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The two firms remain the number one case study for marketing students on how to create a powerful
brand around something as humble as brown carbonated water laced with caffeine and vegetable
extracts. More recently they have become case studies for another reason: PepsiCo for its ability to
spot consumer trends and adapt its business to a changing climate; Coca-Cola for failing to do the
same, perhaps complacent due to its long history as the number one best-selling drink in the world.
In early 2000 Coca-Cola's market capitalisation was about $128bn, almost three times that of
PepsiCo. Fizzy drinks sales at both companies are flat in developed markets. The crucial factor in
the differing fortunes of the two has been PepsiCo's diversification away from sugary
carbonated drinks and the realisation that consumers were worrying more and more about
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