A Comprehensive Review of Pepsico - Case Study Example

CONTENT EXECUTIVE SUMMARY INTRODUCTION 2 Report Purpose 2 Company 2 Company History 2 Growth Philosophy 3 Ownership 3 Key Internal Success Factors 3 Key External Success Factors 4 INDUSTRY ANALYSIS 4 Industry Economic Indicators 4 Leading Business in the Industry 6 CONSUMER ANALYSIS 7 Geographic Segmentation of Customers 8 Demographic Segmentation of Customers 8 COMPETITIVE ANALYSIS 9 Competitive Rivalry 9 Threat of New Entrants 9 Substitute Products 10 Supplier Power 10 Bargaining Power of Customers 11 ENVIRONMENT ANALYSIS 11 Political Factors 11 Economic Factors 12 Social Factors 12 Technological Factors 13 STRENGTH AND WEAKNESS 13 Marketing 13 Finance 14 Human Resource 15 Operations Management 16 OPPORTUNITIES AND THREATS 18 Opportunities 18 APPENDICES 21 REFERENCE 29 EXECUTIVE SUMMARY PepsiCo has been a global leader in beverages and snacks since its inception. The company has a worldwide presence and has been known for its aggressive marketing and distribution strategies. However, with changing consumer trends as well as rising competition among industries, PepsiCo will have to realign its priorities and re-formulate marketing, promotional and distribution strategies. The company has a widespread presence in United States. Even so, its market outside United States in scattered. In the current report, a detailed analysis of PepsiCo’s internal and external environment has been done. The external environment was reviewed through PEST analysis and Porter’s five forces theory. Beverage industry is a saturated market with high and intensive competition. However, both entry and exist barriers are high and competition remains within top leaders in this industry. PepsiCo’s biggest rival is Coca Cola and this rivalry is pretty evident in their advertisement and promotional campaigns. The company’s major internal strengths include its diverse product portfolio as well as huge capital reserves for future investment. A steep decline in soft drinks sector has impacted the beverage industry as a whole, which is evident from the sales and profitability figures of PepsiCo. The company will have to redefine its strategies and penetration tactics. The biggest opportunity for PepsiCo is that it has still not penetrated into various emerging markets and this can be one of the major future management priorities. INTRODUCTION Report Purpose The purpose of the current report is to provide a comprehensive review of PepsiCo. This includes analysis of internal and external environment, financial, marketing, human resources and operational strength and weaknesses, competition as well as industry analysis. Company Description PepsiCo is a multinational beverage and food organization with its headquarters in Purchase, United States. The company is into manufacturing, distribution and marketing of beverages. The firm’s product portfolio covers beverages, snacks and other daily food products. It is a public limited company with worldwide coverage Company History The company was launched in the year 1965 with the merger of Frito-Lay and Pepsi Cola Company (PepsiCo, 2014d). The initial founders of PepsiCo were Herman Lay and Donald Kendall. The initial recipe for Pepsi was developing during 1880s and a patent for the recipe was registered in 1903. It is also one of the earliest companies to start expiration dates in 1994 (PepsiCo, 2014e). Since its inception and initial development phases, the company has been involved in divestments, acquisitions and mergers. For instance, the most famous one is establishment of Yum! Brand in 1997. The divestment phase was quickly followed by acquisition phase, where the company started extending its operations by purchasing diverse product categories, such as, juices (Tropicana Products in the year 1998) and healthy snacks (Quaker Oats Company in the year 2001) (New York Times, 2010). Growth Philosophy The growth philosophy of PepsiCo is grounded on three pillars; sustained growth, empowered people and trust and responsibility. The firm is committed to deliver sustainable growth and development without compromising on integrity and ethical stand as well as without harming natural and social environment in which it thrives. Ownership There are four major divisions of PepsiCo; PepsiCo foods, PepsiCo Beverages, PepsiCo Africa and Middle East and PepsiCo Europe. The overall institutional ownership of PepsiCo stands at 40 percent of its total revenues, while outstanding shares account for 70 percent of total revenues (Nasdaq, 2014). At present, Zein Abdalla is the President at PepsiCo. Key Internal Success Factors The key internal success factors of PepsiCo are huge base of diverse product portfolios, strategies divestment, mergers and acquisition as well as proper maintenance of its brand through various social and charitable activities across the globe. Key External Success Factors Intense competition as well as changing trends among target customers are two most important external factors, which