The Coca Cola Company is one of the world’s largest and most prominent soft drinks and beverages manufacturers, and it has held an esteemed position in the market for a long time. While this privileged position it has held in the market is advantageous in many ways, it brings with it the challenge of extremely high expectations and an ever-alert public. The scrutiny of its ability to deliver on market expectations is exceptionally high, but Coca Cola does not shy away from titanic responsibilities. Therefore, The Coca Cola Company has come up with the business strategy that will guide its steps and ensure its success in the market. The following is the business strategic plan that was crafted by a team of dedicated and highly skilled experts in various areas in the Coca Cola team, and they exude confidence that this Strategic Business Plan will succeed in achieving its objectives.
The Coca Cola company has a vision to continue being productive in the market in an ever changing world with market expectations that keep shifting unpredictably. The company has the vision to remain versatile enough to deliver on the expectations of the market and to remain a leading manufacturer and retailer of non-alcoholic beverages. The vision of the company is centered on six fundamental areas, which can easily be remembered as six P’s: People, portfolio, partners, planet, profit, and productivity (Staff, 2012).
The company has the vision to be a great place, where people are inspired to work. The company would also like to present to the world a portfolio of quality brands of beverages that not only satisfy the needs of customers, but also anticipate them. The company also has the vision to establish a network of customers and suppliers, who, working hand in hand will enable the company to create the lasting value. The company also has the vision of being a responsible citizen of the world giving a hand in building and supporting sustainable communities. Furthermore, the company holds the vision of its commercial endeavors to maximize the long-term returns to shareholders and while remaining mindful of its responsibilities. Finally, the company holds the vision of being a highly effective company that runs on little and produces much more.
The Coca Cola Company has developed solid missions that will propel it towards achieving its visions. The company has put into consideration the customer needs, as is required of any company that would like to satisfy its customers. From this wide consultation, the company has managed to set up missions, by fulfilling of which, will achieve its goals.
The company will endeavor to recruit workers in a fair and transparent manner to encourage competence within the workforce of the company. In order to achieve this, the company will employ methods of aggressive and elaborate job advertisement and it will embark on a talent search in various learning institutions, where the company will come up with watertight criteria for selection of potential employees. People work best where they are trained and specialized, and recent research has shown that employees prefer career development to hefty salaries (Hewitt, 2012). In order to encourage maximum efficiency and productivity, the company will endeavor to employ people to positions that match their areas of expertise.
Moreover, the company will strive to ensure that it remains in touch with customer needs. To achieve this, the company will create forums to get customer feedback and suggestions. The company will engage its team of highly skilled technologists and website designers to seek ways, in which the company can receive feedback from the customers. Moreover, the company will also seek ways to be able to integrate the large volume of suggestions that the customers may provide into solid, workable solutions. The company will strive to ensure that it supplies beverages that satisfy the needs of its wide base of customers in the most cost-effective manner. In addition, the beverages will be presented in packages that maintain a high level of aesthetic value plus environmental friendliness. On the same breadth, the company will strive to ensure that it acts on the suggestions by its consumers in the shortest time possible and in a pragmatic manner.
In order for the success to be achieved in the business environment, it is essential to maintain a close connection among the producer, supplier, and consumer (Fernando, 2011). The Coca Cola Company will set out to set up formidable and functional networks among it, the suppliers and the consumers. The company will employ the services of the accomplished networking specialists so as to enable it establish these crucial connections. Connections among the company, the suppliers and the final consumers would be important in enabling a free flow of information and a free flow of products (beverages). Even when the suppliers might be unavailable, it is important to ensure that the quality of service delivery is not compromised for any reason. Therefore, the connections among the producers, suppliers and consumers must be elaborate and three-dimensional to ensure that a constant supply of the products is availed to the customers.
To encourage and support the development of various communities around the globe, the Coca Cola Company will set up a panel that will think about, research on, and identify needy communities, where there is a hidden talent. The panel will then come up with suitable programs that will enable the expression of these talents in a manner that will serve as a developmental stepping-stone to the community. For instance, Coca Cola has in the past sponsored talent challenges that bring out the best talents in different sports throughout the entire glob. The company would like to engage in a similar talent search, but it would like to focus the talent search on community development.
As a profit-making company of world-class stature, the company has investors and shareholders, who believe in the company’s tremendous ability to make profits to the maximum and in a sustainable way. The company will undertake to aggressively market its products to expand its customer base. Moreover, the company will ensure that it churns out products, whose prices favor both the consumer and the company, and beat all forms of competition. The Coca Coal Company has had the reputation of one of the largest companies, and, obviously, the shareholders are hopeful of a maximum returns. The company will ensure that the policies it rolls out provide a suitable ground for making maximum profits and minimizing losses.
Critical Success Factors
The company has very noble goals that are almost idealized. The panel of skilled experts, who came up with this Strategic Business Plan, endeavored to seek out factors that the business would have to take in hand in order to achieve its vision and mission. The factors were then quantified in terms of controllable variables to facilitate the ease of implementation. The following are the factors that were deemed critical for the success of the Strategic Business Plan.
