American Titans U.S. Soda Companies Take Over the World Japneet Kaur Singh ECON 188 Professor Spearot June 6, 2014 During the tail end of the 19th century, Charles Alderton, Dr. John S. Pemberton, and Caleb Bradham were all doing the unthinkable ­ but they didn’t know it at the time. Pharmacists by profession, and located in three different states, all three of these men were independently creating something very similar, which would go on to become the foundations of multi­billion dollar businesses ­ carbonated soft drinks, or sodas. The soda industry is interesting for several reasons, especially when examining it from the perspective of the top industry participants. Coca­Cola, Pepsi­Cola, and Dr Pepper were all invented by pharmacists rather than food experts, and at least partially medicinally motivated. If one was intended to aid digestion, another was meant to rouse you from the dips in your circadian rhythm. It’s incredible how a syrup (or cola) marketed for medicinal use blew up into the cultural phenomenon that most of these brands have become today. I. Industry Participants The biggest players in the global soda industry are The Coca­Cola Company, PepsiCo, and Dr Pepper Snapple Group. All three are American companies which began with the sodas they are named for, and are also most famous for. These three companies have pretty much left all other sodas and soda brands behind in the dust. Some sodas around the world which are famous in their home countries ­ to the point of being labeled as the “national drink” ­ are Inca Kola from Peru, Jarritos from Mexico (which has a large consumer base in the U.S., also), and Thums Up from India. There are others like these, but most of them exist only in their native countries ­ they are produced and sold there, and nowhere else, and are also not exported in very large numbers, if it all. The top three players, however, fill up the top ten sodas list ­ so what is it about these three companies which has taken them all over the globe? Major Players Interestingly, the three companies have a very similar background. Dr Pepper was first invented by a pharmacist named Charles Alderton in 1885. Coca­Cola was developed in 1886, by another pharmacist, John S. Pemberton. And Pepsi­Cola (now simply ‘Pepsi’) was created in 1898 by Caleb Bradham ­ also a pharmacist. From there, each of the companies grew by creating new products, and grew more by acquiring others. Today, each company has hundreds of products and brands, and has expanded beyond carbonated soft drink offerings to include juices, sports drinks, energy drinks, bottled water, coffee, alcohol, and ­ in the case of Pepsi ­ even added snack food items to the mix. On the soda side of things, all three companies have brands in every soda category, from colas to lemon and lime, fruit­flavored to root beer, and everything else in between (I was surprised at how many categories there are in between). Each company is still most famous for the soda it is named for, however, and these names have taken the companies far. Ranking of Top Ten Sodas Globally (by sales) Rank Soda Company 1 Coca­Cola Classic The Coca­Cola Company 2 Diet Coke The Coca­Cola Company 3 Pepsi PepsiCo 4 Mountain Dew PepsiCo 5 Dr Pepper Dr Pepper Snapple Group 6 Sprite The Coca­Cola Company 7 Diet Pepsi PepsiCo 8 Diet Mountain Dew PepsiCo 9 Fanta The Coca­Cola Company 10 Diet Dr Pepper Dr Pepper Snapple Group 1 Ranks sourced from ​
http://www.therichest.com/​
Pemberton’s Coca­Cola originally sold for five cents a glass, with about 9 servings a day in Atlanta, where it was invented. The Coca­Cola Company estimates that today, there 2​
are 1.9 billion servings globally.​
The company generates about 70% of its global sales 3​
through its soda brands.​
PepsiCo is its largest direct competitor, as the two race neck and neck both in terms of products and markets. PepsiCo is much larger than the Coca­Cola Company, but that is after accounting for the fact that PepsiCo acquired Frito­Lay and has an immense food division that adds to its size. In considering carbonated soft drinks, Coca­Cola is still ahead of the game. Dr Pepper Snapple Group actually came to be through an interesting mix of mergers of several companies. Dr Pepper/7Up was a merger, which was then acquired by Cadbury Schweppes, who also acquired the Snapple company and all of its products. Cadbury Schweppes then formed “Cadbury Schweppes Americas Beverages”, by bringing together the Dr Pepper/7Up business, the Snapple business, and two others. Cadbury Schweppes ultimately divested itself of CSAB, creating the Dr Pepper Snapple Group. Through the course of history, Dr Pepper was the first of three colas to be invented, but today, is the smallest company of the group (from DPSG website). II. Expansion Over the years, all three companies have involved themselves in many types of endeavors, acquired all sorts of companies and products, and expanded in every which way (an odd example includes The Coca­Cola Company’s purchase and subsequent sale of Columbia Pictures). For the sake of time, this paper will focus solely on endeavors related to carbonated soft drinks, and will also discuss some of the more prominent ventures rather than all of them, as these companies have operated into nearly every single country in the world. Bottling and Distribution The three companies share the same basic distribution method ­ the parent company produces the syrups and concentrates which are the base of its products, and supplies these 4​
