Coca–Cola Company 2007

Company Background

The Coca-Cola Company manufactures, distributes and markets nonalcoholic beverage

concentrates and syrups. Coca-Cola owns or licenses more than 400 brands, including diet

and light beverages, waters, juice and juice drinks, teas, coffees, sports and energy drinks. It

has ownership interests in numerous bottling and canning operations. Coca- Cola sells

finished beverage products bearing the Coca-Cola trademarks in more than 200 countries. As

December 31, 2006, Coca-Cola operated through eight segments: Africa; East, South Asia

and Pacific Rim; European Union; Latin America; North America; North Asia, Eurasia and

Middle East; The activities of Coca-Cola straddle all sectors of the soft drink industry: in

worldwide trade in 2004 it led in volume and value the carbonates, fruit juice and Ready to

Drink (RTD), coffee sectors. It was the second leading player in the world in functional

drinks and Asian specialty drinks. It was number three in bottled water. With regard to

concentrates, Coca-Cola held second place in volume and ranked third in the world in value

terms. In RTD tea, Coca-Cola ranked number one in value and number three in volume

terms.

Financial Performance:

Coca- Coca-Cola grew turnover by approximately 4 percent in 2006. In the same year it

reached nearly US$24 billion. The company generated 73 percent of the revenue from

locations outside the company's domestic US market. The shift towards foreign markets as a

financial concern is likely to continue. Recent growth has been chiefly in the form of brand

extensions and an ever-expanding distribution network. However, at a global level,

stagnation in carbonates has affected volume growth for Coca-Cola. Volume growth in terms

of cases grew by only 2 percent in 2006, and remained stagnant in the key North American

and Europe, Eurasia and Middle East markets. This slow down in carbonates has impacted

some investors' perception of the future financial growth potential of the firm.

Geographic Coverage

The geographic coverage of Coca-Cola is the best in the world - it is hard to think of a brand

that has achieved such massive levels of penetration and recognition in North America,

European Union, Africa, Latin America, North Asia, Eurasia and Middle East. International

operations contributed 73 percent of 2006's sales and74 percent of operating income in 2006.

VISION

Our vision serves as the framework for our Roadmap and guides every aspect of our business

by describing what we need to accomplish in order to continue achieving sustainable, quality

growth.

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 shareowners while being mindful of our overall

responsibilities.

Productivity: Be a highly effective, lean and fast-moving organization

MISSION

Our Roadmap starts with our mission, which is enduring. It declares our purpose as a

company and serves as the standard against which we weigh our actions and decisions.

To refresh the world.

To inspire moments of optimism and happiness.

To create value and make a difference.

While we talk about Vision statement Coca-cola it simply tells us that this company wants to

achieve something new in future which will consist sustainability, Quality and growth which

is neither an easy task to achieve but apart from this statement we can see that statement is

clear and having brief meanings which explains a lot about what coca-cola wants

accordingly.

Moreover this statement tells us that, they are going to achieve these three things which are

sustainability, Quality and growth by the help of six variables which are people, Portfolio

partners, planet, profit and productivity. There people, partners, productivity and portfolio

will give them to achieve better quality and growth in future where as there responsibility

towards planet and partners will help them to achieve sustainability. So Vision of Coca-Cola

is clear and good for future.

But when we talk about Mission statement of Coca-Cola Company which contains least

components for the good mission statements which are Philosophy, Concern for public

image, concern for employees, Self concept is there while customers, Products and services,

technology and concern for survival, growth and profitability is not mentioned in mission

statement which can conflicts with vision statement moreover Coca-Cola is facing the issues

regarding to health concerns which is a big clash with mission statement which is concern for

public image so as well as Vision is concern it is clear and good but mission statement of

Coca-cola is not supporting its vision which can create problems for the company for its

achievements.

PEST ANALYSIS

The PEST analysis examines changes in a marketplace caused by Political, Economical, Social

and Technological factors.

P: Political change, from one party to another in control- for example the rise in private

healthcare and privatizations under Conservative governments.

Political Analysis for Coca-Cola

Non-alcoholic beverages fall within the food category under the FDA. The government plays a

role within the operation of manufacturing these products in terms of regulations. There are

potential fines set by the government on companies if they do not meet a standard of laws.

