PREHEAT oven to 350°F. Prepare cake batter as directed on package; pour evenly into 2 greased and floured 9-inch heart-shaped layer pans. Bake 40 minutes or until toothpick inserted in centers comes out clean. Cool completely. Meanwhile, prepare pudding mix as directed on package for pudding except using only 1-3/4 cups milk; cool. Refrigerate until ready to use. Stir until smooth and creamy.
SPLIT each cooled cake layer in half horizontally, making a total of 4 layers. Spread each of 3 layers with about 2/3 cup of the pudding; stack layers. Cover with remaining cake layer.
PREPARE whipped topping mix as directed on package; tint pink with a few drops food coloring. Spread on top and side of cake; sprinkle coconut around edge of top and on side of cake. Refrigerate until ready to serve. Top with raspberries just before serving. Store leftover cake in refrigerator.