October 8, 2008
The Coca-Cola Company is the world's largest beverage company, operating in over 200 countries with a product line that includes over 2,800 diverse items. The company's primary responsibility is to develop concentrates, beverage bases and syrups, which are sold to bottling companies that comprise the world's largest beverage distribution system. In addition to product development, the Coca-Cola Company is responsible for product marketing. Their mission is to refresh the world, inspire moments of optimism, and to create value and make a difference.
B. External Environment
Coca-Cola is recognized as the world's most valuable brand. The company has been extremely successful in global marketing, and experts indicate that this success is largely based on product variation and adaptation (Lamb, Hair & McDaniels, p. 114). Since the Coca-Cola Company extends to over 200 countries (with headquarters located in Atlanta, Georgia), they have an immense need to diversify their products and create a marketing plan that meets the socio-cultural interests of all their customers (vendors) and consumers (drinkers) around the world. The Coca-Cola trademark is recognized worldwide, no matter what language is printed on the bottle. However, the Coca-Cola Company must continue to tailor their marketing plan and product development to respect each consumer's unique values, beliefs and cultures. An example of the Coca-Cola Company adapting to the external socio-cultural environment is in 2007, the Coca-Cola Company received a silver award at the Iberoamerican Advertising Festival for their "Levate la Mano" (Raise Your Hand) commercial that was aired in Latin America (2007 Annual Report: Marketing Highlights). Coca-Cola has also created a unique formulation for Sprite sold in Japan to meet the cultural preferences (p. 114). Social factors have been carefully considered in...