The following are some of the factors that could cause Coca-Cola company's actual results to

differ materially from the expected results described in their underlying company's forward

statement:-

Changes in the non-alcoholic business environment. These include, without limitation,

competitive product and pricing pressures and their ability to gain or maintain share of sales in

the global market as a result of action by competitors.

Political conditions, especially in international markets, including civil unrest, government

changes and restrictions on the ability to transfer capital across borders.

Their ability to penetrate developing and emerging markets, which also depends on economic

and political conditions, and how well they are able to acquire or form strategic business

alliances with local bottlers and make necessary infrastructure enhancements to production

facilities, distribution networks, sales equipment and technology.

E: Economic change, for example a recession creating increased activity at the lower ends of

product price ranges. Rate of interest raises depressing business and causing redundancies and

lower spending levels.

Economic Analysis for Coca-Cola

There will not be any exaggerations in it if we say that overall situations for the COCA-COLA

are quite acceptable in global market as well as local markets. Consumers are now resuming their

normal habits, going to the malls, car shopping, and eating out at restaurants. However, many are

still handling their money cautiously.

"For major soft drink companies, there has been economic improvement in many major

international markets, such as Japan, Brazil, and Germany." These markets will continue to play

a major role in the success and stable growth for a majority of the non-alcoholic beverage

industry.

S: Social change involves changing attitudes and lifestyles. The increasing number of women

going out to work, for example, led to the need for time-saving products for the home.

Social Analysis for Coca-Cola

Many U.S. citizens are practicing healthier lifestyles. This has affected the non-alcoholic

beverage industry in that many are switching to bottled water and diet colas instead of beer and

other alcoholic beverages. The need for bottled water and other more convenient and healthy

products are in important in the average day-to-day life.

Since many are reaching an older age in life they are becoming more concerned with increasing

their longevity. This will continue to affect the non-alcoholic beverage industry by increasing the

demand overall and in the healthier beverages.

T: Technological change - creates opportunities for new products and product improvements

and of course new marketing techniques- the Internet, e-commerce.

Technological Analysis for Coca-Cola

Some factors that cause company's actual results to differ materially from the expected results

are as follows:

The effectiveness of company's advertising, marketing and promotional programs. The new

technology of internet and television which use special effects for advertising through media.

They make some products look attractive. This helps in selling of the products. This advertising

makes the product attractive. Similarly digital marketing concept has been introduced and has

been utilized by the industry efficiently which is good for company as well.

Introduction of cans and plastic bottles have increased sales for Coca-Cola as these are easier to

carry and you can bin them once they are used. As the technology is getting advanced there has

been introduction of new machineries all the time. Last but not east coca-cola is now trying to

lead in new markets with the help of advanced technology which is actually helping the company

in new manner.

Strategic Issues

Coca-Cola faces several significant strategic issues. Three primary strategic issues are of

importance.

The first is the declining sales in the carbonated soft drink sector.

The second is the current health and wellness trend sweeping across the beverage industry.

The third issue is the threat of increased competition from PepsiCo.

The other strategic issues the company faces include increasing conflict with the bottlers,

lack of innovation and food safety and statutory regulatory compliance.

Different Players in the Soft Drink Market

PEPSI

Caleb Brandhum, a North Caroline Pharmacist, structure Pepsi Cola in the 1890’s as cure of

Dyspepsia (indigestion). In 1902, Bradhum applied for a trade mark, issued ninety seven

share of stock and began selling Pepsi syrup in earnest. In his first year of business he spend

$1900 on advertising a huge sum that he sold only 8000 gallons of syrup. In 1905 Bradhum

built Pepsi’s bottling plant. By 1907 he was selling 10,000 gallons a year, two years later; he

hired a New York advertising agency. After passing through many troubles for some period

now Pepsi is a market leader in internationally and is available in 187 Nations throughout the

world.

Cadbury Schweppes PLC

Cadbury Schweppes are joined force of Cadbury found in 1824 of U.K. and Schweppes of

Ireland founded in 1783. Cadbury Schweppes is unified bussing which manages the relations

his with over 240 franchised bottling operation on Zambia and Zimbabwe. Cadbury

Schweppes has fottlery and partnership operations in 14 countries around the world.

Internal factor evaluation of Coke; IFE:

Factors Weight Rate

Wt.

