Business management is a set of doable that must be performed before initiating the project for achieving better results. This report will discuss about issues and problems that Coca Cola faces while performing business management. This report will also discuss about the opportunities Coca Cola will enjoy during their expansion. SMART objectives of Coca Cola is also discussed in this report.
SMART objective is one of the most important objective parameter that measures efficiency in goal setting of an organization. SMART objective initiates business management plan and increases its efficiency. SMART objectives include terminologies namely, Specific, Measurable, Achievable, Relevant, Time oriented (Wolf and Akkaraju, 2014). Analysis of Coca Cola with the SMART objective will help in generating the processing of proficiency of Coca Cola.
Specific: Specific knowledge regarding business will help Coca Cola to reach heights that are achievable only with the highest efficiency. Specific goal identification technique helps Coca Cola in identifying the target that is to be achieved. This factor helps in determining short term goals for the company. Short term goals helps Coca Cola to maintain efficiency in business management throughout the period during which entire project is prosecuted. Prosecution of business management helps Coca Cola to arrange and complete business proceeding with ease. Specific risks that are threatening Coca Cola are as follows: –
Measurable feature: Measurable feature of SMART objectives also pays an important role in increasing efficiency of business management. Measurability of organization helps in understanding the terminologies of limitations that Coca Cola possesses (Dekhil, Jridi and Farhat, 2017). This process of measuring limitation helps in avoiding obstacles that might be heading towards Coca Cola. Calculation of risk management is done with help of SMART objectives. This is the major reason that Coca Cola has been very efficient in dealing with problems that come their way. Profit margin of Coca Cola in the year 2017, was nearly 12.37%, marking a 7% hike in profit margin since 2016. This allows in measuring an increase in sales of Coca Cola. This process also acts as a reference in understanding the position of Coca Cola in global market.
Achievable: The goal that higher authorities of Coca Cola set for their employees are achievable. This is the reason that the employees of Coca Cola works with proper efficiency. The task that is set for the employees of Coca Cola is achievable, which leads to increase in proficiency of business management. In the year 2015 Coca Cola had a profit of 5.83%. Higher authorities of Coca Cola decided to hike the profit to 10%. Authorities demanded a viable increase in profit which is achievable. Coca Cola managed to earn a profit of 12.73% instead of 10% that was initially set by higher authorities. This was possible only because the goal that was set was achievable in nature.
Relevance: Relevance of creating new products procurement increases the brand popularity of the product. Understanding of the global needs and producing products according to the demands of clients helps in increasing the brand loyalty of the clients as the clients get their necessity products under a same roof. After considering the fact that United States have banned sugary drinks, Coca Cola has been trying to launch a diet drink especially for existing clients of Coca Cola in United States. This step was taken due to the fact that Coca Cola wanted to maintain relevance in product management and wanted to expand globally.
Time orientation: Time orientation has been a major reason behind the success of Coca Cola. Processing of products must be made in accord to demands of the existing clients. In case the products that are produced by Coca Cola are not very relevant to the time of their production, then the products are sure to fail in their life cycle. Coca Cola has been trying to update their products as per the trend and are planning to introduce diet coke in market in order to increase their life cycle in global market
The main advantage of deploying project plan is that employees of Coca Cola will understand the objectives of the higher authorities. Major advantages of using project plan are as follows: –
The major disadvantage of project planning is that, in case the project planning is not done by a skilled personnel, the planning might not be very efficient in nature. The major disadvantages are as follows: –
The major advantage of project scope is that project scope helps in understanding the vision of the higher authorities of Coca Cola. The major advantages of Project Scope are as follows: –
Disadvantages regarding Project Scope are as follows: –
References
Breneman, D., Brady, V. and Johnson, L.B., 2015. Cook County Soil and Water Conservation District Biological Sampling for the Poplar River Quality Assurance Project Plan.
Dekhil, F., Jridi, H. and Farhat, H., 2017. Effect of religiosity on the decision to participate in a boycott: The moderating effect of brand loyalty–the case of Coca-Cola. Journal of Islamic Marketing, 8(2), pp.309-328.
Käkölä, T. and Forselius, P., 2015. Validating the Design Theory for Managing Project Scope during Software Sourcing and Delivery.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Matso, K. and Potter, J.D., 2018. Great Bay Estuary Tidal Tributary Monitoring Program: Quality Assurance Project Plan, 2018.
Pastore, R., 2015. Week 7 Course Project Assignment: Instructional Design Project Plan Steve Hoagland Walden University.
Wolf, A. and Akkaraju, S., 2014. Teaching Evolution: From SMART Objectives to Threshold Experience. Journal of Effective Teaching, 14(2), pp.35-48.
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