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The Ministry of Finance

University of Finance – Marketing

Marketing department

ANALYSIS OF MARKETING STRATEGY OF COCA – COLA IN

VIETNAM MARKET

STUDENT DETAILS

Student name: Phạm Quang Huy Student ID number: 202100

Student name: Phạm Anh Khôi Student ID number: 202100

Student name: Phạm Vĩ Kiệt Student ID number: 202100

Student name: Student ID number: 202100

Student name: Trần Hoàng Minh Sang Student ID number:

ASSIGNMENT DETAILS

Title: Final Exam

Length: 31 page Due date: 16/6/2021 Date submitted: 3/7/2021

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Introduction

Coca-Cola’s history
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Coca-Cola (simply referred as Coke) is carbonated soft drink

produced by The Coca-Cola Company. The Coca-Cola company, the
world’s biggest non-alcoholic beverages manufacturer and
distributor , offering 2,800 products with over 500 brands in more
than 200 countries (The Coca-Cola Company, 2020).The drink
Coca-Cola was invented by John S. Pemberton, a pharmacist It was
firstly served at Jacobs’ Pharmacy.
Coca Cola entered the Vietnam’s market in 1960, it has become
one of the most common international brands in Vietnam. A
survey conducted by MarketIntello in 2016 to find out consume’s
preferences in buying and drinking non-alcohol beverages has
shown a quick and widespread recognition of 98.5% in regards to
Coca-Cola (MarketIntello, 2016).

Purpose

Refresh the world. Make a difference

Vision
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“To refresh the world in mind, body and spirit. To inspire moments
of optimism and happiness through our brands and actions. To
create value and make a difference” (The Coca-Cola Company,
2020).

Micro Environment

Company: The Coca-Cola Company may be a beverage retailer,

manufacturer and marketer of non-alcoholic beverage
concentrates and syrups which serves 1.6 billion servings on a daily
basis. It first introduced in Vietnam market in 1960, but until
August 1994, it absolutely was finally established with the aim of
long-term business.

Customers: Great distribution network to satisfy its

customers like large international chains of outlets and
restaurants and tiny independent businesses. For Coca-Cola,
customers affect the place of 4Ps strategy.

Intermediaries: the corporate has founded agents for local

regions. Coke is supplying its products by wholesaler; retailer,
hotels, restaurants, food shops, and a few other sustenance chain
like McDonald and KFC.

Suppliers: it's with no consideration that suppliers heavily impact

on every single aspect from the manufacturing to the packaging.
They play critical role regarding products because they
supply the material to the corporate.
Competitors: the largest challenge that Coca-Cola face is that
the competitive pressure from increasing rival sellers. PepsiCo is
that the main competitor for Coca-Cola and these two
brands are within the struggle for a century. Although Coca-Cola
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owns 4 of the highest 5 potable brands (Coca-Cola, Diet Coke,

Fanta and Sprite), PepsiCo has more loyal customers than Coca-
Cola. Currently, Coca-Cola has quite more followers on Facebook
and Instagram platform compared to Pepsi. additionally, the
opposite competitor to Coca-Cola is Tan Hiep Phat, which may be
a strong local company and famous for Dr Thanh, tea Zero Degree
and Number1. These are considered to be good for health,
comparing to Coke, which has many carbonated elements (Son,
M., 2018).

Publics
Media: Whenever the Coca-Cola campaign has
launched, it'll attract the medias attention and have greatly
contribution of influence on Vietnam soft drinks market. However,
Coca-Cola also has some troubles with Vietnam Government and
boycott of consumers due to nonpayment. VnEpress (2020)
reports that there have been warnings of Ho Chi Minh City
Taxation. In November 2020, the Covid 19 situation was raging
everywhere, the media team of Coca cola in Vietnam market won
all three gold awards and also the title of 'Marketer of the year' at
the Vietnam MMA arena.This proves that in recent years, Coke has
begun to specialize in marketing on internet and social networking
platforms because of the increasing demand for using platforms on
Vietnamese social networks. However, in March 2020 coca cola
stopped advertising campaigns so that the advertising budget for
that month can contribute to the prevention of covid 19 in
Vietnam.

Macro Environment
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Demographic: in line with CIA (2020) annual statistic, Vietnam is

experienced “a gold” period with the full population is over 98
million (July 2020 est) There are 45.7% and 15.22% for the age
bracket 25-54 and 15-24 respectively during which youths and
youths are the most target market of Coca-Cola. Therefore,
Vietnam with the “golden” age bracket is that
the potential marketplace for soft drinks industry, especially Coca-
Cola company.

