Topic > The Coca-Cola Company: Market-Based Management and…

IntroductionThe Coca-Cola Company was founded in 1892. Since its inception, the organization has seen a steady increase in its market share over of the years, and to this day it is present in over 200 countries around the world. To achieve such success in its competitive market, Coca-Cola has adopted solid strategies that have helped it become among the leaders in its industry. The Coca-Cola Company uses Market Based Management (MBM) techniques as well as Value Driven Management (VDM) techniques within the organization and in its market to help the company sustain its strong position in the market. Market-based management is based on a free market system, as described by Jones and George (2014). The principle is based on pleasing the customer by satisfying supply with demand. It is crucial to be able to understand the market and then react to the market accordingly. These customer-centric values ​​are essential for short- and long-term organizational success (Wenstein, 2012). MBM values ​​are integrated into Value Driven Management values ​​because the common denominator between the two is, ultimately, adding value over time. Any variable that increases customer satisfaction, in turn, adds value to an organization over time. According to Pohlman (1995), the purpose of Value Driven Management is for employees to consider the implications, positive and negative, if any, of how certain proposed actions or decisions will affect their respective organization over time. VDM was conceived as a more all-encompassing approach to building a successful organization. In this context, employees consist of all leadership, management, and staff because they all share the same responsibilities broadly (Pohlman, 1995). ...... middle of paper ...... and partnerships with customers. (n.d.). Coca-colacompany.com – Our company. Retrieved November 20, 2013, from http://www.coca-colacompany.com/our-company/suppliers/supplier-and-customer-partnershipsGuffey, M. E., & Loewy, D. (2010). Business communication: process and product. Mason, OH: South-Western/Cengage Learning. Jones, G. R., & George, J. M. (2011). Contemporary management. (7 ed.). New York, NY: McGraw-Hill. McComb, S., Schroeder, A., Kennedy, D., & Vozdolska, R. (2012). The five Ws of team communication. Industrial Management, 54(5), 10-13. Barker, R. T., & Gower, K. (2010). Strategic application of storytelling in organizations: towards effective communication in a different world. Journal of Business Communication, 47(3), 295-312.Weinstein, A. (2012). Superior customer value: Strategies for winning and retaining customers (3rd ed.). Boca Raton, FL: CRC Press.