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Innovation Strategies of Coca-Cola: Marketing, Manufacturing, and Corporate Culture

   

Added on  2023-01-23

11 Pages2634 Words55 Views
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Table of Contents
1. Introduction:........................................................................................................................2
1.1. Background of the company:.......................................................................................2
2. Discussion:..........................................................................................................................3
2.1. Marketing Strategies:...................................................................................................3
2.2. Manufacturing Process:...............................................................................................5
2.3. Corporate Structure and Culture:.................................................................................6
2.4. Coca-Cola’s Future Innovation Plans:.........................................................................7
3. Conclusion:.........................................................................................................................7
References:.................................................................................................................................9

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1. Introduction:
When a company makes the decision to develop and implement an innovation strategy,
their main goal is ensure that this innovation will help the organization grow in terms of
market share and also generate increased profits through the sale of their respective product
or service (Pisano, 2015). In today’s society, it is important for businesses to continuously
think of ways that they can differentiate from their competitors to be able to stay competitive.
As it is seen that technology is progressing at extremely rapid pace, which means that
businesses need to keep up with these advances to be able to develop innovate concepts (Da
Rin & Penas, 2017). These strategies will contribute greatly to the future success of the
company.
1.1. Background of the company:
In the beverage industry, Coca-Cola has established itself as the world’s most famous and
largest brand. Coca-Cola was established in the year 1886 in Atlanta, Georgia by a
pharmacist with the name of Dr. John Pemberton. It has since then become a household name
with its vast presence in almost 200 countries around the world. With over 3000 different
beverages range, Coca-Cola’s main product is their line of carbonated drinks (Mukagiansar et
al., 2019). The company has also taken the ownership of many other carbonated-drink brands
such as Sprite, Fanta, Schweppes and PowerAde.
In the past, the company used to incorporate the global-marketing strategy because they
considered the whole world as their target market but recently, they have been changing up
their styles and implementing more targeted marketing campaigns. Along with marketing
strategies, Coca-Cola has ensured that business decisions will be made on a domestic basis to
fit the culture of the local market.

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2. Discussion:
To remain relevant and on top, Coca-Cola must be able to and prepared to invest in new
technology to develop new products. A company can implement innovation in various ways
through their:
Marketing strategies
Manufacturing processes
Corporate structure and culture
By being innovative, a company is able to earn competitive advantage over other
organizations producing similar products of services (Mirvis et al., 2016). This section will
discuss and analyse the innovation management strategies used by Coca-Cola.
2.1. Marketing Strategies:
Coca-Cola has had a strong presence in society’s popular culture for more than 100 years,
to the point where they have been labelled a “vision brand”. The company’s marketing and
communication strategies have been very purposeful and has also been able to connect very
well to its target audience in way that has made Coca-Cola stand out from its competitors
(Sheth, 2017). What is interesting about their marketing strategies is that they do not put
more emphasis on increasing the sales of their products, but concentrate more on creative a
positive change in the world to make it a better place. Coca-Cola’s mission statement is to:
Refresh the world
Inspire happy moments
Create a difference in the world.
Executives at Coca-Cola have heavily focused on making sure that their advertisements
contain creative excellence, and they have now decided that the content of their ad is now the
most important marketing strategy to be implemented in the 21st century. Creating

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