THE COCA-COLA COMPANY ANALYSIS 1

The Coca-Cola Company Analysis

Brett Finke

MGMT 475

University of North Dakota

THE COCA-COLA COMPANY ANALYSIS 2

The Coca-Cola Company Analysis

The Coca-Cola Company was started on May 8, 1886 in Atlanta, Georgia by Dr. John

Pemberton. The first Coca-Cola beverage was served at Jacob’s Pharmacy on this date and now

has become one of the most dominant and popular beverage companies in the world (www.coca-

cola.com). Coca-Cola Company has entered the industry of total beverages, meaning they don’t

only offer soda but offer a variety of beverages to give their customers the drinks they want.

They own several large beverage brands that are being bought and consumed all over the world.

According to their website www.Coca-Cola.com they own Sprite, Fanta, Dasani, Smartwater,

Minute Maid, Innocent, Simply, Georgia Coffee, Costa Coffee, Fuze Tea, Honest, Fairlife,

Powerade, Ciel, Schweppes, Barq’s, Fresca and several more beverage brands. They truly are

chasing the total beverage as they own soda, water, juice, coffee, tea and electrolyte drink brands

which truly give their customer’s the beverage choice they want. With owning all of these brands

they offer 800+ drink varieties in the U.S. alone.

Coca Cola Company operates on a local scale and through multiple local channels. Coca-

Cola manufactures and sells concentrates, beverage bases and syrups to their several bottling

operations. Coca Cola has bottling partners which takes their exclusively manufactured

concentrates, syrups and beverage bases and turn them into the final branded beverages which

then get distributed around the world. Since Coca Cola doesn’t fully complete and bottle all of

their finished products they have an interesting business model. Coca Cola separates their

concentrate business and their finished product business into two separate operations. According

to Buehler who wrote an article in 2019 about Coca Cola’s profitability on Investopedia, “In

2018, 36% of Coca-Cola’s business was categorized as finished product operations, while 64%

was classified as concentrate operations.” He also stated that, “They report their net revenue in
THE COCA-COLA COMPANY ANALYSIS 3

two segments: concentrate operations and finished product operations.” This is unique as many

other beverage companies bottle and complete the majority of their products. The Coca-Cola

Company’s concentrate business is where the majority of their manufacturing comes into play

and where they sell their concentrates to bottling companies. Having several small independent

bottlers created some challenges for the company, mostly financial challenges as the smaller

bottlers lacked the financial assets and funds for investments (Buehler 2019). This in return

creates issues for Coca-Cola which led them to create the Bottling Investments Group(BIG). This

group targets the bottling companies that may be struggling to help and ensure they can remain a

part of the Coca-Cola franchise network. Coca-Cola sends in experts and resources to help them

return to profitability and stay afloat. The Bottling Investments Group has become very

successful and operates in many countries worldwide. According to Buehler in his 2019 article,

“The BIG program operates in dozens of countries and is responsible for managing over 25% of

the total system bottling volume.” He continues with stating, “In 2004, bottlers in the BIG

program took in $11 billion in revenue.” The BIG program has been a great resource for many

struggling bottling companies and has proved to increase revenue for the companies involved.

Coca-Cola is one of the industry leaders in beverages but as we know there are other prominent

beverage companies that they compete with.

The biggest competitor for Coca-Cola is another total beverage powerhouse PepsiCo.

PepsiCo like Coca-Cola offers a variety of beverages and own many household brand names

similar to Coca-Cola. According to an article written by Joe David in 2018 who wrote an article

about Coca-Cola competitors, “The market share of Coca-Cola, PepsiCo, Dr. Pepper, Refreshco,

National Beverage, and others for the year 2018 were 43.3%, 24.9%, 17.9%, 3.6%, 3.1% and

