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A Strategic Analysis of PepsiCo

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Abstract

This report provides an in-depth strategic analysis and evaluation of PepsiCo in the food and

beverages industry. PepsiCo is one of the largest food and beverages brands in the world.

However, its status in the market is threatened by the regular changes in the market that are

triggered by stiff competition, technological advancements, changing consumer preferences and

business liberalization. As such, this analysis explores the company’s strategic advantages that

need to be strengthened for the company to maintain its status and continue on an upward trend.

More specifically, this report explores PepsiCo’s internal and external environments, industry,

and competition. This includes an examination of external and internal factors that may affect the

company, the company’s competitive positioning and analysis of the value chain created by the

company to survive in the food and beverage industry. Based on the finding of the analysis, the

report will conclude with a summary of recommendations that should be considered by PepsiCo

to manage its strategic intent.

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Table of Contents
Abstract......................................................................................................................................................2
The Background....................................................................................................................................4
Company Overview...............................................................................................................................4
PepsiCo’s Mission and Vision Statements...........................................................................................5
External Analysis.......................................................................................................................................5
Economic Factors..................................................................................................................................6
Social Factors.........................................................................................................................................7
Technological Factors............................................................................................................................7
Environmental Factors..........................................................................................................................7
Legal Factors..........................................................................................................................................8
Industry Analysis.......................................................................................................................................8
Competitive Rivalry..............................................................................................................................9
Consumers’ Bargaining Powers...........................................................................................................9
Suppliers’ Bargaining Powers............................................................................................................10
Threats from Substitute Goods and Services....................................................................................10
Threats from New Entrants................................................................................................................10
Competitive Analysis...........................................................................................................................11
Internal Analysis......................................................................................................................................11
Revenue and Profit Streams...............................................................................................................11
PepsiCo’s Internal Stakeholders........................................................................................................13
Management and Board of Directors...............................................................................................13
Employees.........................................................................................................................................14
Shareholders.....................................................................................................................................14
SWOT Analysis........................................................................................................................................14
Strengths..............................................................................................................................................15
Weaknesses..........................................................................................................................................16
Opportunities.......................................................................................................................................16
Threats.................................................................................................................................................17
Conclusion and Recommendations........................................................................................................17
References.................................................................................................................................................19
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Introduction
The Background

Modern corporations operate in a highly volatile business environment that offers

opportunities and threats. Due to the turbulent nature of the market, companies and other

business organizations are forced to adopt various strategic management practices to grow or

maintain their status (Inyang & Egor, 2017). One of the widely utilized management tools is a

strategic analysis which involves an evaluation of a company’s current working environment and

the determination of workable alternatives that could better the environment (Vaitkevicius,

2006). Based on the relevance of strategic analysis in the modern business environment, this

paper explores PepsiCo's business environment with a major focus on alternative strategies that

the company can adopt to increase its market position. The paper examines PepsiCo's internal

environment, external environment, competitors, and financial prowess in the non-alcoholic

beverages industry.

Company Overview

PepsiCo Inc., commonly referred to as PepsiCo, is an American multinational food,

snacks, and beverages company. PepsiCo was founded in 1898 by Caleb Bradham under the

name Pepsi-Cola Company which solely dealt with the manufacture and distribution of non-

alcoholic beverages (Muzumdar, 2014). However, in 1965, the company merged with Frito-Lay

Inc. It diversified its range of products to include food and beverages such as Pepsi Cola,

Doritos, Lays, Mountain Dew, Pepsi Diet, Cheetos, Mirinda, Ruffles, Aquafina, Quaker, and

Tropicana, among other products (PepsiCo, 2022). The company also expanded its operations

from the United States to more than 200 countries worldwide. PepsiCo’s success in the food and

beverages industry has not only earned the company expanded revenues and profits but has also

been recognized as one of the top brands in the industry (Muzumdar, 2014). Its success makes
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the company an ideal study point for strategic analysis and relevance in the contemporary

business environment.

PepsiCo’s Mission and Vision Statements

Strategic paths and decisions are often guided by a company's mission and vision

statement, which outlines its desired objectives and directions to achieve them. Every

organization or company takes a unique path to achieve its long, and short-term objectives,

which informs the strategic management frameworks (Muzumdar, 2014). PepsiCo’s vision

statement is ‘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.' The company focuses on three major objectives: achieving top financial

performance, sustainability, and corporate social responsibility (PepsiCo, 2022). On the other

hand, its mission is 'to provide consumers around the world with delicious, affordable,

convenient, and complementary foods and beverages from wholesome breakfasts to healthy and

fun daytime snacks and beverages to evening treats.’ Essentially, the mission is directed at

offering value to the customers using many dimensions.

