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Abstract

Over the years, The Coca-Cola Company (Coca-Cola) was reinventing itself to stay relevant to consumer tastes in the ever changing market conditions. Coca-Cola’s Chairman and CEO Muhtar Kent (Muhtar) envisioned ‘Vision 2020’ to double the business, besides initiating several sustainable programmes to help ‘shed the hubris’ of the 128 year old legacy. At the same time, Muhtar also increased social media spending to 30% in 2013 from a mere 3% of the total media spends in 2006 to facilitate dialogue with consumers, especially the Millennials to meet their expectations. In addition, Coca-Cola had sharpened its skills to manage its portfolio efficiently. However, analysts were of the opinion that brands need to operate outside their comfort zone, and learn to work with much shorter cycle times, as the consumers were increasingly demanding highly personalised, relevant and targeted marketing messages and offers. In such situations, brands were faced with the risk of losing them forever, if they miss the mark. In this regard, real-time digital marketing offered greater rewards albeit, with greater risks which involved complex execution. Coca-Cola had been successful in the digital journey so far, however, it remained to be seen whether the company would be able to keep pace with the continuous shifting of consumer expectations and behaviours.
Location:
Industry:
Other setting(s):
2014

About

Abstract

Over the years, The Coca-Cola Company (Coca-Cola) was reinventing itself to stay relevant to consumer tastes in the ever changing market conditions. Coca-Cola’s Chairman and CEO Muhtar Kent (Muhtar) envisioned ‘Vision 2020’ to double the business, besides initiating several sustainable programmes to help ‘shed the hubris’ of the 128 year old legacy. At the same time, Muhtar also increased social media spending to 30% in 2013 from a mere 3% of the total media spends in 2006 to facilitate dialogue with consumers, especially the Millennials to meet their expectations. In addition, Coca-Cola had sharpened its skills to manage its portfolio efficiently. However, analysts were of the opinion that brands need to operate outside their comfort zone, and learn to work with much shorter cycle times, as the consumers were increasingly demanding highly personalised, relevant and targeted marketing messages and offers. In such situations, brands were faced with the risk of losing them forever, if they miss the mark. In this regard, real-time digital marketing offered greater rewards albeit, with greater risks which involved complex execution. Coca-Cola had been successful in the digital journey so far, however, it remained to be seen whether the company would be able to keep pace with the continuous shifting of consumer expectations and behaviours.

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Location:
Industry:
Other setting(s):
2014

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