Executive Summary
In the past five decades, Coca-Cola has managed to execute its strategy well and this has enabled it to become a successful beverage company in the world. The paper will look at the company’s mission, value, and vision statements. It must be appreciated that the mission statement alone is not sufficient in communicating proper strategy to the stakeholders. Therefore, there is a need for the organization to reshape their mission statement. The vision statement of Coca-Cola is also hidden on its website and has fallen short of giving the company guidance concerning its future endeavors. Therefore, the vision aligns itself more to the strategy of the company and this also needs reshaping. The values of Coca-Cola Company have also been mentioned and it is worth noting that they are also vague and changes are recommended.
Introduction
In the global market, Coca-Cola Company is considered the largest multinational corporation due to putting in place effective mission and vision statements. Coca-Cola has its origin in Atlanta, Georgia and continues to establish itself as a company that is leading. It is a producer of non-alcoholic beverages; their concentrates continue to gain worldwide popularity. The measure used to look at Coca-Cola being the largest multinational company is the customer volume and has been in operation for the last 125 years. The winning strategy employed by Coca-Cola has seen them synchronize all their organizational elements. By having a strategic purpose, Coca-Cola continues to be competitive, because it has its daily operations aligned to a basic direction. As such, execution of its operations has been made possible through having a relevant and effective mission, vision, and value statements (Hammonds, 2001).
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Company's Mission Statement and Analysis
The mission at Coca-Cola Company is:
“To refresh the world in mind, body, and spirit. To inspire moments of optimism and happiness through our brands and actions. To create value and make a difference everywhere we engage.”
For Coca-Cola Company, their mission statement serves as a declaration of what they intend to perform. The above mission statement has managed to explore Coca Cola’s primary purpose and has been formed giving basis to their products and services. Therefore, the company’s roadmap and is enduring because it has clearly stated the purpose of the company. Hence, it has served to be a standard that sees the company weigh its decisions and actions on a daily basis as they perform their activities. In other instances, the company uses its mission statement in its evaluating process with regard to gaining a competitive advantage.
At Coca-Cola Company, they intend to pursue their mission by looking at three objectives that comprise inspiring optimism, refreshing the world, and moments of happiness. The moments in question are related to the company’s generation of profit and still making a difference in the market they are serving. Moreover, Coca-Cola looks at making a difference in the industry where it undertakes all its operations and such are the moments of happiness the company is looking at obtaining (Polk, 2009). Refreshing the world is their global intent and this they intend to achieve by increasing their profits. As such, this is achievable by only cutting down their costs through using production facilities that are efficient and productive. Moreover, Coca-Cola looks at giving a focus to their production environment in the bottling sectors to enforce high standards of sustainability. Furthermore, the company also looks at diversifying their portfolio through having continuous innovations. In addition, the mission looks at promoting partnerships that will give focus to the demands of their consumers. Lastly, the mission intends to increase the company’s annual income of operations that will enable them to double their total revenue.
In developing company mission statements, they look at it from an innovative or analytical exercise. As such, it defines the way the company’s management personnel would like to portray themselves by giving an employee’s perspective. At Coca-Cola, their philosophy gives focus to creating ways that are novel in terms of rejuvenating and refreshing their customers. The customers in question are those who are associated with the company’s brand. Moreover, Coca-Cola intends to make significant value-addition patterns through their generation of positivity in the people’s lives they are serving (FitzRoy, Hulbert & O'Shannassy, 2012).
Company's Vision and Analysis
Regarding their vision statement, it serves to provide them with the business framework and guiding tools for operating in a competitive market. This component of the visions statement is cognitive because its focus is on outcomes. Therefore, it looks at offering apt decisions of accomplishments the organization intends to achieve. All this is geared at attaining growth that is of quality and sustainable. The other component is affective that looks at helping to motivate people at Coca-Cola. Therefore, the affective component enables the employees to gain a commitment towards achieving their best. However, for Coca-Cola, their vision encompasses the affective component because it looks at increasing the motivation levels of their employees. Moreover, the commitment of their employees, business partners, and customers is also given focus.
On its vision statement, they give a focus to achieving six P’s that include Portfolio, People, Productivity, Partners, Profit, and Planet. In essence, these set guidelines help the company when it concerns increasing their levels of commitment and motivation. The company intends to attain all these Ps by ensuring that they develop a working environment that is more conducive and great especially for its employees. Furthermore, the company looks at enhancing their products quality, having sufficient client networks coupled with the need to be nurtured and initiated. The planet will be vital for undertaking company’s operations and therefore, Coca-Cola looks at protecting it from harm. Profitability of the company will also need to be maximized in order to ensure that the company attains long-term profitability, which will translate down to its survival in a world filled with competitors in the beverage industry. The enterprise of Coca-Cola also ensures that it adopts business that is cost-effective and fast paced in terms of meeting their clients’ preferences and tastes.