Score

Strengths      

Brand equity/recognition 0.12 4 0.48

Variety of products 0.1 3 0.3

High market share 0.1 3 0.3

Financial strength

for acquisitions 0.1 4 0.4

Strong global presence 0.1 3 0.3

Product quality 0.05 3 0.15

Geographic spread 0.05 4 0.2

New products 0.05 4 0.2

Innovative packing 0.05 3 0.15

       

Weaknesses      

Strong & tough

competition 0.1 1 0.1

Substitute products 0.05 1 0.05

Advertising & promotion 0.08 2 0.16

Non availability of all

flavors/

products in every

operating group 0.05 1 0.05

Affordability of coke

products in east and south

Asia 0.075 2 0.15

Total 1.0   2.99

Analysis of IFE matrix of Coke:

According to the analysis of IFE, the score of Coke is 2.99, which is above average. This shows

that Coca-Cola is internally strong and good enough. So by using their strengths, the can

overcome their weaknesses.

External factors evaluation of Coke; EFE:

Factors Weight Rate Wt.

Score

Opportunities      

       

Nutritional offering 0.075 1 0.075

Global expansion 0.1 4 0.4

Innovation (R&D) 0.05 3 0.15

Product diversification 0.05 3 0.15

Explore new markets 0.05 3 0.15

Digital programs 0.075 3 0.225

Sensitivity marketing 0.0375 3 0.1125

Develop customer

relation 0.075 2 0.15

Coffee/tea dispensing

technology 0.0375 1 0.0375

       

Threats      

Changing trend of healthy

eating and drinking 0.1 2 0.2

Strong competitors 0.05 2 0.1

Substitute products 0.05 2 0.1

Bottled tea market

of competitor 0.0375 1 0.0375

High cost of production 0.05 2 0.1

Unbranded products 0.05 2 0.1

Rising price of inputs 0.0375 1 0.0375

Decreasing value of

dollar 0.05 2 0.1

Tailored brands 0.05 2 0.1

Total 1.0   2.325

Analysis of EFE matrix of Coke:

According to the analysis of EFE, the rating is 2.32, which is slightly below average. This shows

that the threats being faced by Coca Cola are fierce, and it should take some actions to prevent

the threats and utilize the upcoming opportunities.

Space matrix:

INTERNAL STRATEGIC POSITION EXTERNAL STRATEGIC POSITION

COMPETITIVE ADVANTAGE INDUSTRY STRENGTH

Market share -1

Product quality -2

Customer loyalty -3

Control over suppliers and distribution -1

Growth potential 5

Profit potential 5

Financial stability 6

Ease of entry into market 1

AVERAGE -1.75 AVERAGE 4.25

TOTAL X-AXIS SCORE 2.5

FINANCIAL STRENGTH ENVIORMENTAL STABILITY

Return on investment 5

Liquidity 5

Working capital 5

Cash flow from operations 6

Rate of inflation -6

Demand variability -4

Price range of competing products -2

Barriers to entry -2

Competitive pressure -1

AVERAGE 5 AVERAGE -3

TOTAL Y-AXIS SCORE -2

Space matrix:

INTERNAL STRATEGIC POSITION EXTERNAL STRATEGIC POSITION

COMPETITIVE ADVANTAGE INDUSTRY STRENGTH

Market share -1

Product quality -2

Customer loyalty -3

Control over suppliers and distribution -1

Growth potential 5

Profit potential 5

Financial stability 6

Ease of entry into market 1

AVERAGE -1.75 AVERAGE 4.25

TOTAL X-AXIS SCORE 2.5

FINANCIAL STRENGTH ENVIORMENTAL STABILITY

Return on investment 5

Liquidity 5

Working capital 5

Cash flow from operations 6

Rate of inflation -6

Demand variability -4

Price range of competing products -2

Barriers to entry -2

Competitive pressure -1

AVERAGE 5 AVERAGE -3

TOTAL Y-AXIS SCORE -2

SPACE MATRIX:

RATIO ANALYSIS:

