INDIVIDUAL COMPANY PROJECT

INDIVIDUAL COMPANY PROJECT Coca-Cola Company Hee Myoung Park BPS 4305.005 Steve Sauerwald

Part 1 : Executive Summary & Introduction Executive Summary Coca-Cola is a company that has been experiencing continuous success up until the start of last decade. This change can be seen due to many external factors that have affected both the sales and perception of Coca-Colas soft drink industry. As such Coca-Cola has taken measures to assess the future of the Coca Cola soft drink industry and insure future growth and success. Details regarding Coca Colas history and basic company information will be shared in the introduction. Followed briefly by an external analysis that will discuss the general environment of Coca Cola, as well as a porters 5 forces analysis. An internal analysis will provide an in depth view regarding Coca Colas finances, value chain activities, SWOT, and will help identify coca cola current and future strategies. This will be followed by a recommendation section that will provide alternative strategies, as well as potential methods for implementing a sound strategy

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Introduction The history of Coca-Cola started in 1886 in Atlanta, Georgia. Dr. John S. Pemberton created the unique syrup, and his partner Frank M. Robinson mixed the syrup with carbonated water (Bellis, 2014). They named this sparkling beverage Coca-Cola (2014). On April 23, 1985, Coca-Cola released New Coke, which is a secret formula for Coca-Cola Coke (2014). Even though no one knows whether this secret formula actually exists, this rumor contributed to establishing the character of Coca-Cola and motivating consumers to purchase the companys products. It is one of the most valuable assets that other competitors could not duplicate. The Coca-Cola Company mission is To refresh the world To inspire moments of optimism and happiness To create value and make a difference ("Mission, vision & values," 2014). The company wants to inspire people to be happy and see things positively with better quality beverage brands. Also, the companys vision includes a Profit perspective, which indicates that the company pursues maximizing return to shareholders. The companys mission and vision show that it has built and will create in the future as the largest leading organization. As the number of consumers who evaluate beverage products based on price and personal preference is increasing, Coca-Cola has developed various beverage products, such as Diet Coke, Coca-Cola Zero, Fanta, Sprite, and Powerade, and acquired other companies like Glaceau. Today, Coca-Cola sells 500 beverage products in more than 200 countries. Nonetheless, the competition among the companies in carbonated drinks market has intensified, so Coca-Cola must inspire the consumers and maintain its current market share and brand loyalty. Also, Coca-Cola is having a hard time because of the concerns about obesity and other health risks that could be caused by sugary carbonated drinks. Coca-Cola will need to take the issues of health and diversification into account as it plans for the future.

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Part 2 : External Environment General Assessment of Environment There are six environmental factors that intensely affect a firms strategy and performance. The six segments of the general environment are demographic, sociocultural, political/legal, technological, global, and economic. The socio-cultural, global, and economic factors are aspects Coca-Cola should consider. Socio-cultural. Appealing to consumer concerns regarding health and wellbeing has been a major trend. Calorie context is the important concern to consumers, and obesity in children is a significant health problem in the United States. Many health experts and journalists suggest that the increasing rates of obesity particularly in the younger generation has been intensified significantly as the consumption of sugar-sweetened beverages has been increased (Coca-Cola Company, 2013, p. 13). Furthermore, Michelle Obama announced the Lets Move! campaign which encourages citizens to address the obesity problem in the United States. This campaign empowers the new health and wellness trend which increases consumers worries toward Coke and other carbonated drinks. Financial analysts reported that Coca-Cola is planning to cut its cost by $1 billion hence soft drink demand has shrank in the United States (Stanford, 2014). Financial numbers already start reflecting that Coca-Cola faces socially conscious problems among its consumers. To cope with concerns that endanger Coca-Colas reputation, the company developed and acquired products such as Vitamin Water, Simply Orange, Honest Tea, and other healthy