needs to be analyzed as well as dealt with for a more sustainable and profitable future. INDUSTRY ANALYSIS According to Barbara Murray (2006a), the major power struggle in the beverage industry is between two dominant players; Pepsi and Coke. Nevertheless, as this fight has decelerated because of many new entrants as well as substitutes, industry leaders are not relying on extensive promotional practices and new flavors of already existing products. They are also looking into non-carbonated beverages for growth and diversification. Even though the market for soft drinks has become nearly saturated, it can be said that they are not going to die or be replaced anytime soon. In order to fully understand the industry in which PepsiCo operates, some important factors should be considered, including prevailing economic factors, industry key factors, industry trends as well as financial factors influencing the industry. Industry Economic Indicators Growth rate, overall profitability and market size are three major economic indicators used for evaluating the drinks and beverage industry. The total market size of the soft drinks sector has experienced continuous changes. The total market share for soft drinks is 46.8 percent, excluding alcoholic drinks industry. From 2004 to 2009, the overall market value of soft drinks sector increased from 307 billion dollars to 367 billion dollars. The overall volume of soft drinks was more than 325000 million liters in the year 2004 (American Beverage Association, 2005). Thus, it can be understood that the industry has remained lucrative with potential high profits. Yet, there are various obstacles that need to be minimized for capturing market share. Growth rate The constant rate of growth in this industry has been severely criticized because of saturation of the soft drinks market in United States. According to Datamonitor (2005), “Looking ahead, despite solid growth in consumption, the global soft drinks market is expected to slightly decelerate, reflecting stagnation of market prices.” This modification can be attributed to the other changes such as, growth of other non-alcoholic beverages, including coffee and tea as well as bottled water. Energy and sports drinks are also becoming popular in demand and it is expected that their overall share of market will increase as competitors have started implementing new product line strategies. Profitability Even though overall profitability is expected to be solid and stable, market saturation has forced analysts to anticipate a minor growth deceleration in the coming years in the beverage industry. As a result, industry leaders have started to establish themselves in various alternative markets, such as, confectionaries, snacks, sports drinks and bottled water sectors. In order to continuously grow as well as increase profits, it will be quite essential for these industries to diversify their overall product offerings. The overall geographical scope of this competitive rivalry can be the cause of various economic features present within this soft drinks sector. The industry is dominated by three major players; Coca Cola, PepsiCo and Cadbury Schweppes. Coca Cola is currently the market leader with around 50 percent of global market share (Murray, 2006a). Market Size PepsiCo comes second with round 40 percent of global market share and is constantly rising (Murray, 2006b). Cadbury holds around 6 percent of global market share (Cadbury Schweppes, 2004). Apart from the bigger competitors, smaller firms such as, National Beverage Company and Cott Corporations constitute for the remaining share of market (Walker, 2006). Major markets for Coca Cola include North America, Europe and Asia. Nonetheless, PepsiCo’s major market is United States. The ease of exit or entry for new companies is not a matter of competitive pressure on leading beverage manufacturers. Entering into this sector is very difficult as new companies would not be able to fight with established brand names, high amount of capital investment as well as strong distribution channels. Similarly, exiting from this sector will also be tedious, given the significant money loss from long-term distributor contracts, fixed costs as well as advertisement costs. Leading Business in the Industry The three major companies established in the beverage sector are PepsiCo, Coca-Cola Company as well as Cadbury Schweppes. Of the above three competitors, PepsiCo and Coca Cola’s major selling products are soft drinks, with average sales of 18 billion dollars and 22 billion dollars, respectively (PepsiCo, 2004b). The major selling brands of Coca Cola include Coca Cola, Fanta, Diet Coke, Sprite and Barq’s. However, the company sells more than 400 brands across 200 nations. Major selling products of PepsiCo include Pepsi, Slice and Mountain Dew (PepsiCo, 2014d). The beverage industry has also been influenced by various macro-environmental aspects leading to various changes. First, the exit or entry of big firms is an ongoing trend