External Analysis

PepsiCo’s external environment analysis involves an in-depth review of macroeconomic

factors that constantly affect the company’s external forces (Meyer, 2017). As such, the analysis

will be anchored on a PESTEL framework which is an acronym that stands for political,

economic, social, technological, environmental, and legal factors. Often, the external factors as

mentioned by Meyer (2017), affect the operations of a company externally and the company may

lack control over them. As such, strategic solutions thereto should be to avoid their effects rather

than to eliminate them.

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Political Factors
According to Pearce and Robinson (2015), considering political factors in the

contemporary market is critical because they define the legal and regulatory framework from

which a company must operate. Since PepsiCo operates in more than 200 countries and

territories worldwide, its operations are largely exposed to different types of political

environments and risks. As such, the company must critically consider all political factors that

play in its areas of operation. More specifically, PepsiCo should consider tax, labor, and

environmental laws and incorporate them within the company's strategic management decisions

to have good corporate governance and compliance. For instance, the United States has

introduced a soda and sugary drinks tax which Bentley (2019) describes as a government

initiative to discourage its citizens from consuming the drinks to curb obesity and other related

diseases.

Economic Factors

Like many other multinational corporates, PepsiCo is widely vulnerable to economic

factors such as inflation, economic instability, and recessions. For instance, in 2020 and within

the Coronavirus pandemic, PepsiCo reported a decline in revenues by about 3%. Consequently,

the company utilized almost $400 million on pandemic-related costs, such as purchasing

personal protective gear for its employees across the world (Lucas, 2020). It meant a significant

reduction in the company's profitability and market share in the food and beverages industry.

Similarly, PepsiCo's operations in many countries across the world expose it to economic

downturns, such as foreign exchange and interest rate fluctuations (Meyer, 2017). Since the

products are sold in local currency, PepsiCo is prone to currency fluctuations and economic

downturns in specific territories.

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Social Factors

The most significant social factor affecting PepsiCo's operations is its reputation as a

company that produces foods and beverages high in fats, sugar, and salt (Meyer, 2017).

Presently, more and more consumers are becoming conscious of their health and are actively

seeking products with health benefits. Besides, information on each product in the market is

readily available on the internet. As such, consumers can easily locate information on the harm

derived from products sold by the company. This change in consumer preferences has triggered

rapid changes in PepsiCo's product portfolio with the inclusion of diet sodas (Muzumdar, 2014).

Consequently, the company is actively involved in campaigns that motivate people to check their

health regularly.

Technological Factors

It is undeniable that PepsiCo is thriving in its business because of its fusion with

technological infrastructure. According to Marr (2019), PepsiCo has fused artificial intelligence

and machine learning, among other technological innovations, to streamline its operations,

production, sales, and human resource management. For instance, the company applies machine

learning algorithms in its Frito-Lay chips to ensure quality and the right texture (Marr, 2019).

Additionally, the company has embraced e-commerce to increase its sales in some markets and

ensure customer satisfaction by achieving their preferences.

Environmental Factors

PepsiCo's brand image and supply chain is linked to numerous environmental concerns.

The company needs to consider all ecological issues and trends affecting customers, employees,

and society. According to Meyer (2017), the specific environmental factors that affect PepsiCo

include climate change, expectations for the disposal of waste, and the focus on sustainability.
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Consumers and other stakeholders are now pushing companies in the industry to increase their

focus on sustainability, including improving waste disposal techniques such as recycling. On the

other hand, PepsiCo's business model is critically affected by climate change which affects its

packaging decisions and business in many parts of the world.

Legal Factors

PepsiCo's business model is influenced by legal requirements limiting its operations.

According to Meyer (2017), PepsiCo's operation as a food and beverage company is affected

heavily by health and product safety regulations, promotion and advertisement regulations, and

regulations on the use of genetically modified ingredients. In the food and beverages industry

across the globe, they are numerous laws and regulations that guide the consumption of food

(Meyer, 2017). This is triggered by the urge of government agencies to protect their people from

consuming harmful or low quality products. As such, the company is expected to correctly align

with the regulations to avoid closure or disruption of business in its areas of operation.

Industry Analysis

This part of the analysis explores PepsiCo’s specific branch of manufacturing, service, or

trade to understand its industry of operation as well as its competitors (CFA Institute, 2022). The

industry analysis is therefore anchored on Porter’s five forces of competition which include

competitive rivalry, bargaining powers of the consumers, bargaining powers of the suppliers,

threats from substitute goods and services, and threats from new business entrants. Each of these

dimensions affect the operations of a company uniquely and should be addressed separately.

