This is a cute little ornament which is a Coca Cola ornament made by Hallmark, entitled "Playful Pals". It was issued in 1993. It is Santa showing a little black poodle one of the Christmas ornaments. The little dog is sitting on a dog house with the date 1993 on it. Santa has a Coca Cola bottle in his hand.
The little dog house is all wrapped up like a present. I think Santa has just brought it for the little poodle.