Remember the slogan, "Coke is it!"? That's the one Coca-Cola (KO -0.51%) used back in 1982 to promote its eponymous beverage.

That phrase pops into my head when I think of this company that has it all -- from a solid earnings track record to dividend growth. And this is all thanks to Coca-Cola's brand strength and presence in more than 200 countries worldwide.

But there's one thing that some worry about, and that's growth. Coca-Cola already dominates the carbonated soft-drink market. So is there any room to increase earnings over time?

As a matter of fact, there is. And one particular market could be this beverage-giant's ticket to growth. Let's check it out.

From Sprite to Fanta

If you live in the U.S. and many other parts of the world, Coca-Cola products surround you. The company sells everything from Sprite to Fanta in the sparkling category. But there's more. Coca-Cola also brings to you water like Dasani, juice brands such as Minute Maid -- and many other drinks.

As the world's largest non-alcoholic beverage company, Coca-Cola has a 14% volume share across developed markets. In developed countries, or those sometimes referred to as first-world countries, Coca-Cola's beverages are consumed by many.

But that isn't the case in developing and emerging markets, and this represents an enormous opportunity for the beverage powerhouse. Today, in these areas, about 30% of beverage consumption is commercialized, versus 70% in the developed world. At the same time, developing and emerging markets represent 80% of the world's population.

Right now, Coca-Cola holds a 6% volume share in the developing and emerging world. Considering this and the number of people living in these areas, the company has plenty of room for growth.

Last year, Coca-Cola reported strength in India, in particular. The country gained in unit case volume and in its share of non-alcoholic ready-to-drink beverages. Chief Executive Officer James Quincey considers the opportunity in that country as "huge." He noted India's growth across the board, from range of brands to distribution. He also said in the fourth-quarter earnings call, "India exemplifies the very long-term opportunity of a whole set of emerging markets."

Of course, this won't happen overnight. And in some of Coca-Cola's emerging markets, various factors may limit overall revenue growth. For example, the suspension of operations in Russia weighed on unit case volume in the first quarter of this year. Still, over the long term, if the beverage maker wins in even a few of its developing and emerging markets, earnings could significantly benefit. And that may act as a catalyst for share-price growth.

Growing in the developed world, too

At the same time, Coca-Cola's growth in the developed world isn't over -- and you can count on the company for dividend payments over time. In the most recent quarter, due in part to Coca-Cola's brand strength and ability to raise prices, North America operating income -- on a currency-neutral basis -- climbed in the double digits.

As for dividends, Coca-Cola makes the list of Dividend Kings. These companies have lifted their dividend payments for at least the past 50 years. That shows their ongoing commitment to rewarding shareholders.

Now let's consider share-price appreciation. Using the percent change formula, we can see that Coca-Cola has increased nearly 50% over the past decade. But if we add in dividend payments, this top beverage stock actually has delivered a gain of more than 100% over that time period.

So the company has a solid track record of performance. And today, Coca-Cola trades for 26 times trailing-12-month earnings -- cheaper than rivals PepsiCo and Keurig Dr. Pepper.

All of this means there are a lot of reasons to buy Coca-Cola today. And the company's focus on developing and emerging markets is a big plus that could add to earnings and share-price growth over time.