Contemporary Management Techniques of Coca-Cola: A Research Paper

Learning Project: Contemporary Management Techniques Research Paper Assignment1Learning Project: Contemporary Management Techniques Research Paper Assignment Jacob Wolbaum School of Business, Liberty University Author Note Jacob Wolbaum I have no known conflict of interest to disclose. Correspondence concerning this article should be addressed to Jacob Wolbaum. Email: [email protected]

Contemporary Management Techniques2Coca-Cola Co. is a worldwide known company that is known for its soft drink, water, fortified water, sports drinks, juices, dairy products, plant-based teas, coffee, and energy drinks. The company operates in several business divisions that range across the world (Brondoni, 2019). The company's manufacturing partners market, pack, and distribute the bottles and other products to retail partners and customers. The partners work a great deal with customers, the customers that they work with range from retail markets, eateries, roadside vendors, small shops, cinema complexes, and theme parks. The partners that Coca-Cola finds must in the end help the company fulfill its mission and goals and help ensure that the products reach the consumers (Brondoni, 2019). However, unlike its competitor Pepsi, Coca-Cola only manufactures beverages and does not have a diversified business in food. PepsiCo has had significant success with snack food companies such as Frito- Lay, which owns popular brands like Doritos, Cheetos, and Sun Chips (Charlebois, Dimitropoulos, Haskins, and Foller-Carroll, 2015). In recent years, Pepsi’s food division Frito- Lay has seen even higher sales and operating profit growth than its beverage division. To better understand its customers and why some customers would choose Pepsi over itself, Coca-Cola uses benchmarking as a cost control technique to improve its market position (Toledo and Felix, 2019). Cocoa-Cola Co. has also replicated Pepsi's business strategy to generate more meaningful sales. The sales help demonstrates the company's willingness to adapt to market trends and consumer preferences (Brick, D. J., Fitzsimons, G. M., Chartrand, T. L., & Fitzsimons, G. J. 2017). The rationale of contemporary technique selection Coca-Cola, as a Company, adopted the benchmarking system. They used this system to create and establish a contemporary management method. Coca-Cola uses a form of

Contemporary Management Techniques3management that involves identifying critical success factors. Once the company has identified those factors it can then lead to growth for a company's development and growth. Once the company has identified the critical success, the company will then study the best practices of other successful companies or business units that have achieved these critical success factors (Blocher, Juras, & Smith, 2022). Coca Cola’s goal is to outperform their competitors by improving their operations.