7.2% respectively.” These stats are in reference to the U.S. soft drink industry and while Coca-
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Cola is the industry leader in market share at 43.3%, PepsiCo is the next highest at 24.9% which

is still a huge portion of the market. Although they are both dominant beverage brands their

strategies and portfolios are a bit different. PepsiCo has a highly diversified portfolio as they own

a lot of brands that fall under the packaged goods industry. While Coca-Cola mainly focuses on

the beverage industry. This can give Coca-Cola a slight advantage as all of their time and

resources are focused solely on the beverage industry. PepsiCo has strategized differently and

tried to integrate their beverages with their packaged goods or snacks. According to Information

Resources, Inc., 54% of U.S. consumers polled reported that when they buy a salty snack, they

also buy a beverage in the same checkout basket. PepsiCo has diversified into the thought that

when people eat a snack they will want a drink and have really tried to integrate these different

products and industries. A competitive move that PepsiCo might make in the future is to try and

dominate or own a bigger stake in the energy drink industry. Coca-Cola owns Monster energy

giving them a pretty good market share of the industry. According to an article written by Jan

Conway in 2020, “Monster Energy followed in second place, with a share of 15 percent.”

Although 15% doesn’t seem like a ton of market share the only share higher is Red Bull who has

24.6% of the market share (Conway 2020). I can see PepsiCo trying to overtake a large portion

of that and come out with a new energy drink product or acquire/merge with an energy drink

company. PepsiCo currently owns Rockstar, Mountain Dew Kickstart, Gamefuel, Amp and

recently lost the distribution rights of Bang. (www.pepsicoparters.com). Although they do own

some companies in the energy drink industry I think they could greatly improve as Monster is a

more popular energy drink that holds a lot of the market share. PepsiCo does have some variety

in this industry but with losing Bang it will be hard to compete with the very successful Monster
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Energy. The energy drink industry is on the rise and it is a great way for competitors to gain a

competitive advantage and compete against Coca-Cola.

Another major competitor is Keurig Dr. Pepper (KDP). Much like PepsiCo and Coca

Cola, Keurig Dr. Pepper owns a ton of various beverage brands that are popular all over the

world. They offer over 125 hot and cold beverages, consisting of water, tea, coffee, juice and

soda. Dr. Pepper has a 17.9% market share in the U.S. soft drink industry (David 2018). This is a

pretty large share, and it is obvious that Dr. Pepper is a leading competitor for Coca-Cola. Keurig

Dr. Pepper has a different revenue mix and strategy than Coca-Cola. Coca Cola relies heavily on

their concentrates sales and gaining revenue from their premium syrups. While Keurig Dr.

Pepper has different revenue paths. In an article written in 2020 by Trefis Team they state that,

“KDP which derives 44% of its revenue from bottled beverages (ending up in grocery and

convenience stores) and 38% of sales from Keurig brewing systems and K-Cups.” KDP has a

competitive advantage during the pandemic because they offer a unique product that is getting

even more use because people are choosing to stay home rather than going out and buying

coffee. With the merger of Keurig Green Mountain and the Dr. Pepper Snapple Group in 2018

they have done very well and opened up their revenue streams by including Keurig machines and

K-Cups. More and more people are staying home and making their own beverages instead of

going out and buying them from stores which is hurting Coca-Cola. It can be believed with this

evidence that KDP is in a position to make competitive moves that will help them earn even

more money in the continued pandemic. They can market and truly harp on the thought that you

can just make coffee or tea at home and not risk getting the virus by going into stores to buy

beverages. They are offering a safer way of getting the beverage you want without even leaving

home. They could create a huge marketing campaign and gain a lot more market share by doing
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it in a way the other competitors cannot, using their Keurig machines. Both Keurig Dr. Pepper

and PepsiCo are major players in the competitive total beverage and soft drink industry and are

nipping at the heels of Coca-Cola.

