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Of Thinking Globally and Acting Locally - Essay Example

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Summary
The past years has seen the evolution of a global market facilitated by the rapid integration of economies. The elimination of trade barriers, technological advancement, and the creation of economic and free trade zones has made possible the movement of goods and capital between boundaries and the growth of multinational corporations…
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Of Thinking Globally and Acting Locally

Download file to see previous pages... Thus, business organizations like Coca-Cola (Coca-Cola) Company take on the challenge of "thinking globally but acting locally."
Coca-Cola is currently one of the most recognizable and widely sold commercial brands in the global arena. The company capitalizes on its extensive distribution network comprised of 9 million retailers in more than 200 countries (Klebnikov 2003). Amidst its being a global brand, what is apparent is the company's innate desire of satisfying each locale according to their needs. This aim of Coca-Cola can be seen its products and promotion strategies.
Coke, the flagship brand of the company is marketed worldwide. It should be noted that this product has been warmly accepted by the global market because of its universal taste. Coke has a "universal taste" which discounts the differences in nationality, culture, and traditions. However, the company recognizes that the product portfolio offered in each foreign market should be differentiated as not all product appeal to all consumers. Thus, Coca-Cola strives to develop a product portfolio which is unique for each market. Quoting the company's annual report:
"Consumer demand can vary from one locale to another and can change over time within a single locale. ...Download file to see next pagesRead More
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