to bottlers, who then manufacture the final soda product for sale and distribution.​
The firms own a large percentage of the bottlers in their own networks in the U.S. through purchases, and employ a combination of joint ventures, acquisitions, and direct investment to create new bottling facilities all around the world. The Coca­Cola Company has 43 bottling plants in China, and by the end 2014, will have invested over $9 billion in the local market since its entry into the Chinese market in 5 6​
1979.​
With the introduction of the Equity Joint Venture Law, The Coca­Cola Company eased its way in by first franchising with Chinese bottling partners. The Chinese government wanted to attract foreign direct investment, but still wished to tightly control any outside ventures, and preferred that foreign firms enter joint venture agreements rather than create their own ventures. Coca­Cola entered many such joint venture agreements before finally setting up a wholly owned subsidiary in 1986, arguing the need to protect its secret formula. It also began acquiring majority shares in bottlers, and investing in the local market to set up its 7
own facilities.​
The Coca­Cola Company has a somewhat dramatic history in India. It first entered and 8​
set up a bottling plant in New Delhi in 1950.​
17 years later, it left the country entirely, as a newly elected government demanded that the firm partner with an Indian entity, and Coca­Cola refused. With its re­entry in 1993, after India began opening up to foreign investments, Coca­Cola attempted to partner with Britannia Industries Ltd., but the venture failed to take off. Coca­Cola then turned its attention to Parle Group, whose carbonated soft drink portfolio commanded 60% of the Indian market share, and this led to one of Coca­Cola’s 9
very few acquisitions.​
PepsiCo actually entered India before Coca­Cola’s re­entry, where it had to comply with an interesting rule dictating that multinationals must use a “hybrid” name to operate in India ­ so Pepsi became Pepsi Era for some time. The local companies which had gained market share and momentum in the wake of Coca­Cola’s exit in 1977 were against PepsiCo entering the country, and also had a lot of political clout with the government in place at the time. PepsiCo attempted to enter through a joint venture with R. P. Goenka, but Goenka was 10
very close to the Gandhi family (who was in power then) and the attempt failed.​
Finally, the firm attempted to enter in Punjab ­ the region was devastated after the government military attack on the Golden Temple and other Sikh temples throughout the area in 1984, and was trying to attract the food processing industry. PepsiCo felt that since the problem was local colas worried about competition from foreign colas, they would initially enter with a food plant, and a fruits and vegetables unit.The firm partnered up with the state­owned Punjab Agro Industries Corporation and put in an application, which led to an intense government and media frenzy, slandering the firm in more than 7, 500 instances of 11
media coverage on the subject, and debating whether it should be allowed in or not.​
Eventually, with immense support from politicians across all parties in Punjab, and stiff terms on the agreement, PepsiCo was cleared to enter India. It began to compete in the soft drinks market, while also focusing on developing agriculture in the country, continuing the initially proposed food and farming units. The firm began to partner with but mostly buy existing bottlers and plants. It faced steep tax issues when bringing the beverages in from outside of certain cities, so it strategically purchased plants in specific areas to circumvent these 12​
issues.​
To a great extent, PepsiCo paved the way for The Coca­Cola Company’s re­entry into the market, because Coca­Cola faced hardly any of the same strict rules as Pepsi when it joined and began to compete in 1993. In the course of global expansion, Dr Pepper Snapple Group has only recently begun making headway. Though it followed quite the same route as the other two companies, in terms of partnering with local distributors, then buying shares or buying out the bottlers to create a consolidated network of distribution in the U.S., it didn’t implement these strategies abroad at such a large scale. Coca­Cola and PepsiCo have operations of considerable size all over the globe, but Dr Pepper’s operations outside of the U.S. are fairly concentrated in Latin America and the Caribbean. In Latin America, the firm operates as Grupo Penafiel and through both its own bottlers as well as third party bottlers. In the Caribbean, it operates as Mott’s Snapple International, and solely through third­party bottlers and distributors. It also has the Canadian subsidiary, Canada Dry Mott’s, where it also primarily operates through 13​
