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Bowl Appétit!. Section 1 Team Number 1/2 Locker Number 87 November 19, 2001 Marketing Strategy Group : Tim Christie Ana Paula Guimaraes Andrea Heilman Fumiko Kotake Marcelo Rosenburg Raphael Yook. Agenda. Introduction and problem definition Category and brand review

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bowl app tit

Bowl Appétit!

Section 1

Team Number 1/2

Locker Number 87

November 19, 2001

Marketing Strategy Group:

Tim Christie

Ana Paula Guimaraes

Andrea Heilman

Fumiko Kotake

Marcelo Rosenburg

Raphael Yook

agenda
Agenda
  • Introduction and problem definition
  • Category and brand review
  • Bowl Appétit! consumer
  • Brand strategy
  • Concepts
  • Summary

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide3

Introduction and problem definition

“Bowl Appétit! Microwavable pasta and rice entrées exceeded sales expectations in their first year.”*

“New Bowl Appétit! single-serve entrées generated strong first-year sales…”*

*Source: General Mills Annual Report, 2001

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit is a young brand in the convenience food category

Introduction and problem definition

Bowl Appétit! is a young brand in the convenience food category
  • Bowl Appétit! is a single-serve, shelf stable bowl launched in June 2000.
  • BA is available in three varieties: pasta, rice, and mashed potatoes.
  • BA is currently offered in 10 different flavors (SKUs) – four pastas, three rices, and three mashed potatoes.
  • BA’s preparation instructions are: peel back film covering, add hot water to fill line, stir, re-cover with film, and microwave three to six minutes, stir, and let stand uncovered two minutes.
  • BA’s total preparation time is approximately five to ten minutes.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit is at a critical juncture in its product life cycle

Introduction and problem definition

Bowl Appétit! is at a critical juncture in its product life cycle
  • BA is in the early stages of its product life cycle and has yet to develop a sustainable growth model.
    • BA’s current growth is not sustainable, because it is driven by trial rather than repeat purchases.
  • We must develop a strategy that will enable BA to generate maximum sustainable growth in single-serve, shelf stable food products revenues for the next three years.
  • Repeat purchases are critical for sustainable growth.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

many factors will determine bowl app tit s strategic success

Introduction and problem definition

Many factors will determine Bowl Appétit!’s strategic success
  • Our recommended strategy for Bowl Appétit! must:
    • Generate sustainable revenue growth in the single-serve, shelf stable food products category.
    • Meet consumers’ needs.
    • Fit with relevant industry and environmental trends.
    • Fit with General Mills’s resources and capabilities.
    • Increase brand equity.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

summary of recommendations

Introduction and problem definition

Summary of recommendations
  • Strategy

We recommend that General Mills refocus its overall product efforts on repeat purchasesof Bowl Appétit!.

  • Concepts
    • Improve Bowl Appétit!’s ability to meet consumer needs by including vacuum sealed vegetables to three varieties (two rice and one mashed potato SKUs); and
    • Improve Bowl Appétit!’s taste by adding spices or gravy to three varieties (one rice and two mashed potatoes SKUs).

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide8

Category and brand review

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide9

Category and brand review -- competition

Frozen foods are part of the competitive set for shelf stable meals, but the opposite is not always true:
  • Based on our focus group and consumer inquiries feedback:
    • Buyers of shelf stable meals usually go to the frozen aisle to look for similar products (for example, frozen vegetables and meals).
    • Buyers of frozen food do not necessarily go to the shelf stable aisle to look for single serve meals.
    • Consumers who usually buy shelf stable meals are more willing to accept new concepts of shelf stable meals than the consumers of frozen food.
    • Consumers who want meat are unlikely to accept shelf stable offerings as a complete meal, when no meat is included.
    • Shelf stable meals are perceived as less healthy and high in sodium, so they do not appeal to some health conscious frozen food consumers (for example, Healthy Choice and Lean Cuisine consumers).

