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SUBMITTED TOWARDS FULFILLMENT OF POST GRADUATE DIPLOMA IN MANAGEMENT (Approved by AICTE, Govt. of India)
Under the Guidance of: Prof. Dr. Madhavi Pandya Marketing & Communication SSIM
ACKNOWLEDGEMENTS
Madhavi
PREFACE
Market provides a key to gain actual success only to those brands which match best to the current environment i.e. which can be delivered what are the people needs and they are ready to buy at the right time without any delay. It is perfectly true but this also depends on availability of good quality products and excellent taste and services which further attract and add a golden opportunity for huge sales. This also depends on the good planning approach and provide opportunity plus sufficient amount of products for sales in the coming next financial year. This report introduces study of consumers preferences for COCA COLA. After going through a detail analysis of market behavior and future prospect, it may also provide an opportunity to COCA COLA to frame a good future plan to satisfy maximum needs of the customers and established its guiding role in the market of KOLKATA, BARRACKPORE AND KHARDAH. The study report will also provide an opportunity to its market potential business areas, products& services are to be offered by the company to the customers. Marketing Division of COCA COLA has to keep in mind various factors specially while preparing plan for marketing its product or services. Detail description along with analysis of surveyed data is being presented in this report.
TABLE OF CONTENTS
Introduction......5 Executive summary..5 Company Profile......6 History.............8 Organizations and Organizational Effectiveness.....9 Stakeholders, Managers, and Ethics......10 Organizational Design...11 Designing Organizational Structure: Authority & Control....12 Designing Organizational Structure: Specialization & Coordination13 Managing in a Changing Global Environment..13 Organizational Design & Strategy.14 Creating & Managing Organizational Culture...15 Organizational Technology16 Organizational Transformations16 Decision Making17 Mission, Vision and Values...18 Product Profile...20 Quality control...23 SWOT Analysis.27 Market Analysis........30 Marketing Objectives.34 Introduction to Research Work..43 Objective of the Study...43 Research Methodology..43 Implementation and Control..43 Suggestion .45 Conclusion.46 Limitation of the Study..46
INTRODUCTION
The Coca-Cola Company is a beverage company, manufacturer, distributor, and marketer of non-alcoholic beverage concentrates and syrups. The company is best known for its flagship product Coca-Cola, invented by pharmacist John Stith Pemberton in 1886. The Coca-Cola formula and brand was bought in 1889 by Asa Candler who incorporated The Coca-Cola Company in 1892. Besides its namesake Coca-Cola beverage, Coca-Cola currently offers more than 400 brands in over 200 countries or territories and serves 1.6 billion servings each day. The company operates a franchised distribution system dating from 1889 where The Coca-Cola Company only produces syrup concentrate which is then sold to various bottlers throughout the world who hold an exclusive territory. The Coca-Cola Company is headquartered in Atlanta, Georgia. Its stock is listed on the NYSE and is part of DJIA, S&P 500 Index, the Russell 1000 Index and the Russell 1000 Growth Stock Index. Its current chairman and CEO is Muhtar Kent.
EXECUTIVE SUMMARY
The objective of the project is to know the consumers preferences for Cola Drinks, to study the Market Potential of COCA COLA and the report contains a brief introduction of Coca Cola. The company COCA COLA has interests in various sectors and they provide consistent quality products to meet our costumers requirement worldwide. This report clearly mentions objective of the study and the research methodology utilized. Both primary data and secondary data. The data collection method used is structured no disguised questionnaire in which the types of questions used are open ended, multiple-choice and close ended. Some of the research areas are CHIRIAMORE, BARRACKPORE AND KHARDAH. This project reveals one of the important findings like more and more displays of the window hiring and can be given to the retail outlets as it has been said that JItna Dikhega Utna Bikega. To increase its consumption, more schemes like Seasonal Schemes and other schemes can be given to the consumers. A detailed survey of the consumers was carried to find out their preferences for COCACOLA. The details of the
methodology are stated below. Areas are KOLKATA, BARRACKPORE AND KHARDAH research design: Exploratory and descriptive. Sources of information are primary and secondary data. Data collection method structured no designed questionnaire. Types of questions used open ended, multiple choice and close ended. Sampling methods random sampling. In this study I found that most of the consumers prefer COCA COLA as their 1st preference and then PEPSI.
COMPANY PROFILE
Douglas N. Daft was elected chairman, Board of Directors, and chief executive officer of The Coca-Cola Company on February 17, 2000. Mr. Daft is the 11th chairman of the Board in the history of the Company. Mr. Daft, 60, joined the Company in 1969 as planning officer in the Sydney, Australia office. He held positions of increasing responsibilities throughout Asia and in 1982 was named vice president of Coca-Cola Far East Ltd. In December 1988, Mr. Daft was named president of the North Pacific Division and president of Coca-Cola (Japan) Co., Ltd. He moved to the Company's Atlanta headquarters in 1991 to assume the responsibility of president of the Pacific Group and in 1999 his responsibilities were expanded to include the Company's Africa Group, and Schweppes Beverage Division, as well as the Middle and Far East Group. Mr. Daft was elected president and chief operating officer of The Coca - Cola Company in December 1999. He serves on the boards of Sun Trust Banks, the Boys& Girls Clubs of America, Catalyst, the CERGE-EI Foundation(Center for Economic Research and Graduate Education - Economics Institute) in the Czech Republic, the Lauder Institute for Management and International Studies at the University of Pennsylvania, the Prince of Wales International Business Leaders Forum, the Grocery Manufacturers of America, the British - American Chamber of Commerce, the G100, the Woodruff Arts Center, the Commerce Club, and the McGraw-Hill Companies. Mr. Daft is a trustee of Emory University, the American Assembly and the Center for Strategic & International Studies. He is also a member of The Trilateral Commission, the Business Council, and the Business Round table. Mr. Daft received a bachelor's degree in mathematics from the University of New England and a post-12 Graduate degree in administration from the University of New
South Wales. He holds an honorary doctorate in international law from Thunderbird, the American Graduate School of International Management
IN INDIA
The Coca-Cola Company re-entered India through its wholly owned subsidiary, Coca-Cola India Private Limited and re-launched Coca-Cola in 1993 after the opening up of the Indian economy to foreign investments in 1991. Since then its operations have grown rapidly through a model that supports bottling operations, both company owned as well as locally owned and includes over 7,000 Indian distributors and more than 1.3 million retailers. Today, our brands are the leading brands in most beverage segments. The Coca-Cola Companys brands in India include Coca-Cola, Fanta Orange, Fanta Apple, Limca, Sprite, Thums Up, Burn, Kinley, Maaza, Maaza Milky Delite, Minute Maid Pulpy Orange, Minute Maid Nimbu Fresh and Nestea Iced tea, the Georgia Gold range of teas and coffees and Vitingo (a beverage fortified with micro-nutrients). In India, the Coca-Cola system comprises of a wholly owned subsidiary of The Coca-Cola Company namely Coca-Cola India Pvt Ltd which manufactures and sells concentrate and beverage bases and powdered beverage mixes, a Company-owned bottling entity, namely, Hindustan Coca-Cola Beverages Pvt Ltd; thirteen authorized bottling partners of The Coca-Cola Company, who are authorized to prepare, package, sell and distribute beverages under certain specified trademarks of The Coca-Cola Company; and an extensive distribution system comprising of our customers, distributors and retailers. Coca-Cola India Private Limited sells concentrate and beverage bases to authorized bottlers who are authorized to use these to produce our portfolio of beverages. These authorized bottlers independently develop local markets and distribute beverages to grocers, small retailers, supermarkets, restaurants and numerous other businesses. In turn, these customers make our beverages available to consumers across India. The Coca-Cola Company has invested nearly USD 1.1 billion in its operations in India since its reentry back into India in 1992. The Coca-Cola system in India directly employs over 25,000 people including those on contract. The system has created indirect employment for more than
