A Marketing Report For The Soft Drinks Industry With A Comparison Between Coca-Cola And Vimto. Word Count (not including references, tables and figures): 3028

Alex KaitiffStudent Number: 120021824

ContentsIntroduction and MethodologyPEST AnalysisMicroeconomic EnvironmentAnalysis of Macro and Micro FactorsInternal Analysis of Coca-Cola and VimtoOpportunities and Threats in the External EnvironmentStrategic Recommendations for Coca-Cola and VimtoEvidence AnalysisFigures, Notes and References

Introduction Global Marketing involves conceptualizing and conveying a product or service worldwide by targeting an international audience. This report will examine the macroeconomic and microeconomic factors impacting upon the Soft Drinks industry and how these factors lead marketers to devise suitable global strategies to achieve corporate goals. Soft Drinks is an oligopolistic market, with Coca-Cola and Pepsi having large market share, whilst other brands hold smaller proportions of the market, or are part of large firms conglomerates. Companies must provide value to customers to gain regular sales.

Methodology This report is divided into 4 sections, within which several marketing frameworks will be used. Firstly, this report will identify important factors within the macroeconomic and microeconomic environment which influence industry performance. The macroeconomic and microeconomic factors are intrinsically linked, with the macroeconomic factors outlined impacting the microeconomic environment. Then, there will be an analysis of how these factors, together with the state of the competitive environment, incorporating impacts of customers, competitors, suppliers and intermediaries, will influence companies strategies. Next, a comparative analysis of my two chosen companies, Coca-Cola and Vimto, utilising the SWOT framework, will be compiled. Thus, strategies for my chosen companies will be identified. The final section of the report will consist of recommendations for each company to progress in the global marketplace. The assembled research and information, in addition to the resulting analysis will form the basis of the recommendations.

PEST Analysis The PEST analysis is used to analyse the external macroeconomic factors affecting an industry and companies within it (Baines et al, 2011). It establishes the potential factors which could hinder or aid soft drinks companies. The extent to which companies within an industry are affected differs, dependent on the size of businesses and their infrastructure, and also the market subsection they target. Recently, the most prominent macroeconomic factor impacting the soft drinks industry is healthy living. Businesses now try to appeal to health-conscious customers profitably, causing companies to change tactics and abide by new laws promoting healthier lifestyles. Conversely, technology will contribute very sparsely to the welfare and attractiveness of the industry.

PEST

Political-Legal 20% taxation proposed on sugared soft drinks. Increased tax leads to lower demand for sugary drinks. Customers may search for alternatives. Import Laws.Some countries have strict import laws, which may limit the quantity of products imported or may increase transparency of sensitive company information. Sugar content scrutiny from FDA and FTC.Increased verification of sugar content claims that portray a company as health-conscious. Caffeine limit on Soft Drinks. Highly caffeinated soft drinks may suffer a reduction in demand. More applicable to the energy drinks market.

Economic Consumer incomes rising.More purchasing power for branded soft drinks. Rising standards of living.More interest in luxury, branded soft drinks. Continued urbanisation.Easier access to soft drinks distributors: supermarkets and convenience stores. Developing economies in most BRIC nations (Brazil, Russia, India, China), seeing strong growth patterns, except Russia. African economies growing due to wealth of natural resources. Asian economies continue strong growth (especially Singapore). Latin American household wealth increase. IMF lowers Middle East growth forecasts as oil prices remain weak (1)The IMF has revised down its forecasts for economic growth in the Middle East this year, saying that lower oil prices and stagnating demand in the euro zone are likely to hurt the region. The IMF has revised down its forecasts for economic growth in the Middle East this year, saying that lower oil prices and stagnating demand in the euro zone are likely to hurt the region. The IMF has revised down its forecasts for economic growth in the Middle East this year, saying that lower oil prices and stagnating demand in the euro zone are likely to hurt the region. . Media censorship in Middle East (2). Poor growth of Australian economy (3). Poor Russian economy (4).

Socio-Cultural Increased concern over healthy lifestyle.Leads to a reduction in demand for sugary drinks, but an increase in demand for healthier alternatives. Australian obesity crisis.Measures put in place to reduce soft drinks consumption. Social media used for promotion. Easier access for customers to interact with products, to give feedback and to express opinions which may influence consumer behaviour. Environmental focus on packaging.Increased use of recyclable packaging, such as PET.

