Coca-Cola’s CEO James Quincey told Coca-Cola shareholders at the company’s annual shareholders meeting that the company’s focus on creating a “consumer-centric beverage portfolio” is paying dividends.
Quincey said that the company’s “test and learn” approach has allowed it to effectively monitor the demands of its global consumers and in turn tailor its beverage portfolio to offer “what people want”.
According to Quincey, this strategy has influenced the beverages innovations produced by the company in the recent past, citing the release of Coca-Cola Georgia Peach and Coca-Cola California Raspberry as examples of consumer-tailored innovation.
Additionally, Quincey claims the company has pursued acquisitions of companies in growing segments of the beverage market, such as the premium sparkling water brand Topo Chico, a deal which Coca-Cola agreed in October 2017.
The company’s global network of brands and extensive product portfolio has also allowed the company to quickly “lift, shift and scale” brands between different countries to match consumer demands in different markets.
Quincey claimed the company’s international expansion of various smartwater brands such as Fuze Tea and Adez plant-based beverages was an effective example of this strategy.
Quincey said: “Our business has to start with a passion for understanding what people want and giving it to them… it’s that simple.
“Whether people want drinks with less sugar, more organic ingredients or fully recyclable containers, what people want is at the heart of our strategy to succeed.
“We’re building an inclusive culture of curiosity and empowerment so new ideas can become a reality quickly. We strive for progress, not perfection.”
© FoodBev Media Ltd 2018
World Beverage Innovation Awards are now open!
Do you have a beverage product worthy of an innovation award? Then you’re invited to enter the World Beverage Innovation Awards. Click here to find out more.