MQM 385

Section 18

Organizational Strategy

Team Project

​ Team X-Ray

On

Coca-Cola

Submitted to

Dr. Mona Bahl

From
Team Member Name 1:_Emily Donnelly_
Team Member Name 2:_Myia Agustin___
Team Member Name 3:__Ali Hook_____
Team Member Name 4:_Kaitlyn Voida___
Team Member Name 5:__Tyler Gonigam______

Date (4/23/19)
Table of Contents (5 points)

Topic Page
Executive Summary………………………………………………………………………….2
Introduction…………………………………………………………………………………..3
Firm Performance…………………………………………………………………………….4
External Environment Analysis………………………………………………………………
Internal Environment Analysis……………………………………………………………….
Business Level Strategy………………………………………………………………………
Diversification Strategies……………………………………………………………………..
Company Organization Structure……………………………………………………………..
Corporate Governance………………………………………………………………………...
Strengths, Weaknesses, Strategies, Structure, and Governance……………………………….
Problem Identification………………………………………………………………………...
Recommendations…………………………………………………………………………….
Exhibits………………………………………………………………………………………..
References……………………………………………………………………………………..

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1. Executive Summary (5 points)

Coca-Cola is the beverage industry’s current top performer and have been for decades. Today,
they are worth billions of dollars and carry the most beverage brands with the widest distribution methods
in the world. The beverage industry has a large number of competitors which all provide different
varieties, features, and benefits to the market. Since 1892 when Coca-Cola formed, they have worked on
establishing a strong brand image and reputation, gained a large following, and have come out with over
500 products in their product offering.
Coca-Cola’s main problem does not involve anything wrong with what they ​are​ doing, but rather
what they ​are​ ​not​ doing. They currently solely produce beverages and while they have been successful
with that thus far, they need to continue to come up with more ideas on how they can differentiate
themselves from other competitors in the beverage industry. A few of the other major competitors in the
industry have become successful in creating snacks to complement their beverages. Ideas like this make
the firms more diverse in their product offering and ultimately give them the ability to gain more success
and brand recognition.
With a human population that is becoming more and more aware of the effects of food and drinks
they consume everyday, less soda and sugary drinks are being consumed than in previous decades.
Healthy food and drinks are becoming more readily available in places all around the world and the want
for sugary drinks is decreasing as consumers learn about the harmful effects they can have on our bodies.
Coca-Cola has recently adopted a line of healthier drink options, but remain most well-known for the
original Coca-Cola and Diet Coke.
Coca-Cola is a highly known brand name across the world, yet they still can make improvements
to increase brand loyalty and awareness. Coca-Cola should put a large focus on R&D and innovation for
new products. Most people are starting to shy away from soda and move more towards a healthier option.
Creating and launching new flavors that are non-soda related could be essential to the future success of
this company. Coca-Cola should also look into possible rewards programs for loyal consumers. They can
create an app where they scan the coke product they just bought, earn points, and eventually earn enough
for some discounted or free coke products. This could absolutely increase awareness through word of
mouth from B2C and C2C. Also, possible acquisitions could be a thought for Coca-Cola. They are
acquired many non-soda beverage companies over the years, but working to increase awareness of those
brands and acquire others that match is a must.
2. Introduction (6 points)-

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 Coca-Cola’s business model is one that is global but functions on a local scale. They strive to be
the largest distributor and manufacturer or non-alcoholic drinks in the US and abroad. They have a very
strong system in place that helps them operate so smoothly. They work with about 250 bottling
companies to sustain their system, they own some but not all of these companies as well. The bottling
partners are used to sell Coca-Cola’s final products to the customers and vending partners who will
ultimately sell to the consumer at a rate of “1.9 billion servings a day” (The Coca-Cola System). The
bottling partners work with places like grocery stores, theme parks, movie theaters and so on. Coca-Cola
works to provide plenty of choices in terms of juice syrups and concentrates, sports drinks, flavored
waters and so on and hold over 500 licenses for these products to be sold elsewhere. They are present in
over 200 markets around the world. Those markets include Europe, Asia, Africa, Latin America, North
America and then in the Asia Pacific region. Through these markets, Coca-Cola has become the number
one preferred drink around the world as well as in the United States.

Vision and Mission Statements (2 points)

Mission :​Our roadmap starts with our mission, which is enduring. It declares our purpose as a company
and serves as the standard against which we weigh our actions and decisions. (Mission,Vision & Values)

● To refresh the world...

● To inspire moments of optimism and happiness...
● To create value and make a difference.

Vision​: Our vision serves as the framework for our roadmap and guides every aspect of our business by
describing what we need to accomplish in order to continue achieving sustainable, quality growth.

● People:​ Be a great place to work where people are inspired to be the best they can be.
● Portfolio:​ Bring to the world a portfolio of quality beverage brands that anticipate and satisfy
people's desires and needs.
● Partners:​ Nurture a winning network of customers and suppliers, together we create mutual,
enduring value.
● Planet: ​Be a responsible citizen that makes a difference by helping build and support sustainable
communities. (Mission, Vision & Values)
● Profit: ​Maximize long-term return to shareowners while being mindful of our overall
responsibilities.
● Productivity: ​Be a highly effective, lean and fast-moving organization

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Source: (Mission, Vision & Values. (n.d.).

Company History (2 points)

Coca-Cola was first invented by a pharmacist named ​John Stith Pemberton​ in late 1800’s. The
brand as well as the formula was then bought by ​Asa Griggs Candler. By the later 1890’s, Candler had
established the company in Atlanta, Georgia and the products were being sold every single state in the
United States. The company was then sold and revamped to try to accomodate for more incoming brands
to the market, such as Pepsi. Coca-Cola has also had plenty of acquisitions throughout its operations.
They first acquired Minute Maid in the 1960’s and then went on to also acquire a few Indian brands (one
being Thumbs up) as well as other juice companies from around the world. A few are called Huiyuan
Juice Group, Fuze beverage, Honest Tea, Monster beverage. One of their most recent acquisitions was
Coca-Cola establishing a little over a 40% stake in MADE group from the founders. All these acquisitions
are what made the brand so effective and so hard to beat out. They are hard to keep up with because they
are constantly trying to revamp their products and bring it into new markets all across the world. These
brands are well known in their home countries and with Coca-Cola deciding to purchase them, makes it
easier for Coke to make themselves known and present fairly quickly in the markets they want to enter.
(​Mission, Vision & Values. (n.d.).

