Building High-Performance Organization - Coca-Cola - Case Study Example

Student: ID: Tutor: Course title: Course code: Institutional affiliation: Date of submission: Word count: 4620 Coca-Cola 1 Introduction Coca-Cola is a non alcoholic beverage company based in Atlanta, Georgia, U.S.A. The company was founded over one century ago by Asa Griggs Candler. By that time the company was dealing in only one product which was a soft drink developed by a pharmacist John Pemberton. The drink was known then and now as coca. Its has over the years enjoyed continued sales in more than 200 countries around the world making coca and the Coca-Cola company one of the most popular brands in the world (Bodden, 2008). The Coca-Cola Company is also one of the most profitable in the world making over US $48 billion in revenue (The Coca-Cola Company, 2013). It is worthy to note that the company has continuously innovated in terms of product offering, systems, strategy and marketing to remain a profitable venture in the face of equally strong competitors such as Pepsi and smaller non-industry competitors such as fresh juice and dairy products companies spread all over the world (Bodden, 2008). In light of this understanding, the aim of this paper is to evaluate the current situation of the firm in terms of innovation, marketing, operations and finance. The paper will also focus on how the organization can create a high performance organization and lastly analyze two years data of an imaginary competitor to Coca-Cola. This will be achieved under appropriate headings and subheadings. 2 Innovation & organizational sustainability Coca-Cola has over the years pursued different innovations strategies to remain at the top of global brands not only in the beverage industry but also in general global brand world. Coca-Cola is one of the most popular brands all over the world but the company owns a range of hundreds of brands that all contribute to its revenue base. The company pursues innovation in different dimensions thereby guaranteeing a high degree of success for its brands (Arkin, 2006; Bodden, 2008). Packaging is an important part of innovation that has made Coca-Cola a hugely successful brand in the world today. The contour shaped Coca-Cola bottle was an innovation that was meant to look appealing in the eyes of Coca-Cola consumers and true to the intention it has not disappointed for close to one century now. The company has also tried new packaging innovations in countries such as Australia where customized packaging was hugely successful. The idea was to replace Coke branding with popular teen names such as Dave and Mike to appeal to the teenage consumer segment that does not identify with the old Coke brand (Dan, 2013). Product and ingredient diversification is also a key innovation dimension which Coca-Cola has pursued vigorously over the years to cater for changing consumer tastes and preferences. Carbonated drinks have been blamed for obesity and other lifestyle conditions, to counter the growing indifferences towards the soda drinks Coca-Cola has developed several fruit juice brands and acquired others (Bodden, 2008). The minute maid is one example of a successful fresh juice pulp by Coca-Cola. Dasani water is another product innovation by Coca-Cola Company. The fountain dispenser is another product innovation by Coca-Cola which allows consumers to blend juices according to their preference. Over 100 blends can be made from existing flavors. Coca-Cola is also trying out the idea of natural sweeteners in its drinks to reduce calorie content (Bodden, 2008). Coca-Cola has also innovated in terms of advertising by moving from the idea of promoting the product to emotional advertising where it identifies with global cultures and aspirations to make Coca-Cola part of their story as a people. This is part of Coca-Cola cultural leadership in a world that has enjoyed Coca-Cola drinks for over a century (Arkin, 2006). 2.1 Sustainability Coca-Cola is a successful brand not because of the signature Coca-Cola drink whose formula remains a top secret, but rather due to strong brand positioning and continuous innovation in product offering, product variation and marketing creativity (Dan, 2013). Coca-Cola has made several mistakes like in its introduction of the new Coke in 1985. The New Coke was a new formula to replace the old Coke formula that was experiencing domination from Pepsi cola. The new Coke formula was liked by a good number of consumers but a small minority voiced their dissatisfaction over the removal of the old Coke. The new Coke was a marketing failure which Coca-Cola Company realized soon after its launch and thereby apologized to its consumers and resumed production of the old Coca-Cola which overtook Pepsi which had acquired 60% market share in US before the action to introduce the New Coke (Bodden, 2008). The company’s soda products have also been blamed of containing cancer causing elements. The level of calories has also been blamed for obesity in consumers. Coca-Cola has responded to these through independent research programs to absolve its products from blame and also development of less calorie products and Coke zero which has less than one calorie. Inclusion of healthy alternatives such as fruit juice drinks has also ensured Coca-Cola retains a considerable market share in the face of completion from hundreds of competitors all over the world. Changes and difficulties to Coca-Cola Company have been used as chances to redefine the company and innovate to meet consumer’s expectations (Hays, 2010). 