Running head: PEPSICO’S STRATEGIC DIRECTION 1
Group Two Project -The Six Pillars of PepsiCo’s New Strategic Direction
Mark Ekard, Martin Foldes, Mary Goode, Sache Hagans, Thomas Hansen, April McDonald
Liberty University
BMAL 504
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 2
With the decrease in carbonated sugary drinks since 2006, PepsiCo is striving to stay
afloat with the rise of healthier products and a changing market. This global change has forced
PepsiCo to reinvent itself to meet the evolving market conditions. PepsiCo is redefining itself. To
meet those global challenges, PepsiCo CEO Indra Nooyi has instituted a “New Strategic
Direction” for the corporation. This case study analyzes PepsiCo’s six pillars of change that
directly support Indra Nooyi’s concept of strategic direction. The six pillars of PepsiCo’s change
this paper will address are; achieving growth through mergers and acquisitions, forming strategic
alliances on the global scale, focus on emerging markets, focus on organizational culture,
developing and promoting the idea of one PepsiCo, and innovation in marketing initiatives. This
research attempts to break down each pillar separately in a “Part 1” and “Part 2” systematic
analysis, so the reader can better understand how each pillar directly effects the overall strategic
direction PepsiCo is employing. This paper intends to give some needed background
information on the importance of the change pillar, what PepsiCo is doing about that specific
change, an analysis on the current effects of the pillar change and, finally some recommendations
for implementation.
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 3
Part 1
Background
Due to global declining soda sales PepsiCo is implementing a new strategic direction. In
support of this strategic change PepsiCo CEO Indra Nooyi is implementing a new supporting
initiative of achieving growth through mergers and acquisitions. PepsiCo is no stranger to
mergers and acquisitions, they have been a major reason for Pepsi’s growth in over 200 countries
(Tabassum, Umer, Rauf, Shafiq, & Ayaz, 2014, p. 1079). The organization has been involved in
this practice since the 1970s acquiring restaurants such as Pizza Hut, Taco Bell, and Kentucky
Fried Chicken (KFC), and several snack and beverage oriented products and firms (PepsiCo: Our
History, 2016). But as consumers’ needs change, so does PepsiCo. In 1997 PepsiCo spun off its
restaurant acquisitions into Tricon Global Restaurants, Inc. to redirect its focus on the snack and
beverage industry (Kench, Knox, & Wallace, 2012). Nooyi’s main strategic focus has been to
transform PepsiCo into a healthier organization (as cited in Aguirre-Mar, 2013, p. 7).
Mergers and acquisitions. Mergers and acquisitions have become crucial for driving
growth in organizations (Bansal, 2015, p. 55). While this growth is appealing, mergers and
acquisitions can seem threatening to employees, prompting feelings of vulnerability and
insecurity (p.55). Regardless of the impact, PepsiCo needs to make another strategic transition
using mergers and acquisitions to stay competitive in the market. Society is seeking a more
wholesome alternative, PepsiCo will support this by practicing corporate social responsibility
offering healthy snack and beverage choices (Dunn, Lafferty, Alford, 2012, p. 4).
Part 2
Analysis
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 4
Mergers and acquisitions offer advantages for firms by strengthening their infrastructure,
reducing expenses, and bringing opportunities for growth (Dudovskiy, 2016). Merges and
acquisitions not only impact the organizations involved, they can be an offensive way to
restructure a whole industry (Makadok & Ross, 2013, p. 509-510). Strategy is about defining an
organization as different. As with the case of PepsiCo, these mergers and acquisitions have
brought fourth product differentiation leading to a competitive advantage. With the shift from
food and beverage to snack food and beverage PepsiCo was able to persuade retailers to
restructure their facilities to place snacks and soft drinks in the same area, with the premise that
sales would be greater (Kench, Knox, & Wallace, 2012). This allowed PepsiCo to increase its
product line in the snack and beverage market outside of its usual selections.
The other side of mergers and acquisitions includes the uncertainty of where the
organization will end up, and how these extreme changes will affect employees (Bansal, 2015, p.
55). Cross-cultural mergers and acquisitions such as PepsiCo’s tend to bring increased
uncertainty and vulnerability on both ends (p. 60). Nooyi must overcome this obstacle by
promoting an atmosphere of trust at PepsiCo. Mergers and acquisitions can be a cornerstone of a
firm’s strategy (Dudovskiy, 2016).
