Create a chart that lists six different types of advertising media. Select a company that you are familiar with and discuss each of your selected advertising media and how they utilize them to create successful marketing campaigns.
|Advertisement Media||How they are used at Coca Cola Inc.|
|Newspapers and magazines||Coca Cola considers newspaper and magazines as one of the most powerful and effective media of advertising. The company often uses print media to grab the attention of the target audience under cover of print advertising. Those reading the magazines or newspapers can view the ads of Coca-Cola’s products and compels them to buy the products.|
|Social Media||This has the advertising platform mostly used by Coca Cola. The company creates ads in Social media sites such as Facebook, Instagram, Linkedin, among to reach the targeted audience. They also put ads on popular websites|
|Outdoor advertising||Because the audience usually sees the messages for a very short time, Coca Cola tries to make the advertisement simple and to the point. Coca Cola often advertises the products that are used frequently, well-known and whose messages can be quickly flashed to the individual such as the Coke soft drink. The company prints the advertisement messages on billboards displayed on electric posts, and painted signs. In most cases, the messages are short, contains the trademark of the company, and a slogan or visualization of the package is presented.|
|Direct Mail Advertising||In this mode, the company sends email to the customers who subscribe for the same free of charge. The email often contains announcements of the company, new products, and even change in prices of the Coca Cola products. The company uses this platform to send details of their products and influence the consumers to buy them.|
|Radio Advertisement||Coca Cola also uses radio advertising because it is very popular among people. It crafts the advertising messages in different languages to help reach different people. Radio covers all types of consumers, whether literate or illiterate.|
|Television Advertising||Latest and fast developing advertising medium used by Coca Cola Inc. The company designs a pictorial representation of their products or the company’s brand with the advantage of sound and sight. It is more effective and impressive and leaves an everlasting impression on the viewer’s mind.|
List two different pricing strategies for a product or service you are familiar with. Next, select an industry/product you are familiar with and input numbers into the marketing calculator* for sales review, cost of goods sold, gross margins, etc. Discuss your rationale for each of your selections and how it will affect the marketing of your chosen product/industry.
The two different pricing strategies I have chosen include segmented pricing and psychological pricing.
In the Coca Cola Company, Coke product uses various advertising strategies. The two listed above are often used to advertise the price of the product across the globe. Under segmented pricing, the company has different packages of the Coke product and available at different rates. By putting the product in different sizes and different costs, they intend to increase their revenue since there is no much difference in the cost needed to manufacture the products. There different packages for the Coke product available for the diverse target audience:
The company also sets different prices for different products, e.g. 200ml, 30ml, 600ml, 1.25L, and 2.25 L.
At the same time, the company uses psychological pricing for the Coke Product. In 2009, for instance, Coca Cola used psychological pricing system for their original coke. For example, a 2-liter jug of Original Coke was going for $2.49. The cost is set to end in 9 because this influence clients to believe that the price is under $2.50.