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beverages. Nonetheless, the sales of Coca-Cola Coke, which is the main product line of CocaCola, have been affected negatively because of the health issues. Being aware of the social changes surrounding companys product is a crucial assignment because of the change in consumer perceptions about Coca-Cola. The company should find a way that maintains minimum health standards of Coca-Cola Coke to keep customer loyalty and prevent harmful effect and failing sales of Coke. Global. As transportation and technology have developed, the people in other countries are sharing similar cultures and trends. This means the worldwide market has been integrated into one large market. Large or medium sized companies entering developing markets with comparatively low costs is a core strategy to increase revenue and approach potential customers. Coca-Cola started investing in global expansion from 1920s and 30s which was a faster move than many other companies. The company established bottling plants in France, Mexico, Peru and many other countries (The Coca-Cola Company, 2014). In the 1970s, small bottlers started consolidating; Coca-Cola expected to build a larger and well-structured system (2014). In addition, the company formed exclusive partnerships with foreign bottlers which has become stronger and helped the company to adapt to different cultures and customers preference efficiently. Currently, net operating revenues from operations outside the United States is $27 billion, and the overall net operating revenues is $46,854 million (Coca-Cola Company, 2013, p. 133). About 60 percent of its operating revenues are from outside the U.S. The consumer base of Coca-Cola is spread over large international market which has various political, language, and economic differences. It is crucial to the company to be conscious of differences for each

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markets. Consequently, the strategies of the company will be customized by each countries characteristics. Economic. As Coca-Cola Company has stretched out to the global market, the risk of market uncertainty that the company has to consider is increased. Especially, the exchange rate of foreign currencies fluctuates. Slight currency appreciation or depreciation will have a direct influence on the value of monetary assets and liability and revenues of Coca-Cola in U.S. dollars. Porters 5 Forces Analysis The Five Forces model by Michael E. Porter considers the external factors that affect a firms performance and profitability. The Five Forces are the threat of new entrants, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitute products and services, and the intensity of rivalry among competitors in an industry. The threat of new entrants or potential competitors. The threat of new entrants or potential competitors of Coca-Cola is low-medium. The threat of new entrants depends on existing barriers to entry that discourage new competitors from entering a market. Entry barriers are high for the soft drink industry. Coca Cola has built global brand recognition and customer loyalty which make entry barriers higher. Also, the capital requirements within this industry are high because new entrants have to be recognized in many different areas, like production, distribution and advertising areas, to compete with the existing firms. Moreover, if entrants enter the industry on a small scale, there will be failed economies of scale. The existing industry leaders have dominated main distribution channels; therefore, the new entrants will face low access to distribution channels. Thus, even though consumers have no switching cost in the soft

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drink industry, existing barriers to entry are relatively high making the threat of new entrants to low-medium. The bargaining power of buyers. The bargaining power of buyers is low. In the United States, the average consumption of soft drink beverages is about 44.7 gallons a year (Zmuda, 2011). For the most part, because the average soft drink costs less than $2 which is relatively low-priced, the power of each individual purchaser is insignificant. Meanwhile, the order quantity of larger retailers, like Walmart or Target, is large relative to sales. This bargaining power of larger retailers could be weakened since larger retailers also can take advantage of Coca-Colas brand loyalty. The bargaining power of suppliers. Soft drink ingredients usually contain caffeine, low-calorie sweeteners and carbonated water. The company can find alternative suppliers of basic ingredients with low switching cost because the suppliers are not differentiated. Coca-Cola owns Coca-Cola Enterprises (CCE) which is one of the largest Coca-Cola bottlers in the world (Coca-Cola Enterprises, 2013). CCE handles approximately 8% of the Coca-Cola system's global volume (2013). Other bottler suppliers in the United States and overseas are required to enter in an exclusive contract with Coca-Cola. This contract includes a strict code of business conduct and supplier requirements. Consequently, the suppliers of Coca Cola hold less bargaining power. The threat of substitute products and services. Substitutes of Coca-Cola Coke are coffee, energy drinks, sports drinks, and bottled water. Due to health consciousness, the sales of bottled water and energy drinks are growing steadily unlike soft drink. Bottled water sales has grown more than 20 percent since 1993 (Strom, 2013). By the end of this decade, sales of bottled water are expected to exceed those of carbonated soft drinks (2013). In addition, the consumers

