BUS 1101 - Principles of Business Management Learning Journal - Unit 3 No 1 - In Section 3.4,the text
discusses the "Top 5 Challenge Trends" and "Top 5 Solution Trends." Select one challenge and one solution trend which you believe is most applicable to Coke's situation today. Coca-Cola, a global brand is a commodity service in the hospitality sector that needs 2 major things for its relevance to be maintained: people and consumption.
As I have studied I chose "Faster Pace for Innovation" for the challenge and Becoming more Mobile for the solution. So what is innovation? Innovation is a process by which a domain, a product, or a service is renewed and brought up to date by applying new processes, introducing new techniques, or establishing successful ideas to create new value, (Meyer, J.U. 2018)
Challenge Faster Pace for Innovation
Coca-cola is one of the best soft drinks produced their innovation has been played in multiple products they have produced. Their formula has been kept secret to remain significant in the beverage atmosphere. To maintain customers and consumers, I enormous believe that it has remained a continental brand and they have remained on the top of the Log.
They have introduced a faster Pace of innovation by introducing new products, to market their brand. The Coca-Cola Co. is pouring its products into new categories. The company's innovation in 2019 has moved its Coca-Cola brand into the energy drink market, its Simply Beverages brand into the smoothie and tea segments, its smart water brand into the flavored and sparkling water sector, and its honest tea brand into the coffee and chilled tea categories."Our new innovative designed to meet the changing needs and preferences for today's consumers," said JC Harvey, director of retail channel strategy and commercialization for Coca-Cola North America. "You're going to see we're entering categories, like energy, we're introducing new flavors and into formats to continue to drive category growth as we've done in the past." (Schouten, R. 2019)
Solutions Becoming More Mobile
Through the use of web-wide web, people are more connected to the products that coca-cola release. This has enhanced profit-making, as coca-cola products are more commercialized, through commercial adverts, posters and even social platforms are being utilized.
"The penetration of mobile phones is changing the way we do business because people are more connected and able to share more information. Two-way, real-time dialogue and collaboration are available to people anytime, anywhere. The low cost of phones compared with computers puts them in the hands of more people around the world, and the increasing sophistication of software and services for the phone expands its use in business settings. Phones are not just voiced communication devices-- they can send text as well as be a connective devices to send data. The fastest mobile phone growth is in developing countries, bringing connectivity to the remotest region, (Carpenter, M.A 2012)
Word Count: 407
Reference
Meyer, J. (2020). What is Innovation?
https://innolytics-innovation.com/what-is-innovation/
Schouten, R. (2019). Slideshow: Coca-Cola's year of innovation
https://www.foodbusinessnews.net/articles/14750-slideshow-coca-colas-year-of-innovati