Managing innovation in business
Executive summary
The Coca-Cola Company is well-known company across the world .a big company like coca-cola does not become a highflier overnight; it must have a mission or a vision that is strong and very genuine. The mission of Coca Cola Company is to revitalize the world in both mind spirit and body, Influence happiness and make a change in the world. We also know that without a vison a company could never achieve its mission. Coca cola company vision focuses on six Ps which is: portfolio, people, partners, profit, productivity and planet. All this visions ensure that the mission is always on truck.
The coca cola company has made major efforts to offer a variety of products to its clients regardlessof its competitive nature of the market right from drinking water to soft drinks which are very relaxing and refreshing. The coca cola company believes that we must stretch ourselves constantly towards more challenging and ambitious goals by maintaining a company leadership in sustainable development and hence pursuing the companys own corporate strategy (Abbasi, 2017).
Introduction
Coca Cola Company is a global multinational corporation dealing with production of purely soft beverages. The companys sustainably goals and efforts in innovation continues to develop over tie and their overall implication is can be found across the world. For instance, over the last decade, the company has been in the frontline launching new initiatives, which it has attained making it enhance its way of operating and its work efficiency.
The coca cola company overview
The coca cola company is a pure beverage company with its products sold in more than 200 countries. Its goal is to make a difference in the world by refreshing it. The companys portfolio brands are; coca cola, Fanta, sprite, and many other sparkling soft drinks. The company also has many other hydration brands like sports, coffee and tea products like smartwater, Dasani, topo Chico. Nutrition products are the likes of juice, and daily products like minute maid, simply, innocent, Del valle, and fairlife. The company is slowly transforming its portfolio by reducing sugars in their products and as well introducing new products into the market. The company is also trying to influence the community, peoples lives and the planet at large through packaging recycling, water refreshment and refill, durable sourcing practices and reduce emissions of carbon across their value chain. The coca cola company together with its bottling company are rendering jobs to 700,000 people and helping create economic opportunity to local communities across the world.
The coca cola companys operational structure has four geographic operating groups, which include: Middle East & Africa; Europe; Latin America; Asia pacific and North America. The company also has non-geographic segments of global ventures and bottling investment (BIG).
The company is now focusing on brands that will continue to push the sale of beverages for life strategy. In support of the companys great agenda, they took the exercise of shaping their portfolio of products. They have hence streamlining their portfolio from m400 to 200 mega brands.
The company and its innovation history
Dr. John Pemberton sold the first glass of coca cola on May 8, 1886, at Jacobs pharmacy in downtown Atlanta. In its first years, he served nine drinks per day; it was a new refreshment in its beginning. The companys efforts cover a variety of topics like water, community wellbeing, women, sustainable packaging, human and workplace rights, climate protection and sustainable agriculture.
The efforts I have mentioned began over 100 years ago and they have since become essential part of the company. The companys efforts and innovation focuses on timelines of events. In 1917, the coca cola company collaborated with the Red Cross. The coca cola company ran annual Red Cross drive campaigns during the World War I. This partnership has been of great essence to the companys involvement in disaster assistance. In 1966,the coca cola company launched its first Nutrition project where it gave the international team of scientists and food technologists the work of coming up with a solution to the protein gap by providing beverages that are more rich in proteins. In1984, Coca Cola Company founded the Coca-Cola foundation. The company gives its 1% of its previous years working income yearly through the foundation. The foundation focuses on women, wellbeing of the community and water. In 2001, the coca cola company started the coca cola Africa foundation (Tran, 2021).
