The paper "Internal Factors Influencing Consumer Decision Making Process - Coca Cola Soft Drink" is a perfect example of a marketing case study. This report outlines the influence that consumers’ internal factors in the consumer decision-making process involving different products or services that give the same benefits when consumed. This reports particularly talks about the decision-making process when it comes to choosing coca-cola products over other competitor soft drinks, more particularly Pepsi Cola, which is Coca-Cola’ s main competitor in the soft drink market. The consumer decision-making process involves five steps; identification of needs, gathering information, evaluation of available alternatives, purchasing and finally making a post-purchase evaluation.
All these steps require strategies that will ensure a company’ s product is ranked high by consumers. Before making a decision, consumers have to contend with internal and external factors which will at the end determine the type of product to be chosen. Internal factors of perception, consumer imagery, attitudes and learning all play a role in the decision making process. However, for businesses to ensure that these factors are effective, different marketing strategies have to be employed for product success to be achieved.
Segmentation, targeting and positioning summarize the most important marketing strategies that coca-cola has employed to see that it beats Pepsi Cola in the soft drink and claim the biggest market share. Introduction Product Overview The Coca Cola beverage is a product of the Coca Cola Company. It is the most popular soft drink today as well as the biggest selling and the most well-known product globally (Bell, L. 2004, p. 3). The Coca-cola soft drink was developed in Atlanta by Dr John Pemberton in 1886 where it was preliminarily offered as a fountain.
The mixing of Coca-Cola syrup together with carbonated water made up the fountain (Bell, L. 2004, p. 9). By 1895, the Coca-Cola product was being sold all over the United States of America. Then in 1899, The Coca-Cola Company began franchising bottling operations in the US (Bell, L. 2004, p. 13). This report will thus look at the influence the internal factors have on the decision-making process of consumers before purchasing the Coca-Cola product. Consumer Decision Making Consumer decision making may be defined to as the process whereby consumers identify needs, gather information, evaluate available alternatives, implement decisions made by making a purchase and finally make a post-purchase evaluation (Lantos 2010, p.
24). These actions are dictated by psychological and emotional factors and influenced by external factors (culture, reference groups, and social values) and internal factors (perception, consumer imagery, learning, attitudes). The decision making process is made up of five steps that the consumer must go through before making the final decision to purchase a product or service (Lantos 2010, p. 56). The coca-cola company has mastered and understood the five steps of the decision-making process and this has helped the company to create marketing strategies that are aimed at the right target market (Bell, L.
2004, p. 46). Each step in the decision-making process is as important as the next and as requires a strategy that is unique so as to keep a business ahead of the competition. When developing a market strategy, a business must look into two factors which become very important to the success or failure to the market strategy chosen.
These two factors are whether the product is already in the consumer mind or it is a new product never heard of by consumer (Lantos 2010, p. 52).
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