2006 2005 2004

$ Percent $ Percent $(in (in (in

Income Statement millions) millions) millions)Revenue 24,088 100.0% 23,104 100.0% 21,962Cost of Goods Sold 8,164 33.9% 8,195 35.5%Interest Expense 220 0.9% 240 1.0%Tax Expense 1,498 6.2% 1,818 7.9%Income from Cont Operations 5,080 21.1% 4,872 21.1% 4,847Net Income 5,080 21.1% 4,872 21.1%

Balance Sheet

Cash 2,440 8.1% 4,701 16.0%Short Term Investments 150 0.5% 66 0.2%Accounts Receivable 2,704 9.0% 2,281 7.8% 2,171Inventory 1,641 5.5% 1,424 4.8% 1,420Current Assets 8,441 28.2% 10,250 34.8%Long Term Investments 6,783 22.6% 6,922 23.5%Net Fixed Assets 6,903 23.0% 5,786 19.7%Other Assets 7,668 25.6% 6,469 22.0%Total Assets 29,963 100.0% 29,427 100.0% 31,327Current Liabilities 8,890 29.7% 9,836 3 3.4%Total Liabilities 13,043 43.5% 13,072 44.4%Stockholders' Equity 16,920 56.5% 16,355 55.6%

Cash Flow

Cash Flow from Operations 5,957 6,423 5,968Dividends Paid 2,912 2,679Interest Paid 220 240

Per Share

Market Price at Year End 48.25 40.31Earnings Per Share - Basic 2.16 2.04

10.1 RATIO ANALYSIS

Growth RatiosSales Growth

Income Growth

4.3%

4.3%

5.2%

0.5%Activity RatiosReceivable Turnover

Inventory Turnover

9.7

5.3

10.4

5.8Profit RatiosProfit Margin

Return on Assets

Return on Equity

Dividend Payout Ratio

Price Earnings Ratio

Liquidity Ratios

Current Ratio

21.1%

17.1%

30.5%

57.3%

22.3

0.95

0.60

21.1%

16.0%

5 9.6%

55.0%

19.8

1.04

0.72

SWOT ANALYSIS FOR COCA COLA COMPANY

Strengths:

1. Brand equity/image & recognition

2. Product distribution and worldwide network

3. Solid financial performance

4. One of the world's most recognized brand.

5. Product diversification (water, juices, soft drinks, sport drinks, etc)

6. Co-operate identity.

7. Innovation

Weaknesses:

1. Credit rating

2. Customer concentration, particularly in the US (Wal-Mart accounts for more than 10%

of Coca Cola's business in the US)

3. A lot of loyal Pepsi customers are not enough loyal Coca Cola customers

4. Does not enjoy the number one position in India, Pakistan.

Opportunities:

1. Possible growing demand.

2. Expansion – Reaching all segments.

3. Globalization

4. Catering to Health Consciousness of People

5. Bottled water growth

6. Acquisitions of smaller players.

Threats:

1. Health Drinks – Fruit Juice Companies

2. Key competitors (Pepsi, etc)

3. Commodity prices growth

4. Image perception in certain parts of the world.

5. Smaller, more nimble operators/players

Porter Five Forces

Bargaining power of Buyer:

The bargaining power of buyer is increasing day-by-day. The reason is that, consumers

are now more concerned about their health. The consumer’s buying trend now is more towards

buying juices and bottled water. People are now reading medical researches about the Coke

brand, especially the ingredients which is used in its manufacturing. The customers have come

up with knowledge that some of the ingredients used in Coke are hazardous for the person who

consumes it. This will make Coke to lose its market share in beverages area of their business.

This is a major concern for Coke, to plan out strategies which will enable the company to keep

its beverages alive in the market.

Bargaining Power of Supplier:

The bargaining power of supplier is low. Most of the raw materials needed to produce

concentrate are basic commodities like Color, flavor, caffeine or additives, sugar, packaging.

These material is commodity in nature. The producers of these products have no power over the

pricing hence the suppliers in this industry are weak.

The prices of ingredients used in the manufacturing of Coke, are increasing. The prices rose

because of the natural disasters came in Florida. Water as a main substance in manufacturing soft

drink, is now costing more for Coke. Other than these costs, price of electricity is also increasing,

which eventually adds more in costing the product.

