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Part 4 Analysis, Evaluation of GoalsObjectives - Essay Example

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Part 4 Analysis, Evaluation of GoalsObjectives

Lay, (Chairman and CEO of Frito-Lay), through the merger of the two companies in 1965. Pepsi is known for aggressive marketing campaigns and setting challenging targets for it.
Goals must be set after studying the market dynamics as well as the strengths of the company. The SMART model for setting goals was developed by psychologists as a comprehensive tool for the goal-setting exercise. As per this model goals must be; Specific, Measurable, Attainable, Relevant, and Time-bound.
One of the immediate strategic goals of PepsiCo was to take on Coca-Cola, its age-old rival in the soft drink segment. In fact the "cola war," which describes mainly the on-going battle between Coca-Cola and Pepsi for supremacy in the soft drink industry, dates back to the 1950s when Pepsi's corporate focus became "Beat Coke" (Yoffie, 2004). Since then, they have battled domestically and globally for market share and sales, with a tremendous amount at stake. Both of them seem to be regularly updating the information about their rival as there seem to be no secrets in the beverage category, with Coca-Cola and Pepsi typically releasing new products in unison. To this end PepsiCo launched a "Pepsi Challenge", a blind test of taste, from 1975 to 1983. In this test Pepsi came out victorious as the preferred taste over Coca-Cola. Therefore it is quite apparent that PepsiCo succeeded in attaining this goal. PepsiCo is ranked 21st amongst Fortune 500 companies in 2005.

Profit maximization and earning revenues from its operations happens to be the prime goals of any company. To this end companies try to establish their brands amongst the customers, which forms another goal in itself. In today's market driven economy concept, the art of communication to existing consumers as well as prospective consumers takes a great deal out of the managerial brain storming sessions. Establishing the brand equity goes a long way towards earning good sales revenues and earning the all important brand loyalty. PepsiCo has indeed invested huge amounts in establishing a brand identity. Philanthropy is an important means of establishing the brand identity. PepsiCo has also expressed its commitment towards promoting Healthier Lifestyles (PepsiCo, 2005). It supports programs which help consumers with the "calories out" side of the equation as well. A SMART program from the stable of PepsiCo, aspires for a healthy living for its consumers. Such programs help in generating lot of goodwill for the company, which indeed benefits the company and its business prospects. Though company's stated goal is to support 'more active lifestyles for families and kids' - and get them to "move more" (PepsiCo, 2005).

Another important goal that the company has set for itself is to have the reach of PepsiCo's products such that the products are available to consumers whenever and wherever they want it. To this end, the company has ahead with strategic tie up with many internationally renowned brands. Out of the 13 largest food and beverage brands sold in US supermarkets, 7 belong to PepsiCo. Owing to its operation in global market space, PepsiCo has been able to generate three major sustainable advantages which give it a competitive edge over its rivals. These advantages are (PepsiCo, 2005) basically the strong brand identity, Company's proven ability to innovate and create differentiated products, and a powerful 'go-to-market' system. Company has been able to implement the strategies ...Show more

Summary

Traditional marketing mix concept, first proposed by McCarthy in 1960, consists of Product, Price, Place and Promotion (better known as the 4Ps). Each particular marketing mix adds up to a certain amount of effort any company makes for the purpose of generating sales…
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Part 4 Analysis, Evaluation of GoalsObjectives essay example
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