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What Happened:

What it Means:

1985, soft drink Coca-Cola is considering a makeover.With upstart Pepsi finding increasing acceptance and gaining the upper hand in the Cola Wars, Coca-Cola’s market share dipped to 23% in 1983, as compared to nearly 60% in the early 50s. When Roberto Goizueta took over as CEO of Coca-Cola, he said there would be no ‘holy cows’ in the company, indicating that the company was willing to relook at its classic soft-drink formulation. Also, there was a perception that younger consumers drank Pepsi because of its sweeter taste.After a series of market research studies (most of which were positive), Coca-Cola launched a newer, sweeter version of the soft drink called New Coke on April 23, 1985. The response was unprecedented. The company received 4,00,000 irate calls and letters. A class-action suit was filed by a consumer who started an organisation called Old Cola Drinkers of America¸ ostensibly to bring the old flavour back. Even Cuban dictator Fidel Castro lashed at New Coke, calling it a sign of American capitalist decadence. Less than three months later, Coke reverted to its classic formula.If you want to change an iconic product, do it gradually.