Technological Research and Development into environmentally-friendly technologies.Companies heavily investing in new technologies to appeal to environmentally-conscious consumers.

Table 1.1: A table to show a PEST analysis of the external environment.

Microeconomic Environment The microeconomic factors impacting the Soft Drinks Industry can be separated into Trends and Industry Profitability factors. Analysing these factors enables marketers to decipher how easy and profitable itll be to enter the market. They understand the competitions strength, where the power lies in the supply chain, and the trends within the market, resulting from the macroeconomic factors present.

Customer/Market trendsIndustry Profitability

Increased demand for healthier soft drinks. Increased purchasing power in developing nations. Newfound use of alternative sweeteners. Range of package sizes now available. Increased use of PET bottles. Supermarkets and convenience stores are main distribution networks. Promotion now providing personal value. Extensive competition leading to multi-media promotion, including social media. Mobile consumption. Celebrity culture.

Power of Buyers.Bargaining power of retailers depends on size of the brand.Retailers ability to backwards integrate is important.Customers have loyalty to established brands. Threat of Substitutes.No switching costs.Healthy living trend leads customers to re-assess soft drinks consumption.

Table 1.2: Micro analysis of the performance environment.

Porters-5-Forces Framework Porters-5-Forces Framework broadens the concept of the competitive environment, enabling managers to find potential competition, avoiding marketing myopia (Baines et al, 2011). Competition comprises products and services which would meet the same customer need as a said product (See Figure 1.1).Summary of Porters-5-Forces Main points.

Power of Buyers (intermediaries). Large retailers order quantities give them bargaining power, but its lessened for big brands, because of customers brand loyalty. Regarding Coca-Cola, buyer power is low because the customer pulls Coca-Cola through the supply chain. They demand Coca-Cola, and therefore, retailers must adhere to Coca-Colas price, more so than Vimto. Regarding Vimto, retailers have lots of buyer power, due to the smaller brand and availability of similar substitutes. Conversely, Coca-Colas secret recipe means theres no direct substitute. Many retailers, like Tesco, can backwards integrate to create their own-brand versions, enabling them a higher profit margin. However, the larger brands brand power mean that customers wont settle for own-brand goods and want brands with which theyve developed a relationship.

Threat of Substitutes. Theres many other beverage types to quench your thirst, the need satisfied by drinking, such as water. The threat of substitutes is heightened by the non-existence of switching costs between drinks. One can quite simply move to different products with little hassle, rendering maintaining brand loyalty and strong customer relationships a priority in the industry. Theres now a real impetus on healthy eating, and customers demand healthier alternatives to their favourite beverages. Therefore, Coca-Cola and Vimto must produce products to satisfy customers newfound desire for healthier soft drinks. Coca-Cola have already attempted to appeal to health-conscious customers, by creating Coca-Cola Life and purchasing Innocent Smoothie. Vimto have adapted to the health trend by producing the Strawberry Still Drink, and could be moving towards healthier options in future.

Industry Rivalry. The Soft Drinks industry is oligopolistic. Firms are heavily committed to promotion and communication. They use these tools to protect their position within the market and to continually interact with customers. They aim to convince customers that their offering provides more value than their competitors. Customers struggle to distinguish Coca-Cola from Pepsi, therefore promotion and communication are essential in customers purchasing decision. The largest competitors within the market utilise similar promotion strategies, such as heavy advertising and acquisitions of smaller brands to cement their strong position. This has led to intense rivalry. Extensive promotion must be continued, as it could lead to a larger disparity between the brands if promotion was reduced by one firm.