Recommendations. While implementing these strategic changes to move PepsiCo forward,
employees must review the innovations these incoming firms will bring to PepsiCo, and embrace
them (Jick & Peiperl, 2011, p. 62). Managers at PepsiCo must assess how these new policies,
processes, and procedures will affect PepsiCo’s ability to change (p. 62). To be successful, Nooyi
must create agents in each area of PepsiCo to facilitate change both internally, and with external
relations (Dunn, Lafferty, Alford, 2012, p. 9). This must involve new organizational structures
within the existing boundaries where process can be redefined, and/or created (Jick & Peiperl,
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 5
2011, p. 68). Finding a firm that already has values and processes similar to PepsiCo can make
the transition for employee’s easier (p. 68).
Part 1
Background
In staying relevant and improving organization success it’s important that organizations form
strategic alliances. PepsiCo, being one of the largest soft drink companies in the world, has had
many campaigns in which they have partnered on a global scale to strategically brand itself into a
leading soft drink competitor. “Beverages "used to be an accessory" to food, said Larry Light,
chairman-CEO of brand consultant Arcature, but no more. “Now beverages are on the leading
edge of a changing world. It's a huge social mind-set change" (MacArthur, 2006, para. 4). In
conveying this mindset, PepsiCo has aligned with various countries over the years such as Spain
and Mexico to open the doors to strategic partnership and global advertisement. “Nevertheless,
the conceptualization and measurement of brand equity, including its sources and outcomes,
remain a challenge. Each challenge has its strengths and weaknesses and, in the final analysis,
must be evaluated in light of brand management’s purpose. Regardless of a particular
conceptualization, measurement and tracking over time and across international boundaries are
essential to manage and control brand equity effectively” (Kish, Riskey, & Kerin, 2001, p.91).
Forming strategic alliances. PepsiCo has to learn what challenges are relevant in their
organization in order to move forward and broaden their global alliances and new strategic
direction. PepsiCo’s main challenge is to brand their organization globally in competition with
the rise of global and social health interest. PepsiCo has to battle with the nutrition factor and
appeal to all generations to be successful and strategically align with other organizations across
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 6
the globe. “In short, this perspective views brand equity as the cognitive perceptions that
consumers hold about a brand, which yield value separable from the functional utility of the
good” (Simon & Sullivan, 1993, para 11).
Part 2
Analysis
Primary organizational change aspect is PepsiCo's "New Strategic Direction." That is the
big, overall change direction. In 2012 PepsiCo had an overhaul and began strategically not only
aligning their company’s management but also aligning global alliances it held. “Adding Depth
to world-class management team with Brian Cornell (CEO), PepsiCo Americas Foods, will be
responsible for Frito-Lay North America, Quaker Foods & Snacks North America, PepsiCo
Mexico, South America Foods, PepsiCo customer teams and all Power of One activities within
the Americas” (Venkataraman, 2002, para 4). With these new alliances, PepsiCo is able to market
openly in a different platform of customers and all age groups. One of the challenges PepsiCo
faced was marketing to the younger demographics, this is especially difficult when the company
was only marketing to one or specific platforms. Now with the world as its center, PepsiCo is
able to utilize platforms from countries such as Mexico and Spain to expand its social and allied
success.
Recommendations. The pillars that support strategic alliances on the global scale for
PepsiCo is it “redefining itself as a beverage and snack business, PepsiCo sheds the restaurant
business and acquires Quaker Oats and Tropicana. Then, by rethinking the synergistic
relationships between the complementary, combined strengths (technological expertise in
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 7
nutrition, flavor, packaging, distribution, etc.) of the merged companies, it strategizes to develop
innovative products that will compete in a changing demographic, cultural, and geographical
world” (Venkataraman, 2002, para 1). In rebranding itself, being more in tune with its social side,
for example the health benefits and consumer interest in purchasing soft drinks, PepsiCo would
be able to build an empire that would not only speak to today’s generation but also to the social
technological movement. “The emphasis on growth at Pepsi reflected a corporate culture that
rewarded activity and bustle more than focus and direction and encouraged marketing prowess
more than financial restraint” (Weber, Story, & Harnack, 2006, para 3). This prowess consists of
analyzing the current market and specifically marketing to the various cultures PepsiCo is
aligned with to bring attention to the diverse change within the company.
