Coca-Cola Market Analysis
Personal factors that influence Coca-Cola product purchases
Key personal factors that weigh heavy on consumer purchasing include the price and variety of the product and the availability to the consumer. As the US economy shows signs of growth (World Economy, 2013), consumers are still being mindful in their spending habits. Coca-Cola products have stayed comparatively priced with their competitors such as Pepsi over the years and have led the way in introducing new versions and products into their line helping to keep them current trend setters within the industry. Cherry Coke, Caffeine-Free Coke, and Coke Zero are some examples of Cokeâ€™s newer versions over the past years along with addition of new products such as PowerAde which have solidified and strengthened Coca-Colas place in ...view middle of the document...
Psychological factors that influence Coca-Cola product purchases
Advertising is an intricate part of any companyâ€™s success. This avenue allows the company to play on the consumers psyche by using images and sounds that will hopefully spur the consumer into purchasing the product. Depending on the target audience, the advertising strategy can fluctuate greatly. For example, according to Calvert (2008), television spots that include
food and toy products are usually geared towards children. An older audience would be more inclined to respond to electronics and automobiles. Coca-Cola has used various advertising strategies over the years to include: animated polar bears, groups of individuals coming together and singing a song of unity, and a well-known commercial from 1979 featuring a boy giving his Coke to a football player after a game.
The Coca-Cola Company has applied good sound advertising that has connected with its target audience throughout the years. The fact that â€œOn average, the Coca Cola Company has normally performed better than the market, the S&P500, and Pepsiâ€ according to Regassa and Corradino (2011, p. 86) reflects that Coca-Cola is more than capable of connecting with consumers and meeting a desire that they have when it comes to satisfying their thirst.
Barkay, T. (2011). When business and community meet: A case study of coca-cola. Critical Sociology, 39(2). 277-293
Calvert, S.L. (2008). Children as consumers: Advertising and marketing. The Future of Children, 18(1). 205-234
Regassa, H., & Corradino, L. (2011). Determining the value of the coca-cola company - A case analysis. Journal of the International Academy for case studies, 17(7), 105. Retrieved from http://search.proquest.com/docview/912511490?accountid=12085
World Economy, (2013). Economic Outlook, 37(3),Â 31â€“33. doi:Â 10.1111/1468-0319.12008