things and positive associations that accrue because the brand has delivered on its stated promises," Dillon says. "Equity is the brand's asset." Brand valuation, as determined through such exercises as Interbrand's annual top 100 brands list published in Business Week, attempts to attach a measurable value to that asset.
"Strong brands build emotional attachments. They attempt to develop a relationship," says William Dillon of Cox School of Business.
"Typically, one looks at the market share of the brand and the price premium that the brand commands," Dillon says. "The notion is that brands that have created equity command a price premium in the marketplace." Hence consumers may pay $1.89 for a cup of Starbucks coffee when they could purchase the same volume for about 69 cents at another coffee shop. Most equity research tries to assess the strength of a brand through price premium or market share, he says.
One simple way of assessing this is to "equalize the products, label them, and then see how much someone is willing to pay," Dillon says. For example, a coffee company may put the same brew in two containers one labeled "Starbucks" and the other, perhaps, "Bill's Fresh Coffee." If consumers prefer the Starbucks coffee and will pay more for it simply because of the label, their choices appear to be determined by their positive associations with the Starbucks' name.
In every given business, the name itself portrays different meanings. This serves as the reference point and sometimes the basis of customers on what to expect within the company. Since personality affects product image (Langmeyer & Shank, 1994), the presence of brand helps in the realization of this concept. Traditionally, brand is a symbolic manifestation of all the information connected with a company, product, or service (Nilson, 2003; Olin, 2003). A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons (Gillooley & Varley, 2001; Laforet & Saunders, 1994)). It is believed that a brand puts an impression to the consumer on what to expect to the product or service being offered (Mere, 1995). In other application, brand may be referred as trademark, which is legally appropriate term. The brand is the most powerful weapon in the market (LePla & Parker, 1999). Brands possess personality in which people associate their experience. Oftentimes, they are related to the core values the company executes.
Branding is defined as “the promot[ion] of a product or service by identifying it with a particular brand” (Merriam-Webster, 2015). Branding is also used to create a corporate image or brand by utilizing logos, corporate statements, and other images that will be associated with or displayed on all of that company’s products (Wolak, 2002). A brand is a valuable, enduring asset that is essential in creating and maintaining competitive advantage in an industry (Wolak, 2002; Murphy, 1988). This corporate asset can be just as important as the product or service behind it, because it carries name recognition and peace of mind to customers in the purchase decisions they make everyday (Hall, 2008). Brands essentially work as a “shorthand device” for consumers to evaluate product decisions by conveying a message of uniform quality, credibility, and experience
Definition; - “brand equity is the added value endowed on products and services. It may be reflected in the way consumer think, feel, and act with respect to the brand, as well as in the price, market share and profitability the brand commands.”(Kolter and Keller.2012, p265) according to the case study of Holland and Barrett, brand equity refers to high brand value, brand with high value equity means, H&B has the ability to create some sort of positiv...
Brand equity is crucial as it implies that the brand itself is an important (financial) asset and can be calculated in financial terms (Barwise, 1993). This is particularly important in the luxury sector as from a behavioural viewpoint, brand equity can differentiate a company or product from other competitors, adding to their competitive advantages based on non-profit competition (Aaker, 2004). The model created by Aaker (1992) states that there are four categories of brand equity; Loyalty, Awareness, Perceived Quality and Associations. Luxury branding relies on a high level of perceived quality, loyalty and associations, although potentially less so for awareness, as it is thought that consumers choose luxury brands based on their exclusivity and as such the more the awareness that surrounds the brand, there is potential for it to become less valuable (Phau and Prendergast,
A customer’s response falls in two categories, judgment and feelings. Consumers are constantly making judgments about a brand. These judgments fall into four categories: quality, credibility, consideration, and superiority (Keller, 2001). Customers judge a brand based on its actual and perceived quality, and customers judge credibility using the perception of the company’s expertise, trustworthiness, and likability. To what extent is the brand seen as “competent, innovative, and a market leader,” “dependable and sensitive to the interest of customers,” and “fun, interesting, and worth spending time with” (Keller,
Companies use a collection of brand equities to represent their products in the market (Voolnes, 2012). Brand equity refers to the commercial value that is derived from the perception of consumers on any given brand name of particular products in the market as opposed to the product itself. Ataman (2003) notes that the effect to the consumer is in the brand name and not the product itself. Companies use logos, trademarks and a collection of other symbols to present this information to the customers. The use of these symbols is meant to try and capture the customer mindset so that they can be thinking about the company products at all times through the items they possess at home (Estes, Gibbert, Guest, & Mazursk, 2012). This can well be explained by use of the customer-based brand equity model that brings together the requirements for a publicly renowned brand in the market.