It is very hard to predict how the beverage industry is going to evolve in the next five

years, however Coca-Cola and its two main competitors (PepsiCo and Keurig Dr. Pepper) are not

going to lose much market share. It can be predicted that these companies will just continue to

grow and expand into more brand ownership. These companies will likely continue to add

brands under their wing and continue to grow, it is likely within the next five years that Coca-

Cola could move into the alcohol beverage industry. There has been some speculation as Coca-

Cola had a limited release of a hard seltzer this year in Mexico and Brazil, but they have the

power and position to do a lot more than just release a limited hard seltzer. They have dominated

the non-alcoholic beverage industry and they could use their strong brand to expand into

alcoholic beverages. This expansion means that they could make some unique alcoholic

beverages from their existing products that people would really enjoy. This would open Coca-

Cola up to a whole new market and in return some of their larger competitors (KDP and

PepsiCo) might do the same. There are numerous possibilities for Coca-Cola such as getting into

hard seltzer or hard lemonade products. Since Coca-Cola already has a large foothold in

alcoholic beverages because people use Coca-Cola products as mixers alongside their choice of

alcohol. A possibility for a product would be a complete drink with both Coke and alcohol pre-

mixed that people would enjoy. Since there is a large fan base that mixes Coca-Cola products

with alcohol already, it seems Coca-Cola would do very well expanding into this space.

The massive success Coca-Cola has attained is rooted in its many strengths. As stated

several times already Coca-Cola is the existing market leader in the soft drinks industry. This is
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one of their massive strengths as they are at the top of the industry. Another main strength for

Coca-Cola is their strong brand identity and brand equity. Coca-Cola is extremely popular all

over the world and everyone knows the iconic red and white Coca-Cola brand logo that has been

around forever. Coca-Cola has built brand power and earned name recognition over time. Just by

having the Coca-Cola brand on an item it immediately catches people’s attention and loyal

customers will choose Coca-Cola over another brand because they have trust in them and have

enjoyed their products in the past. Coca-Cola’s next strength is their global market and global

reach, they offer their products in over 200 countries and territories worldwide. According to Jan

Conway who wrote an article on revenue distribution for Coca-Cola in 2020, “In 2019, almost

32% of The Coca-Cola Company’s revenue was specifically generated in North America.”

Given the 32% for North America plus another 19.9% for their bottling investments, that leaves

almost 50% of their revenue coming from outside of North America (Conway 2020). Having

almost half of the company’s revenue coming from outside North America just shows how large

their global reach is. One more strength that Coco-Cola has is their extensive distribution

network. They have hundreds of bottling partners located globally to have a sense of local

business and local markets. This network is what allows for the products to not travel extensive

distances and gives Coca-Cola that local business feel. This allows for products to always be on

hand and accessible for the retailers or wholesalers selling it. Coca-Cola seems to have a very

successful and efficient distribution plan that a lot of other companies in this industry do not

have, which helps them manage their global scale successfully.

Although Coca-Cola is widely successful they have some weaknesses. One of their

largest weaknesses comes with the other huge competitors in the soft drink industry. As stated

earlier PepsiCo and Keurig Dr. Pepper are not far behind Coca-Cola in market share. Without
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PepsiCo, Coca-Cola would have been one of the only dominant players in this industry and

nothing would have slowed them down. PepsiCo has been right behind them in market share for

many years and is truly their leading competitor. Another weakness is Coca-Cola’s low product

diversification. Although they offer hundreds of different beverages from multiple different

brands, they are solely a beverage company. Their biggest rival PepsiCo offers hundreds of

beverages as well but they also offer snacks, chips and other food items. This gives PepsiCo an

advantage as they can integrate products and get creative by offering the perfect complement to a

snack, one of their beverages. Coca-Cola has been successful in the beverage industry, but so has

a lot of other companies. Lastly a weakness that could come into play is health concerns.

Although they have recently started to offer more low calorie or more “diet” products to their

portfolio, the majority of their beverages still aren’t the healthiest options. This could become a

problem for them as a lot more people are trying to live a healthier lifestyle and ultimately stay

away from soda or sugary drinks. This trend has not yet largely affected the company but if this

shift to a healthier lifestyle continues Coca-Cola might be put in a bad spot in the market.

The core competencies related to Coca-Cola are very similar to their strengths. The three

main factors that separate Coca-Cola from other competitors are its brand name, its distribution

system and the distinct exclusive products that only Coca-Cola can produce. Coca-Cola has such

a loyal customer base even when it just comes to their Coke or Diet Coke. There are die-hard

fans that will only drink Coke products rather than other brands because of how great of a taste it

has. Along with that, the brand name “Coca-Cola” is a distinct brand known all over the world.