in this sector, which will bring in specific alterations. Specifically, consolidation or mergers have become prevalent in beverage market, resulting in some companies to exit the sector and then re-enter. Many leading firms have been trying to increase their revenue and improve share of market through acquisitions and mergers, which helps in enhancing their economies of scale. For instance, at first, Quaker Oats acquired Gatorade, energy drinks company. Later, Quaker Oats was acquired by PepsiCo, which allowed the beverage company to expand itself. This trend has increased the level of competition as firms are diversifying and product portfolios are increasing. (Datamonitor, 2005). CONSUMER ANALYSIS The soft drinks sector uses various types of outlets and most of them are differentiated by retailer types, with an objective of saturating the market. As a result, intensive distribution has given beverage manufacturers wider coverage, high turnover of brands and customer recognition. Consumer analysis of PepsiCo is mainly done through product differentiation and market segmentation strategies. It can be easily said that PepsiCo campaigns has developed modern guidelines in the beverage industry. PepsiCo campaigns are targeted towards the young generation and consumers with certain attitude and lifestyle. From its initial campaigning activities, PepsiCo has been showcasing an active and young image, such as, young women and men participating in sports or physical activities. Modern segmentation strategies of PepsiCo are based on psychographic and demographic factors. PepsiCo’s primary consumers include grocery stores, wholesale distributors, mass merchandisers, convenience stores, membership stores, restaurants or hotels, food-service distributors as well as authorized and independent bottlers. Geographic Segmentation of Customers Geographically, majority of customers of PepsiCo still rests in US market. Nevertheless, the company has initiated diversification process into various un-penetrated and emerging markets. The most successful consumer markets of PepsiCo, apart from US, include China, Indian subcontinent, Brazil, Mexico and Singapore. Besides that, the company is also planning to enter new consumer markets such as, Indonesia and Taiwan (Belu & Cărăgin, 2008). Demographic Segmentation of Customers The major demographic markets for PepsiCo include males and females of young generation within age group 15-35years. Majority of them are from colleges, schools and universities. Yet, considering the larger picture, it can be concluded that most of the advertising and promotional campaigns are targeted at mass population (Economic Times, 2011). Consumers are also analyzed on the basis of psychographic and behavioral segmentation. Psychographic segmentation includes dividing customers according to their social class such as, upper, middle or lower class. Lifestyle includes believers, strivers, achievers, strugglers and experience makers. Behavioral segmentation includes occasional opportunities, such as, birthdays, parties, regular and sports occasions. Apart from regular customer segmentation and analysis, PepsiCo has implemented special strategies to prioritize niche customers and then target them. For instance, PepsiCo launched a Gen X campaign, targeting profiles between 18 and 29. The company has a firm belief that by making consumers adopt their products, it will be able to establish a loyal customer base in long-term. COMPETITIVE ANALYSIS Five forces model from Porter will identify the five competitive forces within the beverage industry. By recognizing the strength and weakness of these forces, evaluation of PepsiCo will be done. Competitive Rivalry Competitive rivalry is the highest and fiercest in this industry. PepsiCo and Coca Cola are the two dominant players fighting neck to neck, with competition becoming more intense every passing year. Both the players fight for global market share. While Coca Cola dominates the global market, PepsiCo’s penetration is much deeper and established. Another major competitive pressure comes from brand loyalty. It has been observed that in case of cold drinks and snacks, customers are generally brand loyal. As a result, it is not very easy for companies to lure their competitor’s loyal customers. So, both industry leaders are increasingly diversifying into new areas, such as, new soft drinks varieties, including cherry and vanilla; so as to maintain sales growth as well as entice new customers. Threat of New Entrants Threat of new entrants is not high in beverage industry. PepsiCo and Coca Cola have been dominating this industry for a long time and have established a strong and powerful brand name as well as efficient distribution channels. Besides that, beverage industry is nearly saturated with little growth aspects. Thus, it is very difficult for unknown and new entrants to make a mark or even survive for a long time here. Another major entry barrier is high fixed costs for trucks, warehouse as well as