Summary

Original source:
http://www.guardian.co.uk/business/story/0,3604,1384934,00.html

Details

• Coca-Cola is restructuring its North American division as part of an attempt by the struggling soft drinks maker to pull itself out of a long slump.
• The firm is parting company with Javier Benito, its chief marketing officer and head of retail in its most important market.
• Mr Benito had been with Coca-Cola for 10 years.
• Analysts said he was probably paying the price for the disastrous US launch of C2, a mid-calorie, low carbohydrate version of the core brand.
• In November, Coca-Cola sharply cut its long-term profit and sales targets, acknowledging there would be no quick fix for its problems.
• Chief executive Neville Isdell, who took the top job last May, admitted then Coca-Cola had failed to respond to consumer trends.
• It has the number one bottled water brand in the US, Aquafina, and the top energy drink, Gatorade.
• Coca-Cola plans to spend an additional $350m (£187m) to $400m on marketing annually from next year, with most of it directed toward its core brand.
• It does not publish the level of its total budget.
• "We can't save our way to prosperity, we have to grow our way to prosperity," Mr Isdell said.
• The firm said at the time there had been "too little attention paid to brand-building, iconic advertising".
• C2 has proven to be a particular disappointment for Coca-Cola, posting poor sales.
• The company priced the soft drink at a premium to regular Coke and the higher cost proved an obstacle for consumers.
• It also launched the brand just as the low-carbohydrate diet phenomenon was waning.
• Hindered by C2's poor performance, Coca-Cola reported a 3% drop in volume sales in North America during the third quarter, which covers the key summer season.

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