the forgotten strategy: arbitrage Free Essay, Term Paper and Book Report
It was a Coca-Cola CEO, the late Roberto Goizueta, who declared in 1996: "The labels 'international' and 'domestic' no longer apply." His globalisation program, often summarised under the tagline "think global, act global", had included an unprecedented amount of standardisation. By the time he died in 1997, Coca-Cola derived 67per cent of its revenues and 77 per cent of its profits from outside North America.
But Goizueta's strategy soon ran into trouble, due in large part to the Asian currency crisis. By the end of 1999, when Australian Douglas Daft took the reins, earnings had slumped and Coke's stock had lost nearly one-third of its peak market value - a loss of about $US70 billion.
Daft's solution was an aggressive shift in the opposite direction. On taking over, he avowed: "The world in which we operate has changed dramatically, and we must change to succeed. No one drinks globally. Local people get thirsty and buy a locally made Coke."
Unfortunately, local didn't seem to be a better description of Coke's market space than global. On March 7, 2002, the Asian Wall Street Jour......
Word Count: 2934
Page Count: 11.7 (250 words a page / double spaced)
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