VIETNAM NATIONAL UNIVERSITY

HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY

SCHOOL OF INDUSTRIAL MANAGEMENT

INDIVIDUAL REPORT

PEPSICO CASE:
DIFFERENTIATION STRATEGY OF
CREATING TRULY HEALTHY
BERVERAGES

Lecturers:

Prof.Dr. Szeles Raileanu Monica

MBA. Lai Van Tai

Student: Nguyen Hoang Bao Ngoc

ID Number: 2052614

Course: Strategic Management

Ho Chi Minh City, May 2023

 TABLE OF CONTENTS
CHAPTER 1. INTRODUCTION................................................................................ 2
CHAPTER 2. LITERATURE REVIEW .................................................................... 3
CHAPTER 3. ENVIRONMENTAL SCANNING ..................................................... 5
3.1. External Environment Analysis........................................................................... 5
3.1.1. Political factors ............................................................................................ 5
3.1.2. Social factors ................................................................................................ 6
3.1.3. Legal factors ................................................................................................. 7
3.2. Industry Analysis ................................................................................................. 7
3.2.1. Competitive rivalry ...................................................................................... 7
3.2.2. The threat of entry ........................................................................................ 8
3.2.3. The threat of substitutes ............................................................................... 8
3.2.4. The power of buyers .................................................................................... 8
3.2.5. The power of suppliers ................................................................................. 9
3.3. Internal Environment Analysis ............................................................................ 9
3.3.1. Mission ......................................................................................................... 9
3.3.2. Objectives .................................................................................................... 9
3.3.3. Products ...................................................................................................... 10
3.3.4. Resources and capabilities ......................................................................... 11
CHAPTER 4. DIFFERENTIATION STRATEGY ................................................. 12
4.1. Business Environment Adaptation .................................................................... 12
4.2. Objective Achievements .................................................................................... 13
4.3. TOWS Matrix .................................................................................................... 13
4.4. Strategy in Action .............................................................................................. 14
4.5. Benefits and Risk of Strategy Implementation ................................................. 14
CONCLUSION ........................................................................................................... 16
REFERENCES ........................................................................................................... 17

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 CHAPTER 1. INTRODUCTION
PepsiCo, Inc. is an American multinational food, snack, and beverage
corporation headquartered in Harrison, New York. The business of PepsiCo includes all
aspects of the food and beverage industry. More than one billion people worldwide use
PepsiCo products every day in more than 200 nations and territories. The supplementary
beverage and convenience food portfolio of PepsiCo, which includes Lay’s, Doritos,
Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream, helped the
company produce $86 billion in net revenue in 2022. The product portfolio of PepsiCo
offers a variety of delicious foods and beverages, including numerous renowned brands
with projected annual retail sales of more than $1 billion each.

When considering the divisions of the company, PepsiCo Beverages North

America remains the primary revenue generator, despite the food divisions yielding
higher revenue. However, in recent years, PepsiCo has witnessed a gradual decline in
market share within the carbonated soft drink category, currently standing at 8.7 percent
as of 2020. In the beverages segment, PepsiCo has traditionally encountered significant
competition from its primary rival, Coca-Cola. This company outperformed PepsiCo in
terms of brand value by more than 1.6 times (Ridder, 2022).

The purpose of this paper is to analyze how differentiation strategy of creating

truly healthy beverages helps PepsiCo adapt with its business environment and achieve
its objectives for the next 5 years. This paper includes (1) environment scanning about
external and internal aspects; (2) differentiation strategy about business adaptation,
objective achievement, TOWS matrix, strategy in action and benefits as well as risks of
strategy implementation.

This paper explores several factors of the business environment related to the
suggested strategy rather than all factors. In addition, this paper focusses on beverages
segment of PepsiCo in a global scale and recommend strategy as a solution for current
situation as well as a direction to achieve its overall objectives.

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 CHAPTER 2. LITERATURE REVIEW
Differentiation strategy requires distinctiveness along a dimension that buyers
appreciate highly enough to justify a price premium. Compared to similar goods or
services, products may provide the consumer with completely unique and better features.
It is essential to define the consumer whose wants the distinction is based in detail when
creating a basis for differentiation. Differentiators should pay close attention to costs,
especially in areas unrelated to their sources of distinction, just as cost-leaders should
not ignore quality (Richard et al., 2020, p. 209).

