Players in the beverage industry around the world engage in stiff competition in a bid to capture a significant market share necessary to make each player’s business aspects successful. Different firms have been established in that regard, guided by the goal and objective of…
In the beverages industry, marketing is an essential undertaking. Each firm tries as much as possible to create product awareness, study consumers’ buying behaviors, and subsequently offer a competitive product in terms of quality and prices. Market demands vary across different consumers. In this regard, different products are offered by the different players in the beverage industry. Energy drinks, sports drinks, and vitamin-enhanced beverages have persistently become a central component of the beverage industry (Gamble 81). Carbonated soft drinks and fruit juices have had to deal with the stiff competition that has been realized with the production of alternative beverages.
Firms that produce carbonated soft drinks and fruit juices have had to turn to the production of alternative beverages as competition in the industry exacerbates. Consumption of energy drinks, sports drinks, and vitamin-enhanced drinks have significantly increased, leading to reduced consumption of carbonated soft drinks and related products. Major players in the beverage industry like Pepsi, Coca-Cola, and Red Bull among others have pursued creativity, innovativeness, and technological advancement in the pursuit of producing alternative beverages that are highly demanded, thus fetching huge revenues for these firms (Rhum 150).
The alternative beverages have become quite lucrative, in many instances outperforming carbonated drinks and related products. A company like Coca-Cola that primarily dealt with carbonated drinks has also engaged in the production of alternative beverages due to the high price premiums and profitability associated with alternative beverages. With the competitive trend in the industry, marketing has had to be informed by responsible marketing practices. Pepsi, Coca-Cola, and Red Bull among others have dominated this business, resulting in stiff competition for a worldwide market share. Fair competition has ...
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