Coping up with Rivalry through Strategic Management

Coping up with Rivalry through Strategic Management

Introduction

In the modern age of science and technology, prominent advancement has been made in the business and corporate field. Marketing is the most effective tool for any business. Today, it has become a critically important field in a business. Marketing is the process which comprises of institutions, manpower, and plans which are involved in communication, dealing with clients, delivery and service and the reputation building. Wise manpower, creativity, and advance technologies are involved in marketing. It puts a strong impact on business and the revenue generation. Marketing strategies have become an effective tool in increasing the business. The marketing strategies can be defined as the process which estimates and analyze the available resources and design effective planning and tactical approach to generate revenue, to achieve the goals and tough competition to the opponents (Varadarajan, 2010).

There are various challenges that have been faced by the management in industries. Soft drinks are one of the most commonly used products throughout the world. For decades, soft drinks have been one of the most favorite drinks of the world. Soft drinks are nonalcoholic drinks, which are carbonated, and flavored. The soft drink industry was started in the eighteenth century and still it is one of the most profitable industries. Since there are a lot of consumers of the soft drink industries, so there are a lot of challenges (www.scribd.com), today, the challenges are bigger than ever before.

Discussion

Soft drink industry is one of the successful industries across the globe. Millions of people across the globe use this product on a daily basis. Many people are addicted to the use of carbonated drinks. These are nonalcoholic drinks, which are available, in different tastes and colors. Once Pepsi and Coca Cola were the only rivals in soft drink industries, but by the time, the challenges become even bigger. The challenge has led the higher management to cope up with the crises according to the modern trends. The issue soft drink industry is facing today is the rivalry from different industries. The competition is strong and evokes the decision makers to take impressive and risky decision in order to override the fellow organization (Deichert et al, 2006).

Soft drink industry being the successful industries has to maintain the momentum of its success and needs to introduce some effective strategies. The rivals of the brands are supposed to be treated with sharp managerial skills and proper planning. The competition that the higher management of soft drink industries is experiencing is truly tough. In order to gain the favor from the consumer, the management feels the need to bring more and more improvement in the product. Along with the improvement in the quality of product, the competitors are dealt with new trends in the market. The soft drink industries are not dealing in the exclusive products of carbonated drinks (RoboBank, 2006). Now they focus on further growth and revenue through the impressive ...