The goal of the external audit is not to create an extensive list of every single
element that might impact the business; rather, it is to identify critical factors that
provide effective solutions. Firms should be prepared to respond to the elements either
offensively or defensively by developing strategies that capitalize on external
opportunities or mitigate the effect of prospective threats (David, 2017, p. 219).
PESTEL analysis highlights six environmental factors in particular: political, economic,
social, technological, ecological, and legal (Richard et al., 2020, p. 36).

The level of appeal of industries overall significantly differs depending on the

ease in which companies can acquire substantial profits. The level of competition, along
with the power of buyers and suppliers, varies across industries and plays a crucial role
in determining profitability. Porter’s Five Forces framework assists industry analysis
and helps to identify industry attractiveness in terms of five competitive forces: (i)
extent of rivalry between competitors; (ii) threat of entry; (iii) threat of substitutes; (iv)
power of buyers; and (v) power of suppliers (Richard et al., 2020, p. 64). The goal goes
beyond merely identifying the forces’ strengths and the causes that motivate them.
Instead, the question is whether the industry is a suitable one in which to compete and
if there are favorable strategic positions from which a company may protect itself from
fierce competition forces, exploit weak ones, or influence those forces in its favor
(Richard et al., 2020, p. 73).

In comparison to an external audit, the process of performing an internal audit

gives participants more opportunities to understand how their jobs, departments, and
divisions fit into the overall organization. Creating competitive advantages entails
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capitalizing on distinctive competencies. Strategies are created in part to enhance a
company’s weaknesses and transform them into strengths (David, 2017, p. 179).

SWOT framework presents a comprehensive overview of the Strengths and

Weaknesses identified in a thorough analysis of resources and capabilities, and the
Opportunities and Threats examined in an analysis of the external environment. This
analysis could prove valuable as a foundation for generating strategic options and
evaluating prospective courses of action (Richard et al., 2020, p. 112).

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 CHAPTER 3. ENVIRONMENTAL SCANNING
3.1. External Environment Analysis

This section uses PESTEL framework to analyze the macro-environment of

PepsiCo. Based on literature review, this paper focuses on crucial factors that the
suggested strategy can help the firm adapt with and ignore some irrelevant factors.

3.1.1. Political factors

WHO released its first-ever global tax manual for sugar-sweetened beverages
(SSBs). Currently, at least 85 countries implement some type of SBB taxation. “Taxes
on sugar-sweetened beverages can be a powerful tool to promote health because they
save lives and prevent disease, while advancing health equity and mobilizing revenue
for countries that could be used to realize universal health coverage,” said Dr Ruediger
Krech (as cited in World Health Organization, 2022). Drinking SSBs regularly increases
the risk of cavities, diabetes, obesity, heart disease, stroke, and cancer in both children
and adults.

A new survey showed that most people in the United States, Tanzania, Jordan,
India, and Colombia agree with having taxes on sugary drinks, alcohol, and tobacco.
There is a considerable degree of endorsement for increased taxation on alcohol and
tobacco items, with an average of approximately 69% and 66%, respectively, across
five countries. Additionally, a majority of 59% of respondents support the proposition
of elevated taxes on high-sugar beverages (Andrew, 2022).

Nations such as France and Saudi Arabia have augmented the levies imposed on
beverages that contain high levels of sugar. In 2017, the government of Saudi Arabia
elevated the tax rates for SSBs to 50%. In 2015, the city of Berkeley, California
implemented a tax of 1 cent per fluid ounce on SSBs, leading to an average price
upsurge of 0.83 cents per fluid ounce. Subsequently, after one year of its implementation,
a decline of 21% in the consumption of SSBs was observed. In 2017, the Portuguese
government implemented a two-tiered tax system on sugary drinks, imposing
incremental currency amounts of €0.8/L and €0.16/L on products with a sugar content

of <80 g/L and ≥80 g/L, respectively, leading to increases in the average prices of these

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beverages. A 7% decline in sales of SSBs was documented during the initial year, owing
to the redevelopment process that contributed to an 11% decrease in overall energy
intake attributable to the consumption of SSBs (Obesity Evidence Hub, n.d.).

