Introduction
Coca-Cola is a large multinational company founded in the United States in 1886. Today, it is one of the world’s largest and most recognizable brands, with approximately 20% of the global market for carbonated beverages. The company specializes in the production and sale of sweet carbonated beverages, as well as water-based products. The company delivers its products to more than 200 countries and produces more than 500 brands of beverages.
Specific Challenges That Coca-Cola Faces
The large Coca-Cola industry faces several problems in the modern global market. Firstly, there is a decline in consumer demand for their products. This is due to consumers no longer seeking sweet carbonated drinks but turning to healthier products (Booysen et al., 2018). Secondly, the company faces the problem of competition, as there are more and more competing products on the market. Thirdly, the company needs to work on promoting and attracting new customers. Fourthly, the company needs to implement a more advanced digital strategy to maintain customer contact.
Problems That Coca-Cola Must Solve to Achieve Success and Competitive Advantage
To achieve further success, the company must address several specific problems. Firstly, it must actively attract customers by offering healthier and more beneficial products. It must develop new products that will attract more customers. (Ferraro et al., 2022) Secondly, it must strive for a more effective digital strategy to understand consumer needs better and connect with them. Thirdly, the company must research and develop new products and technologies to maintain a competitive edge.
Conclusion
To successfully overcome the difficulties encountered in the modern global market, Coca-Cola Company must make every effort to address the problems currently faced by the industry. They must offer healthier products, invest in research and development of new products and technologies, develop a more effective digital strategy, and have a deeper understanding of consumer needs. Only then will the company be able to succeed and achieve further success.
References
Booysen, L. A., Bendl, R., & Pringle, J. K. (2018). Handbook of Research Methods in Diversity Management, Equality and Inclusion at Work. Edward Elgar Publishing.
Ferraro, C., Hemsley, A., & Sands, S. (2022). Embracing diversity, equity, and inclusion (DEI): Considerations and opportunities for brand managers. Business Horizons. Web.