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who want to continue consuming drinks containing caffeine, but do not want high-sugar drinks may purchase coffee or energy drinks instead of soft drinks. So, the threat of substitute products is medium to high pressure. The intensity of rivalry among competitors in an industry. The leading companies who have dominant market share in the soft drink market is Coca-Cola, Pepsi, and Dr Pepper. Coca-Cola previously occupied about 42 percent of the soft drink market until 2010 (Esterl, 2011). Pepsi owned 29.3 percent of the market (2011). In 2013, Pepsi occupied 31 percent of the market, but Coca-Cola failed to increase its market share (Bhasin, 2013). On the other hand, hence Pepsi succeeded entering the food industry, Pepsi achieved much higher annual revenues than Coca-Cola. PepsiCo, Inc. reported $66 billion of revenues (Pepsico, inc., 2014a). Coca-Cola reported $46 billion of revenues on December 28, 2013 (Coca-Cola Company, 2013, p. 46). Also the stock price of Pepsi, which is $84 per share, is twice more expensive than Coca-Colas (PepsiCo Inc., 2014b). Even though Coca-Cola has higher sales than Pepsi in the global market, the fact that Pepsi has started to dominate North America negatively affects Coca-Colas ability to sustain brand loyalty and market share. Furthermore, since the consumer demand for carbonated drinks has reduced, the size of the soft drink market has shrank causing more competition among existing companies. Major companies are acquiring non-carbonated drinks companies in order to develop wider brands. Also they are increasing the budget for marketing to improve brand power. Competitors always pay attention to other companies new strategies so that they do not get left behind in the market. The company also cannot ignore the growth of Dr Pepper Snapple Group, Inc. This company has grown continuously since 2008 by releasing new product lines, such as Diet Dr

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Pepper and Dr Pepper TEN (Carnevale, 2013). Also Dr Pepper Snapple Group has many other healthy drinks like Motts, Snapple, and Dj Blue (2013). Coca-Cola should consider the local competitors in the global market. In international market, there are various, inexpensive local soft drink brands like RC Cola in Israel and Chilsung Cider in South Korea. The company must develop unique competitive product and strategy to survive in the global market. Part 3 : Internal Analysis Financial Analysis Comparing financial ratios, such as current ratio, return on asset, price-earnings ratio, and debtto-equity ratio, is a good way to analyze current performances of Coca-Cola and its competitors.
Table 1 Financial Ratio Analysis

Current Ratio Return on Asset Price-Earnings Ratio Debt-to-Equity Ratios

Coca Cola 1.3 9.74 20.1 1.12

Pepsi 1.2 8.89 19.1 1.21

Dr Pepper 1.1 6.7 17.6 1.13

Industry average 1.2 9.7 20.0 0.90

Note. The data are adapted from Mergent Online

The current ratio for Coca-Cola, which is a measure of the liquidity of a company, is similar to the industry average and other competitors. Current ratio for successful companies are frequently less than 1; therefore, all three companies ratios are moderate. The formula for return on asset (ROA) is net income divided by total assets. It indicates how efficient the usage of the companys assets is for generating net income. The ROA of Coca-Cola is slightly bigger than industry average, Pepsi, and Dr Pepper. Currently, Coca-Cola has the highest net income and

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achieves high efficiency in using its assets. Price-earnings (PE) ratio measures growth potential by comparing the market value of shares and a companys net income. PE ratios for each company are similar. According to these numbers, investors might be expecting reasonable earnings growth. Debt-to-equity ratio reflects the proportion of financial sources for the company. This ratio is calculated by dividing total liabilities by total stockholders equity. If the amounts of borrowing and equity are the same, the ratio would be 1. Coca-Cola, Pepsi, and Dr Pepper maintain average proportion between the amounts of debt and equity. However, this debt-to-equity ratio of Coca-Cola has increased consistently since 2010 (see Appendix A). The ratio doubled from 0.4678 to 1.118. This ratio increase could be explained by accumulation of debt due to Coca-Colas increased investment in overseas as well as in acquiring. Value Chain Analysis Human Resource Management. Coca-Cola implemented a new employee development program called the Catalyst Program. The goal is to foster talented employees and educate them with multiple perspectives. Ceree Eberly, Senior Vice President and Chief People Officer for Coca-Cola, thinks talent management and the companys people are the driving forces of the companys growth (Human Capital Media, 2013). The participants of this project are mid-level managers from different departments and countries. They work on special group projects for about six months that examine current problems of the company (2013). After six months, each group gives a presentation about their recommendations in front of the senior leaders. Through the process of exchanging opinions and diverse points of view, every participant can improve the