Analysis of macro and micro factors. Having identified the macroeconomic factors and competitive and market trends resulting from them, the report shall analyse these elements. The proposed 20% tax on soft drinks hinders customers purchasing power. They may therefore re-consider to purchase cheaper, healthier options. This transition is easy as theres no switching cost. The tax will affect companies with weaker brand value. They must raise prices, therefore decreasing demand or accept lower profit margins. Therefore, its difficult for small firms to enter the market. In developing markets, customers now prefer branded goods, due to their increased income. Therefore, taxes may not hinder demand. The tax will make sugary drinks less attractive to retailers, the main distribution network, whose margins will be reduced. Therefore, they may concentrate on own-brand goods, if they can efficiently backwards integrate, for the best profit margin. Strong distribution capabilities are a KSF(a) in this market. However, brand power is important and customers may pull certain brands through the supply chain. Tax will increase alternative sweeteners popularity, like Stevia, already used in Asia. Its 0% sugar renders it exempt from the tax. Therefore, its attractive for soft drinks manufacturers and could be used to target health-conscious customers. The FDA and FTC, organisations which protect customers and prevent anti-competitive practices, are now hindering soft drinks firms, who deceitfully use false health claims to entice sales, by ratifying all claims before their approval to be put in the public domain, hindering sales for companies who dishonestly try to gain sales. Furthermore, a caffeine limit is being introduced on soft drinks. Whilst this is likely to have a greater impact on energy drinks, companies must avoid marketing myopia and appreciate that this may lead to reduction in demand for energy drinks, thus an increase in soft drinks demand. In terms of the worlds economies, Brazil, India and China continue to see strong economic growth, and therefore could be an attractive proposition for any soft drinks company. However, Russia is threatened by recession and provides a less attractive option for investment. Many African nations, particularly Nigeria and South Africa provide huge growth opportunities for the soft drinks market, with Nigeria forecast to experience $40 billion growth within 12 years (5). In Asia, Singapore and Indonesia provide the strongest market outside China. Germany and Belgium are the largest European soft drinks markets with average figures of 299 litres per capita, compared with 3rd place Switzerlands 266 litres per capita (6). Latin America fares the best, with soft drinks sales more than double the world average. Australias obesity crisis encourages an increase in soft drinks prices to deter demand. Therefore, Latin America and Africa will provide the best growth opportunities, as well as Brazil, India and China. In terms of socio-cultural factors, the largest is the impetus on health and wellbeing. Adapting products to this will be a KSF in the industry. Theres been many modifications to ingredients and package sizes to satisfy health-conscious, active customers. Ingredients now include exotic superfruits with health benefits. For example, Vimto has recently released tayberry and elderflower-flavoured products in Brazil. Its clear, especially in developing countries, that freshness and nutritional value is desired (7). To satisfy on-the-go customers, theres more convenience stores where one can purchase a range of package sizes to suit their needs, such as single small bottles. However, larger multipacks are a feature in large cities around the globe due to the rise of supermarkets and therefore the trend of weekly shopping. To provide additional value, soft drinks manufacturers in China have started to add extra volume to their bottles for the same price, moving from 500ml to 600ml bottles (8). Theres also a huge focus on the environment, especially in developing nations. Customers nowadays take action to reduce their carbon footprint. This has led to an increase in demand for recyclable packaging, and sustainability initiatives. Its clear that more customers are willing to spend higher sums of money on environmentally-friendly products. Therefore, companies have begun to utilise completely recyclable PET bottles (9), a material which is growing in popularity, to attract environmentally-conscious customers,.

Fig 2.4: A diagram to show the rise in popularity of PET.

Healthy goods demand is enhanced by incessant advertising. Recently, this advertising has extended to the exponentially growing market of social media (10). In this medium, customers and respected figures influence consumer patterns due to the ease of contact with the target market. Customers are influenced by celebrities and thus, these valued views encourage healthier lifestyles, leading to reductions in sugary drink consumption. Due to the increase in social media, marketing has become increasingly personal, and products are now often designed to appeal to specific individuals. For example, Coca-Cola have utilised names and characteristics on their bottles in their Share a Coke campaign. Their aim is to make their global brand personal to the customer to create memories and happiness (11). This enables them to improve their relationship and aid brand loyalty as customers feel a sense of cohesion within the brand as a result.

Internal Analysis. The report will now focus on an internal analysis of the companies. Here, there will be a brief outline of the workings of each company, in order to identify the strengths and weaknesses of Coca-Cola and Vimto, thus leading to a SWOT analysis, a methodology used to understand a firms strategic position (Baines et al., 2011).

Coca-Cola. Coca-Cola is the worldwide leader within the soft drinks industry. Their headquarters are situated in Georgia, US and their revenue is over 30 billion (12). Coca-Colas employees exceed 130,000, and are spread in all corners of the globe. They own a vast array of brands, spanning bottled waters to cola carbonates. Their main rival is PepsiCo. Coca-Cola was originally used for medicinal purposes when it was first introduced by Dr. John Pemberton in 1886 and went on to become the most powerful soft drinks brand worldwide, a title which they retain today.