These two features lead to people combining the great taste of their products to their brand name

giving them a great competitive advantage. Another part of their company that separates them

which has already been touched on is their distribution system. They have hundreds of bottling
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partners worldwide that operate at a local level. This allows for business to be conducted

appropriately in relation to the local market where the product is produced. This is important as

the different cultures along with different local business markets can be explored and effectively

used. This also adds for great diversity among Coca-Cola partners or employees. Overall their

distribution level is unique as it is focused on the local markets in which the products are made

giving them that important trustworthy local business feel.

A company of this magnitude has many resources that are used to help build the

company. Coca-Cola uses financial resources to invest in growth and increase shareholder value.

They also use a capital allocation strategy that according to their financials on their website

www.coca-cola.com , “Our capital allocation strategy supports both our growth ambitions and

returning cash to shareholders.” Coca-Cola focuses on four things that are linked to investing for

growth and return to the shareholders. The first two relating to investing for growth are: reinvest

in the business and consumer-centric M&A. As explained in their financials reinvesting in the

business whether that is capital or other investments help support the growth agenda. While

consumer-centric M&A is trying to find the right balance between their strategic rationale,

financial returns and risk profile. Consumer-centric is working with a mindset to provide a

positive customer experience to drive profit and gain a competitive advantage. On the other side

relating to the return for shareholders Coca-Cola focuses on first continuing to grow. Their goal

according to their financials on their website www.coca-cola.com is to continue to grow

dividend with a target of 75% free cash flow. The next thing they list is net share repurchase, this

is the process of returning excess cash over time and Coca-Cola repurchasing its own shares to

boost the value of the stock and improve financial statements. Their strong financial resources

allow for the acquisitions of brands that fit within their industry. For example, Coca-Cola just
THE COCA-COLA COMPANY ANALYSIS 10

acquired Fairlife LLC. which added some dairy products to their vast array of beverages. With

Value-added dairy products being one of the fastest growing categories in the U.S. and the

potential for sales growth Coca-Cola jumped on the opportunity. The reason they can continue to

grow and make acquisitions is in thanks to their vast financial resources which give them the

freedom to make these decisions and truly give them a competitive advantage.

Along with financial resources Coca-Cola also has strong human resources. With the size

and reach that they have as a company human resources are very important. They have a large

group of leaders that take pride in their job and are truly committed to grow and continue on the

successful path that Coca-Cola has had. They have built an empire revolved around their great

products and human outreach. It takes more than just a good product to have sales in over 200

countries, and their human connections and interactions have been a large part of their success

across the globe. They not only are rooting in community involvement but are always innovating

and working on ways of sustainability that have a greater reach than just the Coca-Cola

Company. An example of this dating back to 1984 talked about on their website www.coca-

cola.com is when the Coca-Cola Foundation was founded. This foundation is the commitment by

Coca-Cola to give back 1% of its prior year’s annual operating income through the foundation

which serves three priority areas: woman, water and well-being. Another example in 2010 also

described on their website www.coca-cola.com is the 5by20 initiative. This relates to the

empowerment of 5 million women entrepreneurs who are offered access to business training

courses, financial services and connections with peers or mentors. They use their platform for the

bettering of communities and the greater good to give back in ways that only their human

resources and vast human connections can (www.coca-cola.com).

THE COCA-COLA COMPANY ANALYSIS 11

The Coca-Cola company is extremely successful and their financials show it. According

to Jan Conway who wrote an article in 2020 on the Coca-Cola’s net operating revenues states,

“In 2019, the Coca-Cola Company’s net operating revenues worldwide amounted to around

37.27 billion U.S. dollars.” Coca-Cola made nearly $3 billion more in 2019 compared to 2018.