1,50,000 people in related industries through its vast procurement, supply and distribution system. We strive to ensure that our work environment is safe and inclusive and that there are plentiful opportunities for our people in India and across the world. The beverage industry is a major driver of economic growth. A National Council of Applied Economic Research (NCAER) study on the carbonated soft-drink industry indicates that this industry has an output multiplier effect of 2.1. This means that if one unit of output of beverage is increased, the direct and indirect effect on the economy will be twice of that. In terms of employment, the NCAER study notes that an extra production of 1000 cases generates an extra employment of 410 man days. As a Company, our products are an integral part of the micro economy particularly in small towns and villages, contributing to creation of jobs and growth in GDP. Coca-Cola in India is amongst the largest domestic buyers of certain agricultural products. As an industry which has strong backward and forward linkages, our operations catalysis growth in demand for products like glass, plastic, refrigeration, transportation, and Industrial and agricultural products. Our operations also lead to incremental growth for enterprises engaged in post production activities like merchandising, marketing and sales. In addition, we share best practices and technological advancements with our suppliers, vendors and allied industries which often lead to improvement in the overall standards of quality across industries. The Coca-Cola Company has always placed high value on good citizenship. Our basic proposition entails that our Companys business should refresh the market; enrich the workplace; protect and preserve the environment; and strengthen the community. We leverage our unique strengths to actively support and respond to local needs -- be it the need for education, health, water or nutrition. We have used our distribution network for disaster relief, our marketing prowess to raise awareness on issues such as PET recycling, and our presence in communities to improve access to education and potable water. The Coca-Cola India Foundation is now taking forward in the community at large, projects and programs of social relevance to carry forward the message of inclusive growth and development.
HISTORY OF COLA
The cola industry has phenomenal possibilities for rocketing profit growth in spite of the sign of relief heaved by the manufacture at the abrupt sensational termination of coca cola monopoly the tastes of cola is by no means extinguished the coca. Cola have a status symbol to it..., generated by the sub standard, penetrated, advertising and extensive distribution network. Total soft drink segment is growing at the rate of 10% per year still if international standard area considered the per capita consumption of three serving in rock bottom, less than even our neighbors Pakistan and Bangladesh, where it is four more as much. So with kind of a market potential coke entered in India in 1991 after the permissions of setting up Britico Food company to coke was granted by the government in Pune in 1992the plant was established for is deducted then the bottle are taken out of the line and Cleaned again or rejected. The most
important step is the mixing of drink concentrate dissolved in the soft water the sugar syrup at the same time. Carbon dioxide is passed in the drink to produce a fizz. After the crowing of the bottle the crown contains the manufacturing data batch number and Time
commitment by our management and employees worldwide-to achieve long-term sustainable growth
The key inputs for production are the raw materials used in the beverages. The company uses different types of sweeteners depending on where the concentrate is being produced. Water is one of the main ingredients used in every beverage. Since the organization greatly focuses on marketing, human capital is an important asset to the company as well. Without its employees knowledge and abilities, The Coca-Cola Company would not be nearly as successful. The secret formula for Coca-Cola is another key input for the company. The Coca-Cola Company does not actually produce soda. They produce the concentrate or syrup, which is then sent to distributors. Distributors add carbonated water and any other ingredient necessary to create the final product. The production process of Coca-Cola is a secret; however, it mainly consists of adding the correct amount of ingredients, and mixing them. The process to create each beverage is extremely mechanized in order to achieve quick and efficient production. The outputs of The Coca-Cola Company are the syrups and concentrates of its beverages. The Coca-Cola Company faces a number of challenges, many of which stem from the fact that the organization operates on such a large level. Each market has its own trends and demands. Consumers in some markets have become more heath conscious. In order to react to this trend, many diet and low-calorie drinks have been created. The Coca-Cola Company is always trying to find ways to be innovate. Due to the anti-carbohydrate trends created by the Atkins diet, Coca-Cola C2 was introduced. It is supposed to have the same taste as Coca-Cola, but contain half the carbohydrates. Another problem The Coca-Cola Company faces is derived from the social and political differences of each market. For example, different countries have different laws. Most developing countries have more relaxed pollution requirements. In some countries, bribes of government officials are considered normal and expected. While it is company policy that The Coca-Cola Company will follow the laws of every country that it operates in, it still has strong criticism from other parts of the world for its actions. The company has recently been the subject of strong criticism the companys bottling plants in Colombia are alleged to have killed workers who were attempting to unionize. Even though the bottling plants are independently owned and operated, and
nothing has happened legally to the bottling plants in Colombia, The Coca-Cola Company has been facing strong criticism for it in the United States. The Coca-Cola Companys structure has characteristics of both organic and mechanistic models. The organization has a more centralized structure, however in recent years there has been a movement towards decentralization. A more in-depth analysis of the organizations structure will be discussed later. The Coca-Cola Company measures success in many ways. The Coca-Cola Company believes that if they analyze sales based on volume growth, it is an indicator of trends at the consumer level. The company obviously looks at profit as a way to measure success. Recently, The Coca-Cola Company has been focused on being a more responsible global citizen. The company has over 70 clean-water projects in countries all across the globe.
a. Shareowners b. Employees c. Bottling partners d. Governmental agencies e. Suppliers f. Retail customers g. Consumers h. Local Communities i. NGOs Because each group of stakeholders has a different goal, conflicts arise. The shareowners are concerned with earning a profit, while local communities care deeply about environmental issues and labor standards. Suppliers want to charge as much as possible to create more revenues, and The Coca-Cola Company wants to get the lowest prices to decrease costs.
