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Essay / The Failure of the Pepsi Refreshment Project
Pepsi CO launched a program called the Pepsi Refreshment Project in 2010. It was a community development project encouraged through social media. In this project, Pepsi CO asked the public to share their new thoughts and ideas for the development of the company and the winners were offered grants ranging from $5,000 to $25,000, which encouraged many people to participate in the competition organized by Pepsi. Say no to plagiarism. . Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay. The main objectives of the Pepsi refreshment project were health cause, environmental cause, social cause, educational cause, cultural cause, social media marketing. For the first time, Pepsi CO has avoided its Super Bowl advertising. campaign strategy and focused on social media advertising. The main reason for the Pepsi refresh project was to improve the sales of Pepsi soft drinks and increase its sales more than its competitors in the market. Pepsi diverted its $20 million investment from conventional marketing to social media marketing to appeal to a larger section of society. Because it was a time when social media was becoming the most popular and influential in society, so Pepsi wanted to seize this opportunity and improve its sales. As expected, this project received a great response from the society. People started sharing their thoughts and ideas on various social media platforms like Facebook, Twitter, etc., not only these people also sent emails to the company. The Pepsi refresh project only lasted for 2 years because after the second year the project failed to increase the market ranking of Pepsi instead declined, Pepsi's sales and ranking fell and this project could not serve the main purpose, but it earned the company a great reputation within the society. People started considering Pepsi as one of the most innovative marketing strategy creating brands. One of the main reasons for the failure of this project is that it received a lot of criticism from people saying that this project only existed to increase the sales of the product, but not for the development of the company and it also faced another criticism that it did not take into account people's emails and messages on social media. But business analysts around the world considered this a great initiative and a courageous move on the part of Pepsi and considered this model as the first of its kind CEO of Pepsi says: “We quantified our results by the level of commitment between the brand and our buyers. Furthermore, thanks to these measures, we are more than satisfied,” said a Pepsi representative. “Our Value, Learn About Pepsi Project Refresh demonstrated that customers felt that Pepsi was a network-thinking brand and that the program perfectly matched their impression of Pepsi as a revolutionary and imaginative brand. We found that shoppers who thought of the Pepsi Refresh project when choosing a cola chose Pepsi. Additionally, research shows that the interpersonal organization we've created incorporates the largest connected fan base of any beverage company dynamic today. The right brand Pepsi The cause marketing has been done by many other big brands before but the situation is not the same with Pepsi because the product it is selling and the cause being championed by Pepsi were.