third­party distributors.​
For the most part, Coca­Cola and PepsiCo have distributed and sold Dr Pepper drinks internationally through several licensing agreements, which Dr Pepper Snapple Group has recently begun to repurchase in a strategic bid to expand its own operations. Acquisitions In addition to expansion through foreign direct investment and joint ventures, the companies have myriad acquisitions to their names, which have helped to boost their market prowess overall. One of Coca­Cola’s biggest acquisitions was that of the Parle Group in India, which was like the local PepsiCo ­ a portfolio ranging across soft drinks, juices, and snack items. The main benefit of this acquisition was Parle’s soft drink, Thums Up, which is still considered India’s national drink to this day. To Coca Cola, it was more strategic to acquire the brand than attempt to compete with it. Thums Up was the market leader, with 60% of the market share, and this took Coca­Cola to the top of India’s soda market. Between the brand’s own offerings and the new acquisition, Coca­Cola had taken over. PepsiCo’s only soft drink acquisition, Mirinda, was originally produced in Spain, and was acquired by Pepsi in 1970. Rather than a cola, it is a line of fruit­flavored sodas, and is primarily commercialized outside of the U.S, with the flavors marketed in each country customized to that region’s preferences. Mirinda was marketed so well in India, that many people were under the misperception that it was an Indian brand. Dr Pepper Snapple Group has not made any acquisitions of carbonated soft drinks ­ the sodas in its portfolio are all as a result of the many mergers and acquisitions carried out by its former parent company, Cadbury Schweppes. Marketing and Advertising Though Coca­Cola, Pepsi­Cola, and Dr Pepper were initially served at soda fountains for general consumption, it seems they were marketed as having medicinal benefits, from aiding digestion to decreasing headaches and boosting brainpower. Such advertising of products was not uncommon for many products during that time, but all three companies have come a very long way since then. Each of the companies went on to brand themselves with unique identities and various slogans across the years, but perhaps the biggest reasons for their growth were: 1) aligning themselves with a lifestyle or life philosophy; and 2) celebrity endorsements and sponsorships. a. The Coca­Cola Company Coca­Cola is the one that seemed to take off in a way that neither of the other two sodas did. While both Pepsi and Dr Pepper (and other sodas from each of the parent companies) have a large following in the U.S. and across the globe, Coca­Cola was the one that went on to become one of the most recognizable products (and brands) in the entire world.Though all three companies made a move from being served at soda fountains to being bottled for portable consumption, Coca­Cola took it a step further. In 1916, the then owners of Coca­Cola realized that they were having a problem with imitators, coupled with a lack of consistent packaging and branding of their soft drink. They approved a design for a contoured glass bottle, which would be used across all of Coca­Cola’s bottlers and distributors, and this is the design which went on to make history. The company claims the shape of the bottle has 14​
become so famous, it can even be recognized in the dark.​
Coca­Cola also became one of the only companies to trademark the packaging of its product, registering its bottle for 15​
trademark in 1977​
. Business Insider also delivers these astounding facts: “The red and white Coca­Cola logo is recognized by 94% of the world’s population”, and ‘it’s [sic] name is 16
the second­most understood term in the world, behind “okay”’.​
Coca­Cola markets itself as the “classic” soft drink, and the brand associates itself as being tied to positive, genuine human experiences. Its current slogan is “Open Happiness”, and over the years, it has used slogans like: “Makes Good Things Taste Better”; “Coke Adds Life”; “You Can’t Beat The Feeling”; “Life Tastes Good”; and “The Coke Side of Life”, among 17​
many others.​
Like any good marketer, its slogans internationally are personalized for each region, but most of them play on similar themes and focus on making Coke synonymous with happiness, upliftment, refreshment, and the essential idea that Coca­Cola enhances all good things in life, and no good moment would be complete without it. The company has also aligned itself with myriad social movements, boasting on its website about its water replenishment efforts, green production, and even female empowerment. Among its lengthy list of marketing and advertising tactics ­ which includes, but is not limited to: a can which 18​
splits into two for sharing​
; bottle caps which can be used as pencil sharpeners, 19​
paintbrushes, night lights, and more​
; and soda bottles on which the Coke logo can be 20​
21
replaced with a custom name​
­ are its free fitness classes, launched to combat obesity.​
