It is important for managers and CEOs to evaluate their industry, market, and competitors to develop strategies that meet consumers' changing tastes, demands, and value needs.IndustryL Coca-Cola's industry analysis must include trends and characteristics of the industry and the company's operating practices (Cravens & Piercy, 2009). The key products produced by companies in the beverage industry are beer, fruit juices, vegetable juices, liqueurs, soft drinks and natural drinks. The beverage industry is still growing despite the shift in consumer tastes from sugary drinks to healthier beverage choices (Forbes, 2014). The beverage industry includes companies such as Coca-Cola, PepsiCo, Dr. Pepper Snapple Inc, and Nestlé. The projected annual growth rate for the global beverage market between 2010 and 2015 is less than 2%, with the market amounting to $1.9 trillion (Report Linker, 2014). The beverage market, including soft drinks, is expected to see growth over the next four years. The demand for healthier beverages is driving companies to diversify their product portfolio to include more non-carbonated, organic, diet and sugar-free beverages. The expansion of the global soft drinks market would result in a total market of nearly $586 billion by the end of 2015 (Report Linker, 2014). Market managers and CEOs who neglect to understand their markets and future market movement may have inadequate strategies as consumers' desire for new products and their value needs change (Cravens & Piercy, 2009). Coca-Cola, once the leader in the beverage market, has lost its place as number one in the beverage market to PepsiCo. The company provides consumers with more than 3,500 products in more than 200 countries;...... half of the paper...... Piercy, 2009). Coca-Cola must find a way to diversify its product portfolio if it hopes to regain control of the global drinks market. Works CitedCoca-Cola Company. (2014). Infographic: Coca-Cola in brief. Retrieved from http://www.coca-colacompany.com/our-company/infographic-coca-cola-at-a-glance#TCCCCravens, D., & Piercy, N. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill Irwin.Forbes. (2014, April 16). Coca-Cola Earnings Review: Carbonated Beverages Offset Sparkling Wine Decline and Restructuring Impacts on Margins. Retrieved from http://www.forbes.com/sites/greatspeculations/2014/04/16/coca-cola-earnings-review-still-beverages-offset-decline-in-sparkling-restructuring-impacts-margins/Report Linker . (2014). Beverage Industry: Market Research Reports, Statistics and Analysis. Retrieved from http://www.reportlinker.com/ci02013/Beverage.html