CORE POWER PRODUCT STRATEGY 5
CorePower Product and Price Strategy
CorePower Product Strategy
Amongthe many products that the Coca-Cola Company produces a few fall inthe category that Core Power belongs. These include caffeine-freecoca-cola, cherry coke, coca-cola Zero, Diet Coke, PowerAde, sprite,vanilla coke among others (Bodden, 2015). The newest product in themarket is called core power. It is a delicious protein drink found invarieties of chocolate, vanilla, banana and a light version ofchocolate, strawberry and banana. Core power is made up of low-fatmilk, cane sugar, cocoa and honey. It also contains natural flavours,vitamin A Palmitate, Carrageenan, vitamin D3, lactase enzyme, andsodium phosphate, which are all less than 1% (Isdell & Beasley,2012). The antioxidant rich chocolate drink promotes alertness,lessens pain and improves the well-being of the user. Core power alsogenerates energy and, therefore, it is great for home use as well ashealthy for the restaurant.
Corepower is a pocket-friendly beverage. It is a product found in variousvarieties hence can suit the taste of the consumers. The user canchoose the most preferred flavour basing it on taste, size and cost.Some of the strengths associated with the product include awell-researched taste preference, an appropriate package about theirsizes and the provision of storage facilities such as refrigerators(Kahn, 2013). The product also contains natural flavours compared toother competitive products that use organic tastes.
Theproduct also enjoys the benefits of constant advertisement and a goodreputation of Coca-Cola Company. Moreover, the target market that isthe masses credits the product as it is availed to all. The risksthat are involved include theft, accident, and imitation of theproduct. The risks can be minimized through insurance covers, formalrecruitment of the staff members so as to ensure competence and moraluprightness. As for imitation patenting the brand name is the bestremedy.
Corepower is packaged in appropriate and attractive containers thattogether with the content are certified by the bureau of standards(Kahn, 2013). The product is distributed to all trade levels startingfrom wholesale level to the retail level. The product is gluten free,and it is made of fresh lactose-free milk. It is, therefore,preferable for individuals who are lactose intolerant. Thedescription of the product is done in an ethical way such that theinformation is well scrutinized to ensure courtesy. Marketers arealso taken through public relation seminars for them to blend wellwith the customers.
CorePower Price Strategy
Theplan to manage the prices is to ensure that the product price ismanaged at the company level by tagging the commodity to protectcustomers from overpricing. Precisely, core power operates in acategory with strong price competition, hence giving it a competitivechallenge (Bodden, 2015). The demands of the product are stretchedover the targeted quantization. The elasticity of demand relies onthe weather, customers` faith in the product, prizes, flavours,packaging just to mention but a few (Isdell & Beasley, 2012).Increased consumption of core power will lead to increased faith inthe product hence increasing the turnover.
Thepricing strategy will depend on the cost of production, demand,pricing of the competitors, and the projected profit as well as themanagement policies based on the prevailing circumstances in themarket. The strategy is geared towards maximizing profit, protectingthe name of the company, as well as enhancing ethos in line with thebusiness`s goals and objectives, mission and vision (Kahn, 2013). Thegrowth of the company and satisfaction of consumers and employeeswill also be of focus. Since the product is not a gifted asset, thecompany intends to target the masses by using the pricing as acompetitive weapon. Therefore, the pricing will be market friendly,hence striking the balance between the price and benefits.
BoddenV. (2015). Creativecompanies: The story of coca cola.New York: Jaico publishers
Isdell,E. N., & Beasley, D. (2012). InsideCoca-Cola: A CEO`s life story of building the world`s most popularbrand. NewYork: St. Martin’s Griffin.
Kahn,B. E. (2013). GlobalBrandPower: Leveraging Branding for Long-Term Growth. NewYork: Wharton Digital Press.