3 Operations and internal processes 3.1 IS/IT capability Coca-Cola Company has continuously nurtured the culture of innovation over the years by having a high tolerance to creativity and failure that comes with it. Coca-Cola does not punish mistakes but rather encourages its employees to innovate and be creative to keep the brand as strong as it has been for the past one century (Bodden, 2008). Coca-Cola has introduced information technology in its operations especially in its vending business. The Coca-Cola freestyle machine is the latest technology innovation. The machines dispense up to 100 flavors by allowing a customer to select through the many options using a touch-screen on the machine. The machine is connected with the headquarters and offer valuable real-time data on what flavors are selling more and which ones need to be phased out. It also allows Coca-Cola to plan for future product development (The Coca-Cola Company, 2012). 3.2 Product portfolio and distribution Coca-Cola has over 500 products and is always looking for more brands to add to its growing list of product portfolio. Apart from its original Coca-Cola drink, the company produces mineral water, fresh juice and fruit pulps (Dan, 2013). Coca-Cola strategy of acquiring small beverage companies works well as it retains original brand names and production methods thus inheriting the former owners’ market share. This has consistently retained and expanded Coca-Colas market share outside it traditional market segment. The soda sales are dipping in the developed world markets due to the growing awareness on health issues specifically relating to the link between carbonated high calorie beverages and obesity. Coca-Colas move to reduce calorie levels in soda drinks has been a step in the right direction but the company needs to focus more on improving health rather than focus on reducing amount of calories in drinks. This means nutritional factors have to be given atop priority in formulae development to enhance consumers’ health rather than sell product that simply don’t add value in life apart from flavor and the Coke experience (Schlanert, 2011). Coca-Cola has a unique supply chain. The company partners with bottlers all over the world. The bottlers are franchised businesses that take the Coca-Cola syrup concentrate from Coca-Cola Company to mix the concentrate with filtered water and sweeteners in Coca-Cola’s recommended proportions. The bottlers then control certain territories which they distribute to exclusively. Coca-Cola has other arrangements for other drinks such as fresh juice in which Coca-Cola plays a direct role by producing and distributing to wholesalers and retailers. This unique supply chain in which Coca-Cola sells only the concentrate reduces operational expenses fro Coca-Cola and ensures there is enough capital from bottlers to run Coca-Colas expansion strategies (Bodden, 2008). 4 Customer and marketing Coca-Cola marketing capability has over the years been described as the most successful global marketing. The company has been able to position Coca-Cola as a global brand that transcends national borders and cultures to appeal to all of the humanity. Coca-Cola targets consumers from al ages above 5 years but has reiterated its resolve to not advertise to kids below the age of 12 years (Dan, 2013). Coca-Colas target market then happens to be majorly teens and adults. The company uses brand variants to segment its market using gender and age basis. The diet Coke brand was intended for females who are concerned about their diet and health. The diet Coke contains fewer calories and thus is appeals for women who are concerned about the amount of weight they put on. This variant was introduced after several reports linked carbonated soda drinks to weight gain and health conditions (Coca-Cola Journey, 2013). To cater for the men’s segment Coca-Cola recently launched the Coca-Cola zero which is a healthier alternative targeted fro men who don’t buy the diet Coke due to its association with female consumers. The drink to men is considered feminine and thus Coke zero was introduced as an alternative (Dan, 2013). All the same Coca-Cola has maintained its strong brand of Coca-Cola in all the