Rivalry:

The rivalry faced by Coke is very much of a threat. Pepsi has a number one brand in

bottled water “Aquafina” and “Gatorade” a sports drink which has doubled the sale in the last

five years. Pepsi has market of bottled tea and runs a coffee product by the joint-venture of

Starbucks a famous brand all over the world. Pepsi is very strong in Snack division. It earns

about 60% of the revenue from the world. It ranked 19th in U.S. and 10th around the world. Its

brands are available in 200 markets. It’s running its business in North America, Latin America,

Europe, Middle East, Africa and Asia pacific. Mexico and Russia were the two strongest

contributing markets for Pepsi in 2006.

Cadbury Schweppes PLC, a 200 year old company, has a strong regional Beverage presence in

Americas and Australia. Brand icons include Mott’s, Canada Dry, Halls, Trident, Dentyne,

Bubblicious, Trebor Basset, Dr. Pepper, 7up and Snapple. The company won Britain’s most

admired award in 2004.

Groupe Danone has recognition worldwide as a number one brand in bottled water creating a

volume nearly $ 20B liters. It earned 70% of its sales from the emerging markets. Company’s

primary brand in bottled water is Evian. The company sells flavored water and focuses on health

conscious segment. Levite was a big success in Mexico. The company continues to add new

drinks in different markets, such as Tailefine Fiz in France, which is a zero-calorie soda. The

product ranked number 2nd in French Low-calorie segment.

Subsidiary:

The threat of substitutes is high as the rising market trend is now more towards

noncarbonated and less calories products. People are more health conscious now and there is a

major shift in the market. The probability of buying the noncarbonated and less calories products

is now increasing. So the substitute product market is now having a chance to capture the market.

Coke has jumped into this segment for its survival. Substitutes like water, beer, coffee, juices etc

are available to the end consumers but this countered by concentrate providers by huge

advertising, brand equity, and making their product easily available for consumers, which most

substitutes cannot match. Soft drink companies diversify business by offering substitutes is to

shield themselves from competition.

New Entrants:

The threat of new entrant is low as there is huge level of investment required in

competing these giants. The big companies are now acquiring the small firms which are running

in the substitute product area to become the leader in the worldwide market.

The several factors that make it very difficult for the competition to enter the soft drink market Include;

Concerning the bottlersBoth Coke and PepsiCo have franchisee agreements with their existing bottler’s who

have rights in a certain geographic area. These agreements prohibit bottler’s from taking on new competing brands for similar products.

Brand Image Coke and Pepsi have a long history of heavy advertising and this has earned them huge

amount of brand equity and loyal customer’s all over the world. This makes it hard for a new entrant to match this scale in this market place.

Retail out lets Retailers enjoy significant margins on these soft drinks for the shelf space they offer.

These margins are quite significant for their bottom-line. This makes it tough for the new entrants to convince retailers to carry their new products for Coke and Pepsi.

Fear of RetaliationTo enter into a market with entrenched rival behemoths like Pepsi and Coke is not easy as

it could lead to price wars which affect the new comer.

Value Chain Analysis

Coke is majorly focusing in three main area of Value chain, i.e. Out Bound Logistics, Innovation

and Customer interaction.

In Out Bound logistics, the company is distributing its products through restaurants, grocery

market, street vendors and other channels all of which sell to end customers. The company is

acquiring many organizations that are related to the non-carbonated beverages business. This

will strengthen Coke in maintaining its name in the world market while enhancing its

noncarbonated product line. This increases the infrastructure of the company. The purpose of

acquiring these organizations is make the final product available to the end user.

Coke acquired many firms I different regions. It acquired;

Apollinaire’s, a mineral water company in Germany

Trajicante, in Italy. After acquiring this company, Coke added to its existing Water-

Brands to five.

Tugos del Valle, S.A.B. de C.V. in Latin America

Acquired Multon juice operation, to expand its Russian beverages portfolio.

Purchased Kerry Beverages Ltd. One of the largest bottlers in China

Purchased Odwalla and Fuz

In the long run, the compay is willing to reduce its ownership in bottlers as to reduce the costs

which it is currently facing.

.

Another part which Coke was putting its focus was the Innovation part. Coke introduced

coffee-tea dispensing technology via Far Coast Brand, a concept store opened in Toronto,

Canada in 2006. It also launched calorie-burring beverage called Enviga. Coke launched Vault

an energy soda nationally in 2006.

