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External Stakeholders play a vital part in the success of Coca Soda pop. Without the external stakeholders, Coca Soda pop would not be the success it is today. These companies and persons who are considered to be external stakeholders vary in variety and duty. The most basic of the external stakeholders but among the most important are the consumers. Without the consumers, Coca Cola would be simply a name and not an item or multi-national and global company. Customers vary from individuals to shops or other companies.
The consumers hold one of the most important parts in Coca Soda pop’s success. The efficiency of the company is measured by the sales of the Coca Cola products. Also, the interest of what is hot and trending, whether it be a new taste or a change in the bottling of an item, the clients need is what the company needs to consider when presenting its item to this external stakeholder.
Another external stakeholder who is essential to Coca Soda is the providers.
The suppliers range from the materials to the packaging company play a vital function in the operations of daily life within and around Coca Soda. Interaction in and around the supply chain through management it assists to keep a well-oiled machine going. The suppliers’ interest or claim in Coca Soda pop is easy. With Coca Soda as one of its customers, these providers stand to run and make a great profit and have constant business. The quality of the work these providers have must satisfy Coca Soda’s standards.
These providers guarantee Coca Cola that their requirements depend on par and are inspected. (Dione, 2010). Competitors are another external stakeholder. Coca Soda has numerous rivals from Pepsi to 7up (Dione, 2010). These rivals keep Coca Soda pop on their toes. The interest these external stakeholders have is ensuring they are remaining competitive with what Coca Cola exists and offering. These competitors do not desire to be out sold Coca Cola. What this does for Coca Soda pop is it keeps them on their toes.
Companies that know they have competition are creative and innovative as they try to stay one step ahead of their competition. Media is an external stakeholder. Advertising is used to present commercial of current and new products. Coca Cola takes advantage of this by using the media to promote its brand worldwide. From television, newspapers, magazines, radio, and the internet, the world can find Coca Cola everywhere. The local community is a stakeholder. Organization such as Green Peace, Labor Unions, and other environment organizations have the opportunity to put their name and cause in front of the public with the help and support of Coca Cola. (Dione, 2010).
Coca Cola is an international organization. Coca Cola have to coordinate with governments around the world to sell their products. Knowing the customs and the regulations of that country is important. The interest held by the government is that the presence of Coca Cola within its country can help its economy. (“Defining Stakeholders And Their Responsibilities”, 2003-2013). These external stakeholders all have a stake in the success of Coca Cola. From the customers to the suppliers, media, and the competitors, they all have some to gain and lose. All of these external elements are what make Coca Cola what it is today and tomorrow.
Each external stakeholder has authority and responsibility to their community, competitor, and those who have an interest in it. Many organizations support their community. In return, the organization expects some sort of loyalty in return. Customers have the authority to make or break a company. Whether they purchase the product or speak out against the product. The voice of the consumer is powerful. Therefore, it is the responsibility of the consumers to speak out responsibly. (“Defining Stakeholders And Their Responsibilities”, 2003-2013). Suppliers have the authority to slow up or speed up productions.
If a supplier is out of a material needed, that supplier can halt the production and hurt sales. It is the responsibility of the supplier to keep on top of knowing what they have and how much of what they have. Communicating that information to Coca Cola is essential in their business with Coca Cola and possible other companies. (“Defining Stakeholders And Their Responsibilities”, 2003-2013). It is the authority and responsibility of the external stakeholders to play their part in creating and promoting a working relationship to benefits both the external stakeholder and Coca Cola.
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