brand variants. It’s a brand associated with an emotional good feeling going back several decades (Hays, 2010). Coca-Cola leverages on human emotions to market its product. Coca-Cola’s adverts are always about happiness and brighter side of life. This is what the company wants the clients to feel when they take Coca-Cola products (Schlanert, 2011). The company has stated its marketing intentions of making Coca-Cola to provoke happiness in people rather than promote happiness. To do this Coca-Cola dispensers in some regions including USA, South Korea and UK ‘surprise’ customers with flower gifts, free drinks and more to make them happy. Other dispensers challenge customers to smile or hug to award gifts to them (Dan, 2013; Moye, 2013). This sales approach where the company wants to play a part in making customers happy is vital in helping customers identify with the company as part of their lives and as such have an emotional attachment to the products sold by Coca-Cola. Coca-Cola also sponsors major sporting events in US and all over the world. It was an official sponsor of FIFA world cup 2010 in South-Africa. This not only increases the brand’s visibility but gives the company a chance to blend in with the consumers of its brands in celebrating culture and diversity at a global level (Rensburg, 2012). 5 Finance Coca-Cola Company has experienced favorable business environment in the past few decades largely due to good performance of economies in the countries the company operates in especially the US. The company posted net operating revenue of $48 billion dollars as compared to $46 billion dollars in 2011. In 2010 Coca-Cola had made net operating revenue of $35 billion dollars. This shows the company is on an upward growth trajectory a testimony to the branding and product diversification effort the company is making. The consolidated income for the same year was US$ 9 billion telling of a scenario of growing expenses thus diluting earnings per share to investors. However, the share price in 2012 rose by 11.5 percent indicating the high level of confidence investors have in the company and its brands (The Coca-Cola Company, 2013). Just like any other globally present company, Coca-Cola was affected by a slowing global economy recording 5% decline in the Chinese market which has over the past few years experienced economic slow down owing to reduced level of exports especially to America and the euro zone. Soda sales have reduced especially in the developed countries markets but have been growing consistently in developing markets in Africa and Asia as people’s disposable income rise in these regions (Dan, 2013). Advertising costs rank as some of the highest expenses for the company. In 2012 the company spent over US$ 9.5 billion in advertisement expenses alone (The Coca-Cola Company, 2013). This is understandable considering the stiff competition Coca-Cola gets from major competitors and small competitors spread all over the world. The advertising helps to strengthen the brand presence in the global arena. The company’s financial outlook can be termed as healthy if the growing revenue and earnings per share are to be considered as sloe indicators. However the company should be concerned with growing expenditure as it erodes a great percentage of the revenue generated. The great product portfolio is a major revenue generator for the company as the company only enjoyed 32% of its revenue from the developing markets (Dan, 2013). It will be prudent therefore for the company to continue increasing its product portfolio. 6 Organizational performance organization Coca-Cola is multinational company operating in more than 200 countries licensing or distributing directly to wholesalers and retailers more than 500 brands of non-alcoholic beverages (Schlanert, 2011). The sheer magnitude of the activities and organizational framework to manage the company can be overwhelming and therefore need prudent planning to ensure organizational effectiveness and productivity. The four main areas of high performance organization to be focused on are discussed below. 6.1 Marketing Coca-Cola is a consumer product that is very moderately sensitive to consumer changing tastes and preferences. This means that the brand is easily substitutable if competitors are able to convince consumers indirectly that their products are better than Coca-Cola. Coca-Cola should therefore continuously advertise to remind consumers that it is the same brand that delivered exceptional tastes and experiences over the years. The marketing effort should focus on positioning Coca-Cola as part of people’s culture and way of life. The brand should identify with peoples’ histories, present and future aspirations in a way that makes the Coca-Cola inseparable from the day to day lives of a people. The social media platform is also another important emerging media for advertisement, brand visibility and customer relations. Coca-Cola can be able to use this platform to roll out and conduct promotions. The social media impact can be very viral and takes only a short time to reach quite a wide population of the target market (Barker, Michael, & Shimp, 2012). An integrated marketing communication that will spread the theme of Coca-Cola as a brand associated with happiness and making merry will be vital in helping the organization achieve its profitability objectives beyond the current performance. 