The Importance of Marketing in the Twenty-First Century Essay

The Importance of Marketing in the Twenty-First Century - Essay Example This will be explained better with the help of material available in text books such as the one written by Baines, Fill and Page (2008) and a few concepts from other books such as Principles of Marketing by Philip Kotler and Gary Armstrong. Pepsi is a carbonated drink that was developed in the United States of America as Brad’s drink in 1898 and in its existence, of more than a century; it changed its name twice. First change resulted in Pepsi Cola and then finally Pepsi. The trademark received recognition in 1902. There have been various Pepsi variants produced over the years, as will be discussed shortly. Many changes in the marketing strategy have taken place from the very beginning including in the change of its logo design. Currently, Pepsi has a share of 43.9% in the beverage industry in the USA. As explained by Philip Kotler, in his book Marketing Principles, marketing environment is a set of conditions that either directly or indirectly affect the performance of a brand or a product. These include various factors such as government regulation, culture, social factors and many others. Pepsi is a global product that is marketed throughout the world. Though it does not change its product but does alter other marketing strategies. It is important to discuss two factors here. Firstly, due to increased consumer protection and awareness amongst individuals, Pepsi had to become more conscious about its product’s ingredients and other related quality measures with respect to that. Another aspect of the environment is the competition that they face. The fiercest competition comes from the side of Coca Cola. Although, it is more expensive but still it is the second largest carbonated beverage with a market share of nearly 30.9% in USA. Other competition comes from Nestle fresh juices and now also Red Bull. However, they are not that close behind. Some people have a perception that established brands such as Pepsi do