The importance of information is made clear when examining Coca-Cola’s approach in three key areas. Knowledge supports the business plan by stimulating innovation, offering insightful data, and allowing well-informed choices. This answer will cover these areas and instances of how knowledge benefits Coca-Cola’s commercial activities.
First of all, knowledge is essential to giving Coca-Cola insightful information. The business works in a dynamic and cutthroat market where it is crucial to comprehend customer preferences and industry trends (Afait 2023: pp 468–489). Using efficient knowledge management, Coca-Cola may acquire and evaluate data from various sources, including market research, consumer feedback, and sales statistics. Thanks to this knowledge, the organization can recognize new trends, customer wants, and shifting market dynamics. Coca-Cola, for instance, may examine customer preferences for healthier beverages and react by releasing new goods, including drinks made from plants or with less sugar.
Secondly, information helps Coca-Cola employees make wise decisions. The business bases its strategic decisions on accurate and current information regarding product development, marketing initiatives, and resource allocation (Zhu and Kouhizadeh, 2019, pp. 36–44). Coca-Cola may promote the transfer and sharing of information across many departments and teams by using knowledge management methods like the SECI (Socialization, Externalization, Combination, and Internalization) model. For instance, the business may consult local market specialists, examine demographic information, and evaluate the market’s competition level when considering expanding into new areas (Lopes et al., 2022: p. 7). This knowledge makes educated decisions possible, lowering the risks of entering a market.
Last but not least, knowledge supports innovation at Coca-Cola. The business knows innovation is essential for maintaining a competitive advantage and satisfying changing customer requirements. Coca-Cola fosters a culture of innovation and learning via efficient knowledge collection and sharing (Mangla 2021:pp.53-69). It is encouraged for staff members to share their thoughts and insights, which are subsequently developed into workable initiatives. For instance, creative thinking inside the business led to Coca-Cola’s Freestyle soda fountain, which enables consumers to blend various tastes. Coca-Cola can continually enhance its goods, procedures, and business models by promoting a knowledge-sharing atmosphere.
Coca-Cola uses both internal and external sources when it comes to information gathering and data management. The business keeps a significant database of operational indicators, sales data, and customer information internally (Kerzel 2021:pp. 1–12). Systems like enterprise resource planning (ERP) systems and customer relationship management (CRM) software are used to record this internal information (Rinaldy 2022:pp. 208–21). Coca-Cola also encourages staff members to use internal communication tools and collaboration platforms to share their knowledge and skills.
Coca-Cola makes use of external information sources to improve knowledge application and discovery. The business closely monitors industry periodicals, market research studies, and customer feedback channels (Shankar et al., 2022: pp.541-565). Coca-Cola, for instance, may collect information from social media sites to comprehend customer attitudes and preferences (Deshpande et al.,2020: pp.82-93). By examining these external sources, Coca-Cola receives insights into new market developments, competitive activity, and consumer behavior.
In conclusion, knowledge plays a fundamental role in Coca-Cola’s strategy in three key ways: offering insightful information, promoting thoughtful decision-making, and encouraging innovation. Coca-Cola can maintain its position as a market leader by successfully managing knowledge and using both internal and external sources of information. The business can adjust to shifting customer preferences, make strategic decisions, and foster innovation via knowledge discovery, capture, and applications.
References
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Deshpande, A., Kee, D.M.H., Shankar, D., Segi, S., Charles, E.A., Parameswaran, K. and Vellmurugan, M., 2020. Influence of strategic branding in soft drink market in Indian and Malaysian context: Study on Coca Cola to remain Top of the Mind Brand (TOMB). Asia Pacific Journal of Management and Education (APJME), 3(1), pp.82-93. https://ejournal.aibpmjournals.com/index.php/APJME/article/view/746
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Mangla, N., 2021. Working in a pandemic and post-pandemic period–Cultural intelligence is the key. International Journal of Cross-Cultural Management, 21(1), pp.53-69. https://journals.sagepub.com/doi/pdf/10.1177/14705958211002877
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Shankar, V., Grewal, D., Sunder, S., Fossen, B., Peters, K. and Agarwal, A., 2022. Digital marketing communication in global marketplaces: A review of extant research, future directions, and potential approaches. International Journal of Research in Marketing, 39(2), pp.541-565. https://www.sciencedirect.com/science/article/pii/S0167811621000720
Zhu, Q. and Kouhizadeh, M., 2019. Blockchain technology, supply chain information, and strategic product deletion management. IEEE Engineering Management Review, 47(1), pp.36-44. https://ieeexplore.ieee.org/abstract/document/8637776/
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