Economic: According the report of the Ministry of Economic

Development in 2020, Vietnam has witnessed an increase 5.15% in
Consumer indicator. this means the changes within the price of a
weighted average market basket of commodity and services
purchased by households. within the other hand, GDP per capita
of Vietnam has increased from 8,374 ( International Monetary
Fund ) USD in 2019 to 10.755 USD in 2020 (The International Bank
for Reconstruction and Development, 2020) . Therefore,
Vietnamese people have surplus money to buy better goods which
might indirectly impact the share sale of Coca-Cola.

Political: Being a WTO member in 2006 may be a physical

fitness for international and Vietnam companies to cooperate and
develop the economy. the govt has many policies which support
for alignment including Coca-Cola. Furthermore, the CPTPP
Agreement (Comprehensive and Progressive Agreement for Trans-
Pacific Partnership) between Vietnam and 6 countries has affected
from January 2019 which results in be no duty or barriers for
helping consumers to shop for cheaper price products and these
companies can earn more profits.
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Technological: The developing technology can create many

inventions about product packaging designs without destroying
the environment. The Coca-Cola Company also believes in taking a
leadership role during a World Without Waste commitment. All
their bottles were made up of 100% recycled plastic with fully
recyclable materials, plant-based materials, and hybrid
innovations. (The Coca-Cola Company, 2019)

Cultural: Vietnam’s culture has many traditional holidays, and

red is that the most typical color on those
occasions. it's opportunity for Coca-Cola after they have the
dominant red colour in their products, and their mission is
additionally to bring joy and happiness to consumers. Coca-
Cola's new year campaigns are always full of red and meaningful
wishes, making the brand's image better in customers’ mind and
be differentiated from competitors. for example, “Kết Nối Nhà
Nhà, Tết Thêm Rộn Rã” campaign, published in 2019, Coca-Cola
showed that its products are for everybody (Coca-Cola,
2019). within the video, Coca-Cola connects people from all walks
of life, brings generations closer despite their gender, background,
age and also the main color is red, which is Tet’s symbolic color. In
the days leading up to Tet 2020, Coca Cola Vietnam organized "The
longest New Year's table in Vietnam and Asia" with the hope that
everyone will be closer together to have a memorable Tet season.
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SWOT Analysis

Teenager (13-19) Mature (20-39) Adults (40-59)

SEGMENTATION

GEOGRAPHIC

Country Region All over VietNam from highland to delta, especially in big cities as HaNoi, Ho Chi
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Minh and some other central areas.

Population Density Both cottagers and townsman consume Coca. Nevertheless, those who are
living in big city are more likely to drink more because of their financial
stability.In addition, they may appoarch to Coca – cola easily by distribution
channels.

DEMOGRAPHIC

Gender Both male and female

Income  Low income  Middle income  High income

 Lower 5 million  6 – 20 million VND  Over 20 million
VND VND
 Depend much
on parent

Occupation  Pupils and  Financial stability

Students  Stable finance even wealthy
 Unemployed  Willing to help the
people or other
having part-
time jobs

PSYCHOGRAPHIC

Life style  Busy with problems in their life  Busy but desire for
 Tending to consume new things more stability
 Depending on technology, even being  Influencer
addicted  Caring more about
 Caring much on packaging or appearace mental and
physical health
 Having transparent
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goal

Personality  Ambitious  Calm

 Confident  Mature and
 Dynamic and energetic independent
 Curious  Careful
 Adventurous  Thoughtful
 Delicate

BEHAVIORAL

Occasions  Time break

 Refreshing after hard-working time  Need refreshment
 Parties with other  Parties with friends
 Eating junk food or family

Benefits  Unique Taste and for refreshing purpose  Tasty and refresh
 Being more energetic and active drink
 Increasing the taste when combine with  Cheap, convenient
fast food
 Cheap and convenient, accessible easily

User status  Regular and potential users  Ex-users

User rate  Heavy to medium users  Light users

COMPETITORS

Brand  Pepsi  Pepsi  Suntory

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 7Up  Mirinda  Tropicana

 Fuzetea  7Up  Aquarius
 Wonderfar  Revive  Tân Hiệp Phát
m  Fuzetea  …
 Red Bull  …
 …