Company's Values and Analysis
The values of Coca-Cola are in place because they serve as their compass that looks at the company actions. Moreover, the values describe on how the company behaves in the world. Thus, looks at aspects dealing with leadership, integrity, collaboration, diversity, quality, passion, and accountability.
Leadership to the company means having an individual who is courageous enough in terms of shaping a better future for the company,
Integrity defines the management’s commitment in dealing with real issues and upholding societal values in with its daily operations and activities.
Collaborations are intended by the company to have an advantage in terms of considering a collective genius.
Passion is related to having a heart and mind committed to meeting company goals and objectives.
Accountability enables the company to focus on optimizing customer satisfaction through the provision of quality products
Diversity ensures that the company practices inclusivity as much as possible in its managerial levels and serving its clients
Quality enables the company to focus its operations in a manner that guarantees the uniqueness of its products in satisfying client’s needs without compromising on their health and safety.
Alignment with Stakeholders' Interests
The company’s mission and vision have been seen to be pertinent because it has managed to direct the daily operations of their employees. Thereby, influencing the means by which accomplishments are taken in meeting company goals and the target this looks at a fiscal year of the company. Hence, they are seen as valuable statements that project company targets and their production outcomes plus they help in determining their processes of marketing. In essence, the mission, vision, values, and goals of Coca-Cola are aligned with the interests of their stakeholders because they are aligned to achieving profit. Furthermore, they are aligned with stakeholders’ interests because they look at achieving sustainability and growth that is productive in terms of having relationships that are long-lasting (Jofre, 2011).
The mission, vision, and values of Coca-Cola are aligned with the interests of their stakeholders’ because by engaging the stakeholders, the company aims at gaining long-term dialogue. This dialogue provides them with input, which is necessary when it comes to making informed decisions. Therefore, the engagement and alignment have been improved continuously with the sole intent of making progress towards attaining sustainability commitments. For example, the bottling partners of Coca-Cola are aligned with the mission, vision, and values of the company because they encounter day-to-day interactions. Hence, they look at all these components to see to it that their requirements are fully met with regard to having joint projects. Consumers are also other stakeholders whose interests are aligned with company goals, mission, and values. This is evident by the quality of products being produced and the affordability of the said products that add value to all consumers. Customers are also the regular visitors who are in contact with business operations and this entails looking at giving them products that meet their preferences. Moreover, customers are aligned with the values of the company with regard to issues related to diversity and accountability.
Consequently, the mission of the company does not seem to align with stakeholders’ interests because it gives much focus to the experience of customers. This is evident because the expectations of the product have been defined clearly. Moreover, it has also given reference to company investors as it intends to create more value, but room for improvement is present (Kenny, 2016).
Recommended Changes
The mission statement of Coca-Cola needs to be aligned more to its stakeholders and thus, it needs to be reshaped. In essence, the mission needs to be more specific with regard to communicating the stakeholders’ strategy in the company (Jofre, 2011). The vagueness of the company when it refers to ‘refreshment’ and this can apply to any beverage company. As such, improvements need to be made to identify with the company’s products.
The vision statement of the company also needs to be reshaped with regard to guiding the future operations of the company. Yes, the vision aligns with the strategy of the company, but it also needs reshaping (Jofre, 2011). By so doing, they will be able to provide a vision that attracts. As such, it will be more specific especially with regard to meeting future company goals and growth attributes.
The values of Coca-Cola are also applicable to other company’s and it is high time for the company to identify fully with all those values to show their relevance to stakeholders’ interests.
Conclusion
Coca Cola’s vision has been a guide for its members who understand what the operations of the company are and how they are all conducted. Moreover, it has managed to keep all employees of the company focused in terms of looking at goals that are realistic with reference to its investors, customers, the firm, and other partners who are directly linked to Coca-Cola. The mission of Coca-Cola has also been scrutinized and analysis made. Changes should be made to the mission and vision of Coca-Cola for them to be in line with the company’s strategy. For the company, the strategy is all about making tough choices.
References List:
FitzRoy, P., Hulbert, J., & O’Shannassy, T. (2012). Strategic management: The challenge of creating value . New York, NY: Routledge.
Hammonds, K. H. (2001). Michael Porter's big ideas, Fast Company, 44. Retrieved from https://www.fastcompany.com/42485/michael-porters-big-ideas
Jofre, S. (2011). Strategic Management: The theory and practice of strategy in (business) organizations. DTU Management.
Kenny, G. (2016). Thinking Clearly About Your Company's Purpose. Harvard Business Review Digital Articles , 2-4.
Polk, X. L. (2009). Coca-Cola: Long-term innovation (A case study). Consortium Journal of Hospitality & Tourism , 13(2), 61-78.