Management wants to keep labor costs down, while employees want raises and increased benefits. The organizations divisional managers run company operations in a general region of the globe. The functions of each vice president are divided into functions such as human resources, innovation/research and development, marketing, and public affairs and communication. The two functions most critical in taking advantage of the companys competitive advantages are marketing and innovation/research and development. As stated time and time again, the organization tries to capitalize on its brand name as much as possible, which is why the marketing function is so important to the company. The Innovation/research and development department must come up with the products that the marketing function demands. The majority of the top level managers at The Coca-Cola Company have worked in many different regions and areas of the company. Many have worked for or ran the bottling companies that partner with the organization. The fact that members of the top management team have well rounded backgrounds allow for problems to be looked at from multiple angles.
ORGANIZATIONAL DESIGN
The Coca-Cola Company realizes that it needs to be able to meet the ever changing demands of its customers. This is why the company pushed towards decentralization in the nineties, and even more so recently. The organization has two operating groups called Bottling Investments and Corporate. There are also operating groups divided by different regions such as: Africa, Eurasia, European Union, Latin America, North America, and Pacific. Each of these divisions is again divided into geographic regions. By allowing decisions to be made on a more local level, the organization can quickly respond to changing market demands, and higher-level management can focus more on long-term planning. Certain divisions of the company, such as finance, human resources, innovation, marketing, and strategy and planning are centrally located within the corporate division of the company. Some of these functions take place at lower levels in each of the regions of the company; however, most decisions are made at the top of the hierarchy. For example, in 2011 the decision to sponsor the World Cup was done at the corporate level. Corporate headquarters, however, allowed the local divisions to make the advertising decisions. This allowed each division to specifically design commercials and ads that
would appeal to the local market. When Neville Isdell took over as CEO and chairmen of The Coca-Cola Company in 2004, he began to using more complex integrating mechanisms. In order to deal with organizations extremely low growth rate, Isdell used teams of top managers to create solutions to the organizations most pressing problems. Face-to-face meetings were held regularly at the local levels so employees could remain informed. Besides the use of teams and meetings, the intranet was overhauled to provide a source of real-time sharing of information. The use of complex integrating mechanisms is important in such a tall and wide organization. It is important that each function of the company is able to share up-to-date information quickly with each other. The organization seems to be doing an excellent job of balancing standardization and mutual adjustment. The Code of Conduct for the organization is guidebook for how every employee should act. Should an employee act improperly, they are subject to disciplinary actions. Due to the changes implemented by Isdell, mutual adjustment has started to play a larger role in the organization. Employees feel more engaged and turnover has been reduced. Isdells changes have led to increased growth rates for the organization, and return on equity for stockholders went from a negative return to a 20percent return. This balance is essential, because it allows employees some flexibility, but also gives the organization some predictability. The Coca-Cola Companys structure is a hybrid of both mechanistic and organic models. The focal point of The Coca-Cola Company is on responsiveness. The complex integrating mechanisms previously discussed are characteristic of an organic structure. The surveys and interviews used by the company allowed information to flow from the bottom-up, and the intranet allows for information to be exchanged laterally. The surveys have also caused The Coca-Cola Company to pursue simplification and standardization. Centralization and high standardization are associated with a mechanistic structure. The blending of both types of structures seems to be ideal for the organization. Flexibility is essential when trying to appeal to such a vast number of independent markets, however, high standardization is important to remain efficient in production. The use of complex integrating mechanisms allows for easier coordination for the global company. Centralization keeps organizational choices aligned with organizational goals. Now that information in the company is flowing in every direction, uppermanagement will have access to information more quickly, adding to the organizations
flexibility and responsiveness. The recent shift towards a more decentralized and organic structure corresponds with the uncertainty of the organizations environment
that the organization has gone through in recent years have created a much needed positive impact on the company. Sales growth increased and employees are much more satisfied. The organization is trying to create a more innovative culture by pushing towards decentralization.
Company as one of only two viable sources for the ingredient aspartame .The Coca-Cola Company is at a strong disadvantage if they cannot decrease their reliance on a small number of suppliers. If relations with suppliers deteriorate, or if the suppliers go bankrupt, it would have dire consequences for The Coca-Cola Company. The Coca-Cola Company must also compete to get the best employees possible. The production of the beverages does not require skilled labor, The Coca-Cola Companys top choices for the open CEO position decided not to join the company because they did not like the actions of the Board of Directors. Due to the organizations high credit rating, the company has the ability to raise funds at a lower cost. This allows the organization the opportunity to finance operations such as expansion through the issuance of debt. This may be necessary if The Coca-Cola Company looks to expand into new markets, or purchase new brands. The environment in which The Coca-Cola Company operates in is extremely dynamic. The environment is difficult to predict and control due to the global nature of the operations. The Coca-Cola Company faces the threat of reduced production or disruption in distribution if there is a problem in a market. Another reason the companys environment is tremendously dynamic is due to the nature of their raw materials. Some of their key raw materials are dependent on specific climates. Climate changes may impact the price of the materials they need to obtain and, in turn, affect the cost of production. The strength and interconnectedness of the general forces that The Coca-Cola Company must deal with make the environment extremely complex. Recently in the United States, two forces have started to become inter-woven: cultural/social values and political/environmental forces. Many American companies are now being lambasted if they do not try to be more environmentally friendly, and The Coca- Cola Company is no different. The company has received plenty of criticism for its operations in India, with claims that they cause a great deal of pollution and have damaged local water supplies. The Coca-Cola Company uses a wide variety of techniques to manage relationships with its stakeholders, the most useful tool being strategic alliances. A former CEO of the organization claimed that 100 percent of its revenues came from strategic alliances. The company uses exclusive contracts with its bottling partners and other customers as well. In1999, the organization signed a ten-year deal with Burger King to be the restaurants only supplier of beverages. Even though PepsiCo was willing to
give Wendys a much better deal, the restaurant signed a ten-year deal with The Coca-Cola Company. This example show show powerful the Coca-Cola brand name really is. The Coca-Cola Company has done an excellent job managing some aspects of the environment, but done a poor job at managing other parts of the environment. The negative publicity received from its operations in India and the actions of its bottling partner in Colombia has led to boycotts of Coca-Cola products on some campuses. While this is clearly bad for the company, the average consumer is completely unaware of these allegations. This means that The CocaCola Company is doing a decent job of damage control. While the company has not had any trouble with suppliers lately, the future is always uncertain. It does not seem like the company is not actively trying to secure supplies, which is why vertical integration was recommended.