In summary, government interventions targeting sweetened carbonated

beverages pose a considerable threat to PepsiCo’s revenue streams in impacted market
segments. Any increase in taxation can raise concerns for PepsiCo, as it may result in
inflated pricing of their products in the market, consequently leading to a potential
decline in sales.

3.1.2. Social factors

Recent consumer research has demonstrated that most individuals comprising 65

percent, who frequently consume functional beverages, harbor heightened concerns
about various health-related issues amid the advent of the COVID-19 pandemic.

The present study involved the survey of 2,662 beverage consumers from the
United Kingdom, Germany, Poland, and Spain. When inquired about the health-related
apprehensions that have been amplified after the advent of COVID-19, a majority of
59% of the participants highlighted immunity as a paramount concern, while another
50% emphasized that mental health has become a crucial area of focus.

The research findings have demonstrated that consumers exhibit a preference for
beverages containing natural constituents. Nevertheless, there is a considerable level of
approbation for fortification, as evidenced by 39 percent of Europeans acknowledging
fortified beverages as crucial to maintaining their overall health (Joshua, 2021).

In summary, PepsiCo is facing a consequential risk due to the growing awareness

of health among consumers, which is centered on apprehensions regarding the sugar,
salt, and fat components of its product line. Increased attention from lifestyle consumers
is expected to boost the popularity of beverages, driven by a significant number of new
product releases that cater to a more comprehensive approach to health, nutrition, and
lifestyle. Younger generations are more concerned about their body-mind well-being,
including mental health. Therefore, this external factor also confers lucrative prospects

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for the corporation to enhance its merchandise for the purpose of mitigating these
apprehensions.

3.1.3. Legal factors

The implementation of regulatory measures that impose legal constraints or

prohibitions on activities perceived to be harmful has garnered significant backing. A
notable example is the enactment of laws that prohibit the advertisement of high-sugar
foods and beverages that are deemed harmful to children, garnering support from 72%
of the population (Andrew, 2022).

The Health and Care Act 2022 made some changes to the Communications Act
2003. As a result, there are now rules that limit how much unhealthy food and drinks
can be advertised and sponsored. Food and drinks that have lots of fat, salt, or sugar are
not extremely healthy. New rules now exist for advertising online and on TV that are
regulated by Ofcom in the UK. The new rules that were supposed to start on October 1,
2025, have been postponed giving companies more time to prepare (Abdi, 2023).

In summary, these implemented measures aim to prevent the distribution of

products considered detrimental to consumers, potentially impacting the sales volume
of PepsiCo. While this situation poses a potential threat to PepsiCo, the company
possesses the ability to adjust the attributes of their beverages to align with legal
constraints. Preliminary findings indicate that PepsiCo may adopt product innovation
as a means of achieving regulatory compliance.

3.2. Industry Analysis

3.2.1. Competitive rivalry

Coca-Cola is the primary rival of PepsiCo in the market segment of carbonated-

cola beverages on a global scale (David, 2022). The key factors that drive revenue and
growth in the highly competitive market are marketing-advertising and distribution
network, yet these elements can be costly and inefficient. As a result, even with a unique
product, success may depend heavily on these factors. Coca-Cola and PepsiCo
dominate the market with their strong presence and their combined share surpasses that
of several other competitors. The operating margins were affected in the past due to

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intense advertising competition, price sensitivity, fluctuating distribution margins, and
evolving customer preferences. Consequently, the intensity of competition has a
significant influence on PepsiCo’s decision-making procedures.

3.2.2. The threat of entry

The potential of new competitors in the market for Cola-based beverages is

currently insignificant. For over 50 years, PepsiCo has been developing a widespread
brand and partnering with prominent local figures to connect with people’s emotions
and establish relationships. Establishing equivalent brand value and contending against
PepsiCo is an exceedingly difficult task for a new player. Despite customers having the
option to easily switch to competitors, the challenges of establishing a brand and
delivering the product to the target market due to these factors limit the likelihood of
new entrants posing a significant threat.