Part 1
Background
“Performance with a purpose” as styled by Indra Nooyi (CEO of PepsiCo) is a big part of
PepsiCo’s “new strategic direction.” One of the pillars supporting this new direction is PepsiCo’s
focus on emerging markets (Dudovskiy, 2016). Indra Nooyi has realized that a determined
pursuit of emerging and non-mature markets has had a positive impact on PepsiCo’s bottom line
numbers (para. 4). “The year of 2015 witnessed a double-digit growth in the sales of snacks in
China and Pakistan and PepsiCo is also strengthening its position in the Middle East” (para. 4).
In a large part, due to growing sales declines in mature markets, Indra Nooyi is leading PepsiCo
into the future of emerging markets (para. 4).
Emerging markets. Until the past few years emerging markets have not been a top priority
for growth in major American companies (Shankar, Ormiston, Bloch, Schaus, and Vishwanath,
2008). The difficulties of language, culture, social relations, market differences and regional
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 8
uncertainty, in the past, have kept large corporations at bay from emerging or non-mature global
markets (Shankar et al, 2008). However, slow growth in the mature markets of North America,
Japan and Western Europe, have led companies to “tap into the purchasing power of a new and
growing middle class, which has rising income, credit cards and access to personal loans in these
emerging markets” (para. 2). Further, as relayed by Goodman (2013) with a rapidly growing
middle class in emerging and developing markets (35% of sales), PepsiCo has a tremendous
opportunity to duplicate this strategy in emerging markets across the world. (NEED A
REFERENCE TO SUPPORT 35% OF SALES COMMENT, OR JUST TAKE IT OUT.)
Part 2
Analysis
Trends in analysis confirm PepsiCo’s achievement in focusing on emerging markets. In
2013, Investor’s Business Daily (a derivative of NASDAQ) recorded that over the past five
years, PepsiCo has tripled its sales in emerging and developing markets (para. 1) In the fourth
quarter of 2016 PepsiCo announced a profit of 31% (far above Wall St. expectations), in all the
company reported a profit of $1.72 billion (Dulaney, 2016). However, as reported by Dulaney
(2016), PepsiCo excluded its business results with Venezuela due to struggles in this emerging
market. As noted above, operating in emerging markets has its risks. In this case, Venezuelan
government interference into PepsiCo operations in country, may force PepsiCo to cut its losses
and walk away from this troubled market (DeFotis, 2016).
Recommendations. As described by Sipek (2015) in her report on vice president of PepsiCo
University, Leslie Teichgraeber, PepsiCo has a challenge to connect global leaders and fill
learning gaps to help the company succeed during this new strategic direction. As a
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 9
recommendation to implement I would also offer that PepsiCo incorporate into their leader
learning evolution the connection of global leaders to the growing force, risks and possibilities of
emerging markets. Here is Sipek (2015) quoting Teichgraeber on the challenges of change that
lie ahead for PepsiCo and the need for leaders to be out-ahead spearheading that change;
For the past 20 or 30 years, the beverage category in America has been fairly
predictable, now things are shifting… historically, the largest profit-drivers for our business
have been on the snacks and beverages side of the business… consumer interests are broadening,
and like any good consumer company, we need to be out in front of that in the interest of the
consumer… (p. 25). (THESE ELIPSES DO NOT CLARIFY WHERE WE ARE GOING WITH
THIS SECTION; MAYBE WE SHOULD JUST USE PERIODS HERE.)
Change is upon PepsiCo. One useful way to handle that change and to help ensure
profitable growth and sustainment is through leadership understanding emerging markets. As
noted above, the market for PepsiCo is not as predictable as it used to be. Consumer interests and
markets have shifted. For PepsiCo to continue to be a world leader in their industry, leadership
must understand the global economy, the risks/potential of both the mature and non-mature
markets.
Part 1
Background
The need for restructuring organizational culture is prominent in all organizations that are
attempting to be relevant in today’s society. This was no different for PepsiCo in the late 1980’s
and early 1990’s. PepsiCo was thriving, buying up multiple businesses, merging with smaller
companies, and diversifying their portfolio. There was, however, a need for change in the
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 10
organizational culture. Being that PepsiCo has had many changes in senior leadership
throughout the years. A major turning point came when D. Wayne Calloway replaced Donald M.