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ability to understand what to consider and how account for differences in finding alternatives to solve the companys problems. Operations. Coca-Cola retains a broad distribution system within its operating network, composed of bottling partners, the Coca-Cola owned bottling company called Coca-Cola Enterprises (CCE), distributors, and retailers. The partners who are authorized for bottling and packaging operations are called bottlers or bottling partners (Coca-Cola Company, 2013, p. 81). Especially overseas, most of the companys beverage products are manufactured, allotted, and sold by the bottling partners (2013). When the company sells its concentrates and syrups to bottling partners, it requires separate contracts to ensure the bottling partners use the same containers and distribute in designated territories. The established distribution system of CocaCola is a fundamental capacity in maintaining its global growth in more than 200 countries. SWOT Analysis Strength. Coca-Cola Company sponsors major events and organizations like the Olympic Games, the FIFA World Cup, and American Idol. Coca-Cola supported the Sochi 2014 Olympic Winter Games financially and formed the Coca-Cola Four-Pack of athletes (The Coca-Cola Company, 2013a). The company could add a healthier image to its brand identity and use the media for advertising during Olympic Games. As consumers awareness about recycling and healthy living styles increases, the companys social responsibilities become a more important aspect. Coca-Cola has increased investment on Corporate Social Responsibility (CSR) and created various education and activities to manage the energy sources effectively and protect the environment. Developing a

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robust water stewardship program and using PlantBottle technology are the good examples for showing the companys approach (The Coca-Cola Company, 2013b). Weakness. To extend the companys product lines, Coca-Cola has invested heavily in acquisition of existing beverage companies in the United States and overseas. However, the dollar amount of debt for 2013 is about one and half times more than in 2011 (see Appendix B). Increasing the level of debt causes higher interest expenses and lower earnings per share, which will lead to a decrease in stock value. More than 60 percent of revenue occur from outside the United States, so uncertainty in currency is an important factor for determining the companys profitability. Especially, the sales growth in China is slowing down, and the price in Europe and Asia were pulled down by a strong dollar. Thus, the total overseas sales were lower than the companys expectations. Opportunity. Coca-Cola tries to expand product spectrum by focusing on not only CocaCola Coke but also new products like Minute Maid, Honest Tea, and Dasani. Also, on February 5, 2014, Coca-Cola bought about a 10 percent stake of Green Mountain Roasters, Inc. (GMCR) and reached an agreement to launch a new cold drink together (Coca-Cola Company, 2013, p. 65). In various ways, Coca-Cola has offset decreasing sales of carbonated drinks against increasing sales in non-carbonated drinks. Threat. A slowdown in consumption of carbonated drinks and high competition among major companies in a market are the greatest threats for todays Coca-Cola. Additionally, since consumers have criticized Coca-Cola for using artificial ingredients or overusing water in rural areas, whether those issues are false or not, they may damage the corporate reputation. Negative publicity in the media and online is enough to weaken customer loyalty and lower stock value.