3.2.3. The threat of substitutes

PepsiCo’s offerings can be replaced according to various factors such as

customer preferences. As an illustration, individuals readily savor authentic fruit juices
and freshly brewed coffee over consuming beverages from PepsiCo or Tropicana.
Recent study indicates that carbonated beverages possess a substantial volume of added
sugar, resulting in increased susceptibility to obesity and a range of associated health
issues. As societal consciousness continues to evolve, a substantial proportion of
individuals are currently seeking healthier options as consumers (Commetric, 2019).
Furthermore, these cost-effective alternatives are readily available to PepsiCo
customers, allowing for seamless transition. Also, most of these alternatives can be
easily found at various retailers, including supermarkets. According to this aspect of the
Five Forces assessment, PepsiCo is highly susceptible to the threat of substitution from
external factors.

3.2.4. The power of buyers

The prioritization of consumers is a significant objective outlined in PepsiCo’s

mission statement. It has been observed that consumers possess the capability to
conveniently transition from one brand to another. This condition serves to augment the

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extent of customers’ capacity to exert influence upon PepsiCo. Moreover, consumers
are provided with a wealth of information, enabling them to readily discriminate
between goods offered by PepsiCo and those of rival entities (Robinson, 2015). Also,
the availability of substitutes entices consumers to refrain from purchasing PepsiCo
commodities.

3.2.5. The power of suppliers

Specifically with suppliers, PepsiCo maintains beneficial connections. The great

supply of raw resources is enhancing the negotiating power of suppliers. This element
weakens the suppliers’ ability to negotiate effectively. Additionally, this force is
constrained by their decreased forward integration, making it impossible for suppliers
to manage the supply chain of the firm. The external business environment of the
corporation is only marginally influenced by these externally dominant forces.

3.3. Internal Environment Analysis

3.3.1. Mission

For their consumers: By creating joyful moments through their delicious and
nourishing products and unique brand experiences.

For their customers: By being the best possible partner, driving game-changing
innovation and delivering a level of growth unmatched in their industry.

3.3.2. Objectives

PepsiCo is a global food and beverage corporation that strives to deliver a diverse
selection of high-quality goods to people worldwide. One of its objectives for the next
5 years can be shown as follows:

“PepsiCo focuses on continuous product innovation and development to meet the

changing preferences and needs of consumers. The company invests heavily in research
and development to create new products and improve existing ones.”

In addition, PepsiCo said that it will reduce the average amount of added sugars
in its whole line of soft drinks, which includes brands including Pepsi-Cola, Lipton Iced

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Tea, and 7UP, by 25% from a baseline in 2019 by 2025. By 2030, the corporation wants
to reduce sugar consumption by 50% (Katy, 2021).

3.3.3. Products

PepsiCo’s range of foods and beverages reflects how varied consumer tastes are
around the globe. This paper focuses on beverages segment only.

Figure 3.1. PepsiCo’s carbonated soft drink market share in the United States from
2004 to 2021 (Ridder, 2022).

In 2021, PepsiCo’s U.S. market share in carbonated soft drinks was 25.6 percent.
One can see that there was a gradual decrease of carbonated soft drink market share in
the US from 2009 to 2021 (Ridder, 2022). Some investors were demanding for the firm
be split up to separate the company’s struggling beverage segmentation from its healthy
snacking sector because of the unexpected fall. To assist slow the drop, PepsiCo was
simply attempting to enhance soft drink advertising in accordance with its plan (Cooper,
2014).

Then, throughout 2019, PepsiCo kept improving its efforts to cut added sugars,
sodium, and saturated fat. The company is on track to achieve its goals for product
formulation by the end of 2025 thanks to its efforts. In its top 26 beverage markets,
PepsiCo’s beverage portfolio volume reached its 2025 target for the reduction of added
sugars by 47% as of 2019, up from 44% in 2018. By 2025, the corporation wants to

10
achieve a 67% rate. By making PepsiCo Zero Sugar more widely available, PepsiCo
has made progress toward its aim (Eric, 2020).

3.3.4. Resources and capabilities

One of PepsiCo’s main advantages is its global presence. Few companies in the
food and beverage sector have grown to the same size and scope as PepsiCo. Coca-Cola
is one of them, but there are others as well, such as Nestle, Kraft Heinz, and Mondelez.
However, very few companies, excluding Coca-Cola and Nestle, have attained the same
level of global recognition as PepsiCo. Additional brands that compete with PepsiCo
have remained limited to local markets or smaller market areas. PepsiCo offers its goods
in more than 200 nations. Its network of global distributors includes retailers, resellers,
and bottlers.