Kendall as chairman and chief executive officer in 1986. Calloway was instrumental in growing
Frito-Lay to be the most profitable division of PepsiCo. Calloway also worked to reshape
PepsiCo’s corporate culture by fostering personal responsibility and a decentralized, flexible
management style” (PepsiCo, 2016).
Organizational culture. Studies of organizational culture are almost always based on
two assumptions: Senior leaders are the prime determinant of the culture, and culture is related to
consequential organizational outcomes (O’Reilly III, Caldwell, Chatman, & Doerr, 2014). The
first premise was that organizational cultures—defined most commonly as “the basic
assumptions and beliefs that are shared by organizational members”[Sch85], or “a system of
shared values defining what is important, and norms, defining appropriate attitudes and
behaviors”[ORe96]—are largely created by an organization’s
senior leaders. The second intuitively reasonable part of the argument was that organizational
culture was a significant determinant of organizational performance[Cha14].
Part 2
Analysis
Most interests in culture and performance focus on the organizational level: ideas on
corporate culture are linked to corporate results[Alv02]. In order to define what the culture will
be in an organization, we must look at the results of the organizations progress. Cultural
organization is paramount for the effective growth of an organization. It begins with the senior
leadership and must be modeled to the rest of the organization. You can’t get away with saying
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 11
putting people first is important, if in the process of delivering that message you don’t put people
first[Tod11]. This was understood by Calloway, in the case of PepsiCo, and is why he was so
successful in his initial transformation of the culture in the organization. In January 1992,
Calloway was credited by Business Week magazine with emerging from the long shadow cast by
his predecessor “to put together five impressive years of 20 percent compound earnings growth,
doubling sales and nearly tripling the company’s value on the stock market” (PepsiCo, 2016).
The notion that the culture of an organization is coupled with the senior leadership can
also have a draw back. Where one leader brings success and growth another could quite possible
bring the opposite. If this is the case, then the moral will plummet and so will productivity and
progress. Kilmann et al. (1985: 4) argue that ‘a culture has a positive impact on an organization
when it points behavior in the right direction…. Alternatively, a culture has negative impact
when it points behavior in the wrong direction’[Kil85].
Recommendations. In order for PepsiCo to be successful in implementing productive
organizational culture they need to continue to strive to follow the new values that they have put
into place. It I” with statements like,” We are committed to investing in our people, our company
and the communities where we operate to help position the company for long-term, sustainable
growth.”, that will continue to thrust them into the future. It is my recommendation also that
PepsiCo adopt and implement a set of guiding principles that will give them a guide to follow.
These principles need to be fundamental in all that the organization does and should be
implemented from the senior executives down to the bottom.
Part 1
Background
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 12
PepsiCo, Inc. originally started from two companies that merged together in 1965. Pepsi-
Cola which started back in 1890’s, and Frito-Lay started in 1932 became one company. These
two companies have a unique history together. PepsiCo is best known for acquiring both
beverage and snack food companies. In September 2011, PepsiCo announced the formation of
the “Power of One” Americas Council which brings together the food and beverage businesses
across the Americas. The global snacks group will focus on developing a synchronized approach
to the company's global brands, creating and delivering new snacks, and sponsoring best
practice-sharing around the world[Pep11].
Developing and promoting the idea of one PepsiCo. The “Power of One” strategy has
received quite a bit of criticism from external parties. Trian Partners owners of $1.3 billion of
PepsiCo Inc., voiced its opinion on March 13, 2014 asking for PepsiCo to provide analytical
support for its reliance on the “Power of One” strategy and why it rejected Trians’ suggestion to
separate the global snacks and the beverage operations into two companies. Trian further
supports its claims with data that shows PepsiCo’s growth has trailed PepsiCo peers which of
course includes its rival Coca-Cola[Tri14]. Needless to say, PepsiCo’s “Power of One”
campaign is creating a rift between the company and its stakeholders.
Part 2
Analysis (NEED TO INDENT THIS SECTION, AND GET RID OF ELIPSES.)
