The Coca-Cola Company’s mission statement and vision statement strongly reflect the company’s purpose for its business operations in the consumer goods industry. The company’s vision statement strengthens goals based on the mission statement, with emphasis on beverage products, as well as strategies for corporate citizenship and business growth. Coca-Cola’s business strengths and opportunities cater to strategic goals derived from the company’s vision and mission. Multinational business success and long-term profitability are achieved through business competencies that enable the realization of the strategic goals of Coca-Cola’s mission statement and vision statement.
The business purpose, nature, and goals established through Coca-Cola’s mission statement and vision statement set competition with PepsiCo, Keurig Dr Pepper, Unilever, and other consumer goods companies. These companies contribute to the dynamic competition in the international business environment. With the focus of its mission statement and vision statement on beverage products, Coca-Cola considers how these products affect consumers and how the business and its strategies can facilitate a positive societal impact.
Coca-Cola’s Mission Statement
Coca-Cola’s mission is “to refresh the world and make a difference.” This mission statement provides a broad overview of the consumer goods business organization, its scope of operations, and its strategic priorities. Key elements of Coca-Cola’s mission statement are:
- Refreshment
- Global market reach
- Making a difference
The refreshment element of Coca-Cola’s mission statement directs attention to beverages, such as soft drinks. However, refreshment can also encompass other products that invigorate and refresh consumers. This mission also states “world” to establish the goal of a global market reach for the company’s drinks. The third element of Coca-Cola’s mission statement refers to the impact of the business on consumers, society, and the world.
Coca-Cola’s generic competitive strategies and intensive growth strategies implement goals for the first two elements (refreshment and global market reach) of this mission statement. For example, the strategy of product development emphasizes high-quality refreshment, and the strategy of market penetration ensures growth in multinational business operations. On the other hand, in terms of making a difference, this mission prioritizes goals and strategies that ensure that the consumer goods business benefits stakeholders. Thus, this mission statement establishes the significance and priority of Coca-Cola’s corporate social responsibility (CSR) and ESG programs for business sustainability and stakeholders.
Coca-Cola’s Vision Statement
Coca-Cola’s vision is “to craft the brands and choice of drinks that people love, to refresh them in body & spirit. And done in ways that create a more sustainable business and better shared future that makes a difference in people’s lives, communities and our planet.” This vision statement links consumer goods business goals and corporate citizenship. Key elements of Coca-Cola’s vision statement are:
- Brands and choice of drinks that people love
- Refreshment for the body and spirit
- Sustainable business that makes a difference
The first element of Coca-Cola’s vision states the importance of brands that people love, although drinks are emphasized. This element establishes the business focus on beverage products that match consumer preferences. This vision statement also characterizes the company’s consumer goods and how they affect and satisfy consumers. For example, refreshing the body and spirit can encompass drinks that quench thirst and nourish the body. The third element of Coca-Cola’s vision statement links the business to its corporate social responsibility goals.
The brands used in Coca-Cola’s marketing mix (4P) represent products developed according to this vision statement. Also, the emphasis on refreshment in this vision statement relates to how the company markets its beverages as thirst quenchers that satisfy consumer preferences. The sustainability objective included in Coca-Cola’s vision is a representation of the company’s long-term interest in satisfying the concerns of its stakeholders.
Strategic Impact of Coca-Cola’s Mission & Vision
Coca-Cola’s mission statement keeps business strategies focused on beverage products. This corporate mission also directs the company’s strategic business development toward a business condition that benefits stakeholders. Similarly, Coca-Cola’s vision statement sets long-term strategic aims for beverage business operations. This corporate vision also requires sustainability and strategies that benefit stakeholders.
Making a difference is stated in Coca-Cola’s mission and vision, reflecting the business purpose and indicating the need to align business strategies with industry and market factors, such as ecological and social trends in beverage markets. This means that trends and accompanying changes in the global market prompt corresponding modifications to Coca-Cola’s business strategies to ensure consistency in making a difference.
References
- Stibbe, A. (2024). Taste the feeling: An ecolinguistic analysis of Coca-Cola advertising. Journal of World Languages, 10(2), 280-303.
- The Coca-Cola Company – Form 10-K.
- The Coca-Cola Company – Our Origins – The Birth of a Refreshing Idea.
- The Coca-Cola Company – Public Policy & Political Engagement.
- The Coca-Cola Company – Purpose & Company Vision.