labor. Owing to market saturation as well as high requirements in capital, it is extremely tough for new firms to enter into this market. Hence, new entrants cannot be considered as strong competitive forces. Substitute Products Substitute products consist of those competitors who do not fall in the soft drinks sector. For PepsiCo, substitute products will include sports drinks, bottled water, tea and coffee. Sports drinks and numerous variants of bottled water are giving tough competition to non-alcoholic beverages. These substitutes are increasingly becoming popular and in-trend among health conscious customers. As a result of that, companies manufacturing these substitutes are frequently launching more variants and flavors, enticing more customers and increasing their market share. In addition to the above two products, tea and coffee are also competitive substitutes, owing to an important ingredient, caffeine. Consumers purchasing soft drinks might substitute it with coffee or tea, if they desire to keep caffeine, but lose carbonation and sugar. Specialty blended coffee brands are also gaining popularity with increasing Starbucks stores, offering different varieties of flavors, which appeal to a larger consumer base. Also, the ease of switching from soft drinks to other substitutes makes threat of substitute products quite strong. Supplier Power The overall supplier power in the beverage industry can be considered to range from low to medium. The major suppliers for PepsiCo are secondary and tertiary packaging firms and manufacturers of bottling equipments. Even so, majority of these manufacturing facilities are owned by the company itself. As a result, those particular suppliers do not have any major bargaining power. In equipment manufacturing departments, suppliers in general provide similar products. Since the market is filled with host of equipment suppliers, it is fairly easy for any organization to switch suppliers. Thus, bargaining power of suppliers is low for beverage industry. Bargaining Power of Customers Most of the buyers of PepsiCo are discount stores, large grocery stores as well as restaurants that buy in bulk. The beverages are sold to these distributors, which are then resold to customers. Buyers’ bargaining power in this sector is very strong and evident. Large grocery shops as well as discount stores stock soft drinks in large volumes, which allow them for bigger discount margins. Nevertheless, restaurants have lower bargaining power as they do not order in larger volumes. As more and more consumers are opting out of soft drinks, the overall bargaining power of customers might increase due to fall in buyer demand. ENVIRONMENT ANALYSIS Environment analysis will include political, economic, social and technological factors that affect PepsiCo. Political Factors PepsiCo falls in the non-alcoholic beverage category and has to work according to FDA regulated guidelines and procedures. Also, different markets have different procedures and policies and they are either relaxed or too stringent. In particular, situations across the borders are quite dissimilar and the beverage company has to deal with these differences accordingly. The competitors of PepsiCo have been using competitive pricing strategies and the company will need to always update their pricing strategy. Also, the beverage firm has to deal with government regulations on stricter land acquisition norms as well as other norms on water pollution. Economic Factors In times of economic downturn, companies and their overall sales figures are negatively affected, which is why they have to constantly restructure and redesign their strategies. Apart from that, with falling profits, organizations also undergo measures such as, downsizing. Economic influence always has a big affect on any industry or business. Even though the world had hit a recession, the impact remained positive for PepsiCo with increased sales and profit. Nonetheless, increasing fuel prices has been taking away large chunks of money as the distribution system is scattered. Labor availability is another economic factor, varying in different cultures and nations. As a result, overall manufacturing and operational costs are disparate in different nations, thereby impacting overall retail pricing. Social Factors Social factors have greatly influenced strategies and activities of PepsiCo in different nations. The company has been involved in many joint venture partnerships with international brands for manufacturing and production of their product variants. Most of these partnerships have been affected by dominating social and cultural perceptions in those particular markets. Social implications are more commonly observed in advertising and promotional campaigns. For instance, some nations celebrate religious festivals in a big way, so PepsiCo has to align strategies with all these celebrations and festivals and design promotional and advertising campaigns; so as to cash in the opportunities. Besides that, community