Market Segmentation and Product Strategy
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Market Segmentation and Product Strategy
Coca-Cola zero is a sugar free soft drink that was introduced by the company in 2005 to target consumers who want to enjoy the taste of coke but do not need the sugar due to health and other concerns (Coca-Cola, 2017). Although the product has done pretty well in the market since it was introduced even attaining a billion-dollar status, there is still room for improvements which can foster increased productivity for the organization. The purpose of this report is to provide a comprehensive yet clear examination of the product’s strategy and market segmentation.
Market segmentation Market segmentation refers to the process through which a mass market is divided into identifiable and unique segments composed of with shared needs and characteristics (Baines, Fill, Rosengren, & Antonetti, 2017). Nowadays, people are very cautious about what they eat and drink. Awareness creation of lifestyle diseases has led people to adopt more healthy lifestyles. As a company, Coca-Cola saw this opportunity and introduced coke diet to fulfill the market demand of consumers who needed a drink that is low on sugar. However, despite its success, coke diet failed to capture the imagination of certain market segments. Hence, Coke zero was developed for the sole reason of capturing the young male market composed of individuals who had previously shied away