This foundation has functioned to help in preventing and treating HIV/AIDS in Africa. Since then, the foundation has come up with so many projects and initiatives across Africa. In 2007, the company stated a transformational partnership with the World Wide Fund for Nature. This was to talk about challenges that are related to fresh water conservation. In 2009, the coca cola company came up with a plan bottle packaging which the first ever-recycled plastic bottle was made of 30% plant. The company has carried on, on developing and improving the sustainable packaging. In 2010, the company launched the 5 by 20 initiative. Its goal was to permit the economic empowerment of over 5 million women who were entrepreneurs throughout the planet. The initiative offered courses on business skills, financial service and connection with mentors that they had put in place. In 2013, they created an EKOCENTER. This a flexible community, market that is led by local women entrepreneurs. They provide clean drinking water, wireless communication, electricity and other necessities for community development. The WKOCENTER was officially opened in2016 (Tran, 2021).
The coca cola SWOT analysis
SWOT analysis is an approach method used to assess strengths, weaknesses, opportunities and threats that are involved in a business venture or project. The analysis reveals how the company is managing its iconic products. It highlights major strengths, weaknesses, opportunities, and threats that highly influence the company. Porters called these forces the microenvironment. He sighted that, SWOT consisted of forces that affects the companys ability to serve its customers and reap god profits (Bodden, 2008).
Coca cola strengths:
Strong product identity coca cola is a famous product with a unique brand identity that is well known
Big brand association and customer loyalty- coca cola is associated with happiness and has a very powerful customer loyalty.
Topmost brand equity- Coca-Cola has the highest product equity. It was given the award of topmost brand equity award in 2011 by interbrand (Baah and Bohaker, 2015).
Extended global reach- Coca-Cola serves more 200 countries with 9 billion servings per day of the companys products (Baah and Bohaker, 2015).
Dominant market share-coca cola has been known to have the highest market share.
Acquisitions- Coca-Cola obtained Ades, which is the largest soy based beverage product in Latin America in 2016 (Elmore, 2013).
Coca cola weakness
Competition with Pepsi- Pepsi being the largest competitor of Coca-Cola and this made it clear to the market that coca cola is the leader in beverage
Health issues carbonated drinks result in two grave health concerns which obesity and diabetes.
Brand diversification while Pepsi has launched many snacks, coca cola is not hence giving Pepsi advantage (Baah and Bohaker, 2015).
Coca cola opportunities
Introduction of new products-just like Pepsi, coca cola has the chance to bring new products in the market. Come up with new advanced supply chain system- bringing newly advanced supply chain system could improve the distribution of the companys brands.
Expansion of packaged drinking water- there is an opportunity to add more packaged drinking water and introduce more healthy beverages.
Coca cola threats
Packaging disagreements-the company has been overtime criticized about its recycling sources.
Water usage controversy- many environmental groups have asserted that the company has a huge consumption of water in areas water is scarce. There has also been allegations that coca cola pollutes environment.
Direct and indirect competition- other than Pepsi there are many other companies that are indirectly competing with coca cola (Bodden, 2008).
The companys existing innovation performance and capabilities
Product portfolio optimization
The company is now focusing on brands that will continue to push the sale of beverages for life strategy. In support of the companys great agenda, they took the exercise of shaping their portfolio of products. They have hence streamlining their portfolio from m400 to 200 mega brands.
Networked organization
Coca cola company and its foundation and network of organization has come together and this is changing their ways of work. They have come up with a global category lead, which has a clear decision right that helps to modernize their approach to marketing and innovation. This has reduced duplication of brands. Tis action has freed up resource and has as well facilitated accountability (Elmore, 2013).
Marketing
The coca cola company is coming up with an experiential activations that are occasion based and data driven. They are as well launching a global campaign to push the force network and scale. By doing this, they will understand what the consumer wants, they will make superior tasting product through the consumer.
Targeted resource allocation
The coca cola company is aiming at offering marketing by being very effective an efficient. This is by transforming the way they execute their marketing programs.
The right level of innovation
The company is approaching innovation using different lenses. Their 2021 objectives have been made using clear routines to assess the goal and the right level of innovation.
The innovation lenses
- Significantly increase new drinkers
- Increase the number of existing drinkers
- Increase the value of each existing transaction (Baah and Bohaker, 2015).