Figure 1.2: A diagram to show Cokes revenue streams by continent.

Assets and Competencies or lack of.

Unique Brand: Founded 1886.

Brand associations: associations of sugary, sweet drink with few health benefits.

Very high brand value.

SCA(a): Largest Soft Drinks Manufacturer, 25.9% market share (13).

USP: Unique brand with top secret recipe.

NPD: renowned for releasing new, innovative, in-demand products.

Market leader in growing markets.

SCA: Huge Distribution network through most retailers.

Table 2.1: A table to show Coca-Colas assets and competencies.

Coca-Cola Strengths and Weaknesses.

StrengthsWeaknesses

Unprecedented brand recognition in many countries. Huge financial strength gives scope for strategic fit. Huge marketing campaigns and capabilities. Heavy reliance on carbonates. Bad brand image from high sugar carbonates, being the face of the Coca-Cola brand.

Table 2.2: A table to show Coca-Colas internal strengths and weaknesses.

Vimto Vimto is a smaller brand, owned by Nichols PLC, originally used for medicinal purposes. Its a fruity soft drink available in cordial and fizzy varieties. They have presence in most European countries, but their most notable revenue stream is in the Middle East, during Ramadan. Their 2011 revenue was upwards of 23 million (14), with around 27 employees (15). Its available in cans or bottles, both large and small. They predominantly target the younger generation and have now proliferated their product range to include new flavours, such as Vimto Cherry, appealing to customers hungry for new products. UK sales of the Vimto brand increased by 4.5% on last year. Meanwhile, Vimto cordial sales to its key Middle East markets increased by 12% on the back of strong in-country demand for the brand (16).

Assets and competencies of lack of.

Unique Brand: Rich heritage, introduced in 1908.

The company: Owned by Nichols PLC.

Brand associations: fruity flavoured juice drink aimed mainly at children.

Strong alliance with Coca-Cola bottlers.

Huge presence in the younger segment of the market.

NPD: Tapping into health trends.

Distributed through most retailers.

Relatively small in soft drinks industry.

SCA: Massive influence in the Middle East due to sugary taste for Ramadan.

Table 2.3: A table to show Vimtos assets and competencies.

Vimto Strengths and Weaknesses.StrengthsWeaknesses

Large product proliferation (17). Aujan Coca-Cola will also be the licensed manufacturer of Vimto in the Middle East (18). Large presence in Middle-East (19).

Highly sugared drink and reputation may be affected by health trend. Heavy reliance on Ramadan for Gulf sales. Relatively small brand in hugely competitive market requiring huge marketing campaigns lower scope for strategic fit.

Table 2.4: A table to show Vimtos strengths and weaknesses.

Opportunities and threats within the Industry. Companies within the soft drinks industry are susceptible to many external factors which impact upon their future strategies. Some of these trends will have a positive potential impact, whereas others will have a negative impact. Its for this reason that companies must avoid marketing myopia at all costs and should invest in in-depth research to ascertain the opportunities and threats that are applicable to their own organisation, so they can devise strategies to take advantage of the opportunities or create contingency plans to deal with potential threats.

OpportunitiesThreats

Growing economies (Latin America and Africa holds huge potential). Localise the flavours. Recycling initiative. Vending machines for on-the-go consumption. Exotic superfruit-flavoured beverages forecast to perform well. Partnerships with companies heavily involved in certain segments of the market. Use Stevia. Focus on non-carbonates. Use of functional ingredients. Social media exposure/partnership to attract youth. Purchase of healthy brands. Legislation (taxes and government controls). Health trend. Substitute products (Rise of energy drinks). Economic frailty and lack of disposable income. New, healthy alternatives. Media against sugary drinks.(Own brand supermarket deciding to stock branded goods, leading to price war, bad image for Coca-Cola and reduced profits).

Table 3.1: A table to show the opportunities and threats within the soft drinks industry.

