TheCoca-Cola Company is a reputable organization with a brand recognizedworld over. The company’s rapid expansion is a good indicator ofthe power of innovation and forward thinking. Coca-Cola’s successcan be partially attributed to its strict adherence of ethicalprinciples and the uniqueness of the firm’s famous brands.
Codeof Ethics and Ethical Principles
Thecompany’s ethical principles are well articulated in variousdocuments including the code of business conduct, human rightsstatement, workplace rights statement and supplier guiding principlesreports.Coca-Cola aims at leading from the front and using the firm’s richhistory to revolutionize the beverage industry. It has establishedset standards for the employees and ensures that all internalstakeholders adhere to them.
Ithas a code of business conduct in place that guides their businesspractices. There is an entire council dedicated to monitoring ethicsand compliance at the company. Honesty, integrity, and socialresponsibility are the core ethical values on which the code isbased.An ethics line is specifically dedicated to deal with ethics andcompliance issues from various stakeholders.Thecode ensures that the company acts in compliance of variousinternational laws and regulations.
Analysisof the Organizational Mission and Vision Statements
Thecompany’s mission is “to refresh the world, inspire moments ofhappiness and optimism and to create value and make a difference”(Coca-Cola, 2015). The firm’s vision has the following elements:
Profit:Ensuring maximum returns to stock-holders with mindfulness of generalresponsibilities.
People:Providing the best working environment where there is inspiration forpeople to be at their best.
Portfolio:Providing a portfolio of beverages to the world to fulfill the needsand wishes of the consumer-base.
Partners:nurturing and sustaining a network of partners and building mutualroyalty.
Planet:being a global and responsible citizen
Themission statement is all inclusive but the vision statement needs tobe improved. It is vague and it could be for any commercialorganization. If the phrase “beverages” is removed from thevision statement it could represent any organization. The statementcontains words that are open to varied interpretations by customers.The vision statement should be shortened and rephrased to: “tobecome the preferred global soft drink manufacturer and distributorto inspire and optimize happiness always”. Such a vision statementis easier to understand and more industry specific.
Griffin(2015) defines stakeholders as various parties who are affectedeither directly or indirectly by the decisions made by a company orthe actions taken to meet these decisions. Employees, bottlingpartners, consumers, investors, government agencies, non-governmentalagencies, and distributors are Coca-Cola’s primary stakeholders.Secondary stakeholders include the media, trade organizations andother special interest groups.
Thecompany strives to maintain open dialogue with all these stakeholdersin order to cultivate a healthy working relationship. A goodrelationship between an organization and its stakeholders is crucialfor the achievement of organizational goals and fulfillment of themission. Coca-Cola strives to understand the views of thesestakeholders on what its commitments should be and how thesecommitments should be delivered.
Roleof Coca-Cola’s Stakeholders in Strategic Planning and Management
Strategicplanning is a process through which an organization sets goals forthe future, and develops strategies to achieve these goals (Griffin,2015). Involvement of stakeholders in the strategic managementprocess is necessary since they are directly affected by thedecisions made by an organization.
CocaCola recognizes the importance of stakeholder engagement and has comeup with a special approach to enable the smooth running of alloperations. This approach is referred to as a goldentriangleapproach. The approach facilitates a collaborative partnershipmechanism where all stakeholders are involved in strategicmanagement.
Differentstakeholders play a part in various phases of the process such asapproving the strategic plan, providing resources for implementation,supporting strategic implementation through consultancy and actualimplementation. Collaborative stakeholder engagement enables thecompany to achieve its goals in a sustainable manner. Whenstakeholders are involved in all these steps, Coca-Cola meets itsgoals with maximum benefit to the society and minimum damage to theenvironment.
TheCoca-Cola Company, (2015).OurCompany. Mission, Vision & Values.Retrieved from
Griffin,W. R. (2015). Fundamentalsof Management (8thedition).Boston. Cengage publishers