Week 2 Discussion 1

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University Of Arizona *

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330

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Marketing

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Jan 9, 2024

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docx

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Week 2 Discussion 1 Hi Class, Pick one of the strategic issues listed below: Market niche Location Merchandise assortment I have chosen location. Explain at least three elements marketers need to consider when it comes to that strategy In formulating an effective location strategy, marketers need to consider several critical elements. Firstly, demographic alignment is paramount. Marketers must carefully evaluate the characteristics of the local population, considering age groups, income levels, cultural preferences, and lifestyle choices. This ensures that the chosen location resonates with and caters to the specific needs and preferences of the target market. Secondly, the assessment of traffic patterns and accessibility is crucial. Marketers should analyze the ease of reaching the location, taking into account factors such as parking availability, public transportation options, and overall traffic flow. A strategically accessible location enhances the likelihood of attracting a steady stream of customers, contributing to the success of the retail venture. Lastly, the physical appearance of the retail space plays a pivotal role in shaping brand image. Marketers need to make strategic decisions about the location to ensure it aligns seamlessly with the desired brand identity. Whether situated in a shopping mall projecting a certain image or on an urban main street conveying a distinct vibe, the physical setting becomes an integral part of the overall brand experience influencing customer perceptions and choices. Explain how Coca Cola implemented innovative “place” strategies to create value for current and potential customers 1. Consumer-centric Approach: The "Real Magic" brand philosophy reflects Coca-Cola's commitment to a consumer-centric approach. The focus on the magic of humanity in unexpected moments of connections aligns with a strategy that emphasizes consumer experiences and connections. 2. Redesigned Brand Identity: An article from coca-colacompany.com highlights a new design identity for the Coca-Cola trademark, including Coca-Cola, Coca-Cola Light/Diet Coke, and Coca-Cola Zero Sugar, The "Hug" logo inspired by iconic Coca-Cola packages, signifies a fresh expression of the Coca-Cola logo, showcasing the company's commitment to visual innovation. 3. Digital and Gaming Collaborations:
In the same article it mentions that Coca-Cola partnered with advertising agencies and production companies to create the "One Coka Away From Each Other" campaign. This campaign incorporates social, digital, and out of home executions, highlighting the brands efforts to engage with consumers through various channels. Additionally the use of codes and collaboration with Twitch and gaming creators demonstrates an innovative approach to connecting with the digital-savvy audience. Coca-Cola's "Real Magic" platform reflects a multifaceted approach to place strategy by not only redefining the brand's visual identity but also by creating diverse and engaging consumer experiences across various touchpoints, including digital and gaming platforms.
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