programs such as, management of solid waste, affect the overall operations of PepsiCo. In order to be a socially responsible organization, PepsiCo will have to be careful and use proper and standard procedures for waste disposal and pollution control. Outburst of the social media has given a new opportunity for beverage companies to communicate with their customers on an interactive and two-way platform. Social media platforms have also helped the company to be aware of recent developments in the consumer society, such as, changing trends among consumers, upcoming local and regional festivals as well as most talked about topics. This information can be easily utilized to make strategies and optimize sales opportunities. Social media platforms are very helpful in giving and receiving instant feedback, besides resolving consumer queries in real time. Technological Factors Being one of the few multinationals with global presence, the company needed a central control system in order to operate and monitor worldwide operations from the headquarters. The company implemented SAP software as well as employed wind power for manufacturing. Even though the company operates through a large number of branch offices across the globe, the database in constantly updated and sales figures are reviewed on a weekly and monthly basis. These actions help in regular monitoring of profits and revenues and making strategic changes or amendments, wherever possible. STRENGTH AND WEAKNESS Marketing Strength The overall advertising strategy of PepsiCo can be considered as aggressive and strong. The company follows a 360 degree approach in order to reach every nook and corner in the market. Since it is a low involvement category, constant awareness and product promotion is necessary to keep the sales growing (PepsiCo, 2014a). Also, marketing and advertising strategies are constantly backed by distribution strategies, so that growing demand is appropriately cushioned with proper supplies. Innovative pricing strategies such as, discounts and freebies during festivals and special occasions, also help in enhancing sales from time to time. Weakness The firm has been suffering from image loss due to frequent product recalls. In the year 2008, contamination of Salmonella forced the company to pull Waffle Mix and Jemima Pancake from retail stores. This was followed by explosion of Diet Pepsi cans in the year 2007. Such occurrences have damaged the company’s overall brand image as well as reduced consumer confidence in the beverage firm’s products. Finance Strengths PepsiCo has been able to maintain a positive and optimistic return on assets for the past ten years. The overall return on investments for the beverage company has also remained positive for the last five years. This indicates a healthy capital within the organization as well as availability of sufficient funds for future investments. The gross and net profit margin of PepsiCo has been higher than industry average, reflecting healthy growth. Another factor which has provided huge financial boost to the company is its entry into Forbes’s list of most valuable brands. The company’s total sales, for the year 2013, were about 65 billion dollars and it has been included in the list of World’s 25 most valuable brands (Forbes, 2013; Hein, 2004). Weaknesses Of late, the company has been observing decline in profit margins, mainly due to increased competition, fall in soft drinks consumption as well as rising health awareness among young consumers. Human Resource Strengths One of the major strengths of the human resource department is their training facilities, which differentiates PepsiCo from rest of its competitors. Depending on position and seniority of the employees, the company sends them to different universities for training and skill development. The company has also launched PepsiCo University with the objective of developing global mindset, building strategic mindset, harboring talent as well as creating innovative and collaborative culture. The University for Customer Management is another unique training program, where commercialization competencies of employees and other staff members are enhanced. A robust as well as frequently updated customer management and sales curriculum is available for all PepsiCo sales professionals across US (PepsiCo, 2014f). Nearly all human resource heads are extremely qualified, which is evident in the decision making process. The company also prefers hiring new and young talent in order to add life and speed in the implementation process. Weaknesses The major weaknesses of PepsiCo’s human resource departments include poor implementation of policies and low employee morale. Even though every market has an assigned head office, majority of decision making takes place at the headquarters and by the time it reaches the target market, the action plan is either misrepresented or becomes obsolete. As a result, global policy making and its implementation is a big issue for the beverage company. Another