Strategic Management SLP1 essay
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Strategic management is an area that deals with emerging and intended initiatives, taken by managers on behalf of the company owners. The process includes the utilization of company’s resources, which is done in order to enhance its performance. Further, it involves specifying the company’s main objectives, its vision, and mission as well as developing plans and policies. This paper will keenly look at the strategic management of Coca Cola Company, which has resulted in its global success.
Coca Cola Company, established in 1886, is one of the largest American companies that produces one of the most popular non-alcoholic beverages in the world. Currently, the company is operating in at least 200 countries worldwide with more than 1.6 billion customers. The mission of the firm is to refresh the world, instigate moments of happiness and confidence, and to make a difference and create value (The Coca Cola Company, 2006). The mission statement of Coca Cola Company declares its purpose and serves as the standard alongside the decision and actions. Additionally, the company is flexible, hence fits in each county policies.
Epstein & Birchard (2000) argue that vision serves as the structure and guideline to business aspect as it describes what is required by the company to achieve growth and quality success. Coca Cola Company has several visions. They include productivity, profit, partners, portfolio, planet, and people (The Coca Cola Company, 2006). Productivity is the first vision, which ensures that the company is moving fast, lean, and highly effective. Secondly, profit vision ensures that the company maximizes their long-term shareowners as well as maximum responsibilities. For instance, the company expanded its bottle water strategy to maximize the profits through its innovation. The partner’s vision enhances the company’s network of suppliers and customers to create a mutual value. Portfolio is another vision of the Coca-Cola Company. The vision ensures that the business provides quality beverage brands that satisfy and anticipate people’s needs and desires (Epstein & Birchard, 2000). Another vision of Coca Cola Company is the planet. The vision explains the company’s responsibility to the world citizens by supporting and building sustainable communities. Through the people vision, the firm is able to hire great people who are inspired by themselves to be the best at all times (Epstein & Birchard, 2000).
Coca-Cola Company has several values that serve as the scope of its actions. The values include quality, diversity, passion, accountability, integrity, collaboration, and leadership, which are used as the strategies to compete with its competitors like, for instance, Pepsi (Kay, 1995). To enhance its mission and vision the company came up with a number of objectives. Some of the most notable objectives employed by the Coca Cola Company to enhance sustainable growth include satisfying customers with heartwarming products of quality taste and introducing them to healthier products among others. It is notable that these objectives are enormously concerned with the health of the customers as this is a key factor that may affect short and long-term profitability of the firm. In addition, these objectives are in line with the mission and the vision of the company. Consequently, the number of customers has increased greatly due to being able to satisfy customer service, thus making the firm be the market leader.
Coca Cola Company has different stakeholders. They include customers, employees, distributers, and franchise. All the stakeholders ensure that the company’s strategies are met and they suit the needs of the customer.
In conclusion, it can be seen that Coca Cola Company is one of the most successful firms in the 21st century. This is due to the ability of the firm to invest in the field of research and development as well as to engage all the stakeholders among other notable factors, which ensures strict adherence to the aspects of good corporate governance (Epstein & Birchard, 2000).