Targeting Market

Coca-Cola doesn’t target a specific segment because of their

flexibilty. Their products can be used by everyone in VietNam.
According to the table above, it illustrates that people from 13 to
39 are the major group (covers around 60% of total age segments).
Therefore, the main target of Coca-Cola tends to be teenagers and
youth. Primary market of Coca Cola is younger people in the age
from 13 - 39 with people from 40 - 59 comprising of secondary
market. Cola products are targeted towards people those who
want strong flavor, while diet cola and its variants are targeted
towards the sub segment that is health conscious. Coca Cola uses
non cola beverages to target the health conscious segment of the
marke, especially for adult. Some of the products such as Sprite
specifically target teens and students.

Positioning

In the world market, Coca-Cola is the number one brand in the

beverage industry. However, in Vietnam market, Pepsi has
occupied the largest market share
with the advantage of being a
pioneer. Although only ranked
second, but with its strength and
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economic potential, Coca-cola is still strong enough to compete

fairly with Pepsi and easily win over other brands. The price of
Coca-Cola is a bit higher than Pepsi, but the quality the company
offers is better. Between 2013 and 2015, the Coca-Cola company
announced four new $300 million chain factories in Hanoi and Ho
Chi Minh City with the aim of developing an eco-friendly
production chain, producing More products and more energy
saving . So far, the battle between the two giants in the beverage
industry has not ended.

Value proposition strategy: More for more

The price of Coca-Cola products is considered to be higher in

Vietnam compared to Pepsi and other brands. However, the
company has conducted many meaningful projects which are
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considerably beneficial to the community and environment. For

example, the company has invested $1,5MM in CSR activities in
2016, of which the activities provided 3 million liters of cleaning
water, and brought about 540,000 beneficiaries.

4Ps Marketing Mix

Product

Coca-Cola can be differentiated with other brands with its well-

known appearance. The red colour and logo make it more stand
out and familiar for customers when choosing a product.
Moreover, in order to maintain its differentitation from other
brands, the company adapts local needs and culture to change the

product suitably.

For example, Coca-Cola has a wide product range with a lot of

different sizes, shapes such as: Coca-Cola, Caffeine-free Coca-Cola,
Coca-Cola Zero, Diet Coke,etc which are stored in aluminum can,
plastic bottle or the galass bottle shape was inspired from the body
of women (Eilen, 2005), etc so that it is very convenient for
customers to choose which product satisfies them the most.
Besides, The Coca-Cola company really take notice of its
customers’ health. If customers are worried about diabetics, Diet
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Coke or Coca-Cola Zero, which has no sugar or low-rate of sugar ,

will be the most suitable product for them.

Branding Development Strategies

Being one of the top beverage companies in the world, Coca-

Cola indeed needs efficient strategies to defend itself from other
competitors.

In its product line extension, Coca-Cola has expanded its Diet Coke
brand into Diet Coke, Decaffeinated Coke, Diet Decaffeinated
Coke, etc. (Draganska & Jain, 2006). The purpose of this is to widen
customer’s insight of low-sugar and decaffeinated beverage types.
Moreover, it is also the owner of other beverages such as Dasani,
Fanta, Sprite, Minute Maid NutriBoost, etc.

In August 2019, Coca-Cola Vietnam released Coca-Cola Energy

drink, which blew a new wind to the marketplace. This product
emphasizes that the company will satisfy any product meeting the
needs and lifestyles of every individual (Coca-Cola, 2019).

Product Life Cycle

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Stage 1: In 2016, Coca-Cola introduced a new product, Diet Coke

in Vietnam, which has no-sugar but the similar tastes as original
ones. Coca-Cola invested much in advertising this product,
however, it didn’t gain more profit. 

Stage 2: During 2004-2010, Coca-Cola sales had increased ten-

time larger. This was believed to be a result of the expansion of
the Vietnamese beverage market in recent years (Quan, 2016). In
this period, Coca-Cola had already launched different products
such as Coke Light, Sprite, Fanta, Minute Maid Nutriboost, and
Dasani to compete with its rival - PepsiCo, and attract more
customers (Brands Vietnam, 2012). 

Stage 3: The signature product of Coca-Cola is Coca-Cola

original tastes. It witnessed a high peak in profit, and it is the most
popular product of Coca-Cola in the Vietnam market. All
consumers mentioned it when they are asked about carbonated
soft drinks. 