local market, and the bottler agrees to only purchase the syrup and concentrate from the companys authorized dealers. The Coca-Cola Company at times provides the retailers and distributors with promotions, and capital at times. Because the organization does not have to worry about the distribution in the local markets, it allows the company to focus on more important issues. The Coca-Cola Companys business-level strategy is one of differentiation. This is evident in the previous example of consumers preferring identical beverages just because the Coke brand name was attached. They have been successful pursuing differentiation because the focus of the company has always been on marketing. The Coca-Cola Company is known for innovative marketing that constantly promotes their brand names and protects their domains from competitors. The hybrid structure of The Coca-Cola Company is ideal for its differentiation strategy. The centralization of the marketing and innovation functions allows the company to retain control over development, marketing and production. By performing extensive market research and creating more local offices, the company is always looking for new ways to serve new customers. The use of complex integrating mechanisms allows coordination between all levels and divisions of the company.
Coca-Cola Company (Fox,2007). The positive stories that the company chooses to focus on provide a foundation to encourage employees to be not only model workers, but model citizens.
ORGANIZATIONAL TECHNOLOGY
Currently, output processes are the greatest source of uncertainty for the organization. As previously stated, The Coca-Cola Company does not produce the end product. Distributors and bottlers mix other ingredients (mainly carbonated water) with syrups and concentrates and then sell the products. The Coca-Cola brand name is on the end product, regardless of who bottles it. The company must keep pressure on the bottlers to maintain high quality outputs, or it could have negative consequences for The Coca-Cola Company. There exists very little information about the production of the Coca-Cola syrup. Even at The World of Coca-Cola, a museum for the company, there is no mention of how the syrup is produced. The production of Dasani, the companys bottled water, is extremely mechanized, and it is fair to assume that the production of every Coca-Cola product is the same. This mass production and high mechanization leads to a high level of technical complexity. Classification Level of Technical Complexity a. Small-Batch and Unit Production Low to Medium b. Large-Batch and Mass Production Medium to High Continuous Process or Flow Production High The typical structure of a manufacturing company that uses mass production is a mechanistic structure, in which efficient production is the desired end. The Coca-Cola Companys structure is unique in that it has a lot of the characteristics of an organic structure. This is due to its focus on marketing and local appeal. The structural mismatch means that production in the organization may not be as efficient as possible; however, the benefits of the organizations structure outweigh the consequences
ORGANIZATIONAL TRANSFORMATIONS
The Coca-Cola Company was founded in 1888 to take advantage of the already popular CocaCola name. Of the four life cycle stages (birth, growth, decline, death), after 120 years, the company remains in the growth stage because the companys value creation skills continue to
evolve. The company has faced a variety of internal problems over the years. A constant struggle in any organization is trying to meet employees demands while trying to keep labor costs low. In 2005, workers went on strike because management wanted to institute a policy where employees would pay a greater portion of their health benefits. If the organization experiences any work stoppage, the company may not be able to meet customer demand and lose out on revenue. Another internal problem within the company is that the board exercises a great deal of power and influence. As previously stated, the company failed to attract its top choices for CEO in 2004, and the board has even pulled ads because they thought the commercials did not fit the companys image .Uncertainty in the environment has caused many external problems for the organization, ranging from uncertainty with its suppliers and distributors to political and societal pressures.. While there was not information regarding policy changes because of this, many believe that the power of the board will diminish because long time director Warren Buffet has stepped down. Buffet has been viewed as rather conservative and also involved himself in the decision making of the organization. As the company has continued to grow, top managers have pushed operational responsibility and decision making down to the local levels. This move allows the company to react better to each market, and it also allows corporate managers to concentrate on strategic and long-term planning. By allowing lower level managers to become intricately involved in the companys growth efforts, Neville Isdell created an environment in which everyone felt responsible for the companys performance. He has also promoted employees within the organization, which aligns both the goals of the managers and the organization. The fifth and final stage of Greiners model is focused on reducing bureaucracy to speed up decision making. In April2007, COO Muhtar Kent stated that the company is focusing on simplifying the structure to reduce bureaucracy. Theory postulates that an organization in this stage would be wise to pursue a product team or matrix structure. Because The Coca-Cola Company only operates in one domain and has over 400 products, the product team structure would be too costly and unrealistic. A matrix structure would be an idea worth considering; however the organization uses divisions based on geography, not product. Due to lack of information about the companys regional structure, it is
hard to say whether the company should pursue a matrix structure or remain as a multidivisional structure.
DECISION MAKING
The majority of decisions made by The Coca-Cola Company are done so by using the incremental method. Each year, the company would analyze results, and then make slight changes in operations to create better results next year. The company does not just quickly decide to create a new product, or change operations. Drastic changes take time. Recently, realizing that the company was in desperate need for a drastic change, Isdell sought to figure out why the company performance was declining. By starting at the lower levels of the organization to find solutions, the company was able to make some drastic changes to the companys culture, how employees were rewarded, and made efforts to get employees more involved. The changes brought on by using the unstructured decision making model created much better results for the company. One of the biggest flaws in the organization is that the board of directors is responsible for some of the non-programmed decisions made by the company. When The CocaCola Company was seeking to purchase Quaker Oats, the deal was almost finalized, but then stopped because the board felt the price was too. When decisions are made by the board, it means they lack confidence in the upper management of the company to make vital decisions. This is problematic for the company for a few reasons. Because members of the board have so much money invested in company stock, they want to minimize risk, and thus, are extremely prone to take fewer chances. The members of the board do not or have not worked for the company, so they are not close enough to know all the pertinent information required to make complex decisions.
backlash towards the reformulation of Coca-Cola. This example proves that market research cannot always be an indicator of what will actually happen.