Maintaining Versatility in the Market
While the Coca Cola Company offers high-quality soft-drink beverages to its customers, it does recognize other companies that offer equally good soft-drink beverages. These are competitors and they come up with products that could challenge those of the company any day. In such a rapidly mutating market, where new products are churned out by the day, the Coca Cola Company must maintain a versatility that would match any changes in the market. It is only by maintaining versatility in a versatile market that the Coca Cola Company might be able to remain on top of its game. For example, a competitor like PepsiCo, Inc. has the ability and capacity to produce several different flavors of a beverage in the time span of a month (Commission, 2012). For Coca Cola to hold on to its customer base and counter the effect, it must study the market behavior in the shortest time span possible and produce a flavor that would shift the attention from a Pepsi product back to the Coca Cola product. Maintaining versatility in the market would be a key to successful implementation of the strategy.
Cost Effective Production and Operation
In order to maximize profits, the company must come up with a cost effective operation schedule and implement it faithfully. Failure to balance running costs against profits would lead to a miserable failure in the Strategic Business Strategy. Therefore, it would be prudent to seek seasoned financial advisors to ensure that the running costs never eat into the profits that the organization makes.
The Company must stay ahead of competition and avoid possible pitfalls. It must not wait for its competitors to put it on its feet. The company must constantly improve its product delivery and assurance to customers to establish itself as the indisputable leader in the production of Soft drinks. If the company slackens in this, several soft drink manufacturers are willing to take its place as the best soft-drink manufacturing company. In order to prevent this, the company must make many strides ahead of competition. This can be quantified by the production of a wide range of drinks that equally ensure customer satisfaction, or maintaining a strong link between the manufacturers and the consumers to have a better chance to study the market needs.
The Company must ensure that its team of employees is dedicated to the service of the company and the provision of the highest quality of services. If the company must raise its perquisites to encourage the employees, then it must do so, but only within the confines of profitability. The employees must be able to deliver on the orders and needs of the customers with precision and dedication. The production must never fall below the demand, and the employees must be able to respond quickly to policy changes that would be beneficial to the company.
Strategies and Actions for Implementation
This is probably the most important part of this business plan. This is where the ‘hows’ of getting it done are addressed. The strategies that the Coca Cola Company has laid are good, but without proper implementation, they would be a waste of time. To ensure the effective implementation of the missions and objectives of the business, the Coca Cola Company has put in place workable means and ways of getting to its goal.
In order to enhance the receipt of feedback from customers, the company will design a new website and vigorously advertise it. In the new website, there will be a section for customer feedback and suggestions. The Website designers will ensure that the website is easy to navigate through and contributions are equally easy to make. The Company will put in place software that will be able to sort out the contributions and galvanize them into easily interpretable statistics that will come in handy in decision-making.
The Company will engage various community stakeholders to suggest what areas in the community would do with a helping hand from the Coca Cola Team. Thereafter, the company will engage a panel to choose what areas they would deem need the most help. After that, the Board of Directors will have to approve of the community projects before funds are allocated to them. In this way, the Coca Cola Company will be able to channel its contributions to meaningful community projects.
In order to ensure profitability, the company will ensure it establishes price-leading policies. The prices that the Company will label on its products will have to be attractive, but at the same time, they must ensure profitability of the company. In addition, the company will maintain its aggressive marketing policies by putting engaging the marketing department to advertise its products vigorously. This has always worked for the company in the past. The creation of new and entertaining advertisements has always had the effect of increasing the customer base of the Coca Cola Company (Bloomberg L.P., 2012).
Finally, to create a network between the Producers (the Coca Cola Company), the suppliers and the Consumers, the Coca Cola Company will do a number of things. First, the website designers will create a BlogSpot. It is always easier to be freer in the BlogSpot and give out honest opinions about the underlying events that shape the market, which are received in an instant feedback manner (Harell, 2010). Next, the company will provide direct call-lines for customers and suppliers for easier communication. Call lines are usually useful for passing urgent information and, therefore, maintaining a free flow of information among the producers, suppliers and consumers.
Prioritized Implementation Schedule
Website Design will begin on 6th January, 2013. By 30th July, 2013, the Company will have tested the workability of the website and evaluated the feedback so far received from it. The Website design should be complete in every aspect by 1st September, 2013.
The Community Development Projects will be kicked off on 3rd March, 2013 after the panel for suggesting what projects to pursue has been selected. The community stakeholders meetings will be scheduled for between 1st April and 31st May, 2013. By 31st December, 2013, the Community Development Projects will be fully functional, after the projects to be funded are identified and described.
Although Prices are highly mutable entities, the Coca Cola Company will begin deliberating on new Prices by 15th March, 2013. In order to establish itself as a price leader, the company will need adequate time to study the market. By the end of March, the company should have come up with new and stable prices for its drinks. In order to market and advertise its products, the company must come up with new and interesting advertisements that will influence customer choices. These advertisements must be refreshed every four months or so. The Company intends to begin its aggressive marketing campaign by 1st April, 2013, and, from then on, revise its marketing strategies every 4 months or so.
Summary and Final Recommendations
In line with its vision 2020, the Coca Cola Company has created a conclusive Strategic Business Plan that encompasses its vision, missions, success factors, strategies and actions, by which it will meet its objective, and it has organized them in terms of precedence. The Company has a noble vision that can be summarized as six P’s: people, portfolio, partners, planet, profit and productivity. The company has put in place measures to ensure that the plans in place are workable and the visions are achievable. What remains is to implement them with dedication, while remaining mindful of business ethics. With this strategy in place, there is no reason why the company cannot achieve its vision.