In conclusion, the customer- based brand equity model is an important platform that may help in building a strong brand. It could assist a company in assessing its progress as well as providing a blueprint for marketing research activities. If properly planned and implemented, it could help the company in achieving its marketing strategies and in the realization of an increased profit margin
The song “All Stars” was created by a music group named Smash Mouth. All Stars is about a man who had a terrible life. At the beginning it tells you a dark story. The singer starts getting addicted to bad things, such as drugs. The sing was following what other people do. When the singer started making clean decisions, he showed everyone what he could do. People might have thought he was a loser, but he didn’t listen to them. He showed off his creativity and he stopped his bad habits. Overall, the singer is trying to say,” don’t follow others and be yourself.” The entire song is full of literary devices, such as similes, a lot of hyperboles, metaphors, imagery, and personification.
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.
Nowadays, viewers may ignore commercials. They use to switch between channels, mute it, or leave the room until their show returns. However, advertisers have found many different ways to put their products into a TV show or a film, or in other words, product placement. Moreover, no one nowadays seems to realize the purposes of product placement. However, product placement is an advertising technique in which the brand name product is placed in a television show or a film. The advertiser uses product placement technique to reduce the monotony of the viewers while they are watching old traditional advertisements they produced in the past. Moreover, Martin Lindstrom mentioned the meaning of product placement and how it is useful in his article,
Brand equity, in general terms, simply refers to how much a product is worth and how consumers behave and associates themselves with that product (Slotegraaf, Rebecca & Pauwel, 2008; Page 93-306). Consumer attitudes and the value of the product is linked to brand equity as it will determine how big of the market share the brand will occupy and how much the brand will earn in the long run. As the aviation industry is extremely competitive, many airlines have customer loyalty schemes and frequent flyer programmes to maintain or expand their brand equity, making the switching costs substantially high between airlines (Chen & Chang, 2008; Page 40-42). Chen and Chang (2008) also found out that brand equity is also linked to brand preference, purchase intentions and have an influence on consumers when they are thinking about switching brand products. Tigerair Australia’s brand equity was low in the Australian aviation market due to low brand awareness from consumers, the breaches of safety regulations by the Australian Civil Aviation Safety Authority (CASA), and strong competition from competitors like Jetstar.
A company’s brand is one of its most valuable assets (Green and Smith 2002). Brands owners invest millions of dollars every year in advertising and promotion to raise awareness and create demand for their brands.
Coca - Cola : Claims, Values and Polices Coca-Cola is a well-known and cherished brand name. When people think of this name, memories tend to overflow in their heads. Why do you need to be a member? Because, not only does Coke taste great and refresh your own personal memories, it also fills you with memories of the Coca-Cola like "Always Coca-Cola", the antics of the Coke polar bears, and all of the different ads that have represented Coke over the years. Just about every ad you see, as a consumer, has tons of hidden meanings.
Today's modern concept of branding grew out of the consumer packaged goods industry and the process of branding has come to include much more than just creating a way to identify a product or company. Branding is used to create emotional attachment to products and companies. Branding efforts create a feeling of involvement, a sense of higher quality, and an aura of intangible qualities that surround the brand name, mark, or symbol.
This comes about when people hold strong favorable and unique associations about the corporate brand in memory (Keller, 1993). Even so, this is usually evolved over years of exposed superior...