“…PepsiCo's people are united by our unique commitment to sustainable growth by
investing in a healthier future for people and our planet, which we believe also means a more
successful future for PepsiCo”[Pep14]. In the second quarter of this year, PepsiCo lost a key
player (Tom Greco – CEO Frito-Lay North America) in its North American operation creating an
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 13
opportunity to bring the PepsiCo “Power of One” strategy closer to its planned development. “It
is worth noting the organizational restructuring also points to the importance PepsiCo continues
to place on its "Power of One" strategy”[Ask16]. Reviewing, the strategy of “Power of One”,
PepsiCo has put the CEO Indra Nooyi position on the line. This situation is such that
stakeholders are calling for a change from the “Power of One” campaign. The stakeholders have
not seen the investment of this strategy pay off with rewards. On May 13th 2016, it was
announced that Nelson Peltz of Trian Fund Management liquidated his stake in PepsiCo during
the first three months of 2016, worth about 1.83 Billion on Dec 31, 2015[She16]. Reviewing
PepsiCo’s vision statement “to deliver top-tier financial performance over the long term by
integrating sustainability into our business strategy, leaving a positive imprint on society and the
environment” (Lombardo, 2015). (TOOK OUT THE BOLD TEXT HERE AND FIXED
AUTHOR’S NAME.)
Recommendations. After reviewing all the data and claims, it seems that PepsiCo
should change it platform from “Power of One”. The vision clearly states delivering top-tier
financial performance which in this case “Power of One” has not delivered this coupled with the
loss of key investors. I wonder how long Indra Nooyi can be able to maintain her CEO title.
Recommendations would to review the option of spinning off the beverage sector as one unit and
the snack as another. These units have become oversized and once separated could take off like
the restaurant business YUM.
Part 1
Background
PepsiCo along with other makers in the industry has found itself at a crossroads.
Consumer trends are venturing further away from the long standing soda market and are more
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 14
health conscious than ever before. More and more research is pointing to the consumption of
soda beverages and chronic, preventable illness such as obesity, type II diabetes, heart disease
and high blood pressure. “Four years ago, PepsiCo began rolling out a Wellness program that
charges its employees $50 a month if they smoke or have obesity-related medical problems such
as diabetes, hypertension, and high blood pressure” (Rosenkrantz, & Stanford, 2012, p.44 ).
Staying true to the initiative to promote a healthier employee environment PepsiCo also had to
look at its own product line. With soda sales in decline Pepsi Co. has to look at venturing into
other markets to appeal to the changing interest of the consumer.
Innovation and marketing initiatives. With product lines including Lay’s, Frito’s,
Pepsi, Mountain Dew, and Doritos, PepsiCo is facing the challenge of building a line of
competing products that pose less impact on their consumers. Indra Nooyi, CEO of Pepsi Co.,
states in a 2014 publishing that since the decline in soda sales has continued to decrease, blaming
society views on health and wellness that large competitors must look to other areas for
expansion. "Health and wellness was fashionable to talk about three to five years ago and today
has become very mainstream," (as cited by Peterson, 2014, para. 5). As a result, the company is
looking to create new products that will adhere to changing customer demands. (UPDATED
SOURCE TO REFLECT CORRECT AUTHOR.)
Part 2
Analysis
PepsiCo needs to reorganize their marketing strategy. Targeting new markets and winning
the contract for new arenas of sales can help PepsiCo build a more diverse following. For
instance, Pepsi has needed to branch out of the cola and snack industry that was originally the
bulk of their product lines such as Pepsi products, Dr Pepper, Lays and Doritos. The demand for
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 15
healthier alternatives as well as the growth for demand in sports performance geared product
lines like that of the Gatorade G series, introducing pre, during and post work out or game
support products for athletes and amateur enthusiasts.
“We are benefiting from both the acquisition of our anchor bottlers earlier this year and
from improving trends across our global business,” said Hugh Johnston, PepsiCo’s chief
financial officer, in a statement. “As planned, we have stepped up incremental investments
around the world to capitalize on untapped consumer demand, including investments in
marketplace infrastructure to support” (Beverage Industry, 2010, p.10).
Recommendations.
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 16
References
Aguirre-Mar, M. (2013). Global structural design and results: PepsiCo case. Journal of Strategic
Leadership, 4(2), 6-13. Retrieved from http://www.regent.edu/acad/global/
publications/jsl/vol4iss2/2jsl_vol4iss2_aguirre.pdf
Alvesson, M. (2002). Understanding Organizational Culture. Thousand Oaks, CA: SAGE
Publications Inc.