6.2 Product diversification Global population has access to information now more than ever before. This can be credited to the growth of the internet and computing technology. Much of this information cannot be verified to be from authoritative sources however one cannot control what information the media is consuming. This kind of arrangement is putting brands at a very precarious position in relation to the kind of opinions and convictions they acquire regarding a brand (Chell, 2001; Rensburg, 2012; Joyner, 2009). Coca-Cola has particularly had to fight several reports and rumors about its products having carcinogenic elements. Coca-Cola has replied by sponsoring independent researches to refute the damaging claims (Bodden, 2008). The carbonated sodas have been blamed for obesity too especially in developed world markets and again Coca-Cola has responded by developing low sugar alternatives to retain its customer base and profitability (Schlanert, 2011). However a product diversification strategy will go a long way into ensuring the company has a diversified revenue base to reduce over-reliance on the traditional soda brands to sustain its financial position. To do this Coca-Cola will have to experiment with several healthy alternatives being offered by competitors all over the world. An acquisition strategy will be costly in the short ruin in terms of buyout cost but will in the long run ensure a stable revenue source due to the success enjoyed by former owners of a company (Ireland & Hitt, 2001; Harrison, 1996). The strategy also ensures predictability since there is already and established market share that Coca-Cola can bank on to recoup its investment. Low sugar alternatives and particularly product sweetened using zero calorie alternatives such as stevia present a wonderful opportunity of sustaining the market dominance of the soda brands including sprite and Fanta. 6.3 Cultural leadership Coca-Cola is a strong global brand that has made a mark in peoples lives all over the world. There is no doubt that Coca-Cola has shaped cultures in many countries around the world and most profoundly in America and most of the developed western world. As such Coca-Cola has to take a strong cultural leadership position to fit into the big cultural brand that many have known it to be over the years. Coca-Cola has in some cases been strongly attached to Americanization of the global culture and thus receiving negative reception from some cultures in the world especially in Arabic Middle East countries. The brand is so much American to the eyes of the people from this region and often when politics get into play Coca-Cola is on the losing end as a brand (Bodden, 2008; Hays, 2010). To change this kind of arrangement and play a leading role in redefining culture as a dynamic element of life, Coca-Cola has to adopt a multidimensional approach to culture. This means a brand has to have a more heterogeneous culture that accommodates all the global cultures to ensure the brand reflects elements of cultures in the areas it operates in as noted by Denison & spreitzer (1991). this will most definitely ensure that people in different parts of the world can identify with the brand as part of their own given Coca-Colas strategy of franchising its operations to local bottlers as opposed to full ownership of the distribution chain. Coca-Cola must also lead in discussing issues such as obesity and healthy lifestyle. The brand has been associated closely with obesity and unhealthy eating habits. Coca-Cola must therefore lead in promoting healthy living through moderate consumption of fast foods and carbonated drinks. Sponsoring physical sporting activities will also be another great way for Coca-Cola getting into the conversation and walking the talk. Coca-Cola should also reiterate its commitment to develop zero calorie and low calorie drinks for its consumers and also providing full nutritional information on its packaging. Such practices will make several other industry players tom follow in Coca-Colas actions given that Coca-Cola is the big industry player in carbonated beverages industry. All these actions will shape the culture for today and also in the future and in effect putting Coca-Cola at the centre of it all as a brand. This will continue making Coca-Cola the caring and valuable brand it has positioned itself to be over the years. 