The coca cola industry in 2021
Despite the pandemic, coca cola has stronger emerging acceleration of transformation, which has been designed to get them back to the long-term growth. The pandemic forced the company to be more digitized, and data driven company that can achieve marketing, commercial and distribution ways in both online and physical planet.
Doing as the customer wants.
The company has developed a zero-sugar smoothie using its trending ingredients like MCT oil. This brings about the first unique product in the companys portfolio. Their partnership with transformation innovation team has greatly benefit to their decision making. The direct guidance they get from the market has enabled them focus their investments on innovation that echo the consumers (Elmore, 2013).
Inspiring mindset shift
The companys talent and people are top gear. The innovation team has partnered with minute maid business unit manages coca cola North America portfolio in order to come up with variety of products that have health benefits like kombucha
Market attitude
The companys attitude has helped the company achieve and refine the channels it uses to penetrate the market as well as come up with multi-faceted plans in dividing the market
Conclusion
This paper picked the case of coca cola to look into the concept model innovation perfomance and capabilities. By analyzing the case where coca cola use business model innovations and capabilities for its enormous growth. This directly influences the enterprise hence increase environment insight, find out different customer. The company is now focusing on brands that will continue to push the sale of beverages for life strategy. In support of the companys great agenda, they took the exercise of shaping their portfolio of products. They have hence streamlining their portfolio from m400 to 200 mega brands. The coca cola company has made major efforts to offer a variety of products to its clients regardless of its competitive nature of the market right from drinking water to soft drinks, which are very relaxing and refreshing. The coca cola company believes that we must stretch ourselves constantly towards more challenging and ambitious goals by maintaining a company leadership in sustainable development and hence pursuing the companys own corporate strategy.
References list
ABBASI, H., 2017. Marketing Strategies Of Coke: An Overview. Kaav International Journal of Economics, Commerce & Business Management, 4, pp.194-199.
Baah, S. and Bohaker, L., 2015. The Coca-Cola Company. Culture, 16, p.17.
Bessant, J., Birkinshaw, J. and Delbridge, R., 2004. Innovation as unusual. Business Strategy Review, 15(3), pp.32-35.
Bessant, J., Birkinshaw, J. and Delbridge, R., 2004. Innovation as unusual. Business Strategy Review, 15(3), pp.32-35.
Bodden, V., 2008. The Story of Coca-Cola. The Creative Company.
Elmore, B.J., 2013. Citizen Coke: an environmental and political history of the Coca-Cola Company. Enterprise & Society, pp.717-731.
Friedman, T., 1992. The world of the world of Coca-Cola. Communication research, 19(5), pp.642-662.
Gehani, R.R., 2016. Corporate brand value shifting from identity to innovation capability: from Coca-Cola to Apple. Journal of technology management & innovation, 11(3), pp.11-20.
Kohler, T., Matzler, K. and Fller, J., 2009. Avatar-based innovation: Using virtual worlds for real-world innovation. Technovation, 29(6-7), pp.395-407.
Levy, D. and Young, A.T., 2021. Promise, trust, and betrayal: Costs of breaching an implicit contract. Southern Economic Journal, 87(3), pp.1031-1051.
Mirvis, P., Herrera, M.E.B., Googins, B. and Albareda, L., 2016. Corporate social innovation: How firms learn to innovate for the greater good. Journal of Business Research, 69(11), pp.5014-5021.
Polk, X.L., 2009. COCA-COLA: LONG TERM INNOVATION (A CASE STUDY). Consortium Journal of Hospitality & Tourism, 13(2).
Salar, M. and Salar, O., 2014. Determining pros and cons of franchising by using swot analysis. Procedia-Social and Behavioral Sciences, 122, pp.515-519.
Shtal, T., Buriak, M., Ukubassova, G., Amirbekuly, Y., Toiboldinova, Z. and Tlegen, T., 2018. Methods of analysis of the external environment of business activities.
Tran, V.T., 2021. Exhibiting Coca-Cola at universal exhibitions. Food, Culture & Society, pp.1-22.
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