Word: goizueta
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...change goes better with Coke. Starting in May, they will introduce a new, slightly sweeter and smoother Coke that will totally supplant the old Coke and enter the lists against archrival Pepsi-Cola in the raging battle for dominance of the $23 billion U.S. soft- drink market. Roberto Goizueta, 53, chairman of Coca-Cola (1984 sales: $7.4 billion), said that the old Coke formula, with its secret flavoring ingredient, called Merchandise 7X, will stay locked in a Trust Co. of Georgia bank vault in Atlanta, never to be used again. Next to it, though, will be the new formula, with...
Coke's new taste was born of its efforts to produce diet Coke, a smashing success that since its introduction in 1982 has bubbled up to third place among U.S. soft drinks, with a 5.4% market share. In the course of developing diet Coke, says Goizueta, "our expert taste testers came upon a taste better than the old Coca-Cola. We had two options: We could do nothing, put it on the shelf and forget we ever developed it. Or we could change the taste and give the world a new Coca-Cola...
...100th anniversary label on its packages and that they should begin clearing out stocks of preanniversary bottles. This aroused the suspicion of Jesse Meyers, a Greenwich, Conn., industry follower who puts out a newsletter called Beverage Digest. Meyers felt that it was simply not like the forward-looking Goizueta to dwell on an anniversary. He did some checking and on April 19, four days before Coke's announcement, broke the story...
Coke's new taste fits into the management style set by Goizueta, a Cuban- born, Yale-educated chemical engineer who began working for the company in Havana in 1954. Since he took over as chairman in 1980, he has shaken up a firm that had become known for a stodgy, conservative style. In the 95 years before Goizueta took over, the basic Coke product had remained unchanged. In 1982 he ended a corporate debate that had been going on for years by introducing diet Coke. Old-timers had said that the company would be devaluing the name of its main...
...original formula. Schlitz was sold to Stroh Brewery in 1982, and now has only 1% of the U.S. beer market. Coke, though, believes its careful and exhaustive testing and a huge advertising campaign will make its new taste successful--at least for the next 99 years. Chairman Goizueta calls the change to the new taste "the surest move ever made...