6.4 Product offering Coca-Cola must constantly innovate in the area of product improvement and diversification to cater for the growing list of consumer references. Over time consumers really get used to a brand and want something different. In other times it’s about new knowledge acquired by consumers that may change their attitude towards a brand (Rensburg, 2012). Marketing sodas in a world that is more aware of the health implications of carbonated sugary drinks is proving to be a really hard task for Coca-Cola. To overcome this, Coca-Cola needs to develop natural zero calories sweeteners such as stevia to accommodate the changing consumer attitude towards uptake of calories. In the same breath, Coca-Cola needs to broaden its product portfolio to include as many brands as possible to fight off competition from non-carbonated competitors such as fresh juice companies and dairy products sector. Packaging and delivery of the product is also a key development area that Coca-Cola needs to improve on. Sometimes consumer attitude is shaped by how a product is delivered (Dan, 2013). Introduction of Coca-Cola’s smart vending machines and the Coca-Cola freestyle dispensers in restaurants and fast food joints has proved to be a smart idea on the side of the company’s product development department (The Coca-Cola Company, 2012). If this strategy is pursued further to cover the extent of coverage, it will ensure renewed enthusiasm abut Coca-Colas products and also improve data collection efficiency considering the freestyle dispensers have inbuilt technology that collects consumption data and sends it directly to the headquarters of the company for analysis. Coca-Cola should also consider getting into the food industry such as the snacks business. There is quite a huge potential in snacks industry if the company would seek to produce healthy snacks alternative for the developed world markets. The move would also position Coca-Cola for strategic partnerships between its brands and product portfolio for an added advantage in the market. Coca-Cola has wide experience in consumer food industry and can employ the same organizational experience in such a venture and use its strategic and financial advantage to make it a successful venture. This will not only improve sale of beverages in the traditional Coca-Cola markets but also increase the business units held by the company to increase the amount of revenue generated. 7 Analysis of the financial performance of a “made-up” competitor Financial performance gives a preview of how healthy an organisation is in terms of achieving their financial objectives. Financial objectives are not only defined solely on the amount of revenue generated but also on the amount of costs cut by the company as it seeks to deliver value to its consumers and most obviously to its shareholders. Coca-Cola’s financial performance for the past two years has been consistently improving to post a 4% rise in revenue for the year 2012 as compared to the previous 2011 financial year (Ziobro, 2013). The company made net operating revenue of US$ 48 billion for the year 2012 (The Coca-Cola Company, 2013). This is a relatively good figure for a company that employs a businesses model of partnerships to deliver its products. Most of these bottlers who are essentially Coca-Cola’s partners share into the profits of the company with only a few exceptions where this arrangement is not practiced. An imaginary competitor in the industry will make roughly the same percentage growth considering that Pepsi a relatively big company operating in the same industry as Coca-Cola posted 5% growth in revenue for the year 2012 (Pepsico Inc, 2013). The competitor is also likely to give around US$ 3 in earnings per share if it has kept its expenses as lower unlike Coca-Cola which is making quite huge expenses in advertisement and promotional activities eroding the earnings made per share. Pepsi revenue for the year 2012 was US$ 65 billion but the revenue was largely eroded by the high costs of sales which amounted to US$ 31 billion and also administrative expenses to bring the net income down to US$ 6 billion as compared to Coca-Colas net income which was at US$ 9 billion (Pepsico Inc, 2013; The Coca-Cola Company, 2013). This shows that Coca-Cola was able to manage its overall expenses to post a good net income as compared to Pepsi. For an imaginary competitor, it can be said that Coca-Cola is currently a strong market player that most competitors want to beat. As such they are incurring high expenses in advertising and expansion costs to bridge the market share gap. Coca-Cola has been able to maintain low expenses for the past few years but can still reduce expenses through use of technology in the production area. The distribution model is also a good way of raising more capital for expansion as opposed to taking up loans which will increase the gearing