Coca Cola is the famous brand known by almost everyone in the world. It is present in every country in the world except North Korea and Cuba and has a broad range of product portfolio that contain more than 3500 different brands. It has a market value of more than $74 billion which is greater than Starbucks, Pepsi, Red Bull and Budweiser combined. It spent a huge amount on advertisements and became the first company who spend more on its marketing than on itself. Coca Cola itself is the most aesthetic product. Its bottle design with curvaceous glass and white and red branding of cans is easily recognized by everyone across the globe (Coca Cola, 2018).
Coca Cola has a strong brand equity and there are numerous reasons which contribute in gaining the strong brand image. Its factor of authenticity, helped in creating the strong self-belief and continuous identity supported in achieving the position. It has shown great innovativeness and flexibility, by adapting their cold drinks in several other markets and hence, able to satisfy almost all kinds of customers (Haseeb, 2015).
The major ingredients of Coca Cola are eminent. However, replicating Coca cola at home is impossible, while many people duplicate it very closely, but still cannot provide the exact taste that it has. Its secret formula of making drink helps it in increasing the brand equity because it offers the important and very significant differences among other colas and soft drinks. Moreover, it has a long association with other values which add up in the brand equity. It is able to build long term association with its customers by focusing on their suggestions and response that what exactly they want. Building the stronger relationship by targeting different emotions and family bonding in the advertisement helps it in gaining the huge audience (Plessis, 2015).
Coca cola has shown consistency and effectiveness in the communication along with some other quality relationships for building the brand equity. It is the brand that is known and loved by customers after spending lots of dollars in developing the brand image. It started with compelling many different images, thrilling messages and unique styles. It has uniqueness and style apparently and its consumers are willing to pay money because of emotional association. It is able to retain its brand equity by shifting image and products away from the sugar carbonated drinks, towards the contemporary image, which strives for linking the future and present demands of the market saturation and customer information (Haseeb, 2015).
Brand equity of Coca Cola and its value is driven from the willingness of the customers for spending premium for it and refusal for shifting on competitor’s products like Pepsi. Although the recipe and ingredients for making Coca Cola is not different but its memory association concept is unique and effective for increasing the connection with customers (Plessis, 2015).
References
Coca Cola, 2018. About us. [Online], Available at: http://www.coca-cola.com/global/, [Accessed on: 11th February, 2018].
Haseeb, 2015. Brand equity of Coca Cola. [Online], Available at: http://marketingdawn.com/brand-equity-of-coca-cola/, [Accessed on: 11th February, 2018].
Plessis, E. 2015. Brands & Branding: Neuroscience, brand equity & Coca-Cola. [Online], Available at: http://www.marklives.com/2017/07/brands-branding-neuroscience-brand-equity-coca-cola/, [Accessed on: 11th February, 2018].