Askew, K. (2016). The strategic priorities behind PepsiCo's leadership shake-up-analysis. Just-
drinks. Retrieved from just-drinks: http://www.just-drinks.com/analysis/the-strategic-
priorities-behind-pepsicos-leadership-shake-up-analysis_id119832.aspx
Bansal, A. (2016). Employee trust dynamics during organizational change: A context of mergers
and acquisitions. Asia-Pacific Journal of Business Administration, 8(1), 55-69.
doi: 10.1108/APJBA-08-2015-0075
DeFotis, D. (2016). What Pepsi said about Venezuela & emerging markets. Barron’s emerging
markets daily. Retrieved from: http://blogs.barrons.com/emergingmarketsdaily
/2016/02/11/what-pepsi-said-about-venezuela-emerging-markets/
Dudovskiy, J. (2016). PepsiCo business strategy and competitive advantage. Research
Methodology. Retrieved from http://research-methodology.net/pepsico-analysis-of-
corporate-strategy/
Dulaney, C. (2016). PepsiCo profit up 31% to top estimates. Market Watch. Retrieved from:
http://www.marketwatch.com/story/pepsico-profit-up-31-to-top-estimates-2016-02-11
Dunn, T. E., Lafferty, C. L., & Alford, K. L. (2012). Global leadership: A new framework for a
changing world. S.A.M. Advanced Management Journal, 77(2), 4-14. Retrieved form
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 17
http://search.proquest.com.ezproxy.liberty.edu:2048/docview/1027234882?pq-
origsite=summon
Goodman, A. (2013). PepsiCo, re-energized. Forbes Investing. Retrieved from:
http://www.forbes.com/sites/agoodman/2013/06/14/pepsico-re-energized/#583896b03867
Investor’s Business Daily (2013). PepsiCo sees big revenue potential in emerging markets.
NASDAQ. Retrieved from: http://www.nasdaq.com/article/pepsico-sees-big-revenue-
potential-in-emerging-markets-cm305063
Jick, T. D. & Peiperl, M. A. (2011). Managing change: Cases and concepts (3rd ed.). New
York, NY: McGraw-Hill.
Kench, B. T., Knox, T. M., & Wallace, H. S. (2012). Dynamic transaction costs and firm
boundaries in the soft drink industry. Journal of Economics and Economic Education
Research, 13(1), 33+. Retrieved from http://go.galegroup.com.ezproxy.liberty.
edu:2048/ps/i.do?p=AONE&u=vic_liberty&id=GALE
%7CA294507968&v=2.1&it=r&sid=summon&userGroup=vic_liberty&authCount=1
Kilmann, R. S. (1985). Gaining Control of Corporate Culture. San Francisco: Jossey-Bass.
Kish, P., Riskey, D. R., & Kerin, R. A. (2001). Measurement and tracking of brand equity in the
global marketplace - the PepsiCo experience, International Marketing Review, 18(1), 91–
96. doi: 10.1108/02651330110382014.
Lombardo, J. (2015). PepsiCo's vision statment & mission statement analysis. Panmore Institute.
Retrieved from http://panmore.com/pepsico-vision-statement-mission-statement-analysis
MacArthur, K., & Thompson, S. (2006). Pepsi, Coke: We satisfy your 'need states'. Advertising
Age, 77(48), 3,23. Retrieved from http://ezproxy.liberty.edu:2048/login?url=http://search.
proquest.com/docview/208357645?accountid=12085
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 18
Makadok, R. & Ross, D. G. (2013). Taking industry structuring seriously: A strategic perspective
on product differentiation. Strategic Management Journal, 34, 509-532. doi:
10.1002/smj.2033
O’Reilly, C. A., & Chatman, J. A. (1996). Culture as social control: Corporations, cults, and
commitment. Research in Organizational Behavior, 18, 157-200. Retrieved from
http://faculty.haas.berkeley.edu/chatman/papers/30_CultureAsSocialControl.pdf
O’Reilly III, C. A., Caldwell, D. F., Chatman, J. A., Doerr, B. (2014). The promise and problems
of organizational culture: CEO personality, culture, and firm performance. Group &
Organization Management, 39(6), 595-625. doi: 10.1177/1059601114550713
Patton, L. (2015, October 5). Why PepsoCo shareholders may be lamenting the yum that got
away. Bloomberg. Retrieved from http://www.bloomberg.com/news/articles/2015-10-
05/why-pepsico-shareholders-may-be-lamenting-the-yum-that-got-away
PepsiCo: Global research and development innovation helps lead growth for PepsiCo. (2014).