growing issue is mishandling of union workers, which led to numerous strikes and lockout, thereby resulting in loss of revenue, sales as well as brand image. Operations Management Strengths Distribution and diversification Being a beverage manufacturer and producer, a strong and effective distribution channel is absolutely necessary. The distribution channels as well as the diversification strategy are major strengths in the overall operations management of PepsiCo. The diversification system of PepsiCo can be described as multichannel as the company has been foraying into various diversified markets. At present, the beverage manufacturer has a strong presence in most form of retail chain formats including food markets, hyper markets, groceries and supermarkets. The company is also planning to expand its food and beverage range with the objective of catering a wider market and satisfying the evolving demands of the global customers. The company is famously known for its innovation, especially in diversification strategies and entering new markets with new products. For instance, eight largest selling brands of PepsiCo account for most of its sales in India, generating more than 1000 Crores annually (PepsiCo, 2014d). The logistics and distribution system of PepsiCo starts from its manufacturing facilities, from where it is transferred to the warehouses. It is then transported to the distributors as well as big retail stores. The bigger accounts of PepsiCo retail such as Spencer and Walmart are directly handled by company employees thereby reducing time taken due to secondary and tertiary distribution channels. Weakness Lower penetration outside United States At present, PepsiCo’s biggest customer is Walmart accounting for more than 12 percent of the total revenue from United States. As a result of this over dependence on United States Market and bigger accounts, the beverage giant has lost its flexibility and has become prone to various economic risks. Any crisis occurring in Walmart or United States market will have a major impact on the overall productivity and performance of PepsiCo. Apart from reduced flexibility, the company also suffers price pressure from bigger accounts such as Walmart. As Walmart buys in bulk from PepsiCo, the overall profit margin gets reduced because of the huge discount margins. This further reduces the profitability from bigger accounts. Lower levels of productivity among PepsiCo’s employees According to various industry analysts, the current human resource program lacks in various aspects such as giving proper training and motivation to the employees and worker. Even the compensation and benefits system is mismanaged. As a result, the overall productivity of the employees at PepsiCo has declined considerably and is expected to be lower than industry average. Constant strikes and lockouts in many of PepsiCo’s manufacturing facilities and production sites have also resulted in loss of productivity as well as overall brand image (PepsiCo, 2014d). OPPORTUNITIES AND THREATS Considering the industry background, competitor and consumer analysis as well as major strengths and weaknesses of the company with respect to various departments and functions, the report has evaluated major opportunities and threats for PepsiCo, as described below: Opportunities Branding and product diversification PepsiCo has gained the recognition as one of the most trusted as well as popular brand among youths. The company is having huge opportunity in enhancing this image and using this brand equity while launching itself in other markets. The firm can introduce new packaging or bottling designs in order to induce freshness and creativity in its branding strategy as well as lure the new generation customers. Another trend which has gained popularity among young consumers is increased consumption of healthy drinks and snacks (PepsiCo, 2014g). As more and more consumers are becoming health conscious, they have started choosing healthier items over carbonated drinks and other snacks. Even though this might mean steep decline in the sale of carbonated drinks, PepsiCo can utilize this opportunity by broadening its product portfolio and entering into the health food market. The company is already manufacturing diet Pepsi for health conscious customers. PepsiCo can tap these customers through its newly launched ranges of health food supplements which will also help in creating word of mouth advertising for the new brands. Manufacturing and infrastructure The company has been planning to increase its manufacturing capacities significantly in order to meet the increasing demand for its beverages and foods. For instance, the company and its local partners in India are planning to double their overall production level by 2020. The company also has opportunities in infrastructure in order to revamp is delivery and selling strategies. The company has huge opportunities for rural expansion, especially in emerging markets such as China and India. Threats