PepsiCo’s standing relative to these factors is illustrated in the diagram below;

Diagram 1:

PepsiCo’s Industry Assessment under Porter’s Five Competitive Forces

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Consumers' Bargaining Powers (High) Suppliers' bargaining powers (Low)

Competitive Rivalry (High)

Threats from Substitutes (High) Threats from new entrants (Low)

Competitive Rivalry

The competitive rivalry between PepsiCo and its main competitor, The Coca-Cola

Company, is relatively moderate compared to other competitors who lack a matching market

share to initiate price wars (Dudovskiy, 2016). However, the competitive rivalry between

PepsiCo and other companies is assessed to be high based on other factors such as the

aggressiveness of the industry, the number of companies in the industry, and the switching costs

involved. According to Smithson (2017), most firms in the food and beverages industry are very

aggressive with numerous product and marketing innovations that exert pressure on PepsiCo.

Consequently, consumers in the industry can shift from one product to another, thus making

PepsiCo very vigilant about its position in the market.

Consumers’ Bargaining Powers

PepsiCo holds its customers in high regard since their concerns are engraved in the

company's mission statement. As such, the customers' effects on the company's operations and

competitiveness are assessed to be high. Notably, consumers can easily change from one firm to

another in the food and beverages industry, thus making PepsiCo vulnerable to the demands of

its customers (Smithson, 2017). Further, Dudovskiy (2016) noted that the company has high-end

customers, such as food service stores and restaurants, who have large economies of scale that

can influence the company's operations.

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Suppliers’ Bargaining Powers

PepsiCo’s suppliers are quite important since they provide the company with raw

materials such as flavoring, sugar, caffeine, and packaging tools to enable the sale of its

products. However, the company has significant control over the suppliers because all the

suppliers must comply with the company’s quality standards and supply chain management

policies (Dudovskiy, 2016). The supplier's bargaining power force is also assessed to be weak

because PepsiCo has numerous suppliers in its portfolio. Most suppliers are farmers who do not

have the market capacity to influence the company's operations (Smithson, 2017). The

company's standards and policies limit the suppliers' operations.

Threats from Substitute Goods and Services

Other products can easily substitute PepsiCo's portfolio of products in the market based

on consumer preferences and other variables (Smithson, 2017). In the contemporary market,

consumers highly prefer affordable and healthy food and beverage products (Kim & Yoffie,

2011). As such, it is very easy for consumers to shift from PepsiCo products to other readily

available products because they are affordable and healthy to consume.

Threats from New Entrants

The food and beverages industry from which PepsiCo operates is structured in a way that

new entrants will have minimal to no influence on the operations of established companies. For

instance, according to Williams (2019), PepsiCo’s prowess in the food and beverages industry is

primarily anchored on effective advertisements and product differentiation rather than price

wars. Additionally, potential new entrants in the market have relatively small economies of scale

due to their small sizes to compete effectively with PepsiCo in the industry (Dudovskiy, 2016).
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Therefore, this leads to the overall assessment of the threats to new entrants' force as weak and

insignificant on PepsiCo and other established companies in the industry.

Competitive Analysis

PepsiCo's main competitor in the food and beverages industry is the Coca-Cola

Company. These two companies command the world's largest share of the soft drinks industry.

For instance, PepsiCo and The Coca-Cola Company claim 67% of the non-alcoholic beverages

industry in the United States. As of 2020, PepsiCo significantly increased its market share from

19.45% to approximately 49.2%, with a market capitalization of $188.6 billion (PepsiCo, 2021).

However, PepsiCo still trails behind The Coca-Cola Company, which is considered the world

leader in the food and beverages industry (PepsiCo, 2022). Other competitors in the industry

include Dr. Pepper, Monster Beverage Corporation, Unilever, Nestle, Redbull, and General

Mills.

Internal Analysis

This phase of the analysis involved an in-depth exploration of PepsiCo’s internal structures,

including its revenue stream, profits stream, management structure, shareholders, employees, and

a comprehensive SWOT analysis.