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RBV Analysis Coca-Cola is one of the biggest beverage companies around the world. Universal recognition and brand loyalty are critical strengths which take long periods to attain. The company has built strong brand power using marketing and advertisement. Images such as a polar bear and Santa Clause first appeared on the companys advertisement in 1930s. These festive icons were imprinted on consumers minds and created unique brand image. For competitors, it is hard to duplicate brand perception and loyalty, this cant be accomplished in short time period. Strategy Identification Coca-Cola focuses on the differentiation strategy through related diversification. The company wants to concentrate on one market instead of investing in unrelated markets. Thus, different product brands can share the companys facilities and basic resources. In this way, new products can enter the global market much faster and more cheaply. Coca-Cola could accomplish synergy effects within an interrelated product portfolio. Part 4 : Reconmmendations The most important strategic issue Today, Coca-Cola focuses not only on maintaining its current market share, but also expanding its product spectrum and obtaining solid potential growth. This way the company can recover the negative growth in the carbonated drink market with increasing sales of noncarbonated drinks. However, still there is a question about how Coca-Cola will stop the accelerating declines in the carbonated drink industry.

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Three Suggestions The first suggestion is developing non-chemical and nutritious sweeteners. Currently Coca-Cola is using sugar and artificial sweeteners like aspartame and stevia (Edgber, 2014). However, since health awareness has grown among consumers and the press, the sales of main product lines such as Coke and Diet Coke, are declining since the late 2000s. Even though buyers look for sugar-free products, their concerns about zero nutrition and other possible health problems still have resulted in decreasing sales. For now, Coke and other carbonated drinks have some negative publicity. However, these attentions could be turned around toward other drinks like Minute Maid and Vitamin Water that contain relatively high calories and sugar. Minute Maid Lemonade has 250 calories and 68g of sugar in a 20 oz bottle, and Glaceau Vitamin Water, which is known as a healthy drink, has 130 calories and 33g of sugar in a 20 oz bottle (Men's Health, 2014). Therefore, Coca-Cola needs to develop or find the alternative non-chemical sweetener that contains more nutrition and less possibility of causing health problems. A second suggestion is finding efficient ways to connect the company with technologies in consumers everyday lives so that the company can be exposed frequently to consumers. Nowadays, portable and light-weight devices like smartphones and tablets have become increasingly common. Coca-Cola developed free game applications like Fanta Adventures and The Crabs and Penguin. In these games, characters and stories are named with Coca-Colas brands or logos to build a long-term connection with teenagers and the younger generation. Also, Coca-Cola released an application called Coca-Cola Freestyle (Coca-Cola Freestyle, 2014). It assists the customers in finding the nearest location of the beverage fountain within five miles

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using GPS services. All these applications have short life cycles and will be consumed for only less than few a months. Coca-Cola could create the application that will be sustained for longer periods by attaching the application with vending machine. Coca-Cola in Australia has invested in phone and wireless technology, it has recently released a smart vending machine (Tung, 2014). Aligning with the new smart vending machine, Coca-Cola should announce an application that records each buyers purchases and provides them with rewards like free drinks to motivate consumers to buy Coca-Colas drinks. The application should be designed with a personal account and a fast way to pay using barcodes. One successful example of using mobile applications is the Starbucks App. Once consumers build personal account with Starbucks, they can pay without their credit cards by swiping the barcode. If they use this application, they will get Starbucks Rewards that provide free coffee for every 12 drinks. This system not only has enough merits to use the mobile application for purchasing the product but also encourages customers to buy more products. An alternative way to use vending machines could be inventing a new system for the vending machine. If Coca-Cola uses paper cup that has a barcode at the bottom instead of the plastic bottle, customers could refill their drinks or repurchase other flavors at cheaper prices. This system will provide more flexibility to the buyers, but at the same time, a distinctive strategy to attract them. A third suggestion is an acquisition. In April, 2012, Coca-Cola was interested in acquiring Monster (Lachapelle, 2014). However, it did not happen because Coca-Cola decided that the asking price of Monster was too expensive. Currently, Monster is valued at 11.3 billion