3. Firm Performance (Financial & Non-Financial) (10 points) (Numbers in millions except
percentages and per share data)

According to The Coca-Cola Company’s 10-K form filed on Feb-21-2019, in 2018 there was a
gross profit of $20,086, net operating revenues for the company totaled $31,856 and operating income
totaled $8,700 (p. 48). Net operating revenues have steadily decreased since the year 2014 (“The
Coca-Cola Company,” n.d.). To put this in perspective, in 2014 net operating revenues were $45,998. In
comparison from 2018 to 2017, there was a negative 10% change, and a negative 15% change from 2017
to 2016 (p. 48). Gross profit is another category that has seen decreases since 2014. However, operating
income is one category that is finally seeing some increases in comparison to recent years. For example
operating income was at $7,599 in 2017 (p. 48). For the period ending December 31, 2018, return on
assets were 6.9%, return on capital was 9.2%, and return on equity was 35.4% (“The Coca-Cola
Company,” n.d.). Overall, the financial outlook for Coca-Cola is mixed. The fact that total revenues for
the company have been declining each year from 2014 is negative. Another category to note is the
operating income. Operating income for Coca-Cola in 2018 was its highest in recent years, however in
2017 that was a decline of 12% in operating revenue for the company. One alarming figure was the fact

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that net income decrease each year from 2014-2017. 2017 was a low point for the company with a net
income of 1,248. From then the company has seen rapid growth with 2018 having a net income of 6,744.
This was mainly due to restructuring of the companies bottling system as well as the emergence into other
product markets. Another interesting figure comes that comes from the 10-K report is that the U.S.
operating revenues in the United States contributed $11,344 of the $31,856 operating income while the
other $20,512 of the operating revenue came from international operations (p. 141). The first figure below
is a table of key financial information taken from Coca-Cola’s 10k report for the year 2018.The second
figure below we see the decrease of revenue from the year ending December 31, 2014 through the year
ending December 31, 2019 (The Coca-Cola Company (NYSE:KO) Financials)

Coca-Cola also has a positive outlook in terms of non-financial measures of performance. The
10-K report states that the company generally has a satisfactory relationship with its employees. The
company’s 10-K report states: “The success of our business depends on our ability to attract, train,
develop and retain a highly skilled and diverse workforce” (P. 15). This factor is also important because
approximately 900 employees in North America were covered by collective bargaining agreements: “We
currently anticipate that we will be able to renegotiate such agreements on satisfactory terms when they
expire” (P. 9). Most of the employees covered by these agreements work in “key manufacturing locations
and bottling plants”. The 10-K report states that labor costs could increase and profit margins may suffer
if negotiations with these employees become more challenging. Competition in the industries Coca-Cola
operates in is extremely intense. These competitors range from small or emerging to very large and well

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established. The company’s 10-K report states that its competitors include: “PepsiCo, Inc., Nestlé S.A.,
Keurig Dr Pepper Inc., Groupe Danone, Mondelēz International, Inc., The Kraft Heinz Company, Suntory
Beverage & Food Limited and Unilever”(p. 7). They also state that PepsiCo, Inc., is their primary
competitor. Coca-Cola as of 2018 holds the largest market share of any of these companies: “In 2018,
Coca-Cola held the largest market share at 42.8% while PepsiCo. held 25.6 %, Dr. Pepper helds 17.9%,
Cott held 3.7% and finally, the National Beverage company held 2.9% along with other local brands that
held 7.1% of the CSD Industry market share (Alahi & Bass, 2018, P.5). Figure A from the exhibit page
shows a visual of the current market share and recent acquisitions and partnerships for each competitor

Another non-financial measure that’s important to the company is in regards to the company’s
intangible assets. These intangible assets are divided into three categories in the 10-K report. Figure 2
from the exhibits shows the current values of intangible assets included in the company’s consolidated
balance sheet (in millions) (P. 38). The biggest value of these intangible assets is goodwill. This accounts
for $10,263 or about 12% of the company’s total assets. Trademarks with indefinite lives account for 8%
of the company's total assets or $6,682. Other intangible assets that account for less than 1% of the total
assets include bottlers’ franchise rights with indefinite lives, definite-lived intangible assets net, and lastly
other intangible assets not subject to amortization (P. 38). Clearly, the company has a lot of value in its
trademarks and goodwill. It is very important the company to protect these assets and their value. Lastly,
the quality control of the company’s products is extremely important to the success of the business. The
10-K report states that: “We have rigorous product safety and quality standards, which we expect our
operations as well as our bottling partners to meet (P. 10). The report goes on to say however, that despite
their commitment to product quality and safety Coca-Cola and their bottlers’ may not always meet these
standards. This becomes especially true as Coca-Cola continues to diversify its products and expand into
products such as “...value-added dairy and plant-based beverages, that are beyond our traditional range of
beverage products” (P. 10). The 10-K report goes on to state that if the company fails to abide by these
quality standards they could be subject to costly recalls, product liability claims, and negative publicity
which would all make the company suffer.

4. External Environment Analysis (30 points)

i. General Environment ( 10 points)

The elements of Macroenvironment that is affecting the company is a comprise of the instabilities
in the demographic and economic patterns, as well as economy customer attitudes.

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 For the ​economic environmen​t, according to 10-K Report Factors of macroenvironment includes
the “economic life of the asset, sales volume, pricing, cost of raw materials,, delivery costs, inflation cost
of capital, marketing spending, foreign currency exchange rates, tax rates, capital spending proceeds from
the sale of assets” (p.38). Coca-Cola consistently assess their current level of interest and inflation rates in
order to make sure that they have the sufficient funds for their pension plan investment and
obligations.The changes in inflation rates is the reason for the effects of increasing their prices, according
to the 10-K Report “the majority of the inflationary effects of increasing costs and to generate sufficient
cash flows to maintain their productive capability” (p. 66). As well as their “baseline price may be
adjusted based up changes in certain sugar or sweetener prices” (p.10). Coca-Cola had refranchised their
bottling operations in Canada and Latin America, they have removed the unit case volume for beverage
volume. There are many factors that affect growth rate, according to the 10-K report “such as seasonality,
bottlers inventory practices, supply point changes, timing of price increases, new product introductions
and changes in product mix can impact unit case volume and concentrate sales volume and can create
difference between unit case volume and concentrate sales volume growth rates” (p.45). Due to the fast
growth of e-commerce it could potentially “create additional consumer price deflation by, among other
things, facilitating comparison shopping” (p.10) as stated in the 10-K Report. Coca-Cola continuously
borrows funds in their international market at a reasonable interest rate. Although their interest rate is the
result of their credit ratings according to the 10-K Report states that the interest income at the end of year
on December 31, 2018 was $682 million in comparison to the end of the year of 2017 which was $677
million which shows that Coca-Cola had a 1% increase which is $5 million. Coca-Cola monitors their
fixed, variable, short and long term debt and by doing so they “enter into interest rate swap agreements to
manage our exposure to interest rate fluctuations”(69) as stated in the 10-K Report. In order to manage
the potential risk of interest rate fluctuations is by using a derivative financial instrument, and this will
“mitigate the risk of adverse changes in benchmark interest rates on the Company’s future interest
payments” (p. 100) as stated in the 10-K Report. According to this 10-K Report Coca-Cola has
“extinguished a portion of the long-term debt that was assumed in connection with our acquisition of
OLD CCE. The extinguished notes had a carrying value of $417 million, which included fair value
adjustments recorded as part of the purchase accounting, $95.6 million total principal amount of notes due
August 15, 2019 at a fixed interest rate of 4.50 percent” ( p. 108).