PepsiCo is a perfect example of a demand-driven supply chain approach. This is

also one of the company’s most notable strengths. The corporation competes fiercely in
a highly competitive market with other major suppliers like Coca-Cola. The
management of PepsiCo has realized that to outperform the competition, supply chain
techniques must be improved. As a result, PepsiCo has created a supply chain
management that is focused on the needs of the consumer.

The business learned that success depends on getting the appropriate supplies at
the right time. To increase efficiency, the organization has implemented a decentralized
buying strategy. The regional manager is responsible for making the purchase decisions
at each branch in accordance with the regional environmental considerations.
Additionally, it is important to keep a good relationship with the supplier to succeed in
the food and beverage sector. Most of the suppliers now feel more like business partners
than mere vendors because of PepsiCo’s tight connections. By offering the suppliers
various incentives, such as loans when necessary or hosting athletic events to deepen
the links, this strong relationship is maintained. In terms of operations, PepsiCo
management is still having trouble fending off competition from both domestic and
foreign markets. PepsiCo has created a supply chain strategy to have an impact on
regional company development and growth.

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 CHAPTER 4. DIFFERENTIATION STRATEGY
To help PepsiCo adapt to the current business environment and achieve its
objective in the next 5 years, a differentiation strategy has been formulated in this paper.
The aim of the strategy is to focus on creating truly healthy and distinctive beverages
on a global scale and gain a competitive advantage over its main competitor Coca-Cola.

4.1. Business Environment Adaptation

The introduction of this strategy has important implications for PepsiCo’s

adaptation to the business environment. First, the WHO introduced a tax on sugar-
sweetened beverages that affected production costs and increased prices and PepsiCo’s
largest market seemed to support this tax (World Health Organization, 2022). Therefore,
the company should regulate the lowest amount of sugar in beverage products without
increasing other harmful ingredients while reducing total calories to a lower level.

Next, PepsiCo’s main customers aged 20 to 44 tend to care about health after the
COVID pandemic, they want drinks for natural ingredients and micronutrients
(Commetric, 2019). Therefore, PepsiCo should expand and innovate its products in the
direction of replacing artificial sugar with natural substances and adding some healthy
micronutrients to the main ingredients. The company needs to ensure that the creation
and change of the main ingredients of the product does not affect the consumer
experience, especially the taste because this is one of the characteristics that makes
PepsiCo different from other brands.

However, PepsiCo had on the market Pepsi Zero Sugar products that were
advertised as sugar-free but still sweet. This makes consumers doubt the safety of the
product when it is used with artificial sweeteners. Therefore, the most critical point of
this strategy is to ensure that the product contains healthy micronutrients, no artificial
sugars or artificial sweeteners, natural ingredients, and ultimately, to help consumers
have a great experience.

In addition, blocking ads for unhealthy foods in the UK is detrimental to the

brand (Abdi, 2023). Therefore, PepsiCo should continue to convey messages about
healthy lifestyle and high-quality products as a highlight for the next ads.

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 4.2. Objective Achievements

The actions mentioned above can help PepsiCo achieve the goal of “continuous
product innovation and development to meet the changing preferences and needs of
consumers.” Because innovations in health-oriented product characteristics are based
on customer needs. At the same time, it accelerates reaching two thirds of the total
sugar-reduced beverage market by saving costs. Also, it helps the company to further
target sugar-free in all PepsiCo beverages.

4.3. TOWS Matrix

This section will briefly discuss the TOWS matrix, specifically Weaknesses and
Threats, which is used to formulate the suggested strategy and describe how the
differentiation strategy will minimize weakness and avoid threat.

Weaknesses
Differentiation strategy (WT strategy):
Most of beverages are unhealthy.
Creating truly healthy and distinctive
Threats
beverages.
Increasing health consciousness.

By creating healthy products by adding micronutrient product attributes and

replacing artificial ingredients with natural ingredients, PepsiCo will avoid a decrease
in sales of unhealthy beverages because people are becoming increasingly concerned
about their health than in the past. In fact, consumers tend to choose healthier products
as both an opportunity and a threat for PepsiCo. Because the company has room to
improve the product but still suffers from the product volume sold decrease during the
launch of a new product that matches current customer needs. At the same time, creating
truly healthy drinks will help PepsiCo expand the beverage field in the healthy segment.
In addition, increasing sales from these new products could offset the buyer’s refusal to
buy unhealthy products from them.