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dollars which is higher than its 8 billion dollars in 2012 (2014). Although the carbonated drink sales have declined, energy drink sales in the United States have increased by 4.8 percent (2014). Moreover, energy drinks are four to five times more expensive than the carbonated drinks (Team, 2014). Energy drink markets have enormous potential growth, which is definitely what CocaCola needs now. Recommendation The third suggestion is the most beneficial recommendation for Coca-Cola Today. The first suggestion is a subsidiary strategy rather than main one for preventing additional decrease of its sales. Also, the second suggestion is a solution for the company as a long-term strategy. As of 2013, Coca-Cola distributes almost half of Monster Beverages drinks across the United States (Jannarone, 2014). Through this distribution, Coca-Cola expects to gain about 13 percent of operating profit in North America and 3 percent in the global market in 2015 (2014). The energy drink brands of Coca-Cola, such as Full Throttle and NOS, cannot yet establish a solid foothold in the energy drink market. Full Throttle has only one percent and NOS has three percent of the market share (Caffeineinformer.com, 2013). These are very low market shares compared to Monsters, which is 39 percent (2013). If Coca-Cola gets rid of its own energy drink products and acquires Monster, the company will see more opportunities to succeed rapidly in energy drink market. Moreover, Monster has just started strategy of expansion in overseas market. This offer enormous potential growth for Coca-Cola. If Pepsi or one of Monsters other partner distributors would like to acquire Monster, the synergy effect between Coca-Cola and Monster will disappear. Coca-Cola should especially keep its eye on the moves of main competitors. Once one of its competitor acquires Monster first,

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Coca-Cola could possibly lose its brand position as the largest and the most powerful brand in the world.

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Appendix A Historical ratios of Debt-to-equity ratio Date Rates Dec. 31, 2013 1.118 Sept. 30, 2013 1.127 June 30, 2013 1.108 March 31, 2013 1.081 Dec. 31, 2012 0.9945 Sept. 30, 2012 0.9855 June 30, 2012 1.007 March 31, 2012 0.9481 Dec. 31, 2011 0.9031 Sept. 30, 2011 0.8789 June 30, 2011 0.7451 March 31, 2011 0.808 Dec. 31, 2010 0.7553 Sept. 30, 2010 0.4799 June 30, 2010 0.4589 March 31, 2010 0.4678 Note. The data are adapted from Mergent Online

Appendix B Cash Flows from Financing Activities (in millions) Year Ended December 31, 2013 2012 2011 Issuances of debt $ 43,425 $ 42,791 $ 27,495 Payments of debt (38,714) (38,573) (22,530) Issuances of stock 1,328 1,489 1,569 Purchases of stock for treasury (4,832) (4,559) (4,513) Dividends (4,969) (4,595) (4,300) Other financing activities 17 100 45 Net cash provided by (used in) financing activities $ (3,745) $ (3,347) $ (2,234) Note. The data are adapted from Coca cola Company (2013). Form 10-K 2013. Retrieved from http://finance.yahoo.com/q/sec?s=KO+SEC+Filings

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Reference Bellis, M. (2014, March 5). The History of Coca Cola - John Pemberton. About.com Inventors. Retrieved April 14, 2014, from http://inventors.about.com/od/cstartinventions/a/coca_cola.htm Bhasin, K. (2013, January 4). COKE VS. PEPSI: The Story Behind The Neverending 'Cola Wars'. Business Insider. Retrieved , from http://www.businessinsider.com/coca-cola-vspepsi-timeline-2013-1?op=1 Caffeineinformer.com. (2013). The top 15 energy drink brands. Retrieved from http://www.caffeineinformer.com/the-15-top-energy-drink-brands Carnevale, C. (2013, October 25). In The Beverage Industry, Don't Overlook Dr. Pepper Snapple Group. Forbes. Retrieved , from http://www.forbes.com/sites/chuckcarnevale/2013/10/25/dr-pepper-snapple-dont-overlook-thisbeverage-contender/ Coca-Cola Company (2013). Form 10-K 2013. Retrieved from http://finance.yahoo.com/q/sec?s=KO+SEC+Filings Coca-Cola Freestyle. (2014, January 3).App Store. Retrieved April 14, 2014, from https://itunes.apple.com/us/app/coca-cola-freestyle/id412549442?mt=8 Coca-cola history. (2014). Retrieved from http://www.worldofcoca-cola.com/coca-colafacts/coca-cola-history/

