The Target Market
The current line of Coca-Cola products has a broad appeal but needs to target health-conscious consumers. Therefore, the target market for the new line of nutritious drinks aims to address this gap and focus on people with an increased interest in healthy diets, exercise, and self-improvement. Demographically, the target market can be defined by age. Coca-Cola will market the product to a range of young millennial adults and older adults with children.
Second, due to the ability of the company to price products under the limit of the competition, Coca-Cola can target lower- and middle-income segments (Wood et al., 2021). Using psychographic targeting, the business will emphasize women and men who work out or pay attention to their diet (Wood et al., 2021). The company will highlight such values as health, balance, self-worth, and energy to market its new line of products.
The New Product Marketing Plan
The marketing plan for the new nutritious drinks will be based on a mission of “attracting an audience of health-conscious young adults and parents.” The KPIs of this mission will be to increase the click-through rate on the advertisements and generate sales of the new product. To achieve that, Coca-Cola will create a multimedia marketing campaign that includes social media posts, collaborations with influences from target market segments, online publications about the new product, and traditional media advertisements on television.
The plan will not focus on other media channels, such as paper-based materials, as it does not appeal to the younger demographics (Wood et al., 2021). The tone of all advertisements will be the same, and words and phrases such as “energetic,” “healthy,” “mindful,” and “rich in nutrients” will be used. It is vital to include information about the contents of each drink and present testimonials and studies about the benefits of vitamins used in the products.
Reference
Wood, B., Williams, O., Nagarajan, V., & Sacks, G. (2021). Market strategies used by processed food manufacturers to increase and consolidate their power: A systematic review and document analysis. Globalization and Health, 17(1), 1-23. Web.
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