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Coca-Cola plans to boost marketing as lockdowns ease and sales drop 28%

With an advertising budget that grew 3.2% to $4.25 billion last year, Coca-Cola provides important insights into marketing trends among major brands. The company’s plans to increase marketing in the second half of the year are significant after CEO James Quincey three months ago said in an earnings call that Coke “would pause sizable marketing campaigns through the early stages of the crisis and reengage when the timing is right.” A month earlier, Coke withdrew its revenue guidance for the remainder of the year — after previously forecasting organic growth of 5% — because of the negative effects of pandemic lockdowns on out-of-home venues like restaurants, theaters and sports stadiums, CNBC reported.

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