Strategic Recommendations for Coca-Cola and Vimto. Both companies must follow strategies which are feasible for the size of their business alongside their strengths and weaknesses. They must take into account the competitive environment which surrounds them and the external factors which are present. They must be aware of the heterogeneity across global markets, and the threats and opportunities that are synonymous with them. Both firms must be equally willing to adapt their products to specific markets as to standardizing their offerings throughout the globe. This will then enable a company to utilise a strategic fit, the degree to which an organization is matching its resources and capabilities with the opportunities in the external environment, to gain an SCA. To gain this advantage, they should find key areas of their business that they can perform better than their competitors and communicate this to their target market. Within the Soft Drinks Industry, there are many Key Success Factors that must be considered, which have been identified throughout this report. Appealing to the health-conscious consumer will surmount to a huge boost to businesses. Use of environmentally-friendly packaging and distribution methods is another key to success. Coca-ColaVimto

Acquisition of foreign bottling plants. Purchase of healthy drinking brands. Increased use of vending machines in larger cities for on-the-go customers. Continued use of exotic fruits. Use Stevia in all drinks. Focus marketing on Africa and Latin America. Reduce marketing in Australia / US to retain capital. Focus on health.

Focus on superfruits (image of fruity beverage already secured). Vimto should further enhance their grasp on the Middle-Eastern market. Joint Venture with Aujan Bottling company.

Table 3.2: Table showing potential strategies to undertake for Coke and Vimto.

Businesses must be cautious of marketing myopia as this could lead to serious disadvantages. They must select strategies that are applicable to their business and also to the external environment.Vimto From the information assembled within the report, the most profitable project for Vimto would be to expand further into the Middle-East by taking on a joint venture with Aujan Industries, a large bottling plant with whom they already license to produce their products in the Middle East. By changing to a Joint Venture, Vimto will be able to benefit from Aujans expertise and knowledge within the Middle Eastern market, which will help them to penetrate into this market throughout the year, rather than mainly during Ramadan. They can reduce transportation costs as a large proportion of their revenue comes from the Middle-East. Thus, they can use this bottling company to facilitate sales in their most profitable market. They already have an SCA due to brand loyalty during Ramadan. Therefore, it would be wise to try to attain a similar level of demand throughout the year to increase their profits. It will be cheaper than marketing to a new segment, as its easier to retain than attain customers. The soft drinks industry is also so vast and dominated by huge players that a niche strategy seems more applicable. They should maintain a standardisation policy, as the sweet taste appeals to the target market, but due to the increase in health conscious consumers, a change to a low-calorie sweetener is appropriate. They should also use superfruits to satisfy those looking for products with functional benefits. Therefore, the use of exotic fruits will be applicable. Usage of PET packaging will enhance Vimtos environmentally-friendly image. Its important to note the poor economic situation in the Middle East currently, due to reducing oil prices. However, oil is a scarce commodity, thus will increase in value soon. They should use a market skimming pricing technique, as quality is valued over price. Due to the widespread censorship of media, and awareness of Vimto in the Middle East, short-term non-price promotions would be suitable. This niche strategy with focus on an already loyal target market is a strong strategic fit for Vimto. A strategic misfit for Vimto would be to concentrate sales on Australia, due to their poor economic growth and huge obesity crisis.

Coca-Cola For Coca-Cola, a recommended strategy would be an acquisition of the patent to utilise Stevia within soft drinks, as the health trend was the biggest factor discussed. This would give them an SCA within the market, as it would appeal to customers desire for healthy soft drinks. They have huge financial reserves and it would therefore give a strategic fit, given the potential long-term benefits. It should be standardised on all their beverages due to the worldwide health trend and the non-existence of legalities and cultural boundaries that it would perpetrate. The use of Stevia would help Coca-Cola to avoid the 20% tax on sugared beverages, increasing their profits. However, due to their worldwide appeal, Coca-Cola will have to localise their advertising in each country to appeal to customers as some countries have different response rates for each type of promotion. Stevia would allow them a market skimming strategy as their product is unique. By owning the patent for Stevia, it will help Coca-Cola shed its reputation as purely a sugary drink. This will help appeal to health-conscious customers. However, Coca-Colas brand image has been built up for years, and it may be hard to remove by just changing an ingredient. Therefore, it will require huge investment in promotion and some time to convince customers of a new-look brand. Furthermore, due to the use of a completely new sweetener, there will be an element of strategic uncertainty and due to the immediacy and potential impact of the utilisation of Stevia worldwide, this is a huge change for Coca-Cola internally, thus the strategy must be monitored and analysed continually to check its success. A strategic misfit for Coca-Cola would be to license their product in China. This would reduce their level of control and jeopardise their secret recipe which their brand is built on. Furthermore, the Chinese could manipulate the recipe and potentially damage Coca-Colas brand image.

