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 Coke’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 the market according to Regassa and Corradino (2011).
Coca-Cola is one of the most recognizable brands of soda within the continental United States; however, Coca-Cola realizes that sales are not restricted to the United States alone. Barkey (2011) states that in 2004 Coca-Cola refocused its strategic global plan by promoting the Active and Healthy Lifestyle (AHL) with increased emphasis on the diet beverages, juices, and energy drinks to increase its marketability. This change in plan was brought about through management at Coca-Cola being thorough in testing and examining the overseas market and understanding what the consumer’s desires were.
Psychological factors that influence Coca-Cola product purchases
Advertising is an intricate part of any company’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...