For the ​demographic environment​, age is an important factor especially when obeying specific
laws and regulations. For an example, Coca-Cola stated that when they are advertising on television
channels that they will not advertise their products towards children due to the high-quantity of sugar.

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Coca-Cola has a variety of flavors and packaging for their consumers, as well as the variety of sizes that
their product comes from which can target different consumers especially those in highschool and in
college. The Liters are more targeted towards households where as they can all share. As well as their
disposable bottles for those who can take it on the go. Many of the youth generations prefer to drink soft
drinks in comparison to those from the older generation.

For ​sociocultural,​ increasing the interest from consumers who are known for a healthy lifestyle
especially since consumers are health conscious and have been cutting back on soft drinks. Although the
creation of Diet Coke or Coke Zero have been created for those who are health conscious and who are in
need of a low-calorie alternative beverage choice. Coca-Cola has to develop certain drinks by focusing on
consumers who completely swap out all sugary drinks, in order to grab and attract these customers
because many are concerned about the nutritional value that it contains. The change of consumers
preferences based on what their taste is, and what they choose to drink, as well as their cultural and
traditional norms which has an impact on what they consume. Many celebrities can have a great influence
on the consumers purchasing power as well as what they consume, if they drink it the consumer will drink
as well. Coca-Cola distribute their products in cultured countries in order to diversify and connect
consumers across the world as well as developing specific flavors for those individuals as well, to help
enhance their flavor line.

For the ​global environment,​ their can be a variety of global presence and operations that could
affect Coca-Cola’s business by “large scale terrorist acts, cyber-strikes, and radiological attacks,
especially those directed against the United States for other major industrialized countries; outbreak or
escalation of armed hostilities; major natural disaster or widespread outbreaks of infectious diseases” (p.
20), which could negatively affect how Coca-Cola manages their business around world especially when
these disasters could potentially disrupt their supply of raw materials and ingredients, which impacts their
way of production, transportation and delivery of specific concentrates, syrups as well as other products.
These drastic issues could affect the way consumers purchasing power in their general area which can be
the result of the reduction of the demand for their products. Currency fluctuations could also pose as a
threat to the global environment. There are some negative consequences to Coca-Cola’s international
operations including weaknesses in some currencies. However these may be offset by strengths in others
over time. (P. 3) The 10-K report on the creation of Coca Cola’s financial instruments to prevent currency
fluctuations from hurting the company financially: “We also use derivative financial instruments to
further reduce our net exposure to foreign currency exchange rate fluctuations. However, fluctuations in
foreign currency exchange rates, particularly the strengthening of the U.S. dollar against major currencies

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or the currencies of large developing countries, could materially affect our financial results”( P. 3).
Another issue is the drastic increase of our global average temperature due to carbon dioxide and other
greenhouse gases that are being polluted into the atmosphere which is the result of the significant changes
of the weather, that will lead to natural disasters. According to the 10-K Report states that there have been
“decreased agricultural productivity in certain regions of the world as a result of changing weather
patterns may limit the availability or increase the cost of key agricultural commodities such as sugarcane,
corn, sugar beets, citrus, coffee, and tea, which are important sources of ingredients for our products and
could impact the food security of communities around the world” (p. 17-18). Due to the climate change it
could affect the availability of our water that is being used for Coca-Cola's bottling operation system. Due
to the result of the significant changes in global and regional economic environment, there are many
conditions that are being placed due to “conditions in major credit markets deteriorate, our and our
bottling partners ability to obtain debt financing on favorable terms may be negatively affected, which
could affect our and our bottling partners profitability as as our share of the income in which we have
equity method investments” (p. 19) as stated in the 10-K report.

For the ​technological environment​, technology has a great impact when it comes to the
development of products and their production, such as the the creation of packages and packaging
materials that are being used to design and operate the equipment and as well using a specific software
which is kept secret due to the Company. Coca-Cola has a partnership with Spotify which a music
streaming service which provides the consumers with music and being able to connect with others around
the globe, who have the same interest in music. This partnership will help improve the way Coca-Cola
connects with other individuals especially since music has a significant role in their marketing strategy.
As well as their app “Share a Coke” where they can communicate with others digitally. As well as their
use of social media to connect with their consumers. Coca-Cola has a new method of filling up your
drinks, they developed a machine which features 165 different Coca-Cola drink products, which you are
able to custom the flavors, this machine is touch-screen and is called ‘Coca-Cola Freestyle’. Coca-Cola
created PET bottles which has been created from entirely from plant materials. This packaging helps push
the use of sustainable innovation by using patented technology which converts the natural sugars that are
in plants into specific ingredients in making these bottles. This design has a lighter footprint on this planet
and as well scarce resources. Coca-Cola’s refrigeration method has changed significantly for the better by
reducing 52.5 million tons of carbon emission by making sure that their refrigeration equipment is made
from HFC-free cooling technologies. This new equipment in comparison to other refrigerators eliminates
75% of direct GHG emissions.

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 For the ​political and legal environment,​ there are many political conditions that can occur, civil
unrest, government changes which can result in consumers purchasing power which will result in the
reduction of their products being produced. As well as “political activism could reduce demand for our
products, while restrictions on our ability to transfer earnings or capital across borders, price controls,
limitation on profits, retaliatory tariffs, import authorization expanded as a result of political and
economic instability” (p.16) as stated in the 10-K Report. The lack of public infrastructure in specific
areas around the world. Different changes in regulations such as the nutritional information on the
packaging. Coca-Cola follows their patented process in order to develop future products. This company
follows the rules and regulations of the Food Safety Act, Federal Tract Act and Cosmetic Act and etc.
Coca-Cola has to abide by the regulations that come from the environmental acts those being waste
disposal, pollution checks, recycling and many more. Coca-Cola created a place of where plastic bottles
and water are being recycled and is called recycling plants. Coca-Cola has to make sure that the
regulations in relation to advertising, sales and promotions aligned with the legal laws and if not it can
impact their company greatly.