Stage 4: In 1985, Coke produced the new product with an

entirely new formula in order to compete with Pepsi, New Coke.
Nevertheless, sales drop significantly and consumer behavior
changes as there is less demand for the product. It seemed to be
the worst product in Coca-Cola history (BrandsVietnam, 2014).

Price

Price is the key element that determines the success of a

business. Thanks to the variety of commodities, the selling price
of Coca-Cola is tailored to each market segment and geography.
Coca-Cola's products are priced by looking at the buyer's
perception of "quality" and not the seller's cost.
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Coca-Cola always keeps the retail price, pricing based on

consumer perception. When entering the Vietnamese market, set
low prices to attract customers, then charge higher fees to
customers or advertisers.

Coca-Cola products set prices based on perceived value by

the buyer, who considers the consumer's perception of value rather
than the seller's cost as an important basis of pricing.

The pricing strategy of Coca Cola to penetrate the market is

different from the strategy of high price to filter the market. Coca
Cola companies choose a strategy of relatively low product price to
penetrate the market, hoping to attract gain a large number of
customers and gain a large market share.

Discount pricing: most Coca Cola businesses will adjust their

own to reward customers who pay ahead of time, buy in bulk, cash
discount is a discount for customers who buy and pay Cash now,
bulk discount.
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Product-type discriminant pricing: Coca-Cola products and

items are priced differently, but in proportion to their costs.

Pricing by product type: Because Coca Cola's products are

different in size, form, and features, they are priced according to
different scales, suitable for each group of customers.

Price strategy 3P:

In a long period, Coca-cola has followed two pricing strategies: 3P

and 3A strategy (Thao, 2018)

The 3P strategy consists of

Price to value, Pervasiveness,
and Preference. Firstly, Price to
value means that customers are
not only able to buy Coke but
also benefit from the products.
Secondly, Pervasiveness, Coke
makes sure that the customers can find and buy products every
time, any place by supplying and delivering Coke in every store.
Lastly, they want customers to love products and ensure that Coke
is the first choice when looking for soft drinks.
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The 3A strategy
includes affordability,
availability, and
acceptability. In this
strategy, the prices of
products are guaranteed to
make it suitable for
everyone and thus customers can afford it. Coca-Cola Company
once conducted surveys to understand customers' attitudes and
demands, then responded to them. This strategy is based on the
customer's psychology which brings about much success for Coca-
Cola in the Vietnamese market. However, Coke has not researched
since the past 2 years so they have to use obsolete data which
cannot adapt to the continuous change in customers' behavior
(Williamson, 2018).

Coke offers competitive prices compared to their direct

competitor-Pepsi and determines their prices based on Pepsi as
well. For instance, on Bach Hoa Xanh’s website, a 330ml Coca-Cola
soft drink costs 9,500 VND - the same price as a Pepsi can of the
same volume. Coca-Cola also uses the strategy of differentiating
prices according to each type of product to provide appropriate
prices to consumers.
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Place

In general, the
company Coca-Cola has
two main departments
including TCC (The
Coca-Cola Company),
whose function is to
manufacture and
manage initial Marketing strategy; And TCB (The Coca-Cola Bottle),
which do the packaging and merchandise,
distribute the final products to the customers.
In Vietnam, Coca-Cola uses the strategy “To
the market”, which means that consumers can
see and buy Coca-Cola anywhere they go.
There are three Coca-Cola factories in Vietnam
now. Their products are distributed to supermarkets such as BigC,
Coop Mart, etc. with a significant amount. 

Other main distributors are restaurants, hotels, convenience

stores, cinemas and vendor machines. Coca-Cola has more than
3,500 exclusive distribution agents in 2019. Additional, Coke also
develops the wholesales then retailers distribution channel
eventually.

Coca-Cola has experienced vertical

conflicts. Firstly, according to the
profit target rate of different
distributors, the prices of Coca-Cola
products may be variable, which
causes channel conflicts.
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Consequently, the same product line would have different prices,

which dissatisfied consumers (Pang, 2016). Other channel conflicts
may come from different information availability and the lack of
constant announcement from the manufacturer about new
products to the distribution channels (Ehikwe, 2014).

One of the most noticeable strategic partnerships with Coca-Cola

is McDonald’s. In MacDonald’s franchises, Coca-Cola is contained
in a steel can, which ensures the quality of Coca-Cola. It is said that
to taste the original Coca-Cola, people go to McDonald’s (Gelles,
2014).

