The marketing mix is a set of marketing strategies and actions enhanced by a particular company or companies in the same industry geared towards promoting the brand or its products in the market. The marketing mix is comprised of a 4P analysis. Typically, the 4Ps analysis makes up the marketing analysis, which includes price, promotion, product and place. These marketing strategic tools work simultaneously to obtain the objectives of a company and attain the intended missions. Therefore, to analyze marketing mix in organizations with respect to the position of the company in the industry, I have chosen the soft drinks industry, coca-cola and Pepsi. Both coca-cola and Pepsi companies are cola market competitors, each employing different marketing strategies in the same industry. These two organizations have been downlisted in the Forbes list, coca-cola standing at the 4th position and Pepsi at 28th position. This pattern proves that the two companies are well known at marketing; therefore, when comparing their marketing differences, a classical 4Ps model will be workable.
Product
Coca-cola has a diverse line of products in its manufacturing department. These different type of cola drinks include energy drinks, juices, water, non-alcoholic soft drinks such as sprite, coke, Fanta, tea, among others. A similar case applies to Pepsi; it has a variety of products such as Mirinda, 7up, but additionally operates in the food business. However, coca-cola company has prevailed to most of the market as the coca-cola classic is the widely sold drink in the world. The sales are due to its different segmentation of flavours which exude from lemon, blueberry, vanilla and cherry. Coca-cola has also won a significant size of the market by the sales of the leading coca-cola products such as coca-cola light and coca-cola zero. However, the coca-cola company maintains its market strategy by its known secretive recipe of the manufacturing of its products (Blut, 2018). Since Robert W. Woodruff introduced the public coca cola marketing strategies, the secret recipe is considered as the most closely form of trade. This recipe is only accessible to very few employees, and only a few know it. The latter formula is known to be the authentic formula for the manufacture of coke. On the other hand, Pepsi has no secret recipe for their products. It has fundamental ingredients of the same line of beverage products which include corn syrup, carbonated water, caffeine, citric, phosphoric acid, natural flavour and colorings. Pepsi products are claimed to be caffeine-free and contain the latter ingredients.
Pricing
Both cola companies face the competition of the cola product, but mainly from each other. The type of market that they prevail and where the competition prevails is termed as an oligopoly. This market structure means that the two companies have high pricing power than companies operating in perfect market structures previously, the coca-cola company had enjoyed the monopoly structure before the emergence of the Pepsi company. It is evident that the pricing strategy of the two companies is profoundly affected by competition. Coke and Pepsi are close substitutes products, which proves that if coca-cola company raises its product prices to a high price, its consumers will opt to consume Pepsi and vice versa. However, different pricing strategies can be enhanced towards rivals, especially in the United States. Pricing may be based on the quality of services offered by the company or the quality and value of the product offered. The pricing of coca cola’s products, for instance, is mostly related to the value of satisfaction that it offers to customers in different situations. This strategy proves why the price of coke products vary depending on packaging and location. On the other hand, Pepsi is embracing this value attached pricing strategy on their products by recently inventing “Hybrid Everyday Value” model. This strategy targets its customer to consume Pepsi, not only when on the market for sales, but also in their luxury mood as a regular drink. It is expected that the coca-cola company might adopt the same measure if Pepsi succeeds with it. However, coca cola’s pricing strategy is more aggressive than Pepsi’s.
Place/ distribution
Coca-cola products and Pepsi products are literary found everywhere across the globe. Their products are sold in over 200 countries across the world. They have structured their sales patterns as retail and others as wholesale, in supermarkets, restaurants, vending machines, cafes, gas stations and movie theatres, among others. Therefore, in place and distribution, there is no major difference between coca-cola and Pepsi. Coca-cola largely operates in the locals through bottling as consumers work with the company. A similar case applies to the Pepsi company as it uses the same kind of strategy. Consequently, it is challenging to find the differences between the two cola companies with respect to their placing and distribution strategy. Both coca-cola and Pepsi companies aim at targeting young consumers by creating cheap content through the social than the traditional advertising strategies (Lopez, 2020). These advertising companies provide future successful tactics that may be adopted by other business entities and unsuccessful tactics that may be avoided in the future. The digital strategy aim towards targeting college students across the globe while the local remain relevant. On the other hand, Pepsi has aimed their marketing advertising by use of celebrities endorsements and music campaigns. However, coca-cola company has boosted its digital marketing strategy nearly three times to that of Pepsi.
Promotion
Future and present success of cola products is hugely dependent on its promoting strategy. Coca-cola and Pepsi company have significantly embarked on promotion techniques through televisions, the internet, sponsorships, the newspapers, journals, and social media. However, advertising techniques are very costly. Thus, the coca-cola company and Pepsi company do not target their marketing structure to children under twelve years of age (Išoraitė, 2016). The two cola companies have the similarity of emphasizing a healthy life in the consumption of their products. Even so, rivals in different companies use almost the same promoting tactics using different marketing strategies.
Product positioning
Product positioning makes a product unique and compels consumers to use it as they have distinct benefits. A good positioning boosts the sales of a product and services offered by an organization making the consumers of the products of their fans. The positioning of cola products in both companies is dependent on; the target market, the marketing strategy, the problem removal, the social acceptance and the message strategy.
Conclusion
In summary, the marketing mix is a set of marketing strategies and actions enhanced by a certain company or companies in the same industry geared towards promoting the brand or its products in the market. The 4Ps analysis enhances the marketing mix. In product analysis, companies focus on the number of product lines entailed in the organization. In pricing strategy, a company focus on pricing power that will attract its customers and enjoy the prices offered. In place and distribution, companies have embarked on digital marketing via social media and the internet. It is therefore recommended for the two cola companies to enhance most of its marketing strategies and marketing mix via digital strategies and internet endorsements.
References
Blut, M., Teller, C., & Floh, A. (2018). Testing retail marketing-mix effects on patronage: A meta-analysis. Journal of Retailing, 94(2), 113-135.
Išoraitė, M. (2016). Marketing mix theoretical aspects. International journal of research granthaalayah, 4(6), 25-37.
Lopez, L. (2020). Development of Marketing Plan for A Non-Profit Serving the Disabled Community (Doctoral dissertation, California State University, Northridge).