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit s shelving influences its competitive set with consumers

Category and brand review -- competition

Bowl Appétit!’s shelving influences its competitive set with consumers
  • Bowl Appétit! is most often shelved near other shelf stable products, such as:
    • Noodle cups
    • Add water cups
    • Microwave cups with meat
    • Microwave multipacks
    • Pasta
  • Bowl Appétit! is not shelved near frozen products.
  • Bowl Appétit!’s consideration set in retail stores includes other shelf stable products but not frozen products.
  • Consumers buying frozen products may not be aware of Bowl Appétit!.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit s competitive set is closer to shelf stable meals than to frozen meals

Category and brand review -- competition

Bowl Appétit!’s competitive set is closer to shelf stable meals than to frozen meals.
  • Direct competitors include:
    • Shelf-stable meals: microwave cups with meat, microwave multipacks, add water cups, noodle cups, instant rice, pasta mixes, and soups.
      • Brands: Uncle Ben’s rice packets, Lipton rice and pasta packets, Maruchan, Campbell’s Soup to Go, Kraft Mac & Cheese, Ragu Express, Chef Boyardee, and others
  • Indirect competitors:
    • Frozen single meals:
      • Brands: Uncle Ben’s bowls, Healthy Choice, Marie Callender’s, Stouffers’, Lean Cuisine, and many others
  • Substitutes:
    • Power bars, snack food, fast food

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide12

Category and brand review – perception maps

Bowl Appétit!’s rice and mashed potatoes SKUs have an opportunity to become more of a meal in consumers’ perceptions

Meal

Frozen

Marie Callender’sUncle Ben’s BowlsHealth ChoiceStouffersLean Cuisine

Bowl Appétit!

Pasta Varieties

MicrowaveCups with Meat

Soup to GoChef Boyardee

Noodle Cups

Maruchan

Add Water Cups

Near East

Frozen

Shelf Stable

MicrowaveMultipacks

Mac & Cheese

Ragu Express

Bowl Appétit!

Rice Varieties

Mashed Potatoes Varieties

Rice & Pasta Packets

Uncle Ben’s PacketsLipton’s Packets

Note: Convenience is a function of preparation time, need for additional ingredients (for example, water), and storability.

Side Dish/Snack

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide13

Category and brand review – perception maps

Bowl Appétit! has an opportunity to increase consumers’ perceptions of tastiness in rice and mashed potatoes varieties

Healthy

Frozen

Health ChoiceLean Cuisine

Rice & Pasta Packets

Uncle Ben’s PacketsLiptons Packets

Tasty

Not tasty

Frozen

Marie Callender’sUncle Ben’s BowlStouffers

Bowl Appétit!

Rice Varieties

Mashed Potatoes Varieties

Bowl Appétit!

Pasta Varieties

MicrowaveCups with Meat

Chef BoyardeeDinty Moore

MicrowaveMultipacks

Mac & Cheese

Ragu Express

Add Water Cups

Near East

Noodle Cups

Maruchan

Not healthy

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide14

Category and brand review – perception maps

In terms of age groups, Bowl Appétit!’s closest competitors are frozen meals, add water cups, and certain microwave cups

Adults

Frozen

Marie Callender’sUncle Ben’s BowlsHealth ChoiceStouffersLean Cuisine

Rice & Pasta Packets

Uncle Ben’s PacketsLipton’s Packets

Add Water Cups

Near East

Bowl Appétit!

MicrowaveCups with Meat

Dinty Moore

Noodle Cups

Maruchan

Frozen

Shelf Stable

MicrowaveCups with Meat

Chef Boyardee

Frozen

Uncle Ben’s Mini Bowls

MicrowaveMultipacks

Mac & Cheese

Ragu Express

Kids

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide15

Category and brand review – perception maps

Bowl Appétit! has an opportunity to increase consumers’ perceptions of its convenience by eliminating the hot water step

Convenient

MicrowaveCups with Meat

Dinty MooreChef Boyardee

MicrowaveMultipacks

Mac & Cheese

Ragu Express

Noodle Cups

Maruchan

Add Water Cups

Near East

Bowl Appétit!

Frozen

Marie Callender’sUncle Ben’s BowlsHealthy ChoiceStouffersLean Cuisine

Frozen

Shelf Stable

Rice & Pasta Packets

Uncle Ben’s PacketsLipton’s Packets

Note: Convenience is a function of preparation time, need for additional ingredients (for example, water), and storability.

Not so convenient

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide16

Category and brand review – copy strategies

BA’s current value proposition is not unique in terms of convenience and taste. BA differs from its competitors in terms of the consumer it targets.

  • Main competitors’ copy strategies:

Marie Callender’s

Chef Boyardee

Brands

Bowl Appétit!