Although through the years 2011-2016 they made over $40 billion a year making the $37.27 a bit

lower than it has been in the past. According to their website investors page www.investors.coca-

colacompany.com their net revenues grew 9% for the full year and operating income grew 10%

for the full year of 2019. It also talked about operating margins on their website and mentioned

that operating margins for the year 2019 was 27.1% compared to 26.7% last year. They also

continued to gain value share in total nonalcoholic ready-to-drink beverages. In fact, in 2019 the

company had the largest value share gains it has had in almost a decade. Another thing listed on

their website referred to earnings per share. They saw EPS grew 38% to $2.07. Along with that

cash from operations was up 37% sitting at $10.5 billion for the year (www.coca-cola.com).

Their website www.coca-cola.com stated, “We are up 37% largely due to the strong underlying

growth, accelerated timing of working capital in initiatives and the reduction of productivity and

restructuring costs.” The year 2019 was successful and seemed to be fitting of their growth and

sustainability trend. As stated by James Quincy the CEO of Coca-Cola, “We made good progress

in 2019 by delivering on our financial commitments and growing in a more sustainable way.” All

of the 2019 goals made by the company were met and as stated by Mr. Quincy they made good

progress on continuing to grow the company (www.coca-cola.com).

Strategic Alternatives

A good strategic alternative for the Coca-Cola Company might be looking into the path

of diversification. Although Coca-Cola is dominating the soft drinks industry they could
THE COCA-COLA COMPANY ANALYSIS 12

diversify into some complementing industries to maximize profits and increase revenue. The

snack food industry is a great place for Coca-Cola to focus some of their efforts. If they took a

similar strategy to PepsiCo and could integrate some of their beverages and snacks they could

become quite successful, as the perfect complement to a salty snack is a beverage. If Coca-Cola

could enter this industry either by acquisition or a merger it would greatly expand their portfolio.

If Coca-Cola can tap into the large loyal fan base and offer them a snack to complement their

beverage it would open up a lot of great opportunities for the company. A great advantage in this

new alternative would be to further separate themselves from the competition. Coca-Cola is

already the leader in the soft drinks industry and PepsiCo isn’t far behind them. PepsiCo has

already diversified into the snack foods industry, which gives Coca-Cola a chance to compete

and enter the snack food industry alongside them. This will in return lead to a greater

competition between the two companies in more than one industry limiting any advantage

PepsiCo would have over Coca-Cola through diversification. A disadvantage for Coca-Cola by

entering into this new industry would be the potential resources, time and energy that would be

taken away from their beverage side of the business. This could also cause Coca-Cola to lose

some market share in the soft drink industry. The acquisition or merger of a company from an

entirely different industry can cause a lot of new work and take away from their main focus in

beverages.

Another strategic alternative that Coca-Cola could capitalize on is the alcoholic beverage

industry. They have released a hard seltzer to limited locations in Mexico and Brazil as stated

earlier, but they could fully enter this new industry in alcoholic beverages and compete at a high

level right away. In recent times hard seltzers are extremely popular and there are a ton of other

companies who entered into the hard seltzer market to compete. Coca-Cola can use their already
THE COCA-COLA COMPANY ANALYSIS 13

very strong brand name and image and create a whole new line of alcoholic beverages. A lot of

loyal Coca-Cola customers already combine alcohol with Coca-Cola products in various

different drinks. If Coca-Cola would release a premade mix drink with their existing beverages

complimented by alcohol it would do very well and taste great. The best way for them to enter

this market is by either a merger or acquisition of a company that already has a decent market

share in the alcohol industry. By doing this and tapping into those existing customers gained

through the merger or acquisition, along with the customers Coca-Cola already has there would

be a huge market and desire for these products. An advantage for this strategic alternative is

expanding the Coca-Cola portfolio. This will allow Coca-Cola to focus on a different target

market and open up a lot of new opportunities and possibilities. It is another advantage that