The world is changing all around us. To continue to thrive as a business over the next ten years and beyond, we must look ahead, understand the trends and forces that will shape our business in the future and move swiftly to prepare for what's to come. We must get ready for tomorrow today. That's what our 2020 Vision is all about. It creates a long-term destination for our business and provides us with a "Roadmap" for winning together with our bottling partners.
Mission
Our Roadmap starts with our mission, which is enduring. It declares our purpose as a company and serves as the standard against which we weigh our actions and decisions.
A. To refresh the world B. To inspire moments of optimism and happiness C. To create value and make a difference.
Our Vision
Our vision serves as the framework for our Roadmap and guides every aspect of our business by describing what we need to accomplish in order to continue achieving sustainable, quality growth.
a. People: Be a great place to work where people are inspired to be the best they can be.
b. Portfolio: Bring to the world a portfolio of quality beverage brands that anticipate and satisfy people's desires and needs.
c. Partners: Nurture a winning network of customers and suppliers, together we create mutual, enduring value.
d. Planet: Be a responsible citizen that makes a difference by helping build and support sustainable communities.
e. Profit: Maximize long-term return to shareowners while being mindful of our overall responsibilities.
c. d. e. f. g.
Integrity: Be real Accountability: If it is to be, it's up to me Passion: Committed in heart and mind Diversity: As inclusive as our brands Quality: What we do, we do well
Work Smart
a. b. c. d. e. Act with urgency Remain responsive to change Have the courage to change course when needed Remain constructively discontent Work efficiently
Be the Brand
Inspire creativity, passion, optimism and fun
Coca-Cola is the best-selling soft drink in most countries. While the Middle East is one of the only regions in the world where Coca-Cola is not the number one soda drink, Coca-Cola nonetheless holds almost 25% market share (to Pepsi's 75%) and had double-digit growth in2003. Similarly, in Scotland, where the locally produced Irn-Bru was once more popular, 2005 figures show that both Coca-Cola and Diet Coke now outsell Irn-Bru. In Peru, the native Inca Kola has been more popular than Coca-Cola, which prompted Coca-Cola to enter in negotiations with the
soft drinks company and buy 50% of its stakes. In Japan, the best selling soft drink is not cola, as (canned) tea and coffee are more popular.
PRODUCT PROFILE
The Coca-Cola Company offers nearly 400 brands in over 200 countries, besides its namesake Coca-Cola beverage. Tab was Coca-Cola's first attempt to develop a diet soft drink, using saccharin as a sugar substitute. Introduced in 1963, the product is still sold today, however its sales have dwindled since the introduction of Diet Coke. The Coca-Cola Company also produces a number of other soft drinks including Fanta and Sprite. Fanta's origins date back to World War II when Max Keith, who managed Coca-Cola's operations in Germany during the war, wanted to make money from Nazi Germany but did not want the negative publicity. Keith resorted to producing a different soft drink, Fanta, which proved to be a hit, and when Coke took over again after the war, it adopted the Fanta brand as well. The German Fanta Klare Zitrone ("Clear Lemon Fanta") variety became Sprite, another of the company's bestsellers and its response to 7 Up. During the 1990s, the company responded to the growing consumer interest in healthy beverages by introducing several new non-carbonated beverage brands. These included Minute Maid Juices to Go, PowerAde sports beverage, flavored tea Nestea (in a joint venture with Nestle), Fruitopia fruit drink and Dasani water, among others. In2001, Minute Maid division launched the Simply Orange brand of juices including orange juice.
Orange
Fruit Juice
Cloudy Lemon
Fanta
Coca-Cola
Maaza
Coca-Cola
Clear Lemon
200Ml. 300Ml. 500Ml. 1 Litre 1.5 Litre 2 Litre 200Ml. 300Ml. 500Ml. 1 Litre 1.5 Litre 2 Litre
Limca
Coca-Cola
Sprite
Coca-Cola
Coke
Sprite
Fanta
Diet Coke
Minute Maid
Quality Control
Chemical & Microbiological Laboratory
Chemical and Microbiological tests conforming to the BIS norms are being performed in the QC Lab to ensure proper quality of the finished product. The requisite tests are being carried out both in-house and outside and strict quality control monitoring is done to cater the market with the highest level of quality standards.
Infrastructure
Most of the water borne diseases emanates from unclean water, poor and obsolete technology used to purify the water, unhygienic condition and most importantly the source of water and chances of contamination from surrounding industries and locality. Treated drinking water coming out of EBPL ensures safe, clean, potable water for human consumption, anytime and every time. A bottle of water is treated through State-of-the-Art technology comprising of Dual Media Filtration, Activated Carbon Filtration, Reverse Osmosis (R.O), Micron Filtration and through U.V treatment and Ozonisation.
automatic 6 stage rinsing and washing of the jar before automatic filling of-the water.
Don't take or consume any PDW whose cap and seal is broken or even scratched or if water is leaking from the cap or the bottle. Beware of spurious fillers who provide cheap PDW. You are never sure from what source is this water coming. Globally the shelf life of PDW is 1 year and in some cases don't have any limitation on the shelf life of bottled water. In India the BIS prescribed shelf life is 6 months.
Before you gulp the first drop. This will safeguard you from any dust, germs which may get stick on to the bottle from outside and may mix with the water when you open the cap.
70% of Adult body is water, at birth its 80%. 75% of normal human brain is water Frozen water is 9% lighter than water, which is why ice floats on water. Of all the water on earth, only 2.5% is fresh water. Fresh water is either groundwater (0.5%),or readily accessible water in lakes, streams, rivers, etc. (0,01 %). Over 90% of the world's supply of fresh water is located in Antarctica. Less than 1 % of the water supply on earth can be used as drinking water. A person can live about a month without food, but only about a week without water. A person must consume 2 litres of water daily to live healthily. Humans drink an average of 75,000 litres of water throughout their life. Globally an average person spends less than 1 % of his or her total personal expenditure for water, wastewater, and water disposal services. Less than 1 % of the water treated by public water systems is used for drinking and cooking. It takes 5,680 litres (1,500 gallons) of water to process one barrel of beer. About 25,700 litres (6,800 gallons) of water is required to grow a day food for a family of four.
