Marketing Branding Questions
QUESTION: You are a Marketing Manager at Coca-Cola and need to determine how to capture market share while strengthening the company's brand. How can Coca-Cola win community belonging to Jones Soda Company?
Formulate your response using the following 5-step process:
STEP 1:
I - IDENTIFY the Problem and Set Priorities (Step 1)
The Coca Cola Company needs to establish their brand in the communities belonging to the Jones Soda Company. Coca Cola has to try to attract the consumers in the areas where the Jones Soda Company has dominated for years.
STEP 2:
D - DEEPEN Understanding and Gather Relevant Information
Coca Cola has to learn what the community likes about the Jones Soda Company. They have to try to develop flavors and also replace corn fructose with cane sugar so that the community would like the drink in comparison to Jones Soda Company. Cocoa Cola has to learn to become more environmentally conscious to also reduce their carbon footprint. They also may need to think about starting a green initiative in the communities by employing manufacturers and distributors who are also environmentally responsible.
STEP 3:
E - ENUMERATE Options and Anticipate Consequences (Step 3)
Even though the Coca Cola Company takes the necessary steps to try to capture the market share in the communities belonging to the Jones Soda Company, the consumers may be so loyal to the Jones Soda Brand that they are not willing to try the Cocoa Cola brand of products. Coca Cola may have to try and market their products in an advertisement paralleled to the Jones Soda Company Brand.
STEP 4:
A - ASSESS the Situation and Make a Preliminary Decision (Step 4)
The Jones Soda Company customers who are loyal to their brand may be more difficult to persuade to try Cocoa Cola. But maybe if the community realized Coca Cola is trying to strengthen the community also, they may be more apt to try the Coca Cola products. The consumers may take the actions of the Coca Cola Company into consideration as a factor to try the products.
STEP 5:
S - SCRUTINIZE the Process and Self-Correct as Needed (Step 5)
My decision would stay the same. The Jones Soda Company is deeply rooted in the communities. The only way for the Coca Cola Company to capture market share in these communities is to follow the path that the Jones Soda Company has laid forth and try to produce a better product for the consumers.