Promotion

Coca-Cola has used many promotion tools in order to reach and

communicate with its customer such as television commercial,
advertising, sale promotion, personal selling, public relations and
publicity. The cost of maintaining their well-known publicity image
is not cheap

The Coca-Cola Company spent a total of $3.499 billion in 2014,

$3.266 billion in 2013 and $3.342 billion in 2012 in advertising
globally. The total advertising spending for the year 2018 was
approximately $4.1 billion. Among all of those promotion tools,
advertsing is probably the most efficient tool that The Cocoa-Cola
company has used. In Vietnam, Coca-Cola promoted Tet 2018 by
posting a meaningful 30-second-video advertisement showing the
Vietnamese family reuion and preparing for Tet holiday. The
message Coca-Cola wanted to deliver is “Coca-Cola, cho Tết vẹn
yêu thương” which means Tet is only fulfiled when we appreciare
the reunion moments. Furthermore, Coca-Cola stared a challenge
which encourages customers posting
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their family picture during the Tet holiday on Coca-Cola Vietnam

fanpage through a hashtag “Bắt lấy khoảnh khắc, Tết yêu thương”.

The main theme of message that Coca-Cola tried to deliver are the
warmth and close-knitted relationship of families. Coke really
make an effort to engage Vietnamese consumers to each other by
using their beverage

Thanks to the advancement of technology, the businesses easily

introduce their products and reach the target markets via a wide
variety of communication channels including personal and non-
personal. For example: Instagram, Gmail, Facebook, Youtube,
which are useful means helping Coca-Cola transmit persuasive
information, interact and connect with its customers. However,
there are some limitations regarding traditional communication
channels such as television, postal mail, door-to-door selling.
Speck and Elliot (1997) argued that people do not really like to
watch advertisements especially during any interesting program
and that really causes resentment for the target consumers and
thus they turn off the pages of the newspaper where there are
advertisements and on TV switching to another channel. In terms
of mails, people do not like their inbox blown up by commercial
advertisements.

Today’s consumers aren’t searching for a product only, the

new generation wants to know how else a product can affect their
lifestyle. The bottles themselves tell you that you should share
Coke with someone special so buying a Coke becomes something
more. Thus, this big name brand depends on building a
relationship with customers to promote sales far into the future.
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According to the Vietnamese’ habits to soft drinks (Vina

Research 2013), 67,9% people answer they would remain drinking
Coca-Cola, and nearly 99.1% can realize Coca-Cola’s brand. The
research has shown that 50,1% customers chose Coca-Cola as their
regular beverage. Meanwhile, Pepsi and 7Up stayed in the second
and third regarding consumer loyalty with 63,7% and 46,5%
respectively.

Coca-Cola always impressed customers with the creative and

unique campaigns, especially the “Share a Coke” in 2014.  By
organizing events with a consistent message “Give Coca-Cola -
Connect People”, Coca-Cola printed many popular names of the
Vietnamese on aluminum cans and plastic bottles as promotional
material. The results were so amazing with 200,000 increased likes
on fanpage, keyword “Share A Coke Vietnam” reached 548,000
results on Google after a month. On a statistic of Buzzmetrics - a
Research and Analysis Consumers’ Data agency - “Share a Coke” is
the highest figure with 128,077 discussions in “Virals by
Brands/Organizations/Social Media” group (Buzzmetrics, 2015)
(appendix)

Issues & Recommendation

Aggressive Competitors

PepsiCo

Having been in Vietnam market for over 20 years but the two
beverage companies – Coca-Cola and PepsiCo - have only moved
from loss to profit for about 4 years recently (Forbes, 2019).
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Suntory and PepsiCo’s joint venture: Help PepsiCo to increase

revenue, which is nearly doubled compared to Coca-Cola. PepsiCo
has enough brands to compare with Coca-Cola. Also, they
expanded into bottled tea with the brand TEA+, and ranked 2nd in
the Vietnam market, after THP Group.