Moreover, creating a distinctive healthy product helps PepsiCo gain loyalty from
a group of customers who prioritize their safe and healthy choices and makes weakness

13
become strength. This also enhances PepsiCo’s ability to turn this strength into a
distinctive competency then gain competitive advantage in the future.

4.4. Strategy in Action

This section will discuss the stages helping PepsiCo implement differentiation
strategy to gain competitive advantage.

First, PepsiCo should examine current healthy beverages to see whether the
ingredients or receipt need to be improved to better serve the aim of the healthy
alternative. For instance, it would be reasonable to suppose that diet Coke, which often
has no calories, may help people lose weight. Research, however, indicates that the
connection might not be as obvious. In comparison to regular Pepsi Cola, which only
has about 18 mg of caffeine per 12 oz serving, Diet Pepsi has between 24 and 30 mg of
caffeine per can (The Donut Whole, n.d.). The use of artificial sweeteners and excessive
diet soda consumption has been linked to an increased risk of obesity and metabolic
syndrome, according to many observational studies (Sharon et al., 2015). Given that
diet soft drinks contain no calories, these reactions may lead to an increased intake of
sweet or calorie-dense meals, leading to weight gain (Sarah, 2014).

Therefore, PepsiCo’s current healthy beverages do not seem to be good to attract

users, it is necessary to change and re-research ingredients. The purpose of this is to
offer truly healthy beverage choices to appeal to the steadily expanding number of
health-conscious people.

Finally, PepsiCo should reposition its brand to change the perception of

consumers from a company offering unhealthy beverages in general to a company that
cares about consumers’ health. The company can do this through promotional
campaigns and make efforts to convey the message of a healthy lifestyle.

4.5. Benefits and Risk of Strategy Implementation

The expansion of the beverage portfolio in the healthy drink segment will help
PepsiCo improve the sales of beverages which are on a downward trend. Satisfying
customer needs is PepsiCo’s long-term goal. Launching completely healthy drinks is
the solution to the current situation when customers tend to be concerned about their

14
health. This strategy helps the company change its image in the direction of thinking
for consumer health. The implementation of this strategy also helps the company
achieve the goal of sugar-free in all PepsiCo beverages faster in the future and gain
competitive advantage over its main rival Coca-Cola.

On the other hand, the implementation of this strategy requires a significant

amount of financial investment towards extensive research and development efforts to
create a distinctive product offering. Hence, this could lead to substantial expenses.
Based on literature review, differentiation strategy should pay close attention to costs,
just as cost-leaders should not ignore quality. Therefore, this paper suggests the
effective application of supply chain management to compensate for the costs incurred
in the research process. In fact, PepsiCo’s supply chain management is renowned for its
efficiency, enabling the company to source low-cost raw materials from a variety of
countries worldwide (Gupta, 2023). This confirms the potential viability of this
suggestion. PepsiCo could well implement the differentiation strategy of creating truly
healthy beverages while ensuring that the cost does not exceed the allowable level.

15
 CONCLUSION
The implementation of differentiation strategy centered on the production of
truly nutritious beverages can be regarded as a means of transforming the vulnerability
of PepsiCo into a noteworthy advantage. The growing interest of health-oriented
consumers is predicted to enhance the demand for nutritious beverages, because of a
notable increase in the launch of new products that align with a more holistic
perspective on wellness, nutrition, and lifestyle. By developing novel products that
effectively address the health requirements of its consumer base, the organization shall
gain customer loyalty.

Simultaneously, during the execution of the proposed strategy, it is crucial to be

more concerned about costs instead of just focusing on research. The objective of
attaining a 50% reduction in sugar consumption by the year 2030 is a feasible step. The
organization may potentially attain additional triumph by allocating resources towards
the healthy beverages industry. Presently, PepsiCo has demonstrated considerable
success in the realm of nourishing snacks, and extending its assortment of healthy
beverages will serve to reinforce the cohesive alignment of its brand image with its
current direction.

Although this paper may have some mistakes due to limitation in knowledge and
analytics skill, I look forward to receiving your feedback for further improvement.

16
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