Celebrity endorsements are hugely important for brands such as these soda companies, and The Coca­Cola Company has consistently aligned itself with extremely popular people from all over the world. Just this year, the Indian branch of the company signed on Deepika Padukone and Farhan Akhtar as brand ambassadors, two of the most 22​
wildly popular actors in Bollywood at the moment​
, to follow a long line of famous actors like 23​
Aishwarya Rai, Salman Khan (Thums Up), Kareena Kapoor (Limca)​
. To provide context, though the names are similar, Bollywood has a much larger cultural impact on Indians than Hollywood does on Americans ­ and Bollywood also has a huge, far­flung fanbase in non­resident Indians living abroad. Along these lines, the company brought Sachin Tendulkar 23​
on board​
­ who is arguably India’s most famous current athlete for its most popular national sport, cricket. This is a formula The Coca­Cola Company has repeated across countries, competing directly with PepsiCo as well as local companies, for the country’s most popular musicians, performers, athletes, and celebrities in general ­ to great success. b. PepsiCo If Coca­Cola is classic, then Pepsi is young, fresh and hip. While the companies are similar in terms of the general tactics they have used, they differ in the overall tone of their brand. What The Coca­Cola Company did with Sprite in the 1990s, PepsiCo has been doing from the start ­ connecting with the youth through what they’re already interested in. Over the years, Pepsi has used slogans like: ​
"The Sociables Prefer Pepsi"; "Now It's Pepsi for Those Who Think Young"; "Pepsi. A Generation Ahead"; "For Those Who Think Young"/"The Joy of Pepsi­Cola"; "Be Young, Have Fun, Drink Pepsi"; "Refresh Everything"/"Every Generation Refreshes the World"; and its current slogan, "Live for Now". Internationally, its slogans play off similar themes of refreshing oneself and refreshing the world; of the next generation shaping the future, with calls to action of (translated), ‘changing the game’ or ‘changing the 24​
world’.​
While Coca­Cola focuses on inducing nostalgia, Pepsi has channeled all of its energy into looking foward and moving with each new generation as it comes of age to inherit the world. Again like Coca­Cola, it has taken a stand on several social endeavors, including (according to PepsiCo’s website): water replenishment; sustainable agriculture and sourcing; recycling and green production; economic development; and humanitarian aid and disaster relief. PepsiCo has also focused a lot of attention on developing hyper­engaging advertisements for its soda brands, like its most recent campaign for Pepsi Max. The company rigged a busy London bus stop to make it appear as if all sorts of fantastical events were occurring around people waiting there ­ such as a rogue tiger roaming the sidewalk, the 25​
arrival of UFOs, tentacles escaping the sewer system and snatching up people, etc.​
Another very recent ad is an interactive video created by the company in anticipation of the 2014 26
World Cup, part of the company’s largest advertising effort to date, covering 100 markets.​
The video follows a stylish young man around Rio, and includes soccer superstars Lionel Messi and Sergio Ramo, as well as a musical appearance from Janelle Monae, and allows 27
viewers to alter the narrative as they watch the video.​
Another example of the company’s strategy to attract the youth is what PepsiCo does with Mountain Dew. PepsiCo noted that mostly teenage boys with fairly specific interests were fans of the soda, and began aligning the brand with skateboarders and other similar 28​
athletes.​
As the drink picked up more and more popularity within that demographic, it cultivated a gamer culture around the brand and marketed the product very directly to young men who play video games, skateboard, or enjoy other “extreme” sports, including launching 29​
a sub­brand of sodas called “Game Fuel”.​
PepsiCo also teamed up with Complex Media on behalf of Mountain Dew to launch a new content platform called “Green Label”, an umbrella initiative which also branches off into “Green Label Art”, “Green Label Sound”, and “Green Label Sports”, and is described by PepsiCo as “​
a new digital destination with a focused 30​
mission to cover the voices and stories of today's youth culture”.​
​
PepsiCo is arguably the most creative of the three big firms when it comes to really targeting and addressing very specific markets, whereas both The Coca­Cola Company and Dr Pepper Snapple Group take the safer route of mass appeal. PepsiCo’s customization of the spelling and pronunciation of its main brand in Argentina and Spain ­ changing it to “Pesci” and “Pesi”, respectively ­ was a huge hit in both markets, as it struck a chord there in a way that was very personal and 31​
specific to those markets.​
In Japan, PepsiCo launched the superhero “Pepsiman”, who saves citizens from thirst by arriving on the scene and supplying them with Pepsi. The company launched commercials and even a video game featuring Pepsiman, playing off the 32​
Japanese culture of cartoons, comics, and heroes.​