Pepsi –
Coca
Fanta –

Mirinda Aquafina-Dasani

Tan Hiep Phat Beverage Group (‘THP’)

While Coca-Cola and Pepsi dominated the carbonated soft

drinks market, Tan Hiep Phat occupied the gas-free segment with
the three main products: Zero Degree Green Tea, Dr Thanh Herbal
Tea, Number 1 Energy Drink. In 2017, with officially launched
Fuzetea+ in Viet Nam, Coca-Cola started to participate in the
bottled tea market. Fuzetea+ from Coca-Cola joined the bottle tea
race and went against Zero Degree Green Tea from THP Group -
one of the most famous drinks in Viet Nam or C2 from URC and
Lipton Pure Green from PepsiCo (Son, M., 2018).
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vs

Green tea Zero Degree – Dr Thanh – Number 1 vs FuzeTea+

The first recommendation is about to improve their income. In

a digital evolution, e-commerce is the main key to make more
profit for not only small and medium enterprises but also big
companies in Vietnam. (Dai Nguyen & Dang, 2017). Thus, to
strengthen the capabilities in marketing and to maintain brand
loyalty, the company should operate new campaigns that can
make a “hit” on social media like the “Share a Coke” campaign in
2014 (BrandsVietnam, 2014). Furthermore, they can diversify the
brand products. As Pepsi Co.’s portfolio includes both drinks and
food fields, Coca-Cola is still a total beverage company, which
might be the reason for their less revenue in total, not only in the
Vietnam market but also in other countries. (Son, 2018 & Trefis
Team, 2019). Therefore, the Coca-Cola company needs to meet
the diversity of needs to increase its competitive ability as well as
increase its profit. It should consider introducing snacks and
expanding the variety of categories they offer to attract consumers
from new markets. 

Consumers’ Behaviors Changing

Health concentration (Sugar problem & coloring): More and

more people are concerned about the negative effect of soft
drinks on their health. For example, higher blood pressure, heart
disease, diabetes, obesity, or tooth decay.
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The second recommendation for obesity and health-related

concern is the company should push more promoting for their
sugar-free product. Even though Coca-Cola Company has two
brands called Coca-Cola Light and Coca-Cola Zero Sugar, they do
not have a strong promotion strategy as the Coca-Cola original in
the Vietnam market. Emmanuel Faber, CEO of Danone, claimed
that adopting healthier habits is a matter of life and death for the
industry. (Vidalon & Denis, 2017). Therefore, the two products
need to be more acknowledged for them to reach consumer
targets and maintain consumers’ loyalty.

Undifferentiated flavor to other brands

There is a fact that the consumers can’t distinguish the flavor

between Coca-Cola and Pepsi. The two most famous soft drinks
have quite similar taste to each other. Some people say that Coca-
Cola has more gas, which makes them feel more refreshed.
Meanwhile, Pepsi is less gas and sweeter, which makes them
easier to drink

Therefore, through our survey, many people have suggested

that if Coca-Cola wants to differentiate from competitor, the
company should change their flavor or produce more flavors to
make their drinks unique and various in Vietnam market such as
Coca – Vanilla, Coca – Cherry, Coca – Lime, Coca – Apple, Coca –
Strawberry, etc. (see Apendix)

Environmental Issues

Environmental issues are one of the most concerns at the

moment as the warning global warming. According to The
Guardian report, Coca-Cola’s annual plastic production amounts to
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about 108 billion bottles a year, more than a fifth of the world’s
PET bottle output of about 500 billion bottles a year (Laville, S.,
2019).

Lastly, Coca-Cola Company not only is more determined in

Environment issues but also spread more to all people. From the
Clean-up Project Audit Report of #breakfreefromplastic recently,
Coca-Cola is revealed to be the company that is the most polluted
in most places with the most plastics. In the innovative technology
era, they can put more effort into the protecting environment
mission as cooperating with the government and following the
3Rs: Reduce, Reuse and Recycle (Coca- Cola, 2019)

Overall, the Coca-Cola company is the world largest beverage

non-alcoholic company. The year 2019 is such a successful year for
Coca-Cola Vietnam Company as it was crowned as Brand of the
Year at MMA Smarties Awards 2019, along with other 4 awards
(Coca-Cola, 2019). The award winning showed that the strategy
used is effective in marketing and advertising strategy. Therefore,
the company can keep up their energy and provide more effective
strategies.
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2. Czinkota & Rokainen (1998), “International Marketing”, 5th edition,

Harcourtbrace college, Florida, USA. Retrieved from

https://www.researchgate.net/publication/301632039_International_Mark
eting
3. Eileen P.Anderson-FYE. (2005). A “Coca-Cola” Shape: Cultural Change, Body

Image, and Eating Disorders in San Andres, Belize”. DOI: 10.1007/s11013-

004-1068-4. Retrieved from
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