Competition and de-growth of carbonated drinks Apart from major beverage manufacturers such as PepsiCo and Coca-Cola, the industry is filled with various local manufactures. These local brands are placed in a price lower than the top brands are eating away a large chunk of the market share. As a result, there is a huge price war among top beverage manufactures leading to a steep decline in the overall profit margin. The company is also facing intense competition in areas such as advertising, promotion as well as customer relationship management strategies from its biggest competitor Coca-Cola. This might result in loss of brand loyalty and more number of customers switching to competitor’s brand. Also, the overall carbonated sales are constantly decreasing because of the rising awareness among consumers regarding long term negative effects of carbonated drinks consumption (Murray, 2006c). This might force the company to diversify its business leading to huge capital investment as well risk of new product or market failure. Increased product recalls The company has been facing a lot of heat as a result of its frequent product recalls. Increased number of customer complaints regarding product packaging, taste of food and beverage and unidentified materials in drinks has also resulted in enormous increase in customer complaints which are many times are unanswered. This has resulted in huge public outcry as well as loss of brand image. APPENDICES Porter’s Five Forces Model Figure 1: Global soft drinks market segmentation category Percentage share carbonates 46.80 Bottled water 18.40 Juices 14.90 Coffee and RTD tea 8.50 Functional drinks 7.60 concentrates 3.90 total 100 (Source: Datamonitor, 2005) Figure 2: Global soft drinks market volume Year Liters (Million) Percentage Growth (%) 2000 284,971 2001 296, 389 4 2002 305,486 3.1 2003 316,032 3.5 2004 325,367 3 (Source: Datamonitor, 2005) Financial Statistics Figure 3: Investment Funds in PepsiCo (Source: Nasdaq, 2014b). Figure 4: Mutual Fund holdings of PepsiCo (Source: Nasdaq, 2014b). Figure 5: Institutional holdings of PepsiCo (Source: Nasdaq, 2014b). Figure 6: Overall Profitability analysis (Source: Nasdaq, 2014b). Figure 1: PepsiCo Ownership Summary (Source: Nasdaq, 2014a) REFERENCE American Beverage Association. (2005). Soft Drink Facts. Retrieved from http://www.ameribev.org/variety/facts.asp Belu, M & Cărăgin, A.R. (2008). Strategies of Entering New Markets. The Romanian Economic Journal, 11(27), 83-98. Cadbury Schweppes. (2004). 2004 Annual Report. Retrieved from http://www.cadburyschweppes.com Datamonitor. (2005, May). Global Soft Drinks: Industry Profile. New York: Datamonitor Economic Times. (2011). PepsiCo targeting mass marketing will cater to different segments of consumers. Retrieved from http://articles.economictimes.indiatimes.com/2011-06-06/news/29625847_1_sanjeev-chadha-manu-anand-pepsico-india Forbes. (2013). PepsiCo. Retrieved from http://www.forbes.com/companies/pepsico/ Hein, K. (2004). Brand Loyalty 2004. Retrieved from http://www.brandkeys.com/news/press/102504Brandweek.Loyalty.pdf Murray, B. (2006a). The Coca-Cola Company. Retrieved from http://premium.hoovers.com/subscribe/co/factsheet.xhtml?ID=10359 Murray, B. (2006b). Pepsi Co. Retrieved from http://premium.hoovers.com/subscribe/co/profile.xhtml?ID=11166 Murray, B. (2006c). Carbonated Beverages. Retrieved from http://premium.hoovers.com/subscribe/ind/overview.xhtml?HICID=1049 Nasdac. (2014b). PEP Report Card. Retrieved from http://www.nasdaq.com/symbol/pep/guru-analysis/dreman#anchor1 Nasdaq. (2014a). PepsiCo, Inc. Ownership Summary. Retrieved from http://www.nasdaq.com/symbol/pep/ownership-summary New York Times. (2010). PepsiCo Inc. Retrieved from http://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=4&cad=rja&ved=0CD8QFjAD&url=http%3A%2F%2Fdealbook.on.nytimes.com%2FPublic%2FOverview%3Fsymbol%3DPEP&ei=8Sv6UvKbFaip0AXfnIHIDA&usg=AFQjCNFsjLbv4ixSsUwuYpJldd4VTjQkBg&bvm=bv.61190604,d.Yms PepsiCo. (2004b). 2004 Annual Report. Retrieved from http://www.pepsico.com PepsiCo. (2014a). Advertising. Retrieved from http://www.pepsico.com/Purpose/Human-Sustainability/Responsible-Marketing PepsiCo. (2014c). PepsiCo Announces Targeted Investment of Rs. 33,000 Crores in India by 2020. Retrieved from http://www.pepsico.com/PressRelease/PepsiCo-Announces-Targeted-Investment-of-Rs-33000-Crores-in-India-by-202011112013.html PepsiCo. (2014d). PepsiCo Annual report. Retrieved from http://www.pepsico.com/annual12/ PepsiCo. (2014e). Our History. Retrieved from http://www.pepsico.com/Company/Our-History PepsiCo. (2014f). Who we are. Retrieved from http://www.pepsico.com/company PepsiCo. (2014g). Value Drivers. Retrieved from http://www.pepsico.com/annual12/#value-drivers Sicher, J. D. (2005). Beverage Digest/Maxwell ranks U.S. soft drink industry for 2004. Retrieved from http://www.beverage-digest.com/pdf/top-10_2005.pdf25 Walker, T. (2006). Cott Corporation. Retrieved from http://premium.hoovers.com/subscribe/co/profile.xhtml?ID=42846 Read More