Coca-Cola Mission Statement
A mission statement is a crucial aspect of running businesses effectively and efficiently. Essentially, a mission statement serves as the objective for which a business is founded. It goes hand in hand with the vision statement which spells out what the brand aspires to achieve in the long run. The vision statement also outlines how the brand will accomplish its mission.
Any business aspires to reach somewhere in the future. And it is their vision that guides them both in their actions and decisions regularly towards their future objective. Since times and market demands often change, brands regularly revise their missions and visions to conform to the changing times. For most brands, the changes serve as a marketing tool as it tells customers what the brand is all about and how it is working for the benefit of society. It is for this reason that most brands link their mission and vision with humanity and society as a whole. After all, businesses are not just for profit, but the furtherance of humanity, for progress and growth of society.
Mission statements are also aimed to signify the kind of trust that society has for the brand. As such, the business will operate in a way that benefits not just the stakeholders but society as well.
Coca Cola Mission, Vision, and Values
Developing a vision for a brand is important. A vision is an essential segment of a brand’s strategy. This is because it guides everything that goes on in the business operations and ensuring that the business does not deviate from its path. More importantly, the mission and vision ought to align with the brand’s strategy and vice versa.
Nonetheless, there are other several strategic advantages of mission and vision statements. For instance, it helps in planning and decision making in the company. It also helps in aligning the entire company operations efforts. All the staff at all levels must be aware of the direction they are working towards so that the business realizes its objectives. Therefore, the mission and vision statements are of enormous value in terms of marketing while helping the world know that its business course exists.
For instance, if Coca Cola created its mission as “to quench the world’s thirst”, there would be nothing unique about it. However, Coca Cola has a bigger purpose that it stands for and since it is a global business, it is not easy to be a leading brand in the beverage industry. The mission and vision of Coca Cola are therefore aligned to its strategy which helps it quench the thirst of millions of peoples across the world. Let’s look at the analysis of the mission and vision and values of Coca Cola to help us know how essential these components are when it comes to brand strategy and marketing.
The Coca Cola mission statement states as follows:
- To refresh the world
- To inspire moments of optimism and happiness
- To create value and make a difference
Coca Cola’s mission statement is one that is enduring and declares not only the global soda giant’s purpose of existence but serves as a measure against which it weights its actions and decisions as well. The soda brand mainly expresses its mission statement in three short lines as stated above.
To refresh the world…: This is the first line of Coca Cola’s mission statement. The world indeed needs refreshment. Therefore, this part of the mission statement mainly focuses on the products the Coca Cola brand produces. Even though the products are not spelled out clearly, the purpose for which they are produced is clear.
To inspire moments of optimism and happiness…: This is the second line of the mission statement and it is more philosophic. This part essentially outlines how the brand generates positive value in the market and society at large. To create value and make a difference…: This is the third line of the mission statements and it essential brings out that the brand is out to create value and make a difference.
Even with a clearly outlined mission statement, there several other things that don’t come out clearly from the Coca Cola mission statement. First, it doesn’t state who its customers are. The second thing that is vague is the products that the brand deals in. Although the first line hints the brand’s market size as global, it doesn’t clearly state how it creates social and financial value.
The mission statement also doesn’t spell out other components such as its employees, their concerns, or the brand’s competencies. The brand could reverse its mission statement to capture these kinds of factors. Certainly, a strong mission statement must focus on all these aspects. But Coca Cola’s mission statement lacks specificity since it doesn’t authoritatively clarify the kind of difference it seeks to make.
Coca Cola’s vision statement states as follows:
People: Be a great place to work where people are motivated 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 supporting 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.
The Coca Cola vision statement is far more detailed and laid down when compared to its mission statement. The 6 Ps in its vision statement are likened to six sacred stones that guide the brand’s daily decisions as well as in every aspect of its business. The vision statement clearly describes what the company needs to do to achieve sustainable and quality growth and expansion.
People: Coca Cola’s brand is mainly meant for people, both those who are inside and outside. This is an aspect that the brand ought not to lose sight of and it aspires to present a great workplace where individuals can be the best they can be. Portfolio: After people the brand focus on the product. The brand has endeavored to bring out to the market a diverse product portfolio. Its product portfolio comprises a range of beverage brands that satisfy people’s desires and needs.
Partners: Coca Cola considers partnerships in two different ways. It has partnered with both customers and suppliers. Suppliers form an essential part of the brand’s network with which it unceasingly focuses on creating superior value. Equally, the customers form a valuable part of Coca Cola’s ecosystem. Planet: Preservation of the environment is a key responsibility that Coca Cola strives to support. The brand supports the sustainability of communities that work to preserve the environment.
Profit: Coca Cola is very mindful of its obligation towards its shareholders. As such, it focuses on being as profitable in its operations. Productivity: For the brand to be profitable, it has to focus on being efficient and highly productive.
Although Coca Cola’s vision statement isn’t clear about the brand’s future, it, however, clarifies how the brand is navigating towards a promising future. It outlines all the different parts of the customers and employees to suppliers and CSR. Also, it tends to talk more about the present rather than the future. As such, this could be an indication that the brand has already accomplished the position it aspired for and now it is working towards sustaining it by creating an impeccable ecosystem of brands and partners.
When it comes to values, Coca Cola has built an excellent culture that is grounded on values. For the brand, values serve as a compass for its actions and decisions as they describe how it behaves in the actual world. Coca Cola has seven crucial values and they are as follows:
Leadership: Leadership provides the courage and motivation to the brand to work in the direction of and shape a great future that is worth the world. Collaboration: Coca Cola’s collaborations help foster performance and exploit the collective genius for the improvement of the world.
Integrity and Accountability: Coca Cola has to be real and responsible so that it operates with integrity and accountability. Passion: For Coca Cola, passion means being committed to heart and mind without confusion as it works towards attaining its aims and goals. Diversity and Quality: Coca Cola believes in being diverse in its customer base as well as delivering quality products. These two values mean that whatever the brand does, it does well.
Coca Cola, in its mission, vision, and values clearly outlines that the brand is purely founded for the people. It is also accountable for whatever it does and believes in doing everything in the best way possible to impress not only the customers but also other partners for the betterment of the company.