Coca-Colas Exploration Concerning Strategic Management

2021-05-07 04:35:29
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Most of the activities carried out to ensure organizational success is based on what employees learn from their managers. What is learnt is through observation or personal experience and common sense. However, these methods may not be the best approach since there are conflicting models of what works best in a particular situation. In business, there are gaps in theories, ideas for improvements, gaps in knowledge and the manner in which a particular technique might work better for an organization to achieve its key goals. A firm cannot afford taking risks; thus, research is usually required. Research is most common in cost management, marketing, and business strategy. The objective of this excerpt is to describe how research is used in Coca-Cola Company and briefly explore how the company needs more exploration concerning its strategic management and performance evaluation.

Caring out business research enables the managers to compare and test different approaches and models as well as apply different techniques for organizational success. It allows them to consider or rule out factors that can influence their results and determine the significance of the research. What is essential for most business is market research, for example, a company like Coca-Cola uses market research to identify the needs and wants of their customers. Coca-Cola Company always carries out research continually to keep up with market demand, market trends and for maintaining its competitive edge. Understanding the market helps the company in appreciative the customers and target market, increasing sales, and improving its customer service skills, marketing efforts, services, and products. Currently, the use of market research assists in setting up theoretical descriptions as well as the necessary predictions (Ketchen & Hult, 2011). Market research in Coca-Cola Company is used more effectively to build and enlarge the product range internally and externally by developing new products as well as building on the range that already exist respectively. The customers have the main responsibility in the development process and research.

Moreover, in Coca-Cola Company, marketing research focuses more on meeting the wants and needs of the customers. The marketing department core function in Coca-Cola is discovering the customers needs and ensuring the company provides the preferences and tastes of the customers. Putting the needs of consumers and marketing at the heart of the company enables the Coca-Cola GB to develop a range of products in ways, which meet the requirements of customers. Market research also makes the company stay relevant in the market and continue to grow by changing consumer tastes and keeping on top of trends. Changing the patterns enable the company also to alter the demographic perception, thus finding new customers. Such decisions are an excellent strategy for the company since they affect the company and its brand positively. Integrating service learning will assist in marketing the company products and achieving the main objectives of the company. Service learning helps in creating good connections between the company and its customers. Besides, market research in Coca-Cola Company is also used more efficiently for understanding the kind of competition in the market. For a company to dominate the largest share of the market by understanding what the company competitors offer, information on their marketing efforts and above all, what works for them since it helps the company to remain ahead of the competition. Furthermore, by incorporating the organizational theory, marketers can offer useful descriptions, predictions, and explanation of the market (Ketchen & Hult, 2011).

However, the Coca-Cola Company should conduct more research that will depict the strategic management and performance. Most of the research studies should focus on the business performance in examining many process issues and strategy content. Research on performance is effective in transitions within the company, adaptation, and survival. A broad conceptualization of performance of a firm focuses on operational performance and financial performance. The strategies should be categorized into corporate, business, and functional strategies that are long-term to create a sustainable environment (Mohammadzadeh, Aarabi, & Salamzadeh, 2013). Thus, the logic is treated as marketing effectiveness, product quality, new product introduction, measures for technological efficiency and market share since these are the determinants of the profitability of a company. The company should use data sources and conceptualize the performance, which is the major concern for the entire process of measuring the success of the company. Likewise, the firm should conduct the research on establishing the implications of performance in strategic management using different schemes of operation. The results of such a research may lead to operations that are more superior in enabling productivity according to recommendations made. Moreover, the succinct research in the production process will enable the firms to produce products that are not hazardous to our health because there have been concerns that the cola products are not suitable for healthy living.

In conclusion, research is most common in cost management, marketing, and business strategy. What is essential for most business is market research as firms use market research to identify the needs and wants of their customers. Business research helps companies in understanding their customers and target market, increasing sales, improving its customer service skills, marketing efforts, services, and products. Integrating service learning also assists in marketing the company products and achieving the main objectives of the company. Moreover, research on performance is effective in transitions within the company and adaptation and survival. In Coca-Cola Company, research has been used extensively in marketing; however, the firm needs to conduct more corporate investigations to ascertain their strategic management and evaluate their performance in the industry for sustainability.

References

Ketchen, D. J. & Hult, G. T. M. (2011). Marketing and organization theory: Opportunities for

synergy. Journal of the Academy of Marketing Science, 39(4), 481 - 483. http://doi.org/10.1007/s11747-011-0259-0

Mohammadzadeh, M., Aarabi, S., & Salamzadeh,J. (2013). Organizational performance,

marketing strategy, and financial strategic alignment: An empirical study or Iranian pharmaceutical firms. DARU Journal of Pharmaceutical Sciences, 21(1), 65. http://doi.org/10.1186/2008-2231-21-65

 

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