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Coca-Cola benefits from its strong brand value and successfully expands by developing new healthier products, following its mission to improve peoples lives worldwide.
Coca-Cola is a well-known beverage company, and its product line goes far beyond coke. Indeed, the opportunity to develop new drinks became a winning strategy for expansion (Golder and Mitra, 2018). Coca-Cola today switches to healthier products and enters markets like coffee, drinks for athletes, and plant-based beverages (Rey-López and Gonzalez, 2019). The brand value is more than the US $84 billion, and it has been gained through high-quality drinks development, campaigns, and global expanse (Serodio et al., 2020). The opportunity to develop unique products is worth exploring for Coca-Cola because the brand is trustworthy, and moving towards healthier choices aligns with the companys activities.
For instance, Coca-Cola is associated with major sporting events such as Olympic Games and FIFA World Cup. Sponsoring athletic competitions makes Coca-Cola crucial for the worldwide healthy lifestyle promotion (Aaron and Siegel, 2017). The strong brand addresses participation in organizing events while entering markets like the non-sugary drinks. In contrast, PepsiCo, Coca-Colas main competitor, frequently sponsors risky sports events and commonly associated extreme lifestyle and adrenaline, not health (Kayabaº, Boyraz, and Derdiyok, 2017). Another practical example that Coca-Colas brand value is an opportunity to enter healthier products markets is its launch of new beverages (Chia-Jen, 2018). The company successfully acquired AdeS a plant-based drinks brand that allowed Coca-Cola to enter the products created to decrease animal cruelty (Goyal et al., 2019). If a firm is perceived as a part of sports events and fine beverages, it will become a significant competitor in the healthy lifestyle promotion industry (Hung, 2018).
The SMART objective to develop unique healthier products within the next few years matches Coca-Colas mission. Coca-Colas mission is to create socio-economic opportunities and provide people worldwide with fresh beverages (Coca-Cola, 2021). Indeed, introducing healthier drink choices is ethically beneficial and will increase Coca-Colas brand value (Bjerke and Renger, 2017). Moreover, expanding to new markets will force the company to create new jobs worldwide.
Reference List
Aaron, D.G. and Siegel, M.B., (2017) Sponsorship of national health organizations by two major soda companies, American Journal of Preventive Medicine, 52(1), pp.20-30.
Bjerke, M.B. and Renger, R., (2017) Being smart about writing SMART objectives, Evaluation and Program Planning, 61, pp.125-127.
Coca-Cola, (2021) Coca-Cola Brands. Web.
Golder, P.N. and Mitra, D. eds., (2018) Handbook of research on new product development. Cheltenham: Edward Elgar Publishing.
Goyal, A., Nair, A., Kumar, B. and Sivakumaran, B., (2019) Enhancing consumer preference towards healthy drinks, Great Lakes Herald, 13, pp.41-60. Web.
Hung, C. J. (2018) A study on the correlation among brand image, perceived risk, and purchase intention in food and beverage industry, Revista de Cercetare _i Intervencie Social, 61, pp.122-133. Web.
Kayabaº, T.D., Boyraz, G. and Derdiyok, R., (2017) Examining Coca-Cola and Pepsi brands under the basis of globalization and multinational companies, International Journal of Academic Research in Business and Social Sciences, 7(12), pp.351-358.
Rey-López, J.P. and Gonzalez, C.A., (2019) Research partnerships between Coca-Cola and health organizations in Spain, European Journal of Public Health, 29(5), pp.810-815.
Serodio, P. et al. (2020) Evaluating Coca-Colas attempts to influence public health in their own words: analysis of Coca-Cola emails with public health academics leading the Global Energy Balance Network, Public Health Nutrition, 23(14), pp.2647-2653.
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