Coca-Cola Company’s Innovative Initiatives and Strategy
Coca-Cola is a globally recognized manufacturer and distributor of non-alcoholic beverages, including primarily carbonated soft drinks as well as noncarbonated beverages. The company’s competitive advantage strategy revolves around several key factors, such as marketing, product quality, innovation, and research. The company is ranked 53rd on the list of the world’s most innovative companies presented by Forbes, which implies its dedication to evolve and digitalize to resonate with its customers and increase profitability (“The world’s most innovative companies,” n.d.). The use of technology, digitalization, and innovation allows Coca-Cola to maintain high sales rates and quickly adapt its brand to constant changes.
Coca-Cola uses digital technology to launch innovative initiatives and offer the possibility for new customer experiences. For instance, its sip & scan program, Freestyle fountain dispenser, and MyCoke platform are innovative and successful among the consumers (“How digital technology,” 2018). Coca-Cola’s Transformational Innovation Team contributed to the creation of keto-friendly smoothies in order to enter the emerging categories as soon as possible and remain competitive. Digital interactions constitute one of the categories of disruption, and as Coca-Cola’s initiatives aim to make it more integrated with people’s lives, they contribute to the brand’s innovative image (Bayern, 2019). The company’s focus on its clients’ needs and emerging trends, along with the use of big data, allows it to maintain a competitive advantage.
Coca-Cola’s business strategy is creating value for the consumers by offering choice and convenience along with its products. To comply with its strategy, the company launches innovative beverages in emerging categories and utilizes data to anticipate market demand (“How Coca-Cola is rethinking,” 2020). As a result, Coca-Cola’s initiatives allow it to maintain long-term success due to its flexibility and agile approach. Data analysis gives the company a better view of opportunities, thus, helping it grow and evolve constantly.
Bayern, M. (2019). Let’s get phygital: Most disruptive tech of 2020. TechRepublic. Web.
How Coca-Cola is rethinking disruptive innovation to anticipate tomorrow’s tastes. (2020). Web.
How digital technology and big data can accelerate Coke North America’s innovation strategy. (2018). Web.
The world’s most innovative companies. (n.d.). Web.