PepsiCo has repeatedly spent great amounts of effort to truly customize its advertising efforts for the various markets it participates in, and these efforts have been consistently well­received. c. Dr Pepper Snapple Group The smallest of the three companies, Dr Pepper had its work cut out for it from the very beginning. Both an advantage and a disadvantage, the cola has a significantly different flavor from the other two, more traditional­tasting sodas (which is ironic, as Dr Pepper was invented first). Over the years, Dr Pepper has marketed itself with slogans which reflect and attempt to put a positive spin on its unique flavor, like: “Dr Pepper has 23 flavors”; “America’s Most Misunderstood Soft Drink”; “The Most Original Soft Drink Ever”; "Out of the Ordinary. Like You."; "Expect the Unexpected!"; "Dr Pepper, so misunderstood"; "There's more to it."; and its current slogan, “"Always One of a Kind". Highlighting the disadvantage side is a slogan it employed in the UK ­ “Dr Pepper, what’s the worst that could happen?” ­ to address the issue that people were wary of what the soda might taste like, and therefore avoiding it altogether. Despite that, the soda has managed to garner a sizeable following, and brands itself as just ​
different​
. Much like Pepsi, the company has focused its attention on connecting with young people through music and entertainment ­ essentially all of the pop culture it can get its hands on. One of the campaigns it ran in the US centered around the slogan, “Drink it slow. Doctor’s orders.”, which featured such prominent cultural icons as Julius Erving (famously nicknamed Dr. J), Dr. Dre, Gene Simmons (sang Dr. Love), and Neil Patrick Harris (for his role as Doogie Howser, child doctor) in ad spots. The celebrities would extoll the virtues of the soft drink ­ namely its unique taste ­ and end the spots with the line, “Trust Me ­ I’m a Doctor”. The company’s websites for both Dr Pepper and 7Up are extremely music, concert, and entertainment focused. It has also launched an initiative entitled “One of a Kind Studio Sessions” under the Dr Pepper banner, in partnership with Complex Media Group, through which the company has brought together three producers and four music artists to launch a total of three EPs. The firm even built a studio space for the endeavor, and plans to distribute 33​
the resulting musical collaborations itself.​
Dr Pepper partnered with Macklemore & Ryan Lewis, and Romeo Santos for multi­tiered endorsement campaigns, making space for itself as Coke and Pepsi battle it out on the endorsements and sponsorships front. The firm launched a musical initiative for its 7Up brand, as well. 7Up identified Electronic Dance Music as the route which will help it connect with the youth and Hispanic market, and the 7x7Up program is worldwide concert and tour effort. According to Eric Blackwood, Director­marketing at 7Up, “‘EDM is just starting to add brands to its events’”, and when asked about its direct competitor, Sprite, he said, “‘It doesn’t just set us apart from Sprite, it sets us apart from the flavor 34​
segment overall’”.​
Internationally, Dr Pepper has not created as comprehensive a marketing strategy as it has at home, but it has consistently played up the theme of uniqueness, by focusing on its own very different qualities. This has created a type of brand loyalty that neither Coca­Cola nor Pepsi have experienced to date ­ Dr Pepper fans are very vocal about their love for the soda, quick to defend it in all its quirky glory, and the brand continues to create marketing campaigns to foster this feeling. III. Regulations Any firm operating internationally must concern itself with local laws regarding investment, acquisitions, and operations, but it must also concern itself with local labor and health laws. So many of the issues which affected the global industry affect nearly every industry: restrictions on foreign direct investment until liberalization policies began to be introduced; fluctuating economies and currencies; labor laws governing wages, hours, and conditions; food and health laws restricting the usage of certain ingredients or requiring specific methods of production. Our major players did not escape any of these, and were plagued with problems and controversies. What makes this interesting is the unique space that sodas occupy today in regards to how the product itself has become so controversial. Government regulation in terms of operations and investments were covered in the expansion section above. Below, controversies and other regulations will be explored. Controversies Both Coca­Cola and Pepsi have faced major accusations that the firms’ operations contribute to water scarcity in countries like India. Locals have protested to have the companies kicked out of their areas, and the country altogether, with a plant in Kerala, an especially affected area, was temporarily shut down due to the severity of the situation. Coca­Cola and Pepsi have both taken action to address these issues, introducing water replenishment endeavors, as well as attempting to use less water in the production process 35
overall.​