Revenue and Profit Streams

PepsiCo has two primary revenue segments; Food and Beverages. In the 2021 financial

year, the food segment had a net revenue percentage of about 54%, whereas the beverage

segment had a net revenue percentage of about 46% (PepsiCo, 2022). The company’s main

segments are further subdivided into other smaller segments, which include Frito-Lay North

America, Quaker Foods North America, PepsiCo Beverages North America, Latin America,

Europe, Africa, the Middle East, South Asia, the Asia Pacific, Australia, New Zealand, and
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China Region (PepsiCo, 2022). The analysis of revenue generated from these segments in the

2021 financial year is illustrated in the graphical presentation below;

Graph 1:

PepsiCo’s Revenue as Per Revenue Segments

PepsiCo Revenue by Segments

Frito-Lay North America

Quaker Foods North America
6% 4% PepsiCo Beverages North America
25%
Latin America
18% Europe
Africa, Middle East and Sout Asia
4%
Asia Pacific, Australia, and New Zea-
11% land, and China

32%

On the other hand, PepsiCo reports its profits based on two major segments; the United

States and other regions. In the 2021 financial year, the company's reported net profits in the

United States were 58%, while that reported from other regions was 42% of the total profits

(PepsiCo, 2022). The company also reports its profits based on the multiple divisions of revenue,

as illustrated in the graph below;

Graph 2:

PepsiCo’s Segmental Operating Profits

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PepsiCo's Operating Profits per Segment

Frito-Lay North America
Quaker Foods North America
6%4% PepsiCo Beverages North America
11% Latin America
Europe
45%
10% Africa, Middle East and Sout Asia
Asia Pacific, Australia, and New Zea-
land, and China
19%
5%

PepsiCo’s Internal Stakeholders

Undoubtedly, PepsiCo has a diverse group of internal stakeholders, each with specific

needs and priorities in the company. According to Rahman (2022), PepsiCo's internal

stakeholders are people or organizations with something to gain or lose from the company's

operations. They include employees, shareholders, management, and the government.

Management and Board of Directors

PepsiCo’s leadership and management are structured on two main units; the executive

leadership unit and the board of directors (PepsiCo, 2022). Both units are headed by the

company chairman and chief executive officer. As of 2021, the company’s chairman and the

chief executive officer was Ramon Laguarta. The company’s chief executive officer is then

supported by other executive officers who primarily head the various revenue segments of the

company (PepsiCo, 2022). This team is entrusted with formulating the company's strategic

movements and ascertaining the achievement of all the strategies as required by the shareholders.

Employees

According to Macrotrends (2022), PepsiCo has employed roughly 309,000 employees

worldwide. Essentially, the company has been growing its employees over the years, and the
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number of employees in 2021 represents a 6.09% increase from the company's employees in

2020 (Macrotrends, 2022). This growth in employees is structured on the company’s strategic

belief that human capital management, including attracting, developing, and retaining a quality

workforce, is essential to the long-term success of an organization (PepsiCo, 2022). As such, the

company has put adequate mechanisms to recruit, train and retain its employees for

competitiveness in the industry.

Shareholders

Shareholders are essentially the owners of the company. In the 2021 financial year,

PepsiCo's number of issued shares was approximately 1.867 billion, with institutional

shareholders owning about 73.55% of the shares and the rest being owned by individual

shareholders (CNN, 2022). This means that individual shareholders have minimal influence on

the strategic decision adopted by the company. On the other hand, institutional stockholders can

significantly influence PepsiCo's operations, strategies, and policies.

SWOT Analysis

Despite the numerous advantages accrued to PepsiCo due to its operation in the food and

beverages industry, the industry is prone to competition that requires regular assessment of the

company's strategies to ascertain alignment with the market requirements. Ideally, the company

should capitalize on its core competencies in the industry and business synergies, such as

innovations and technology, to avoid missing out on underlying opportunities (Holbrook, 2005).

Therefore, a company's SWOT analysis entails an in-depth determination of its strengths and

weaknesses and how to structure them to capitalize on opportunities and minimize threats (Daft,

2018). The analysis offers an organized review of PepsiCo's internal and external business
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structures to outline the company's strategic position in the market relative to other players. The

diagram below represents PepsiCo's SWOT matrix.

Diagram 2:

PepsiCo’s SWOT Matrix

Strengths Weaknesses
 A strong brand equity  Weak distribution channels.
 Highly diversified portfolio  Lack of strategic focus on the marketing
 An extremely loyal customer base of the products.
 Global presence  A negative perception of the company
products.
Opportunities Threats
 Increasing demand for healthy products  Threats from substitute products
 Potential expansion into emerging  Environmental threats
markets outside the united states

Strengths

Despite the occasional anomalies, PepsiCo remains the second largest food and beverage

company in the world after the Coca-Cola Company. The company’s position in the market is

triggered by its brand equity and highly diversified portfolio of products. According to Forbes

(2019), PepsiCo was ranked 29th among the most valuable brands in the world. Miguel (2020),

on the other hand, mentioned that PepsiCo leverages its upward trend not only from the prowess

of its management team but also from the range of its products, including 22 brands of food and

beverages. Having a diversified portfolio helps the company from fluctuations in revenue and

profitability triggered by changes in customer preferences and recessions in some markets. Apart

from that, PepsiCo also depends heavily on its range of loyal customers that cut across more than
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200 countries and territories worldwide (Miguel, 2020). The customers increase the company’s

income and maintain the company’s position in the food and beverages industry.