For the ​physical environment b​ y using different ways to become more sustainable and
environmentally friendly with their products and as well as the packaging. Coca-Cola products and
packaging states that they are recyclable, in order to meet their consumer demands by becoming more
environmentally friendly. The development of disposable bottles, as well as the positive effects that each
bottle and can has from being recycled in the environment. The reduction in carbon emissions that has a
less effect from harming the environmental welfare of the animals and its environment. Coca-Cola’s
physical environment focus on “finding ways to create more powerful digital tools and capability for the
Coca-Cola’s systems retail customers to enable them to grow their businesses and digitizing operations
through the use of data, artificial intelligence, automation, robotics and digital devices to increase
efficiency and productivity” (p. 12) as stated in the 10-K Report.

ii. Industry Analysis (10 points)

● This company is a part of the beverage industry. Below are Porter’s Five Forces for our company:

Rivalry among Existing Firms: ​There is a strong rivalry presence in the beverage industry currently.
Many brands have the ability to make similar flavors in drinks. The main rivalry that Coca-Cola has is
with PepsiCo as they are also a major player in the beverage industry. A few of their other competitors
include Dr. Pepper, Snapple Group, and Redbull. Threat: HIGH

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 Threat of Substitutes: ​There are many other drinks in the beverage industry besides Coca-Cola or soft
drinks such as tea, water, smoothies, juice, and coffee. Consumers can potentially swap their soft drink for
one of these other beverages, which is why Coca-Cola has to find creative ways to target towards
consumers so they can continue purchasing their product as well giving feedback as well. Threat: HIGH

Threat of New Entrants: ​Can potentially affect Coca-Cola especially when consumers prefer healthier
alternatives for their beverage choice rather than a soft drink. Especially when smaller companies enter
this industry could affect Coca-Cola’s earnings. New, innovative companies can threaten Coca-Cola with
the addition of new flavors, technology, and features. Threat: MODERATE

Bargaining Power of Consumers: ​Many consumers can easily purchase one of these products from
cafe’s, vending machines, retail stores, college campuses, and grocery stores. Coca-Cola sells directly to
their distribution network. These products are available almost everywhere and is diversified among other
stores in order to be purchased hence the reason the bargaining power is high due to the product being
sold in their store which is why they purchase in bulk. Threat: LOW

Bargaining Power of Suppliers: ​These supplies and ingredients that take to make these soft drinks are
very cheap and reasonable to purchase which is why their bargaining power of suppliers are weak. These
ingredients are very easy to accessible to the producers which is the reason the switching cost is less
because the manufactures can easily switch to other suppliers if they really needed too. Threat: LOW

Overall, the beverage industry is a complex industry to be in. There are many substitutes and a lot
of rivalry among competitors. Bargaining power of consumers and suppliers are both relatively low, as
beverages tend to be very inexpensive in general. There are a few big players in the industry which
dominate it and there are smaller players that aren’t as successful.

iii. Competition (5 points)

Competitor Name: PepsiCo Dr. Pepper Snapple Group Red Bull

Product Line 22 Brands 50 Brands 1 Brand 4 Categories

(energy, sugarfree, total
zero, editions, and organic)

Strategies Using both drink and food brands
which has brought a lot of dividends
to the company. PepsiCo’s strategy
for competitive advantage is by
having an intensive strategy to
ensure that they are having a
long-term growth. While
Consists of partnering with allied
brands in order for growth, due to
the rapid growth of these brands
emerging into categories makes the
distribution easier. Other elements
such as building their brands,
executing with excellence and rapid
Their strategy is to create
unique ways that will help
connect and engage with
their consumers by targeting
a variety of different target
markets to push the
awareness among different

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 continuously developing nutritious continuous improvement is what age groups as well as being
and convenient beverages, snacks, they focus on. an energy drink.
and food.

Capabilities Creating a competitive advantage
from their products and services that
they offer, especially towards their
international distribution and
marketing capabilities.
Manufacturing facilities that Dr.
Pepper Snapple Group has is the
ability to manufacture brands and
packages due to their capacity and
capabilities of their manufacturing
facilities which are dedicated to
certain particular brands and
products.
Red Bull is branching their
individual brand by created
an entire line of new
products that will be placed
in the new category of
energy drinks.

Governance PepsiCo follows their specific Dr Pepper Snapple Group strictly Red Bull abides by all the
corporate governance guidelines follows their own corporate laws and regulations and
when performing their task. governance guidelines. guidelines that are defined
in their corporate
governance guidelines.
Coca-Cola’s ​strengths in relation to their competitors is that Coca-Cola has 500 beverage brands all from
a variety of categories such as soft drinks like what, enhanced water and sports drink as well as juice,
dairy products, plant-based products such coffee and tea and lastly energy drinks. Coca-Cola is a
diversified company which sold their products in more than 200 countries around the globe, according the
10-K Report “we make our branded beverage products available to consumers throughout the world
through our network of independent bottling partners, distributors, wholesalers and retailers as well as
company-owned or controlling bottling and distribution operations--the world's largest beverage
distribution system” (76). While the ​weaknesses could be the deficiency of materials in order to produce
these beverages, as well as the lack of innovation since many consumers are shifting their taste
preferences among newer brands, and need to find a way to innovate ideas to grab consumers attention
especially and a great way is by combining food and beverage brands to reach more consumers.

iv. identify and tabulate the opportunities and threats of your company.

Opportunities: Threats:

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● Creating new products that are diversified.
(diversification)
● Coca-Cola is in a numerous amount of countries.
(extended reach) such as countries that have
high-humid temperatures.
● Developing products that are more towards
health-conscious people
● Expansion of branching out from soft drinks and
towards food as well.
● Obesity/Health Concerns
● Scarcity of limitation of water due to climate
change.
● Healthy alternatives changes consumers
preferences such as smoothies and teas.
● Speculations of using pesticides in their water.
● Threat of trend forming where the consumers use
an alternative product within. Coca-Cola’s
products
● Raw material sourcing due to lack of supplies
and ingredients.