Coca­Cola also became the center of a huge labor and human rights violations controversy in Colombia. The company was accused of collaborating with paramilitaries to interfere with unionization of its workers, including allegations of threats, violence, and even murder. Several people were killed, and the company argues it was as a result of the decades­long civil war in Colombia, and that Coke just got caught in the middle. The case does highlight, however, risks of doing business in unstable places, and also how the firm will be held responsible for anything that occurs all the way through its supply chain ­ in this case, it was actually an independent Colombian bottler around which the controversy was 36 centered.​
Health Issues Soda in itself has become a highly controversial product, with heated debates on the effects of sugar, artificial sweeteners, dyes, and other chemical ingredients. Soda consumption has fallen considerably in the U.S., as consumers turn to healthier options, and 37​
soda companies focus on developing markets.​
Soda companies find themselves mired in legal battles, and dealing with consumer awareness campaigns regarding such things as 38​
39​
caramel coloring in colas​
, the use of aspartame in diet sodas​
, and even GMO 40​
controversies​
. In 2012, California voted on Proposition 37, which could require the labeling of genetically modified food. Coca­Cola, PepsiCo, and countless other companies heavily 41​
funded the ‘No on Proposition 37’ campaign,​
which drew even more negative attention from consumers already wary of the ingredients of the companies’ products. The worry about the negative effects of soda didn’t stop there. In an immensely controversial move, Mayor Bloomberg of New York City attempted to legislate the serving size of sodas in establishments in his city. The Board of Health approved the ban on serving sizes larger than 16 ounces, but the law was ultimately rejected by a state appeals court, saying the mayor had overstepped his authority in imposing the ban. Of course beverage makers and business groups challenged the ban in court, but consumer reaction was varied, “​
as public health advocates praised the plan while critics decried Bloomberg for trying to create a 42​
‘"nanny state.’"​
Mayor Bloomberg was not alone, however. A recent survey on the west 43​
coast found that two thirds of people are in support of a soda tax​
, with taxes on sodas 44
already in effect in places like France, Mexico, Norway, and even some U.S. States.​
Conclusion Part of why this industry is so interesting is because it is almost like observing a nation­state’s economic operations. The industry is so large, involved, and complex, and it is fascinating to watch the firms navigate their way through this market. The implications are interesting ­ while fascinating, it was also a little saddening to see that three firms are ruling the global soda industry. This means that whatever these three firms are willing to create, to use, is what is available to everyone across the world. Studying how these firms entered foreign markets really highlight the inner workings of a government when it is trying to think of the best interests of its country. FDI was restricted in order to protect local firms, and then trade liberalization revolutionized everything, because suddenly it was better for the country if foreign firms operated there. Tracing the growth of Coca­Cola and Pepsi in India, especially, was like a roller coaster ­ emotions ran high across the board as everyone served their own interests, and the resulting marketplace is interesting. We should care about how these firms operate, because wherever they do operate, life is affected in a wide variety of ways. The economy of the country, the health, wellbeing and prosperity of the people, and even the culture of the upcoming generations is at least partially shaped by the global soda industry, which is essentially The Coca­Cola Company, PepsiCo, and Dr Pepper Snapple Group. Sources 1. ​
http://www.therichest.com/rich­list/most­popular/the­top­10­bestselling­soft­drinks/ 2. ​
http://www.worldofcoca­cola.com/coca­cola­facts/coca­cola­history/ 3. Ibid. 4. ​
http://www.coca­colacompany.com/our­company/the­coca­cola­system 5. ​
http://www.chinadaily.com.cn/business/2012­03/30/content_14948786.htm 6.​
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http://www.academia.edu/6375456/Coca_Cola_A_Global_Brands_Experience_in_China_past_decisions_
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ttp://www.bloomberg.com/news/2012­04­17/pepsico­aims­to­bring­urban­cool­to­mountain­dew­image­r
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http://www.pepsico.com/PressRelease/Mountain­Dew­Green­Label­Platform­Evolves­Through­Partnershi
p­with­Complex­Media04292013.html 31. ​
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ng­agent.html 39. ​
http://www.foodnavigator­asia.com/Formulation/Indonesia­consults­on­aspartame­sweetener­use­in­food 40.​
http://www.forbes.com/sites/amywestervelt/2012/08/22/monsanto­dupont­spending­millions­to­oppose­ca
lifornias­gmo­labeling­law/ 41. Ibid. 42. ​
http://www.reuters.com/article/2013/07/30/us­sodaban­lawsuit­idUSBRE96T0UT20130730 43.​
http://www.nydailynews.com/life­style/health/california­supports­soda­tax­article­1.1820094 44. ​
http://www.huffingtonpost.com/2013/11/01/soda­tax­obesity­uk_n_4191048.html