Coca-Cola already has a large market share of the non-alcoholic beverages and they know how

to market, sell and operate at a high level in the beverage industry. All Coca-Cola would have to

do is implement its strategy and way of business but just with alcoholic beverages rather than

non- alcoholic beverages. A major disadvantage is the industry giants that control a lot of the

alcoholic beverages market. Companies such as Anheuser-Busch and Heineken Holding who

control a decent amount of market share and are doing very well in the industry. I believe that is

why a merger or acquisition with a company doing well in this space would be the best route to

enter the industry. This would also offer an advantage to the other alcohol company involved as

they would be gaining a lot of existing customers and be involved with a majorly successful and

widely respected brand. Another disadvantage could be the use of resources, company time and

money that would be spent or used on this new venture that could affect their non-alcoholic

market products. Entering into the alcoholic beverage industry is going to take a lot of work and

time that could potentially hinder the success or growth of their core products and business.
THE COCA-COLA COMPANY ANALYSIS 14

The last new strategic alternative is to maximize and focus some efforts on Powerade.

Powerade is an industry leader second to Gatorade. Gatorade is owned by PepsiCo and is

currently dominating this market. There are many reasons why Gatorade is doing so well

compared to Powerade. The biggest reason Gatorade is doing so much better is the variety of

products that they offer. Unlike Powerade who only offers an electrolyte drink, Gatorade offers a

variety of products for athletes. They offer an extensive variety of electrolyte drinks, protein

drinks, protein bars, protein powder, recovery drinks, energy chews and sports prime fuel drink.

Gatorade has tapped into being an overall athletic performance and hydration company, whereas

Powerade is still just an electrolyte drink company. Coca-Cola could use Powerade and enter

some of these markets by offering other products to enhance athletic performance and recovery.

To fully compete with Gatorade, they need to diversify and offer some other products that can

help them build their company up and reach a larger audience. It would be an advantage for

Coca-Cola to pursue some new products for Powerade because it would allow Powerade to grow

into something bigger and generate some more revenue. It would also allow Coca-Cole to

diversify a bit as they would be offering some other products besides just beverages. Another

way for Powerade to compete at a higher level would be to sponsor and endorse some higher-

level athletes. They already do have some good sponsors and athletes on their team but I feel

they could add even more with a greater fan base. This would allow more exposure for Powerade

and ultimately bring greater brand awareness and image to Powerade. A disadvantage would be

that Gatorade is already so powerful that it may not be worth the resources and money. Gatorade

is the industry leader in market share by a large amount and it would take a ton of resources, time

and money to get to where they are. On the other hand, Powerade is the only company close to
THE COCA-COLA COMPANY ANALYSIS 15

Gatorade so it may be worth trying to diversify and grow the brand to the level Gatorade has and

truly give them some competition.

Strategic Alternative Recommendation

The best strategic alternative presented is the idea of Coca-Cola entering the snack food

industry. The best way to achieve this would be through a merger or acquisition. Coca-Cola has

the resources and capital to make a huge move like this. This is a great way for Coca-Cola to

expand their portfolio, and it is both feasible and worthwhile as other companies who are

competitors of Coca-Cola currently competing in the soft drink industry are also competing in

the snack food industry. This would also allow them to integrate certain beverages and snacks

that could create a lot of success. Coca-Cola should diversify into this industry because these

new products will complement the very successful products they already make. This would also

allow Coca-Cola to further separate themselves from the competition. PepsiCo has already

diversified into the snack foods industry and this gives Coca-Cola a chance to compete with

them in a different industry. This will create greater competition between these two companies

and ultimately will help limit any competitive advantage PepsiCo may have over Coca-Cola.

This strategic alternative will also help strengthen the diversification of the company, which is a

current weakness they have. This alternative fits in with the analysis of Coca-Cola because they

lack so much diversification. It also will allow Coca-Cola to grow in ways that they haven’t had

the opportunity to grow because of the lack in diversification of their products. This will open up

a new market and allow for new customers to try and enjoy the Coca-Cola experience. Another

reason this alternative is superior to the other alternatives given is that the two industries and

products complement each other so nicely. It would make sense for Coca-Cola to own both the

snacks and beverages being consumed by their loyal customers rather than just beverages. This
THE COCA-COLA COMPANY ANALYSIS 16

will open up a whole new revenue stream for Coca-Cola and allow integration of products that

can only be done through entering the snack food industry.

THE COCA-COLA COMPANY ANALYSIS 17

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