level of the organisation by having more liabilities than can be catered for by the business. A slumping global economy presents challenges not only for Coca-Cola but also for other players in global business. Pepsi a major Coca-Cola competitor’s experience a 1.5% slump in its revenues for the year 2012 (Pepsico Inc, 2013). Although the drop was minute as compared to 2012 results, this shows Coca-Cola competitors are experiencing as tough economic situation just as Coca-Cola. An imaginary competitor will therefore not be posing as much threat to Coca-Cola as would necessitate high alert inside the companies top management corridors. However it should be noted that Coca-Cola is receiving related and unrelated competition in its operations since soft drinks are not the only competition that Coca-Cola receives, milk products, fresh juice and alcoholic beverages are also competing for space with Coca-Cola in the beverage markets. Coca-Cola registered a 4% growth in sales meaning the company is fairing well in terms of improving sales (The Coca-Cola Company, 2013). The major growth areas for Coca-Cola are in the developing countries where consumption of soda has not yet received consumer politics of carcinogenic elements and high calorie uptake. Imaginary Coca-Cola competitor probably has not expanded to the emerging economies and thus may be experiencing dwindling revenue due to the fact that most of the western world has been experiencing economic slowdown fro the past 5 years or so. In regards to the balance sheet, Coca-Cola increased it total liabilities for the year 2012 from US$ 48,053 million to US$ 53,006 million (The Coca-Cola Company, 2013). The company also increased it total assets from US$ 79 billion to US$ 86 billion. This means the company is on an expansion drive and heightened marketing activities to outcompete its rivals in various markets around the world. An imaginary competitor would also be going through the same situation and having an almost similar balance sheet considering that Pepsi also increased its liabilities and assets in the same period although in a small margin as compared to Coca-Cola. The balance sheet shows how the company is balancing between its assets and liabilities a consistently increasing liability ratio against assets means the company is not doing so well to minimize the amount of liabilities in relation to assets acquired or revenue generated. It may cast a gloomy image of the company going forward. All the same some of the liabilities are long term loans used to expand the business operations and fund research and development to improve future sustainability of the company and its brands. 8 Conclusion In conclusion, it is clear that Coca-Cola is a major global player in the beverage industry posting quite impressive profits from its global operations. Coca-Cola’s flagship brand Coca-Cola has maintained a growth trajectory over the years since its launch towards the end of the 19th century. It is worthy to note that Coca-Cola has experienced a lot of ups and downs mainly to do with economic ups and downs to competition from equally able players such as Pepsi. To sustain Coca-Cola as a strong brand it is today, the company has had to employ a lot of innovative strategies including packaging innovations, marketing innovations and positioning of the brand as a truly cultural brand in the globalisation story of the 20th century. Coca-Cola healthy financial situation could not be possible without the product diversification strategies to include more than 500 brands in its product portfolio. Creativity is also another strength that has shaped Coca-Cola’s advertising over the years and brand positioning. This good financial performance has provided a backing for the traditional brands of the company even as they receive negative reception from health conscious consumers. Going forward, Coca-Cola needs to focus highly in areas as such as product development to reduce calorie level in sodas and diversification to offer more alternatives and also reduction of operating expenses to retain as much profit from revenue generated as possible. Expansion into emerging economies and developing economies will also be a good strategy as it is likely to eclipse the same success Coca-Cola enjoyed in the American market as it boomed in the better part of the 20th century. Marketing is vital in strengthening the brand Coca-Cola and as such targeted investment needs to be made in this area to yield better results than the company is currently enjoying. References Arkin, a. 2006. In search of the real thing (leadership at Coca-Cola). Development and Learning in Organisations , 20 (3). Barker, N., Michael, V., & Shimp, T. 2012. Integrated Marketing Communications. Cengage Learning. Bodden, V. 2008. The Story of Coca-Cola. The Creative Company. Chell, E. 2001. 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