Uncle Ben’s

Soup to Go

  • Busy moms, active married women
  • Young, active couples
  • Women (Bowl lovers)
  • Tweens and Teens
  • Young working women

Target

  • Fast
  • Satisfying
  • Perfect food for the perfect moment
  • Good
  • Fresh
  • Lunch is a masterpiece
  • Taste great
  • Fun to eat
  • Help kids be popular in school
  • Amazing
  • Delicious
  • Convenient
  • Convenient
  • Delicious
  • Help busy life

SMP

Benefit

  • Easy to cook (3-5 min)
  • Appetizing varieties
  • Betty Crocker
  • Just minutes in the microwave
  • 14 delicious and sophisticated flavors
  • 98% fat free
  • Bowl
  • Tender chicken
  • Marie Callender’s
  • Ready in seconds
  • Beef ravioli image
  • Mom recommending
  • Ready when you are
  • Campbell’s

Support

  • Lunch time at home
  • Kids taking care of mom
  • Lunch or dinner
  • Passion, hot
  • Lunch at home
  • Art
  • Lunch at school
  • Mom at home preparing lunch box
  • Women on the go to work

Theme

  • Attractive, active, sexy, satisfying, sophisticated
  • Artistic, active
  • Popular, cool, comforting
  • Successful, fashion, active young
  • Caring, friendly, comforting, active

Personality

SMP: Single Minded Proposition Source: Latest advertisements

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit s price is well positioned within the convenience food segment

Category and brand review – price

Bowl Appétit!’s price is well positioned within the convenience food segment
  • Focus group members responded positively to Bowl Appétit!’s current price. They perceived that Bowl Appétit provides better value than other shelf stable products but less value than frozen meals.

Price (Average Unit Price)

Source: Nielsen Panel Data ($ Price/Unit Volume)

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl appetit volume close to chef boyardee in only 1 5 years

Category and brand review – $ Volume

Bowl Appetit $ Volume close to Chef Boyardee in only 1.5 years

Source: Neilsen Scanner Data

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit s distribution is comparable to frozen and shelf stable products distribution

Category and brand review – distribution

Bowl Appétit!’s distribution is comparable to frozen and shelf stable products’ distribution
  • Bowl Appétit!’s rice and pasta offerings have achieved distribution similar to or better than other products.
  • Bowl Appétit!’s mashed potatoes offerings have achieved 11% distribution three months after launch.
  • We have an opportunity to increase distribution of Bowl Appétit!’s mashed potatoes offerings.

Source: Nielsen Scanner Data, 52 Week Ending 8/11/01

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide20

Category and brand review – promotional activities

Bowl Appétit!’s promotional activities have been only slightly higher than Uncle Ben’s activities for its bowls

Note: Weighted averages

Source: Neilsen Scanner Data

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide21

Category and brand review – sales per million $ volume

Bowl Appétit!’s average sales per million $ volume is lower than best-selling frozen and shelf stable products’
  • Bowl Appétit!’s pasta offerings have achieved $73 in sales per million $ volume, while Bowl Appétit!’s rice and mashed potatoes offerings have an opportunity for improvement.

Source: Nielsen Scanner Data, 52 Week Ending 8/11/01

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

key takeaways for category and brand review

Category and brand review

Key takeaways for category and brand review
  • While comparisons to frozen foods are necessary, Bowl Appétit!’s physical proximity to shelf stable meals causes its products to be more strongly categorized in this set.
  • Perceptual map analyses indicate areas of opportunities in meals, better taste, more convenience (no hot water) and adult-aged consumers.
  • Bowl Appétit!’s value message uniquely targets the busy, married, active moms.
  • The value of Bowl Appétit! lies between frozen meals and other shelf stable products as indicated by the average unit price of $1.41.
  • During Bowl Appétit!’s first year of launch, its performance, as measured by $ volume, was strong due to its solid distribution penetration and its moderate promotional activities.
  • However, Bowl Appétit! needs a viable long term strategy to increase its average sales per million $ volume and to more closely match the best-selling frozen and shelf stable products.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide23

Category and Bowl Appétit!’s consumers

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

consumers tastes are trending toward prepared meals convenience portability and health

Category and Bowl Appétit!’s consumers - Category

Consumers tastes are trending toward prepared meals, convenience, portability, and health
  • At the Food Marketing Institute conference in May, numerous new product offerings targeted “cooks with no time or inclination to prepare meals from scratch but who are willing to spend some time to produce a guilt-free nutritious satisfying meal.”
  • “Along with convenience and portability, consumers are increasingly looking for foods and beverages that deliver health benefits.”
  • With aging baby boomers, we expect this trend to continue.
    • Higher proportion of empty nesters
  • Trend towards nutritional benefits as separate from caloric/fat reduction benefits.