5. Internal Environment Analysis

i. The essential internal environments that Coca-Cola ensures are put in place include
effectiveness in the production procedure, proper organization skills and effective communication
networks. To effectively monitor and manage its internal environment, Coca-Cola conducts
assessments of it is operations and responds appropriately to any aspect, which is likely to cause
ineffectiveness in any section of the consumer and production procedure (Njanja, Ogutu, &
Pellisier, 2012).

The ​tangible resources​ working in Coca-Cola’s favor include a mix of physical

resources, human resources, and financial resources. Cost of production is low because the
company owns all of their power plants allowing them to offer high quality products at low
prices. The company also owns all equipment so they don’t have to pay to rent or lease it.
Coca-Cola has positive cash flows which has allowed them to stay out of any unnecessary debt
and financing. The company is devoted to training and developing their employees and have
created intense training programs to ensure the employees are well-prepared for their roles. They
are a company that shows pride in their employees and want them to be successful. Currently,
there are over 700,000 employees working for Coca-Cola around the world ​(Organizational

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 Structure n.d.). Through their thorough training and management programs, employees are able to
grow with the company and ultimately get rewarded with promotions within the company.

The ​intangible resources t​ hat Coca-Cola possess include technical resources, intellectual
resources, goodwill, and trademarks. Coca-Cola’s technical ability one of the greatest in the
beverage industry. They have the ability to create different flavors including orange, pineapple,
black currant, lemon, ginger, etc. which proves they have great technical knowledge of
ingredients, machinery, and flavors. The company is able to patent many varieties and flavors of
soda so other competitors cannot take the idea reducing consumers wants of switching to another
brand. Each one of their drink formulas are trademarked and patented by Coca-Cola to be used
solely by them. The recipes are a secret that only a select group of employees know. The brand is
widely available in many different countries and regions, allowing people from all over the world
to buy their products, support them, and grow their customer loyalty. The brand has been around
for a long time and the audience has grown more and more over the years. They have a
tremendous amount of goodwill as they are such a big presence and brand throughout the world.
Intellectually, the company has a wide variety of employees working for them from many
different educational backgrounds and geographic locations. With so many offices and factories
around the world, they are able to have a very diverse group of people in each location with
different experiences both professionally and in their lives.

ii. Core Competencies

1. Strong financial resources- Coca-Cola has accumulated an enormous amount of capital

since they have been in the beverage industry. Since Coca-Cola was established in 1892,
they have grown to be worth over $200 billion [The Coca-Cola Company (NYSE:KO)
Financials Income Statement. (n.d.]
2. Organizational capabilities- Coca-Cola runs and maintains over 700,000 employees and
offer a total of more than 500 soft drink brands in nearly 200 countries around the world
(Organizational Structure n.d.).
3. Brand reputation- This is one of the main core competencies of Coca-Cola. It is easily
recognizable almost anywhere in the world and known as a solid company to work for
and support.
4. Employee environment- Coca-Cola strives to ensure their employees are happy, healthy,
and treated fairly with respect. They see their employees as ambassadors of their brand to

14
 the world and they want to uphold their company’s image (Mission, Vision & Values.
(n.d.).
5. Marketing efforts- The company frequently puts out new campaigns and commercials to
stay relevant with what is going on in the world. They also advertise on a variety of
platforms including billboards, social media, and magazines.
6. Wide distribution- As stated previously, Coca-Cola distributes their products throughout
nearly 200 countries. Their distribution outlets include restaurants, hotels, supermarkets,
convenience stores, and many more.

The main core competencies of the company that puts them ahead of competition and give them
competitive advantage include their wide distribution channels and brand recognition among consumers.
Coca-Cola would not be as successful without the customer loyalty they have achieved since they opened
in 1892.The ability to distribute their products to so many places gives their products more reach among
the market than any other beverage brand.

6. Business Level Strategy

Coca-Cola’s business level strategy is a mix between focused cost-leadership and focused diversification.
Coca-Cola has always tried to keep an eye on the cost that their products are to make as well as what their
competitors are selling at. They try to make sure they are staying on top of the market and operating at a
profit. Cost is important to them and they also know how important it is to their customers, so keeping
costs low is an important concept for Coca-Cola. Efficiency is also an important factor they consider from
producing the product to selling it. Regarding their diversification, they work very hard to bring a variety
of different drink products to the market that they are in. They want to stand out and make sure they
develop and maintain a significant position in the industry. They keep their focus on the markets they are
currently in and work to provide the most diverse choices for each. They work to provide constant
innovations of beverage choices and flavors, they also pay attention to the way they market and develop
their products. They work for efficiency as well as the capability to stand out among the choices of
beverages to consumers around the world.
The primary value you chain activities are listed for coca-cola as follows: inbound logistics,
operations, outbound logistics, marketing and sales, and service.

Inbound logistics Operations Outbound Marketing and Service

-water -manufacturing logistics sales -people and
- suppliers -package -bottling partners -beverages communities
-agriculture collection and distribution -equipment -customers
-recycling

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Value chain activities:
1. Water -​ Coca-Cola has focuses on giving back the amount of water they use to produce each
product through different water projects. Water is also the main ingredient in all beverages
produced, so it is essential to manufacturing processes.
2. Suppliers -​ Coke has hundreds of different suppliers and they need to make sure they create and
maintain solid relationships with each. They also need to make sure each supplier is able to
successfully send out ingredients to the different locations.
3. Agriculture​- they want to source ingredients sustainably as well as train farmers to grow the
products they need to put into the beverages. Coke spends the majority of their money in this part
of the business.
4. Manufacturing -​ 800 facilities around the world. They are working to increase their energy
efficiency for production to reduce carbon footprint.
5. Package collection and recycling ​- They are working towards more sustainable packaging, they
also are working on their new project called World Without Waste to reduce waste and increase
recycling efforts through new packaging.
6. Bottling partners and distribution -​ Over 700,000 associates in over 200 countries with 250
independent bottling partners.
7. Beverages ​- Offer over 4,100 different products, ranging from no sugar to a lot of sugar! Aim to
adapt to changing consumer tastes through innovation and broadening their choices or drinks.
8. Equipment -​ Use their equipment, like their touch screen vending machines, for consumers to
gain easy access to the products they want. They also use their equipment to track inventory and
sales of each product.
9. People and communities - ​They want everyone to be connected to each other as well as wanting
everyone to care for the environment. They value relationships and connections with everyone
from consumers to partners.
10. Customers -​Over 27 million customers (grocery stores, retail outlets…) sell Coke’s products to
consumers. They are given an optimal mix of products and look for ways to grow with their
customers as well as create new value.
Modifications to Coke over the past five years:
1. In 2019, they introduced a new flavor, called Orange Vanilla in regular coke and Diet Coke form.
2. In 2014, they put names on their packaging in hopes it would become a more personalized
beverage for consumers.