Evidence analysis. The research undertaken has analysed trends in all corners of the globe, enabling a strong indication of the main factors impacting upon the industry worldwide. Most of the research however, has been derived from Euromonitor. Whilst a single source of information is never completely accurate, its important to understand that Euromonitor is an exceedingly reliable source of information, trusted by some of the most renowned organisations to provide accurate information. However, some articles used as the basis of this research project have indeed been professional opinions from Euromonitor, rather than factual reports. Therefore, its possible that some of the facts portrayed within the report are somewhat skewed. Moreover, the data collected from company websites may be rather biased and news articles are mostly opinion-based. Nevertheless, this report is as factually accurate as possible in providing information and relevant recommendations to both Coca-Cola and Vimto, given the resources available.

Threat of New Entrants Large impetus on healthy livingsmall competition may be able to penetrate the market with a product offering that benefits consumers health. Relatively low entry barriers No legislation in place preventing new firms entering the market No switching cost nor capital requirementIncreasing product competition with very similar products.Coca-Cola maintain strong market position. Potential entrants leads to lower prices and profitability. Do the new entrants have access to better raw mats, large pool of low cost labour, govt subsidies etc

Industry RivalrySome large competitors in the industry. Use lots of promotion and communication.Market segmentation often used to provide many products to different sections of the market. Intense rivalry between the biggest players in the market, and also those with almost identical product offerings.Similar marketing mixes lead to more intense competition

333333333

Power of suppliersSuppliers have little power. They all use same ingredients or methods,Judged mainly on price. Large companies drive down price and therefore the profit of the supplier. No switching cost and many substitutes. Suppliers must provide the lowest price possiblePower of Buyers (intermediaries)Depends on size of brand in comparison to buyer. As Coca-Cola is a large brand, the buyer has little power. Conversely, Vimto is a much smaller brand and thus, buyer power is higherLarger retailers can backwards integrate, but only for smaller brands

Threat of SubstitutesSeveral substitutesOther beverages satisfy the same needLow switching costImpetus on healthy living leads to more potential competition providing healthy alternatives

Figure 1.1: A figure to show the Porters-5-Forces framework to analyse the competitive environment

Notes(a)SCA = Strategic Competitive AdvantageKSF = Key Success Factor

References Baines, P., Fill, C. and Page, K. (2011). Marketing: United Kingdom: Oxford University Press, USA.

The Coca-Cola Co in Health and Wellness (World) Last updated: 8th July 2014(Accessed: 18th November 2014) http://www.portal.euromonitor.com/portal/analysis/tabSoft Drinks in RussiaIndustry Overview|19 Sep 2014 (Accessed: 21st November 2014)http://www.portal.euromonitor.com/portal/analysis/tab

Soft Drinks in BrazilIndustry Overview|28 Jul 2014(Accessed: 1st December 2014)http://www.portal.euromonitor.com/portal/analysis/tab

Soft Drinks in IndiaIndustry Overview|01 Jul 2014 (Accessed: 2nd December 2014)http://www.portal.euromonitor.com/portal/analysis/tab

Soft Drinks in IndonesiaIndustry Overview|21 May 2014(Accessed: 19th December 2014)http://www.portal.euromonitor.com/portal/analysis/tab

Singapore: Soft Drinks in Singapore Industry Overview|01 Sep 2014(Accessed: 20th December 2014)http://www.portal.euromonitor.com/portal/analysis/tab

Soft Drinks in the USIndustry Overview|27 May 2014 (Accessed: 22nd December 2014)http://www.portal.euromonitor.com/portal/analysis/tab

Soft Drinks in AustraliaIndustry Overview|03 Apr 2014(Accessed: 2nd January 2015)http://www.portal.euromonitor.com/portal/analysis/tab

.