Coke was concerning the process improvement area of. For which it invested in front-end

capability, equipment and people/training. Coke implemented route-to-market design and

optimization of the infrastructure in its bottling operations in India.

Coke managed to collaborate with Apple iTunes. By this way, Coke is involved in a digital

program that focuses on youth. Sensitivity marketing is also done by Coke as well for the

purpose of estimating the customer’s demand. Coke has chosen a digital marketing platform in

Latin America to build and strengthen its relationship with customers which has registered

more than 5 million visitors in Mexico and Brazil. The company successfully implemented “My

Coke Reward” program, which involved about 3.5 million participating subjects and where

greater than 1.5 million rewards were claimed. The program was bilingual and internet based.

The company continued this program in 2007.

In order to discuss one by one factor, following is the information provided.

Procurement:

Coke has followed a strategy of increased ownership of bottling operations worldwide as

a way to make its operations more efficient and also to improve product availability as well as

marketing focus. In some cases, investments represent minority shares in the bottling company.

Situations where the current bottler is not competitive with current competition or system wide

sales standards, Coke frequently moves in to acquire the franchise and quickly turn the situation

around.

Human Resource:

Regarding with human resource management, Coke has a very loyal workforce, minimal

turnover, and a strong tendency to promote from within. Coke provides attractive compensation

and places a major emphasis on employee training so that employees worldwide share a similar

understanding. Coke places a lot of emphasis on having its people "think globally, but act

locally; respond daily to competitive situations; serve customers and consumers with a passion".

Marketing and Sales:

Coke has sustained an overall domestic market share lead versus Pepsi, with 41% versus 31% internationally. Brand loyalty is another major strength for Coke in the U.S. and around the world.

Technology:

Today we can see the world through a single window called the “internet”. Teenagers share similar tastes in music, clothing, and consumer brands. With its global scope and the power of the world's most ubiquitous trademark, the Coca-Cola system is uniquely equipped to market to this group. This is why Coke collaborated with Apple iTunes, so the company can come up with such an add which will make an effect on the customer. The “My Coke Reward” program has the same element of purpose.

Current Strategy

To compete in the global beverage market, Coca-Cola uses a Differentiation strategy to

create value for its customers and consumers. Coca-Cola's mission statement reflects this:

“To refresh the world. To inspire moments of optimism. To create value and make a

difference" To accomplish this mission Coca-Cola adopts the following strategic growth

paths.

Coca-Cola is set to capture the full potential of Trademark Coca-Cola and accelerate growth

of core brands in each market through immediate consumption opportunities to improve

margin, consumer recruitment, and revenue.

The core brand is the profitable noncarbonated market and includes coffee, energy drinks and

sports drinks.

Coca-Cola will enter this market with an initial focus on tea, juice, soy, and enhanced

hydration platforms

Coca-Cola is implementing a market-by-market focus on System health, including bottler

revenue growth, by balancing volume, price, mix, costs, investments and share, concentrate

pricing, cost effectiveness and route-to market efficiencies.

Coca-Cola should try to clearly understand what its customers want and need. Understanding

customers' expectations can help to target those likely to value what Coca-Cola offers.

Coca-Cola's initial priority here is the freshly brewed tea and coffee pilot called Far Coast,

which was launched in Toronto. Other opportunities include Coke (a campaign run by Coca-

Cola to promote its online contests), retail concepts within retailers, and technology and

ingredient licensing.

The growth strategy looks very promising. However in reality Coca-Cola seems to focus its

effort more on the principle of saturating markets with cola. In this era of new age beverages,

Coca-Cola was slow to offer bottled water, bypassed a chance to buy Gatorade and missed

the chance to acquire the South Beach Beverage Company, the maker of So Be. As a result,

PepsiCo now owns Gatorade and So Be.

CONCLUSION:

The Coca Cola Company has a very rich history and spread over the world, the coca cola

should pursue an aggressive strategy. Coca Cola Company has a strong competitive position

in the market with rapid growth. It needs to use its internal strengths to develop a market

penetration and market development strategy. This includes focus on Water and Juices

products, and catering to health consciousness of people through introduction of different

coke flavor and maintaining basic coke flavor. Further company should integrate with other

companies, acquisition of potential competitor businesses, innovation in branding and

aggressive marketing strategy can bring long term profitability.

Reference:

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