16
The changes in 2014 were to increase consumer loyalty, packaging and the people/communities. They
wanted to bring people together more than before by just using a drink. They decided that putting names
on the bottles would help. This increased sales and brand awareness, consumers would post themselves all
over social media finding their name or their friends names. The changes in 2019 have yet to see an
effect. This new flavor was set to launch at the end of February this year. They saw this opportunity for a
new flavor due to how popular their Vanilla and Cherry Coke products are with other flavors among their
consumers. They launched this flavor in hopes of creating more variety for their consumers so they would
choose coke instead of others.
7. Diversification Strategies (14 points) Tyler
A. Product Diversification- (7 points):
The company’s annual 10K report states that: “We own or license and market more than 500
nonalcoholic beverage brands, which we group into the following category clusters: sparkling soft drinks;
water, enhanced water and sports drinks; juice, dairy and plant- based beverages; tea and coffee; and
energy drinks” (P. 3). Coca-Cola owns and markets four of the world's top five non alcoholic sparkling
soft drink brands which are: “Coca- Cola, Diet Coke, Fanta and Sprite” (P. 2). Although Coca-Cola may
only operate in the beverage industry they have a wide variety of products and market them throughout
the world, the 10-K report states: “We make our branded beverage products available to consumers
throughout the world through our network of independent bottling partners, distributors, wholesalers and
retailers as well as company-owned or-controlled bottling and distribution operations— the world's
largest beverage distribution system” (P. 3). The corporation uses a moderate level of diversification and
has a related constrained business model. The 10-K states that the company generates 64% of its revenues
from concentrate operations, and 36% from finished product operations. In more recent years, the
company has focused heavily on investments and acquisitions related to the products of coffee, water
enhanced water, and sports drinks. This is in large part due to the growing health conscious of consumers
globally (Alahi & Bass, 2018, P. 6).
The company is able to create a high level of corporate relatedness through the continued
investments in bottling operations. Recent diversification for the company has been inorganic. As stated
earlier, the company has tried to shift its focus to more healthier products the company offers. The article
titled “​Will Coca-Cola's (KO) Diversification Plan Rev Up Sales?” states: ​“In 2017, the beverage giant
made an important addition to its portfolio beyond sparkling soft drinks with the acquisition of Topo
Chico premium sparkling mineral water brand in the United States”. The article also notes that in the
same year the company entered the “fast-growing U.S. ready-to-drink coffee category last year and closed
the proposed acquisition of AdeS soy-based beverage business” (Will Coca-Cola’s (KO) Diversification).

17
The article also notes that the company refranchied its bottling system that will prevent it from entering
low margin procedures. This restructuring has all led to positive impacts on the economy. This
restructuring will lead to long term growth for the company as more consumers become more aware of
the health implications of some of the company's products.
B. Geographic Diversification (7 points):
Coca-Cola operates heavily in international markets. According to their 10k report: “Finished
beverage products bearing our trademarks, sold in the United States since 1886, are now sold in more than
200 countries and territories” (P. 2). The company’s global operating structure is divided into 5 groups:
First Europe, Middle East, Africa. Second, latin America, followed by North America. The last two
operating groups are Asia Pacific and bottling investments. The company attributes much of its recent
success to doing value chain activities globally: “Our strong and stable bottling and distribution system
helps us to capture growth by manufacturing, distributing and selling existing, enhanced and new
innovative products to our consumers throughout the world” (P. 4). The company performs many value
chain activities internationally. It’s most successful seems to be distribution. Specifically, the 10-K report
states on page 4 that the five largest independent bottling partners based on unit case volume in 2018 were
all done outside the United States. These five bottling partners combined represented 40 percent of the
company’s total unit case volume.
Another strong value chain activity the company performs internationally is sales and marketing.
Although they have had recent success in international sales they continue to expand their efforts: “We
continue to expand our marketing presence in an effort to increase our unit case volume and net operating
revenues in developed, developing and emerging markets” (P. 4). In 2018, unit case volume in the United
States represented only 18 percent of the Company's worldwide unit case volume sales. However, unit
case volume outside the United States represented 82 percent of the company's worldwide unit case
volume for 2018 (P. 4). The countries outside the United States in which the company’s unit case volumes
were the largest were Mexico, China, Brazil and Japan, which together accounted for 31 percent of its
worldwide unit case volume. Of the non-U.S. unit case volume, 70 percent was attributable to sparkling
soft drinks (P. 4). In recent years, Coca-Cola has invested in bottling operations of underperforming local
markets that the company feels it can “resources and expertise to improve performance” (P. 6). The 10-K
states that one of the biggest threats and to their global strategy is local competitors that are able to
produce micro-brands and sell these products with lower price. To help combat this weakness to their
strategy, Coca-Cola again uses the strength of its bottling services to appeal to local markets globally:
“Through our relationships with our bottling partners and those who sell our products in the marketplace,
we create and implement integrated marketing programs, both globally and locally, that are designed to

18
heighten consumer awareness of and product appeal for our brands” (P. 31). As part of the company's
global marketing strategy, the report also states that: “Our integrated marketing activities include, but are
not limited to, advertising, point-of-sale merchandising and sales promotions. We are focusing on
marketing strategies to drive volume growth in emerging markets, increase our brand value in developing
markets and grow net revenues and profit in our developed markets” (P. 31).With this information, we
can say that Coca-Cola uses a transitional international business strategy.
8. Company Organization Structure (5 points)
The Coca-Cola company has a corporate head office segment that is responsible for leading the
company in the overall right direction, and also provides support to the regional structure. Key strategic
decisions are made by an Executive Committee that is comprised of 12 Coca-Cola Company Officers.
The Coca-Cola company also has a separate International division structure because their international
staff operates separately from their Head office. Coca-Cola has various divisions in officers all around the
world with presidents that control each continental division. Coca-Cola currently has five different
continental divisions, and they are: Eurasia and Africa Group, Europe Group, Latin America Group,
North America, and Pacific Group. Regardless of the different region or country that Coca-Cola is in, they
operate the same way. In every single country Coca-Cola sells the same brand and same type of soft
drink, and Coca-Cola is under tight control over their operations from their head office. The structure of
Coca-Cola does complement their strategy, because they have their business separated into different
international segments. This helps Coca-Cola facilitate their overall strategy because they then are able to
keep a class eye on each of the different markets and are able to adjust their price accordingly. This also
allows them to ensure that they are operating at the most efficient and profitable cost in each of the
markets that Coca-Cola is involved in.
Source: Organizational Structure. (n.d.)
9. Corporate Governance (10 points)