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Engber, D. (2014, January 1). The Quest for a Natural Sugar Substitute. The New York Times. Retrieved April 14, 2014, from http://www.nytimes.com/2014/01/05/magazine/the-questfor-a-natural-sugar-substitute.html?_r=0 Esterl, M. (2011, March 18). Pepsi thirsty for a comeback. The Wall Street Journal. Retrieved from http://online.wsj.com/news/articles/SB10001424052748703818204576206653259805970 Human Capital Media. (2013). Coca-cola's thirst for global talent. Retrieved from http://humancapitalmedia.com/item/coca-colas-thirst-global-talent Health Cracker. (2013, July 3). Coca-Cola Replacing Aspartame Sweetener, But Experts Still Concerned. Health Cracker. Retrieved April 14, 2014, from http://www.healthcracker.com/coca-cola-replacing-aspartame-sweetener-but-experts-stillconcerned/ Jannarone, J. (2014, April 8). Is monster a fix for coca-cola's diet coke withdrawal?. Retrieved from http://www.cnbc.com/id/101561329 Lachapelle, T. (2014, January 10). Monsters surging sales argue for coca-cola bid: Real m&a. Bloomberg. Retrieved from http://www.bloomberg.com/news/2014-01-10/monster-ssurging-sales-argue-for-coca-cola-bid-real-m-a.htmlMission, vision & values. (2014). Retrieved from http://www.coca-colacompany.com/our-company/mission-vision-values Men's Health. (2014). The 20 unhealthiest drinks in america - exposed!. Mes's Health, Retrieved from http://eatthis.menshealth.com/content/20-unhealthiest-drinks-americaexposed?article=8&page=1

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Pepsico, inc.. (2014a, March 20). Retrieved from http://finance.yahoo.com/q/is?s=PEP Income Statement&annual PepsiCo Inc., (2014b, April 15). PEP Stock Quote. Retrieved April 16, 2014, from http://www.marketwatch.com/investing/stock/pep Stanford, D. D. (2014, February 18). Coca-cola plans $1 billion in cost cuts as profit falls. Bloomberg. Retrieved from http://www.bloomberg.com/news/2014-02-18/coca-cola-profitfalls-8-4-as-cost-cuts-announced.html Strom, S. (2013, October 25). Bottled Water Sales Rising as Soda Ebbs. The New York Times. Retrieved March 15, 2014, from http://www.nytimes.com/2013/10/26/business/bottledwater-sales-rising-as-soda-ebbs.html Team, T. (2014, January 13). Coca-cola might look to advance in the energy drinks market. Retrieved from http://www.trefis.com/stock/ko/articles/222078/coca-cola-might-look-toadvance-in-the-energy-drinks-market/2014-01-13 The Coca-Cola Company. (2012, October 26). Plantbottle basics. Retrieved from http://www.coca-colacompany.com/stories/plant-bottle-basics The Coca-Cola Company. (2013a, June 12). Four outstanding athletes celebrate sochi 2014 olympic winter games with coca-cola on iceand snow. Retrieved from http://www.cocacolacompany.com/press-center/press-releases/four-outstanding-athletes-celebrate-sochi-2014olympic-winter-games-with-coca-cola-on-iceand-snow

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The Coca-Cola Company. (2013b, November 7). Coca-cola releases 2012-2013 global sustainability report. Retrieved from http://finance.yahoo.com/news/coca-cola-releases-20122013-140400843.html The Coca-Cola Company. (2014). History of bottling. Retrieved from http://www.cocacolacompany.com/our-company/history-of-bottling Tung, L. (2014, March 4). Coca-Cola to use smartphone tap-and-pay on Australian vending machines. The Sydney Morning Herald. Retrieved April 14, 2014, from http://www.smh.com.au/it-pro/business-it/cocacola-to-use-smartphone-tapandpay-on-australianvending-machines-20140303-hvfws.html Zmuda, N. (2011, June 27). Bottom's Up! A Look at America's Drinking Habits.Advertising Age News RSS. Retrieved March 12, 2014, from http://adage.com/article/news/consumers-drink-soft-drinks-water-beer/228422/