SWOT Analysis:
Strengths Weaknesses
Internal
-Popularity -well known -branding obvious and easily recognized -A lot of finance -customer loyalty -International Trade
-Word of mouth -lack of popularity of many Coca Colas brands -Most unknown and rarely seen - non-existent advertising -health issues
Threats External
-changing healthconsciousness attitude -legal issues -Health ministers -competition (Pepsi)
Opportunities
-many successful brands to pursue -advertise its less popular products -buyout competition. -More Brand recognition
SWOT analysis is a technique much used in much general management as well as marketing scenarios. SWOT consists of examining the current activities of the organization- its Strengths and Weakness- and then using this and external research data to set out the Opportunities and Threats that exist.
a) Strengths:
Coca-Cola has been holding a large part of world culture for a very long time. Coca cola has focused on brand image and brand loyalty along with providing supreme taste and quality. The Coca-Cola image is displayed on T-shirts, hats, and collectible memorabilia. This extremely recognizable branding is one of Coca-Cola's greatest strengths. "Enjoyed more than 685 million times a day around the world Coca-Cola stands as a simple, yet powerful symbol of quality and enjoyment" (Allen, 1995). Additionally, Coca-Cola's bottling system is one of their greatest strengths. It allows them to conduct business on a global scale while at the same time maintain a local approach. The bottling companies are locally owned and operated by independent business people who are authorized to sell products of the Coca-Cola Company. Because Coke does not have outright ownership of its bottling network, its main source of revenue is the sale of concentrate to its bottlers. Consumers basically drink what they get. They believe on WHATS COLD GETS SOLD Consumers availability in brands is basically works like: Push availability. Pull consumers demand.
For this reason Coca-Cola Intl has provided their coolers and freezers in the market. They have maximum number of coolers and freezers in the market. They provide this infrastructure free of
cost just to provide child coke to their customer, which they want to be purchase.
b) Weaknesses:
Coca-Cola contains caffeine and caramel which can adverse effects on the teeth (if prolonged) which is an issue for health care. It also has got sugar by which continuous drinking of Coca-Cola may cause health problems. Being addicted to Coca-Cola also is a health problem, because drinking of Coca-Cola daily has an effect on your body after few years. Another weakness which may be considered regionally is its sugar content. Pepsi Co. makes its sales only because Pepsi is so far, having a larger market share only because it is more sugary and Asian people focus on sugary drinks.
c) Opportunities:
Brand recognition is an important factor in affecting Coke's competitive position. Coca-Cola's brand name is known well throughout 94% of the world today. The main concern of Coca Cola Marketing Strategies has been just to improvise its system and make it even more recognizable. The bottling system of Coca Cola allows the company to take advantage of its growth opportunities.
d) Threats:
The main threat is Price. A small increase in price, lets say just 1 rupee will have a drastic effect on sales. Only because people will go for the next available substitute i.e. Pepsi so price change is a major factor in affecting Sales of coca cola and in marginal profits. Coca Cola can face major losses if it goes for a sudden increase or decrease in price.
Contradiction: Some analysts assume that new competitors can also have an effect on Coke
Sales. But actually, new comers have some what a very less contribution because Soft Drink industry is in itself a very vast and strong industry. New competitors can never make their way up to Cokes level in a even 10 years to come. A possible threat may be the increasing health awareness. People have recently become more
conscious about health issues. 60% of the worlds population does not drink carbonated drinks (due to poverty and /or health issues). Another threat is the increasing rivalry between Pepsi and Coke. This has somewhat changed customer perceived value and now both competitors have to respond to an ever increasing demand and attributes of consumers.
Market Analysis
The biggest company in the soft drink industry, Coca Cola enjoys the largest market share. This company controls about 59% of the world market. In 2002, the company grew their carbonated soft-drink business by nearly 250 million unit cases and generated record volumes. Because carbonated soft drinks are the largest growth segment within the nonalcoholic ready-to-drink beverage category measured by volume, that is why they are focusing more on this and they are continually increasing the pace because they know that accelerating this pace is crucial to their future success. In Asian population, which is the satisfied customer of Coca Cola, is approximately 4.2 billion and the average consumer enjoys close to four servings of our products each month. Through an intense focus on Coca-Cola, innovation and new beverages, the company has achieved volume growth of 22 percent in 2009. So the company is emphasizing more in this area and is trying to develop a strategy, which can increase the growth of the consumption of Coca Cola by the people of Asia. Among the countries of Asia, Japan has the highest percentage, which is about 29%. Among others, Pakistan, India and Bangladesh are those countries where the average consumption is increasing day by day.
progress. The company to an extend has increase volume worldwide by 7 percent with strong international growth of 8.2 percent by 2010. It focuses on: Customer Database Getting new potential customers, side by side retaining old ones. Giving customers more than just a soft drink. Brand loyalty.
PepsiCo is a world leader in convenient foods and beverages, with revenues of about $27 billion and over 143,000 employees. The company consists of the snack businesses of Frito-Lay North America and Frito-Lay International. Pepsi-Cola beverages are available in more than 190 countries and territories. In Asia, they selected Lahore to make their regional office. This was done in 1970. This regional office is monitoring all the operations carried out in South West Asia.
In December 1991, a merger between Coca-Cola Enterprises and the Johnston Coca-Cola Bottling Group, Inc. (Johnston) created a larger, stronger Company, again helping accelerate bottler consolidation. As part of the merger, the senior management team of Johnston assumed responsibility for managing the Company, and began a dramatic, successful restructuring in 1992.Unit case sales had climbed to 1.4 billion, and total revenues were $5 billion.
Competition
The major competition faced by Coca Cola International is Pepsi Co. PepsiCo is a world leader in convenient foods and beverages, with revenues of about $27 billion and over 143,000 employees. The company consists of the snack businesses of Frito-Lay North America and FritoLay International; the beverage businesses of Pepsi-Cola North America, Gatorade/Tropicana North America and PepsiCo Beverages International; and Quaker Foods North America, manufacturer and marketer of ready-to-eat cereals and other food products. PepsiCo brands are available in nearly 200 countries and territories. Major Pepsi Co. products include: Pepsi Teem
Mirinda Pepsi Max Pepsi Lemon Pepsi Blue Mountain Dew 7up
Keys to Success
Coca Cola marketing team focuses not only on the results as well as the tasks assigned. They firmly believe if you want to establish a clear image in the minds of consumers, you first need a clear image in your own mind. Since the major competitor is Pepsi Co. so Coca Cola Intl has focused on neutralizing the competition. Kill the category: If Pepsi Co. launched Crystal Pepsi then Coca Cola Intl launched Diet Coke. The Coca Cola marketing team maintained their focus strongly on the product itself. When they changed bottle shape, many people started buying bottles instead of the drink itself The Coca Cola team learnt from everything. Even if a customer said no, they focused on why did he say no and then found out ways on how to solve that issue. Formula for positioning success : Define Over deliver Claim Succeed
They specified the criteria for each product offered because if you dont specify the criteria for choosing, consumers will develop their own, which is dangerous.
