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4. Decision and Defense against Weaknesses
The Coca-Cola brand is already a strong one, but the company's involvement in unethical behaviors has negatively affected it. In order to decide upon the most favourable courses of action to be implemented in the direction of brand strengthening, one has to critically analyze the proposed strategies:
restatement of the company's traditional brand values will offer an increased perception of the brand, but is likely to further generate the image of a ruthless competitor
Communications with customers will attract the sympathy of the audience, but require increased resource consumption and the results may be unsustainable
The internal investigations of the ethical division could delay the process and reduce their operational efficiency - however, this risk would not materialize if the proper measures are taken
An increased focus on people would also generate increased expenditures and pose risks on operational efficiency, but it would generate positive results on corporate image through two channels
As a result of the above presented mentions, the most favourable course of action would be the combined implementation of several strategic approaches. This would help reduce the risks of failure and negative aspects of each separate strategy and would also improve the chances of success. In this order of ideas, the most applicable scenario to improving Coca-Cola's corporate image would follow the next steps:
intensified communications with the audience better supervision of corporate action from the ethics division an increased...
However, each improvement strategy generates some expenses and foremost, the organization does not afford not to take these measures. The losses they would encounter if they did not take these measures would be tremendous. Stakeholders would continually lose faith in the organization, the contracts with partners would become elusive and sales would drop. The company could feel tempted to engage in fraud operations to cover their losses, reaching in the end to situation of Enron.
References
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Daye, D., Brand Spotlight: Coca-Cola, Branding Strategy Insider, 2007, http://www.brandingstrategyinsider.com/2007/04/brand_spotlight.htmllast accessed on November 27, 2008
Levine, L., Strengthen Your Brand, Strengthen Your People, All Business, 2007, http://www.allbusiness.com/human-resources/employee-development/4554288-1.htmllast accessed on November 27, 2008
Shanker, M.C., Strengthen Your Brand to Increase Traffic and Sales,
Brand Strategy Company, Brand Identity Guru, http://www.brandidentityguru.com/branding_strategy_company.html. Ast accessed on November 27, 2008
Strengthen Your Brand With a Red Velvet Rope, the Marketing Spot, 2008, http://themarketingspot.blogspot.com/2008/08/strengthen-your-brand-with-red-velvet.htmllast accessed on November 27, 2008
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