Coke Vs. Pepsi Case Study Essays - Patent Medicines, Marketing

Coke Vs. Pepsi Case Study Control of market share is the key issue in this case study. The situation is both Coke and Pepsi are trying to gain market share in this beverage market, which is valued at over $30 billion a year (98). Just how is this done in such a competitive market is the underlying issue. The facts are that each company is coming up with new products and ideas in order to increase their market share. The creativity and effectiveness of each company's marketing strategy will ultimately determine the winner with respect to sales, profits, and customer loyalty (98). Not only are these two companies constructing new ways to sell Coke and Pepsi, but they are also thinking of ways in which to increase market share in other beverage categories. Although the goal of both companies are exactly the same, the two companies rely on somewhat different marketing strategies (98). Pepsi has always taken the lead in developing new products, but Coke soon learned their lesson and started to do the same. Coke hired marketing executives with good track records (98). Coke also implemented cross training of managers so it would be more difficult for cliques to form within the company (98). On the other hand, Pepsi has always taken more risks, acted rapidly, and was always developing new ad vertising ideas. Both companies have also relied on finding new markets, especially in foreign countries. In the foreign markets, Coke has been more successful than Pepsi. For example, in Eastern Europe, Pepsi has relied on a barter system that proved to fail. However, in certain countries that allow direct comparison, Pepsi has beat Coke. In foreign markets, both companies have followed the marketing concept by offering products that meet consumer needs (99) in order to gain market share. For instance, in certain countries, consumers wanted a soft drink that was low in sugar, yet did not have a diet taste or image (99). Pepsi responded by developing Pepsi Max. These companies in trying to capture market share have relied on the development of new products. In some cases the products have been successful. However, at other times the new products have failed. For Coke, changing their original formula and introducing it as ?New Coke? was a major failure. The new formula hurt Coke as consumers requested Classic Cokes' return. Pepsi has also had its share of failures. Some of their failures included: Pepsi Light, Pepsi Free, Pepsi AM, and Crystal Pepsi. One solution to increasing market share is to carefully follow consumer wants in each country. The next step is to take fast action to develop a product that meets the requirements for that particular region. Both companies cannot just sell one product; if they do they will not succeed. They have to always be creating and updating their marketing plans and products. The companies must be willing to accommodate their ?target markets?. Gaining market share occurs when a company stays one-step ahead of the competition by knowing what the consumer wants. My recommendation is to make sure the company is always doing market research. This way they are able to get as much feedback as possible from consumers. Next, analyze this data as fast as possible, and then develop the new product based upon this data. Once the product is developed, get it to the marketplace quickly. Time is a very critical factor. In my opinion, with all of these factors taken into consideration any company should give any company a good jump on market share.

8 things you dont have to do in your 20s

8 things you dont have to do in your 20s Most twentysomethings are constantly surrounded by the perfection presented on social media. Everyone seems to have the wildest nights out, the sweetest vacations, a beautiful family, and the most fulfilling job. It’s enough to make anyone feel lacking. But online life is not the same as real life- it paints a sanitized picture of the messiness of the twentysomething experience. Afraid that if you don’t have it â€Å"all figured out† yet? Don’t be. Here are a bunch of things you don’t even need to worry about until much later in your life and your career.1. Travel the worldSure, you’re supposed to have started your own successful company and figured out how to work remotely while traveling the world, all within 5 years of graduation. But travel costs money- and lots of it. Jetsetting off to Europe isn’t something most people in their 20s can do. If your buddies are able to, they’re very lucky. It’s completely normal if yo u need to spend all you make on, you know, rent and food.  If travel is a priority for you, you’ll make it happen one day. Don’t worry that you’re not there yet.2. Find your dream jobNobody really wants anything but their dream job, but most of us have to start somewhere- and that somewhere is usually the bottom rung of the ladder. If you’re still not where you want to end up, don’t fret. You still have most of your career ahead of you. And keep in mind that things will likely change once you have more world experience: what was once your dream career might not still be your dream career next year.3. Draft a long-term planIt’s helpful to always have a few thoughts as to your 5-, 10-, and 25-year plans. But please don’t set these in stone or feel that if you deviate from your track, you’re doomed to fail. You don’t have to have your career laid out or know where you’re going to settle down and buy a house in a go od school district. There is plenty of time for that.4. Start your own businessWe all hear so much chatter about entrepreneurship and striking out on your own in the new economy, but it’s okay if you don’t have a plan yet- or even if you would rather not be your own boss. If the thought appeals to you, keep weighing it in your mind, but don’t worry that you don’t yet have the answer.5. Figure out your future work/life balanceAs long as you’re taking care of yourself and have a reasonable work/life balance now, then it’s okay if you’re not sure how that will end up looking once you settle down and have kids and a family and move to your forever home and, yes, maybe, travel the world. You’ll figure that out when you get there.6. Determine your true passionYou’ve really only just started out. Your 20s should be a time of exploration! If you’re still figuring out what you really want to be when you grow up- as long as you’re thinking about it seriously- then it’s fine not to have the answers yet.7. Save a huge amount for retirementOf course, you should have a handle on your current budget, paying for your necessities, and socking at least a little bit away in savings. But don’t worry if your entire future and financial security isn’t mapped out perfectly. These things take time, and so much can change in the next five to ten years. Relax and focus on making smart financial decisions now so you’ll be in a good place for the future.8.  Establish the perfect lifeThere’s still time to learn how to cook gourmet dinners and buy a vacation home in the Hamptons. There’s still time to take up new hobbies and start a family. Keep dreaming about what you want the most and go after it. But don’t worry that you don’t have it all yet. You’re still very young!