Critical Issues
Coca-Cola has been criticized for alleged adverse health effects, its aggressive marketing to children exploitative labor practices, high levels of pesticides in its products, building plants in Nazi Germany which employed slave labor, environmental destruction, monopolistic business practices, and hiring paramilitary units to murder trade union leaders. In October 2009, in an effort to improve their image, Coca-Cola partnered with the American Academy of Family Physicians, providing a $500,000 grant to help promote healthy-lifestyle education; the partnership spawned sharp criticism of both Coca-Cola and the AAFP by physicians and nutritionists.
Marketing Objectives
The ultimate objectives of our business strategy are: To increase volume Expand our share of worldwide nonalcoholic ready to drink beverages sale Maximize our long-term cash flows Create economic value added by improving economic profit.
The Coca Cola system has more than 16 million customers around the world that sells or serves our products directly to consumers. We keenly focus on enhancing value for these customers and helping them grow their beverage businesses. We strive to understand each customers business and needs, whether that customer is a sophisticated retailer in a developed market a kiosk owner in an emerging market.
Aims:
People: Being a great place to work where people are inspired to be the best they can be. Portfolio: Bringing to the world a portfolio of quality beverage brands that anticipate
and satisfy people's desires and needs. Partners: Nurturing a winning network of customers and suppliers, together we create mutual, enduring value. Planet: Being a responsible citizen that makes a difference by helping build and support sustainable communities. Profit: Maximizing long-term return to shareowners while being mindful of our overall responsibilities.
Target Markets
The target market for Coca cola is very wide as it satisfies the needs for many different consumers, ranging from the healthy diet consciousness through Diet Coke to the average human through its best selling drink regular Coke. Most Coke products satisfy all age groups as it is proven that most people of different age groups consume the Coca Cola product. This market is relatively large and is open to both genders, thereby allowing greater product diversification. Cokes commercials basically based on young generations, so, the young generation is the target market of Coke because they want to represent Coke with the youth and energy but they also consider about the old people they take then as a co-target market.
Strategy
The strategy for the future of the company is very straightforward. The marketing strategy for the year 2010 is as follows: Accelerate carbonated soft-drink growth, led by Coca-Cola. Selectively broaden the family of beverage brands to drive profitable growth. Grow system profitability and capability together with our bottling partners. Serve customers with creativity and consistency to generate growth across all channels. Direct investments to highest potential areas across markets.
Positioning
Product Range:
The total range of Coca Cola Intl. in Pakistan includes: Coke. Sprite. Fanta. Diet Coke.
Bottle Sizes:
The company offers their products in different bottle sizes which include: SSRB LRB NRB PET CANS Standard Size Returnable Bottle Litter Returnable Bottle No Return Bottle or Disposable Bottle 1.5 Liter Plastic Bottle Tin Pack 330 ml
Packing:
Coca cola products are available in different packaging: 24 Regular Bottle Shell. 6 Bottle Pack for 1.5 PETs. 12 Bottles in a pack for Disposable Bottle. 24 Cans in one crate.
Marketing Mix
The marketing mix is probably the most crucial stage of the marketing planning process. The marketing mix refers to the combination of the four factors (price, promotion, product, and place) that make up the core of a businesss marketing strategy.
a) Product:
Businesses must think about products on three different levels, which are the core product, the actual product and the augmented product. The core product is what the consumer is actually buying and the benefits it gives. Coca Cola customers are buying a wide range of soft drinks. The actual product is the parts and features, which deliver the core product. Consumers will buy the coke product because of the high standards and high quality of the Coca Cola products. The augmented product is the extra consumer benefits and services provided to customers. Since soft drinks are a consumable good, the augmented level is very limited. But Coca Cola do offer a help line and complaint phone service for customers who are not satisfied with the product or wish to give feedback on the products.
b) Promotion:
Over the time Coca Cola has spent millions of dollars developing and promoting their brand name, resulting in worldwide recognition. 'Coca-Cola' is the most recognized trademark, recognized by 94% of the world's population and is the most widely recognized word after "OK". Coca Colas red and white colors and special writing are all examples of world-wide trademarks. There are a number of branding strategies: Generic brand strategy Individual brand strategy Family brand strategy Manufacturers brand strategy Private brand strategy Hybrid brand strategy
Coca Cola utilizes the Individual brand strategy as Coca Colas major products are given their own brand names e.g. Fanta, Sprite, Coca Cola etc although they may be presented as different lines they operate under the name of Coca Cola.
c) Place:
The Coca Cola Company has always focused wide scale distribution. This is the reason, 94% of the worlds population knows about Coke. Coca Cola is the most recognized word after OK. Coca Cola sets its own distributions directly to stores. Stores include a wide variety of Supermarket, Marts, Convenience Stores, Retail Stores and Departmental Stores. The channel distribution of Coca Cola Intl is extremely large. Over time, they have produced many products and thus have increased number of warehouses for specific products. Coca Cola Intl has also improved services via setting up a national service network.
d)Price
Since Coca Cola Intl faces a major threat from its competitor Pepsi Co., so naturally the Pricing is done keeping in view the increasing rivalry with Pepsi. Pricing is basically standard for all over the world. Price changes occur seldom after a longer period of time say, a year etc. Mostly prices are devoid of governmental and/or political laws and regulations but in Pakistan, due to an ever increasing rate of Inflation, prices have increased in a short span of time.
The ultimate objectives of our business strategy are: To increase volume Expand our share of worldwide nonalcoholic ready to drink beverages sale Maximize our long-term cash flows
The Coca Cola system has more than 16 million customers around the world that sells or serves our products directly to consumers. We keenly focus on enhancing value for these customers and helping them grow their beverage businesses. We strive to understand each customers business and needs, whether that customer is a sophisticated retailer in a developed market a kiosk owner in an emerging market.
