March 12, 2014
Coca-Cola Innovation Report
Coca-Cola has strived to remain innovative during its 126 years of operation. The market for soda and other beverages is constantly changing, and Coca-Cola must keep up with these changes to remain profitable. Coca-Cola must invest in new products and technology to remain innovative. There are many motives to maintain a high level of innovation, including sustainable development, competitors, social awareness, new needs of its customers, and changing and shifting demographics. Addressing these motives will help Coca-Cola remain competitive and innovative in a changing marketplace.
Sustainable Development Sustainability is an important aspect of Coca-Cola’s operations. Coca-Cola has developed packaging for its products that are environmentally friendly and it continues to research and develop new technology for sustainable products. For example, Coca-Cola developed PlantBottle technology in 2009. PlantBottle is the first bottle made from partially from plants that are fully recyclable. Coca-Cola’s sustainability report highlights the benefits of implementing PlantBottle technology (Coca-Cola, 2014):
“In addition to eliminating the equivalent of approximately 140,000 metric tons of CO2 emissions from the company’s PET plastic bottles, to date, the innovation has boosted sales of key brands like Dasani. PlantBottle also has strengthened Coke’s competitive advantage with key customers, racked up headlines and sustainable and innovation awards, and caught the collective eye of the supply chain and investor community.”
By continuing to invest in environmental sustainability Coca-Cola will achieve a higher level of innovation.
Coca-Cola must strive to remain competitive in a changing market. The sales and consumption of soda has decreased over the past few years, so it is important for Coca-Cola to develop new products to increase sales.
References: Berr, J. (2013). Soda consumption fizzles to 26-year low. Retrieved from: http://money.msn.com/now/post.aspx?post=d2bfc3cd-35b5-4e44-8434-bc9d442811c1 Coca-Cola. (2014). Our Company. Retrieved from: http://www.coca-colacompany.com/ Jones, G. R. (2010). Organizational theory, design and change (6th ed.). Upper Saddle River, NJ: Prentice Hall