Graph displaying the past 5 years

(2015-2019) the proportion of
Coca-Cola’s stock that is owned by
Institutions (Left)

19
 Graph displaying the top 10 Institutions which have invested in Coca-Cola stock for 2019 (Right)

Graph displaying the top 10

Institutions which have
invested in Coca-Cola stock
for 2018 (Right)

Graph displaying the top

10 Institutions which have
invested in Coca-Cola
stock for 2017 (Right)

Source: KO / Coca Cola

Co.
Coca Cola’s Board of Directors
The Coca-Cola Company is dedicated to good corporate governance, which in turn promotes
long-term interest of shareowners, strengthens board and management accountability, and assists in
building public trust within the company. Coca-Cola’s board of directors has set guidelines that they must
follow in regards to corporate governance, and Coca Cola’s board of directors itself is elected by
Coca-Cola’s own shareowners. The board of directors main goal is to oversee the shareowners interest for
the overall success of the company, and the financial strength of the company. The Board of directors
serves as the ultimate decision making body for the company, and the board also selects and oversees the
members of senior management. Coca-Cola’s Board of Directors are:
● Herbert A. Allen
○ President, Chief Executive Officer and Director, Allen & Company Incorporated
○ 2017,2018, and 2019 Board Member

20
● Ronald W. Allen
○ Former Chairman of the Board, President and Chief Executive Officer, Aaron’s Inc. and
Delta Air Lines, Inc.
○ 2017,2018, and 2019 Board Member
● Marc Bolland
○ Head of European Portfolio Operations, The Blackstone Group L.P
○ 2017,2018, and 2019 Board Member
● Ana Botin
○ Executive Chairman, Banco Santander, S.A
○ 2017, 2018, and 2019 Board Member
● Richard M. Daley
○ Executive Chairman, Tur Partners LLC; Of Counsel, Katten Muchin Rosenman LLP
○ 2017, 2018, and 2019 Board Member
● Chris Davis
○ Chairman, Davis Advisors
○ 2018, and 2019 Board Member
● Barry Diller
○ Chairman of the Board and Senior Executive, IAC/InterActiveCorp and Expedia Group,
Inc
○ 2017, 2018, and 2019 Board Member
● Helene D. Gayle
○ Chief Executive Officer, The Chicago Community Trust
○ 2017, 2018, and 2019 Board Member
● Alexis M. Herman
○ Chair and Chief Executive Officer, New Ventures LLC
○ 2017, 2018, and 2019 Board Member
● Muhtar Kent
○ Chairman of the Board, The Coca‑Cola Company
○ 2017,2018, and 2019 Board Member
● Bobby Kotick
○ President, Chief Executive Officer and Director, Activision Blizzard, Inc
○ 2017, 2018, and 2019 Board Member
● Maria Elena Lagomasino
○ Chief Executive Officer and Managing Partner, WE Family Offices
○ 2017, 2018, and 2019 Board Member
● Sam Nunn
○ Co-Chairman and Former Chief Executive Officer, Nuclear Threat Initiative (NTI)
○ 2017, 2018, and 2019 Board Member
● James Quincey
○ President and Chief Executive Officer, The Coca-Cola Company
○ 2017 2018, and 2019 Board Member
● Caroline Tsay
○ CEO, Compute Software Inc.
○ 2018, and 2019 Board Member
● David B. Weinberg
○ Chairman of the Board and Chief Executive Officer, Judd Enterprises, Inc.
○ 2017, 2018, and 2019 Board Member

21
Source: Board of Directors. (n.d.).

It appears that when Board Members are elected to the Board of Directors it is made apparent that those
select few plan to be with the company for a long time. For example; Herbert A. Allen has been on the
Board of Directors since 1982 and is the President, Chief Executive Officer and Director of Allen &
Company Incorporated. With that being said, only two additions had been made to Coca-Cola’s Board of
Directors and those changes were the addition of Chris Davis and Caroline Tsay in 2018. In addition to
serving on the Board of Directors, there are six different committees that Board members are eligible to
serve on and these committees are: Audit committee, Committee on Directors and Corporate Governance,
Compensation Committee, Executive Committee, Finance Committee, Management Development
Committee, and Public Issues and Diversity Review Committee. Many of Board Members serve on
multiple committees or even serve as the chairperson of a committee.

The purpose of Coca-Cola’s Corporate Governance Guidelines is to provide a framework for effective
governance within the company, and covers a wide array of topics ranging from the Board’s mission
statement all the way to Chief Executive Officer performance evaluation and management succession.
Our team believes that Coca-Cola has a strong set of Corporate Governance Guidelines and believe that
they have a highly effective approach in dealing with all matters pertaining to corporate governance.
Coca-Cola even ensures that their guidelines are updated when deemed necessary and ensure that they are
able to lead by example and learn from experience.
Source: Corporate Governance. (n.d.). And Governance & Ethics. (2016, September 20).
CEO and Senior Level Management Salary for 2018

CEO and Senior Level Management Salary for 2017 (above)

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 CEO and Senior Level Management Salary for 2016

Based on the tables provided above taken from Coca-Cola’s 2016-2018 Proxy Statements; the
most important thing that has changed between 2017 and 2018 would be that James Quincey is now the
Chairman of the Board and the Chief Executive Officer and replaced Muhtar Kent. Mr. Quincey salary in
2018 was also approximately 250,000 dollars more than Mr. Kent’s was in 2017, but another interesting
fact is that Mr. Kent had salary that was approximately 200,000 dollars more than Mr. Quincey’s in 2016.
Mr. Quincey’s salary increase from 2016 to 2017 was approximately 254,000 dollars, and his salary
increase from 2017 to 2018 was approximately 273,000 dollars.
10. From Q6 to Q12, please identify and tabulate the strengths and weaknesses of your company,
its strategy(s), structure and governance (10 points).​ ​Kaitlyn