Aims:
People: Being a great place to work where people are inspired to be the best they can be. Portfolio: Bringing to the world a portfolio of quality beverage brands that anticipate and
satisfy people's desires and needs.
Planet: Being a responsible citizen that makes a difference by helping build and support
sustainable communities.
Profit: Maximizing long-term return to shareowners while being mindful of our overall
responsibilities.
Sponsorship
Sports
Coca-Cola sponsored the English Football League from the beginning of the 2004 05 season (beginning August 2004) to the start of 2010/11 season, when the Football League found a new sponsor in NPOWER. Other major sponsorships include NASCAR, the NBA, the PGA Tour, NCAA Championships, the Olympic Games, the NRL, the FIFA World Cups and the UEFA Euro. In the Philippines, it has a team in the Philippine Basketball Association, the PowerAde Tigers.
Television
The company sponsors the hit Fox singing-competition series American Idol. Coca-Cola is a sponsor of the nightly talk show on PBS, Charlie Rose in the US.
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INTRODUCTION OF RESEARCHWORK
This report attempts to study the marketing mix keeping in mind the current market situation. Besides, this report also studies the customer feedback about the COCA COLA. Thus it can be said that there are two broad goals of the research i.e. TO STUDY THECONSUMERS PREFERENCE FOR COCA COLA as a whole and other to CREATE A TOP OF MIND AWARENESS OF COCA COLA. The research work was done through the collection of primary data and secondary data by a common questionnaire through the market survey technique. Thus; based on our research, we have made some conclusions and suggestions to make the performance of COCA COLA amongst all players better. Consumption of soft drinks has increased tremendously in India. Every age of group like it, now days it become a household necessary item. In field of marketing many kind of surveys are conducted by Coca-Cola team time to time.
Scope of Study
1. Scope of this business research study is to know the consumer preference for the company product. 2. To understand the consumer perception about the product
To the Company:
Cold drinks companies are facing a great competition nowadays. Consumers are very much aware and curious about safely products, services, brands and other upcoming products. This study provides an insight to the company that what kind of strategies must be adopted in order to sell more products to consumers and also satisfying them.
To the Others:
The study gave an insight into various aspects of the Beverage companies, discussed in this study. One can easily come to know about what is happening in Beverage companies in the current environment. How they make attraction of Retailers & consumer mind.
RESEARCH METHODOLOGY
A detailed survey of consumers was carried out to find out their preferences for COCACOLA the details of the methodology are stated below:
Exploratory Research Descriptive Research Convenience sampling KOLKATA (Barrackpore- chiriamore, lalkuti, shantibazaar, nona chandanpukur, barasat road
Khardah;- rahra, B.T road ) HYDERABAD Primary Data Secondary Data Sample Size Responses through questionnaires Websites 100
ANALYSIS
Focus on availability of products in market. Focus on availability of products in outlets. Coke products visible for consumers. More focus in rural area. Regular market vigilance by market developer. Distribution of product according locality. Extra focus on monopoly outlets. Aggressive rural area advertisement. Target core brands. Satisfy market priorities. Focus on villages.
MAJOR FINDINGS
Focus on availability of products in market.
have low selling where company gives small schemes to the shopkeeper.
Aggressive advertisement
Coca-cola use the concept of aggressive advertises for sales promotion. Company introduces different schemes and advertises them with electronic and print media. These advertisements build Brand image and establish awareness. Brand ambassador play an important role. Brand ambassador encourage the today youth to trust their instincts, influence them. Successful advertisement campaigns like
aam, maaza hain naam. Help lot to make market image of maaza. Coca-cola advertising
cam Gains Jo
youth vocabulary.
Control:
Coca Cola Intl. has controlled sales via: Geographic Market Organization They have invested millions in their R&D facility to maintain Product Quality Control. The overall strategic control is implemented in all plants and factories throughout the 200 countries which Coca Cola proudly serves.
customers/retailers to make any feedback or suggestions as and when they feel. Currently in there is more demand of Coke, the company can extend their portfolio by introducing new flavors. It is observed that people less sweet cola drink. So the Coca -Cola Company should think about bringing innovations in their products for example new diet flavors or maybe more juices so as to fulfill the need of local market. Marketing team should try to increase the availability of Coke in rural areas. The company should focus to bring some more flavors and variety of schemes rather then bring second and repeat same old one. It is always better to be first than being better. The company must be aware of and keep at least the latest knowledge of its primary competitors in market and try to make perfect anticipated efforts to meet the same
The company should also use time to time some more and new attractive system of word of mouth advertisement to keep alive the general awareness in the whole market as a whole.
The company should be always in a position to receive continuous feedback and suggestions from its customers
The market and try to solve it without any delay to establish its own good credibility..
The visibility of any product plays an important role in making the customer, aware about it and is vital for the growth and development of any product.
For their advertisement they can also introduce a brand ambassador, because most of the consumers remember advertisement because of their brand ambassador.
A strong watch should be kept on distributors also, because in some cases they are found to be cheating the retailers and affecting the goodwill of the BRAND.
Competition with local drink like- Fruit juice, lemon water, sharbat & lassi.tea C/s problems.
Irregular supply in small villages . Find purity Coca-Cola visicoolers. I find so many OYC, VISI, D-FREEZE & other company freeze in different areas in differ region. Found so many outlets they want visi coolers from Coca-Cola. Also found dead & useless coolers. Some retailers complain about the service &repair of coolers.
CONCLUSION
During the course of the project I realized that the customer willingly answered the closed end questions.
From the analysis of the data collected and from the experiences I have reached the following conclusions: COKE is most popular amongst its users mainly because of its TASTE, BRAND NAME, INNOVATIVENESS Thus it should focus on good taste so that it can capture the major part of the market. But most of the consumers prefer THUMSUP as their 1st preference, and then COKE we comes to the conclusion that visibility affects the sales of project in a very special way. And in terms of the advertisements lays is lacking behind,. Mostly consumers remember the advertisement because of the frequency of add and brand ambassadors, creativity. After acquiring a new customer, there is lot of importance of its retention also. This can be done only by providing extra flavors and good taste in todays scenario, customer is the king because he has got various choices around him. If you are not capable of providing him the desired result he will definitely switch over to the other provider. Therefore to survive in this cutthroat competition, you need to be the best. Customer is no more loyal in todays scenario, so you need to be always on your toes. We feel that there is cutthroat competition between COKE,PEPSI,THUMSUP so to be on top of mind of the customers they need to do something outstanding every time