Retrieved from Pepsico: http://www.pepsico.com/live/story/Global-Research-and-
Development-Innovation-Helps-Lead-Growth-for-PepsiCo032620141383
PepsiCo: Our History. (2016). Retrieved from http://www.pepsico.com/company/Our-History
PepsiCo. (2011). PepsiCo announces formation of Power of One - Americas Council and
creation of global snack group. PRNewswire. Retrieved from
http://www.prnewswire.com/news-releases/pepsico-announces-formation-of-power-of-
one---americas-council-and-creation-of-global-snacks-group-130247803.html
PepsiCo, Inc. (2001). International directory of company histories. Retrieved from
http://www.encyclopedia.com/topic/PepsiCo_Inc.aspx#1-1G2:2844200090-full
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 19
PepsiCo, Inc. (2012). PepsiCo announces new global structure and leadership to drive
continued growth. Retrieved from http://www.pepsico.com/live/pressrelease/PepsiCo-
Announces-New-Global-Structure-and-Leadership-to-Drive-Continued-Growth03122012
PepsiCo reports growth, announces new marketing initiatives. (2010). Beverage Industry,
101(8), 10. Retrieved from http://go.galegroup.com.ezproxy.liberty.edu:2048/ps/i.do?
p=ITOF&u=vic_liberty&id=GALE
%7CA234935847&v=2.1&it=r&sid=summon&userGroup=vic_liberty&authCount=1
Peterson, H. (2014). PepsiCo CEO says cola has lost its ‘cool factor.’ Business Insider. Retrieved
from http://www.businessinsider.com/pepsico-ceo-cola-has-lost-its-cool-factor-2014-12
Rosenkrantz, H. (2012). Pepsi levies a sin tax on its workers. Bloomberg Businessweek.
Retrieved from http://www.bloomberg.com/news/articles/2012-03-15/pepsi-levies-a-sin-
tax-on-its-workers
Shankar, S., Ormiston, C., Bloch, N., Schaus, R., and Vishwanath, V. (2008). How to win in
emerging markets. MIT Sloan Management Review, 49(3), 19-23. Retrieved from
http://search.proquest.com.ezproxy.liberty.edu:2048/docview/224961103?pq-
origsite=summon&accountid=12085
Schein, E. A. (1985). Organizational culture and leadership. San Francisco, CA: Jossey-Bass
Shen, L. (2016). PepsiCo Slips as Nelson Peltz Heads for the Exits. Fortune. Retrieved from
http://fortune.com/2016/05/13/pepsico-slips-as-nelson-peltz-heads-for-the-exits/
Simon, C., and Sullivan, M. (1993). The measurement and determinants of brand
equity: A financial approach. Marketing Science 12(1), 28-52. Retrieved from
http://www.jstor.org.ezproxy.liberty.edu:2048/stable/183736?pq-
origsite=summon&seq=1#page_scan_tab_contents
PEPSICO’S STRATEGIC DIRECTION (NEED TO MOVE PAGE # OVER BY ONE TAB 20
Sipek, S. (2015). A global vision: Leading PepsiCo's learning evolution. Chief Learning Officer,
14(3), 22. Retrieved from: http://web.b.ebscohost.com.ezproxy.liberty.edu:2048/
ehost/pdfviewer/pdfviewer?sid=e59
Tabassum, S., Umer, J., Rauf, S., Shafiq, A., & Ayaz, Q. (2014). Merger and acquisition of
PepsiCo on the basis of financial analysis. International Journal of Innovation and
Applied Studies, 9(3), 1079-1086. Retrieved from http://www.ijias.issr-
journals.org/abstract.php?article= IJIAS-14-265-14
Trian Partners calls on PepsiCo to provide analytical defense of its "Power of One" strategy.
(2014). Trian Partners. Retrieved from http://www.trianpartners.com/content/
uploads/2014/03/Trian-PEP-Press-Release-3-13-14.pdf
Venkataraman, S. (2002). PepsiCo: The challenge of growth through innovation. Darden
Business Publishing, University of Virginia, No. UVA-S-0133. Retrieved from
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=909036
Weber, K., Story, M., & Harnack, W. (2006). Internet food marketing strategies
aimed at children and adolescents: a content analysis of food and
beverage brand web sites. Journal of the American Dietetic Association
106(9), 1463-1466. doi:10.1016/j.jada.2006.06.014