Weaknesses

PepsiCo's weaknesses in the market include having a weak distribution channel, lacking

an effective marketing strategy for its product, and the rampant negative perception of its

products among potential customers. Unlike its main competitor, the Coca-Cola Company,

PepsiCo is directly involved in manufacturing and distributing its products across the targeted

markets. This strategy increased the company's costs, especially market entry costs, which

hindered its expansion capability. Consequently, PepsiCo's marketing strategy for its products is

overridden by other companies in the industry. This hinders the growth of some of its products

which have minimal recognition in some markets. According to Muzumdar (2014), PepsiCo’s

primary disadvantage in the market is the manufacture and sale of products that many potential

customers consider unhealthy. As such, the company has to effectively market its products to

increase its sales among customers in its various operating areas.

Opportunities

Some of the opportunities available for PepsiCo are business diversification into

emerging and potential markets and global alliances with complementary businesses. For

instance, PepsiCo can consider increasing its business outside the food and beverage industry by

merging or acquiring companies in other operations (Muzumdar, 2014). Consequently, the

company can increase its market share in the food and beverage industry by exploring other

markets outside the United States and Europe. This would ensure that the company keeps its

brand as a global leader in the food and beverage industry, complemented by increasing revenues

and profits. Another underlying opportunity for PepsiCo is the venture into the production of
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healthy foods and beverages as desired by customers in contemporary markets (Muzumdar,

2014). Such opportunities include the production of sugarless drinks, consideration of vegan

products, and the use of organically raised ingredients. These can effectively increase the

company's customer base and reputation as a health-conscious company.

Threats

PepsiCo's threats are significantly triggered by two rising global market trends: concern

for healthy living and environmental threats. From the above discussions, it is evident that

PepsiCo has not adequately invested in and developed products that suit the concerns of

consumers that are committed to maintaining a healthy lifestyle. The company's products are

currently not considered healthy because they contain high levels of fats, sugar, and salt. Another

threatening issue to PepsiCo's operations and expansion to other areas is the concern about the

company's effects on the environment. Although numerous effects have been made to improve

PepsiCo's waste management and achievement of sustainable goals, many stakeholders,

especially society, feel that the company's packaging is still a menace to the environment.

Conclusion and Recommendations

PepsiCo's strategic path and decisions have proved to be effective and solid over the year

judging from its position in the market and trend of growth. The company has existed for

decades and is considered the send largest food and beverages company after the Coca-Cola

Company. With this status, it is undoubted that the company's management team and leadership

are adequately competent to take the company to the next level. Although the company does not

need significant changes in its strategic plan, this analysis identifies specific strategic gaps that

need to be sealed by the management for the company to effectively and efficiently realize its

organizational goals.
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Firstly, PepsiCo's management should consider diversification of the company's product

portfolio to include healthy and safe foods and beverages. Notably, a significant percentage of

the world's population is drifting to the consumption of healthy snacks and drinks rather than

tasty and expensive products. As such, the short-term consideration of the company should be a

reassessment of its product's calories and the development of healthy product options for its

customers to choose from. Another strategic decision to be made by PepsiCo's management is an

adequate expansion of operations to other emerging markets in the world. Unlike its competitors,

PepsiCo has expanded to other regions but still depends on the United States and Europe

regarding profitability and market share. Effective expansion to other markets would increase the

company's customer base, brand recognition, and overall market share.

Another strategic decision or path to be considered by PepsiCo in its operations is the

initiation of cost-saving measures in its supply chain and general operations. The current

business model of PepsiCo does not encourage lean manufacturing and distribution of goods to

potential customers. As such, the company is losing a significant percentage of its revenue and

profitability to unnecessary costs. The objectives here would be streamlining the company's

operations, restructuring the company's distribution network, and adopting a lean supply chain

strategy to reduce the cost and waste applied to the company. Essentially, these initiatives would

increase the company's revenues, profits, and position in the food and beverages industry.
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