Coca Cola Mission, Vision and Values: An Analysis
Mission, vision and values all are important for running businesses efficiently and effectively. A mission serves as the objective for which a business exists. A vision has a long term value. It spells out what a business aspires to do in the long term and how it is going to achieve its mission. All businesses aspire to reach somewhere in the future. Their vision becomes their guiding star guiding their actions and decisions continuously towards their final objective. Several companies regularly revise their missions and vision.
For many of them it also serves as a marketing tool and tells people what the company is all about and how it is working for the society. It is also why many companies link their mission and vision with the humankind and the society. After all businesses are not just for profits, but for the betterment of humankind and for progress and growth of society. Trust is important. Mission statements also signify the kind of trust that society has placed in these businesses and that they will operate in a manner that will benefit not just them but the society too.
- Coca Cola Vision, Mission and Values
Developing a vision is equally important. A vision is a very important part of a company’s strategy. It guides everything that is going on inside the company and does not let it deviate it from its path. Most important thing is that the vision and mission must remain aligned to the company’s strategy and vice versa. However, there are several strategic advantages too of these statements. It helps at planning and decision making. Most of all it helps at aligning the entire business’ efforts. The staff at every level must be aware of which direction they have to work in so the company’s objectives are fulfilled. It helps them make concerted efforts for the fulfillment of the organizational objectives. These statements are of immense value in terms of marketing and help the world know the cause for which a business exists. Suppose Coca Cola spelled out its mission as “to quench the world’s thirst”, there would be nothing unique about it. So, definitely there is bigger purpose that Coca Cola stands for. It is a global business and being the ‘Numero Uno’ is not easy. Coca Cola is serving a global population. Its mission and vision are aligned to its strategy that helps its quench thirst of millions like few others do. Here is an analysis of its mission, vision and values to help you know how important these components are when it comes to business strategy and marketing.
- To refresh the world...
- To inspire moments of optimism and happiness…
- To create value and make a difference.
- Coca Cola’s roadmap begins from a mission statement that is enduring. It not just declares the soda giant’s purpose of existence but also serves as the measure against which it weighs its actions and decisions. Coca Cola has expressed its mission statement in three small lines. To refresh the world… The world needs refreshment and that is true. This part of its mission is focused at the products that Coca Cola makes. The products are not spelt out clearly but the purpose for which they are made is clear. To inspire moments of optimism and happiness… The second line is more philosophic. This is how Coca Cola generates positive value. The third part is about creating a value and making a difference. There are several things that are not clear from the mission statement of Coca Cola. First, it is not clear who its customers are. Second it is not clear what its products are. The first line hints at the global market and the size of Coca Cola’s market. Next thing that does not get clear from the mission statement is how it creates social and financial value. Other things like employees and their concerns or the firm’s other competencies do not get clear from Coca Cola’s mission statement. It could reverse the statement to include these factors. A strong mission statement focuses on all these aspects. Another important thing that the statement lacks is specificity. It does not clarify what kind of difference it truly is trying to make.
- People: Be a great place to work where people are inspired to be the best they can be.
- Portfolio: Bring to the world a portfolio of quality beverage brands that anticipate and satisfy people’s desires and needs.
- Partners: Nurture a winning network of customers and suppliers, together we create mutual, enduring value.
- Planet: Be a responsible citizen that makes a difference by helping build and support sustainable communities.
- Profit: Maximize long-term return to share-owners while being mindful of our overall responsibilities.
- Productivity: Be a highly effective, lean and fast-moving organization.
Compared to its mission statement, the vision statement of Coca Cola is far more detailed and finely laid down. The six P’s in its mission statement are like six sacred stones that guide its everyday decisions and every aspect of its business. It describes what the company needs to do to achieve sustainable and quality growth. The first P is the people. Coca Cola’s business is for people and this aspect must never be lost sight of. However, people are not just outside Coca Cola. They are inside too. Coca Cola aspires to be a great workplace where the people can be the best that they can be. It aspires to be a place where people can perform and achieve. After the people it is the product. The second P of the vision statement signifies Coca Cola’s diverse product portfolio. Its product portfolio is made of diverse beverage brands that fulfill people’s needs and desires. The third P is of partnership. Coca Cola considers both customer and suppliers partners. Suppliers are an important part of its network with which it is continuously focused at creating superior value.
Both customers and suppliers are a valuable part of its ecosystem. The fourth P is for the planet and the preservation of the environment. Coca Cola strives to be a responsible earth citizen and for it the brand supports sustainable communities that work to preserve earth’s environment. The fifth and the sixth P’s are focused at business and its profitable operations. Coca Cola is mindful of its responsibility towards the shareholders. It also focuses at being a lean and fast moving organization that is efficient and highly productive. Coca Cola’s vision does not get much clear about the future but still clarifies how the brand is navigating towards a big and beautiful future. It clearly spells out all the various parts from customers and employees to suppliers as well as CSR. However, it talks more regarding the present and less about the future. That could also be an indication that Coca Cola has achieved the position it aspires for and believes in sustaining it by building an incredible ecosystem of brands and partners.
Coca Cola also has an excellent culture that is based on its values. Regarding its values Coca Cola states that they serve as a compass for its actions and describe how it behaves in the real world. There are seven very important values for Coca Cola that the brand’s strategy rests upon. It starts from leadership. Leadership gives the courage to work in the direction of and shape a better future; a future that is good for the planet. Next is collaboration that fosters performance and helps exploit the collective genius for the betterment of the world. Integrity and accountability are also important values that Coca Cola’s system is based upon. You have to be real; you have to be responsible. Passion for Coca Cola means the commitment of heart and mind – no confusion. At last there are two important values diversity and quality. The brand believes in being as diverse as its customer base is and delivering quality which means what it does, it does well.
In its vision, mission and values Coca Cola clearly expresses that it is a company made for the people. It is accountable for what it does and believes in doing everything so well that impresses its partners.