(1) Bouyamourn. A, IMF lowers Middle East growth forecasts as oil prices remain weakhttp://www.thenational.ae/business/economy/imf-lowers-middle-east-growth-forecasts-as-oil-prices-remain-weakLast Updated: 20th January 2015 (Accessed: 3rd February 2015)(2) Asfour, R. Fighting censorship in the Middle East is nothing new - but the battleground has changed, http://www.theguardian.com/world/she-said/2014/oct/19/fighting-censorship-in-the-middle-east-is-nothing-new-but-the-battleground-has-changedLast updated: 19th October 2014(Accessed: 3rd February 2015)(3) Naidu-Ghelani, R. 'All roads lead' to a weaker Australian dollar, http://www.bbc.co.uk/news/business-31143229 Last updated: 6th February 2015 (Accessed: 15th February 2015)

(4) Ivshina. O and Boldyrev. O, Russia's economic turmoil: Nightmare or opportunity?http://www.bbc.co.uk/news/business-31060346 Last Updated: 5th February 2015(Accessed: 25th February 2015)(5) Lee, H. Africas Soft Drinks Market: A Rough Diamondhttp://www.portal.euromonitor.com/portal/analysis/tab Last updated: 12 Dec 2014 (Accessed: 18th December 2014)

(6) A Glass Half Full: The Case for Soft Drinks in Western Europehttp://www.portal.euromonitor.com/portal/analysis/tabLast updated: 08 Apr 2014 (Accessed: 12th December 2014)

(7) Soft Drinks in Latin America: Keeping a Global Bright Spot Bright http://www.portal.euromonitor.com/portal/analysis/tab Last updated: 30 Jan 2014 (Accessed: 19th December 2014)

(8) Soft Drinks in Chinahttps://www.euromonitor.com/passportLast updated: 06 Jun 2014(Accessed: 28th December 2014)

(9) http://www.napcor.com/PET/whatispet.html (Accessed: 29th December 2014)(10) Power to the Consumer: How Web Technology Is Influencing Behaviourhttp://www.portal.euromonitor.com/portal/analysis/tab Last updated: 12 Feb 2009 (Accessed: 18th January 2015)

(11) http://www.coca-cola.co.uk/share-a-coke/share-a-coke.html (Accessed: 15th January 2015)(12) Team, T., Coca-Cola Earnings Preview: Currency Headwinds Could More Than Offset Positive Price Mix In The U.S. http://www.forbes.com/sites/greatspeculations/2015/02/09/coca-cola-earnings-preview-currency-headwinds-could-more-than-offset-positive-price-mix-in-the-u-s/ Last Updated: 9th February 2015(Accessed: 1st March 2015)(13) http://www.statista.com/topics/1392/coca-cola-mpany/ (Accessed: 25th February 2015)

(14) http://outsource-uk.blogspot.co.uk/2012/05/malibu-and-vimto-strike-deals-with.htm(Accessed: 24th February 2015)

(15) http://www.manta.com/ic/mt607sk/gb/vimto-ltd?ftoggle-frontend-prod-on=abTests.engagement.claim_drivers_c&utm_expid=82789632-35.5hBunVVLRam7e9B6_xvwKA.4&utm_referrer=http%3A%2F%2Fwww.google.co.uk%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dweb%26cd%3D44%26ved%3D0CDMQFjADOCg%26url%3Dhttp%253A%252F%252Fwww.manta.com%252Fic%252Fmt607sk%252Fgb%252Fvimto-ltd%26ei%3DYEf3VP6qOYuR7AaSjYCYCw%26usg%3DAFQjCNGt9UeUPQR1iWD2Tlmi_2Hz79Pt-Q(Accessed: 25th February 2015)

(16) Frost, R., Vimto provides fizz for Nicholshttp://www.insidermedia.com/insider/north-west/134908-vimto-provides-fizz-nichols?utm_source=northwest_newsletter&utm_medium=top_story_article&utm_campaign=northwest_news_tracker Last updated: 5th March 2015 (Accessed: 8th March 2015)(17) http://www.vimtointernational.com/products.aspx (Accessed: 28th January 2015)(18) COCA-COLA CO THE, SWOT ANALYSIS, IN SOFT DRINKS (WORLD) http://www.portal.euromonitor.com Last Updated: March 2013(Accessed: 18th December 2014)(19) Armitage, S., Vimto hits purple patch in the Gulf http://www.bbc.co.uk/news/business-23455612Last Updated: 26th July 2013(Accessed: 2nd February 2015)