23
 A few of their ​strengths​ include a strong management system, well-known brand around the
world, and strong customer loyalty. The company is worth over $80 billion making it one of the largest
companies in the world while being one of the most well-known.
The company’s main ​weakness​ is a lack of innovation. This company continues to solely produce
non-alcoholic beverages. They have yet to come out with a snack line or expansion into another type of
beverage industry such as alcoholic beverages. Competitors like PepsiCo have expanded their product
offering by producing a line of chips which adds more to their image. Coca-Cola needs to work on
coming out with something new and innovative in order to stay relevant and on top of the market.
Coca-Cola has a competitive positioning ​strategy​ among competitors. Coca-Cola has the
competitive advantage over competitors in the industry in terms of operations, cost control, brand image,
marketing, and the ability to establish strong customer relationships. Their marketing strategy is to
associate happiness, positivity, and good life with their products (Bhasin, H). Doing so improves their
public image and reputation.
The ​structure​ of the company consists of continually working to better the environment and
reduce their footprint. They do this by finding new ways to bottle their beverages as well as create and
transport them producing the least amount of emissions possible.
The board is elected by the shareholders to oversee the company’s best interests in the long-term
future. The Board consists of the ultimate decision makers of the company. They established Corporate
Governance Guidelines which is the framework for effective ​governance​ of the company.
11. Problem Identification (5 points) ​Kaitlyn
Recently, consumers have been becoming more health conscious and have been drinking less
soda. In a survey taken in 2017, 63% of Americans stated that they are actively avoiding the consumption
of soda on a regular basis. This is an enormous increase since 2002 where that percentage was only 41%
(Gaille, B). There are continuously more and more studies being done to see what damage is happening to
people's’ bodies when they do not follow a healthy diet which is making the consumer market more aware
and concerned with what they are putting into their bodies.
Coca-Cola needs to improve on being innovative and increasing their product selection. Their
biggest competitor is Pepsi and Pepsi also owns Lays which is a very successful snack company. If
Coca-Cola wants to remain at the top of the industry, they need to come out with new ideas on how to
differentiate themselves from competitors or add something new to the market.

12. Recommendations (EMILY)

24
 Coca-Cola should spend some time evaluating the different non-soda beverages they have in their
markets. Since people are becoming more health conscious, spending time on innovating or creating new
drink beverages would help improve sales. They just have to market it correctly which could be helped
out through outside consultation services or internal operations. Coke should also consider possible
acquisitions to the company to increase revenue and bring more consumers into the world on Coke
through the other products acquired. They could offer more of a variety of packages of different flavors
and even offer some kind of rewards membership program for loyal consumers for everytime they buy a
coke product.
Exhibits (5 points)
Figure 1:

Figure 2:

Figure 3:

Coca-Cola’s Organizational Structure

25
Figure 4:

Coca-Cola’s Board of Directors Chart

References (5 points)
Alahi, Arshia and Bass, Erin, "COCA-COLA’S FUTURE GROWTH STRATEGY:
DIVERSIFICATION?" (2018). Theses/Capstones/ Creative Projects. 33.
https://digitalcommons.unomaha.edu/university_honors_program/33
2017 Annual Review. (2018). Retrieved April 23, 2019, from
https://www.coca-colacompany.com/annual-review/2017/index.html#p
Bhasin, H. (n.d.). Marketing strategy of Coca cola - Coca cola strategy. Retrieved April 22, 2019, from
https://www.marketing91.com/marketing-strategy-of-coca-cola/
Corporate Governance. (n.d.). Retrieved from
https://www.coca-colacompany.com/investors/corporate-governance
Coke's Way Forward: New Business Strategy to Focus on Choice, Convenience and the Consumer.
(2017, February 23). Retrieved April 23, 2019, from
https://www.coca-colacompany.com/stories/cokes-way-forward-new-business-strategy-to-focus-o
n-choice-convenience-and-the-consumer
Coca-Cola System and Value Chain. (2018, April 25). Retrieved April 22, 2019, from
https://www.coca-colacompany.com/stories/coca-cola-system-and-value-chain
Gaille, B. (2017, May 23). 31 Significant Soda Consumption Statistics. Retrieved April 22, 2019, from
https://brandongaille.com/29-significant-soda-consumption-statistics/
Introducing Orange Vanilla Coke and Orange Vanilla Coke Zero Sugar. (2019, February 08). Retrieved
April 22, 2019, from

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 https://www.coca-colacompany.com/stories/introducing-orange-vanilla-coke-and-orange-vanilla-
coke-zero-sugar
KO / Coca Cola Co. - (2019-03-31) Stock Institutional Ownership and 13F Shareholders. (n.d.). Retrieved
April 22, 2019, from ​https://fintel.io/so/us/ko?d=2019-03-31
Mission, Vision & Values. (n.d.). Retrieved from
https://www.coca-colacompany.com/our-company/mission-vision-values
Organizational Structure. (n.d.). Retrieved April 22, 2019, from
http://cokemnc.blogspot.com/p/organizational-structure.html
The Coca-Cola Company Form 10-K filed on Feb-21-2019 (2019). ​Form 10-K 2018.​ Retrieved from S&P
Global.
The Coca-Cola Company (NYSE:KO) Financials Income Statement. (n.d.). Retrieved February 22, 2019,
from
https://www.capitaliq.com/CIQDotNet/Financial/IncomeStatement.aspx?companyId=26642&stat
ekey=c0d1e682c00a4aea8637263fba0655ad
Board of Directors. (n.d.). Retrieved April 23, 2019, from
https://www.coca-colacompany.com/our-company/board-of-directors
The Coca Cola Company 2018 Proxy Statement. (2018, April 25). Retrieved April 23, 2019, from
https://www.sec.gov/Archives/edgar/data/21344/000130817918000022/lko2018_def14a.htm
Governance & Ethics. (2016, September 20). Retrieved April 23, 2019, from
https://www.coca-colacompany.com/our-company/workplace-overview/governance-ethics/gover
nance-and-ethics
"The Coca-Cola Company (NYSE:KO) Financials Key Stats." Log In | S&P Capital IQ. Accessed April
24, 2019.
https://www.capitaliq.com/CIQDotNet/Financial/KeyStats.aspx?companyId=26642&statekey=c2de17
5067b243089a719b650ae46486.
The Coca Cola Company 2017 Proxy Statement. (2017, April 26). Retrieved April 23, 2019, from
https://www.coca-colacompany.com/content/dam/journey/us/en/private/fileassets/pdf/investors/2017-prox
y-statement.pdf
The Coca Cola Company 2016 Proxy Statement. (2016, April 27). Retrieved April 23, 2019, from
https://www.coca-colacompany.com/content/dam/journey/us/en/private/fileassets/pdf/investors/a
nnual-meeting/TCCC-2016-Proxy-Statement.pdf
Zacks.com. (2018, March 12). Will Coca-Cola's (KO) Diversification Plan Rev Up Sales? Retrieved from
https://www.nasdaq.com/article/will-coca-colas-ko-diversification-plan-rev-up-sales-cm933380

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