Market segmentation
Market segmentation involves splitting up the market into a different group of buyers. The buyers are grouped according to their needs and behaviors. Coca Cola Company uses four bases of segmentation. In geographic segmentation, the company divides the market into different units such as Europe, North America and many others. The company uses demographic segmentation by grouping the market into gender, age, income, and race. In psychographic segmentation, the company uses social class and buyers’ personalities to divide the market. Coca Cola divides the market depending on the occasions and benefits to the customers. Different beverages are made to be used for various occasions. When a company defines its segment, it selects the most suitable segment to target.
Target market
Coca Cola has a unique way of targeting its customers. According to Perch (2019), the company targets personalities who dress perfectly and like enjoying their life to market their products. Its market target mostly involves young people. This group of people like sugared beverages which makes them the target for Coca-Cola. The company makes effort to study the personalities of each age group to find out what the consumer need. They also make quality and unique products that each age group desires.
Positioning
Positioning well enables a company to appear unique from other companies and consumers prefer its products to others. As Perth (2020) says, Coca Cola positions itself well by a unique marketing strategy. They focus on making people happy and enjoy every moment by making ads that represent happiness. The company provides sponsorships to various institutions to improve social acceptance. These activities make Coca-Cola known to many hence reaching as many audiences as possible.
