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Coca-Cola has globalized its business and has quickly become a household name through its innovative marketing campaigns. “Coca-Cola now operates in over 200 countries with over 84,000 suppliers. Presently, 70% of their business income is generated from non-US sources” (Globalization and the Coca-Cola Company, n.d). By using common advertisement slogans, product differentiation, and diversity, along with technology, by advancing their transport quality, they have reshaped the beverage industry.
I believe that one of the Top 5 Challenge Trends that would be most applicable to Coca-Cola’s current situation would be a Faster Pace of Innovation; with the threshold lowered for companies to join the beverage market, there is a need to remain ahead of competitors. With the global search for healthy choices, it’s best to be on the front line of the product being sold. This attracts new consumers who are searching for a healthy choice of sugary beverages. A wise decision will concentrate on this trend in health and flavor products.
I think that the best way for Coca-Cola to reach a Faster Pace of Innovation is to use the Rise of the Class, which is one of the Top 5 Solution Trends (carpenter, et al., 2010). Using people’s connections through forums, blogs, YouTube, and other media avenues where people post new ideas in a group environment, research and development can recognize what their customers want. The rewards of the creative class will contribute to innovative innovations that will propel the business to become the leading health beverage of choice on the market. With a new viewpoint and mindset, the research and development department will have a variety of choices to pursue and explore. To make this a success, Coca-Cola needs to learn from its past mistakes.
I think that one of the five building blocks of learning organization that Coca-Cola must focus on to capitalize on the trends I selected is that they should concentrate on learning from past experiences. Failures such as the new Coke, Coca-Cola with lime, the diet of raspberry Coke, and Coca-Cola Black Cherry have contributed to previous mistakes. New Coke was created to defeat Pepsi after the Pepsi challenge demonstrated the differences in the taste preferences of the two brands. Coca-Cola has updated its Coke product and launched a new Coke into the market to replace the old Coca-Cola. However, because of their earlier success with brand recognition, customers responded negatively to a product that they felt substituted by their original product. “Sales of New Coke were low and public outrage was high at the fact that the original was no longer available” (Bhasin, H., 2017). So, Coca-Cola needs to learn from its past mistakes to achieve more success.
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