Coca-Cola was a dominant brand in the cola market in the 1940s-1960s.
Pepsi-Cola attempted to challenge Coca-Cola's market dominance multiple times.
Pepsi-Cola targeted a niche market of younger consumers.
🥤 Pepsi began gaining market share from Coca-Cola in the 70s and 80s, particularly among younger consumers.
🔀 Pepsi's successful advertising campaigns and tastings led Coca-Cola to react by changing the formula and taste of their product.
💡 Coca-Cola's decision to change their formula was a strategic move to compete with Pepsi and regain market leadership.
🥤 Coca Cola conducted blind taste tests to develop a new Coke.
👥 People's opinions on the new Coke varied, with 75% liking it, 15% indifferent, and 10% hating it.
🗣️ The negative opinions of the 10% influenced others, leading to protests and the formation of anti-New Coke associations.
🥤 The controversy surrounding the New Coke led to a debate on taste, racial and political issues.
🗣️ Public figures expressed strong opinions, and media outlets including 'Time' covered the story extensively.
☎️ Coca-Cola faced a significant backlash, receiving numerous complaints and hiring a psychiatrist to understand consumer sentiment.
⚡️ The introduction of New Coke by Coca Cola was a historic failure that led to a significant decrease in stock value.
📉 Despite initial positive feedback, consumer opinion drastically shifted and only 13% of people approved of the new flavor.
🔁 Coca Cola had to publicly admit their mistake, reintroduce the original flavor, and label it as 'Classic' to regain consumer trust.
📰 A small but vocal minority can distort reality and impose their ideas on others, even when they are quantitatively in the minority.
🤝 Many people are influenced by those who are more active and vocal, leading to a phenomenon of conformity and herd mentality.
💡 It is important to consider that decisions made based on a small percentage of comments may not represent the silent majority or the true sentiments of the audience.
🥤 The video discusses the historic failure of Coca Cola with the New Coke.
💼 Companies that take risks and make changes to their business models face difficulty, but also have the potential for growth and success.
📊 It is important for businesses to analyze their direction and make informed decisions based on the relative numbers and market trends.
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