Sources:

“Food Makers Eye Convenience, Soy As Retailers Look Warily at Web.(comprehensive review of Food Marketing Institute conference)”, Brandweek, May 14, 2001.

Progressive Grocer Annual Report, April 2001

Trends in the United States – Consumer Attitudes and the Supermarket, 2000 (Food Marketing Institute)

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide25

Category and Bowl Appétit!’s consumers - Category

Restaurant menu trends often forecast the next trend in prepared foods: noodle bowls and ethnic foods
  • Consumers want to participate in their meals.
  • Many restaurant offerings require items to be dipped or customized.
  • Ethnic foods, particularly hot, spicy foods, continue to be popular.
  • Comfort foods, such as one-dish meals, are a growing trend.
  • Excitement foods, such as noodle bowls and soy-based sauces, are a growing trend.

Source: “The Institutional Insight (foodservice highlight growing consumer food trends)”, Prepared Foods, October 2001.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

consumers are changing their diets to eat more fruits and vegetables

Category and Bowl Appétit!’s consumers - Category

Consumers are changing their diets to eat more fruits and vegetables

How Consumers are Changing Their Diets (Top Reasons)

Source: Trends in the United States – Consumer Attitudes and the Supermarket, 2000 (Food Marketing Institute)

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

taste and nutrition are the most important factors for consumers

Category and Bowl Appétit!’s consumers - Category

Taste and nutrition are the most important factors for consumers

Importance of Various Factors in Food Selection

Source: Trends in the United States – Consumer Attitudes and the Supermarket, 2000 (Food Marketing Institute)

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

microwave usage shelf stable products segment profile is closer to what bowl app tit s should be

Category and Bowl Appétit!’s consumers - Category

Microwave usage - shelf-stable products segment profile is closer to what Bowl Appétit!’s should be

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit s target consumers are busy mothers

Category and Bowl Appétit!’s consumers – BA!

Bowl Appétit!’s target consumers are busy mothers
  • Bowl Appétit!’s copy strategy suggests that its target is busy mothers.
  • The target is consistent with the microwave usage shelf-stable subcategory of convenience meals:
    • 91% have high school or higher education, with higher index in college education
    • 58% are 25 to 44 years old, but with higher index in 25-34
    • ~70% are employed part or full time
    • More upscale than frozen
    • 71% are married
    • 63.3% have 3 + persons HH
    • 90% are white

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

general mills has done a good job of generating trial purchases of bowl app tit

Category and Bowl Appétit!’s consumers – BA!

General Mills has done a good job of generating trial purchases of Bowl Appétit!

Note: Brand and Category averages are an approximation based on the weighted average of the products

Source: Nielsen Panel Data

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit however has the lowest loyalty level among its competitors

Category and Bowl Appétit!’s consumers – BA!

Bowl Appétit!, however, has the lowest loyalty level among its competitors

Note: Brand and Category averages are an approximation based on the weighted average of the products

Source: Nielsen Panel Data

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide32

Category and Bowl Appétit!’s consumers – BA!

In addition, Bowl Appétit! has a significantly lower percentage of repeat buyers than other brands in the category

Note: Brand and Category averages are an approximation based on the weighted average of the products

Source: Nielsen Panel Data

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit repeat buyers also shop with significantly lower frequency than its competitors 1

Category and Bowl Appétit!’s consumers – BA!

Bowl Appétit! repeat buyers also shop with significantly lower frequency than its competitors 1

Note: 1. We acknowledge the fact that Bowl Appétit! has less than one year in the market, but the comparison also holds when comparing the BA! SKUs data against the other SKUs (even the new ones)

Brand and Category averages are an approximation based on the weighted average of the products

Source: Nielsen Panel Data (calculation discounts the effect of one-time buyers on the overall average of # of trips per buyer)

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide34

Category and Bowl Appétit!’s consumers – BA!

BA’s low repeat and loyalty level of buyers, especially for rice varieties, is correlated with low taste consumer perception
  • Consumer quotes:
    • “Bowl Appétit! is mediocre!”
    • “I tried Bowl Appétit! Rice bowl, and it is really dry! Too expensive for taste!!I won’t buy again”
    • “I tried the Betty Crocker Bowl and didn’t like it at all”
    • “It is too salty! I wouldn’t buy it!”
    • “I may buy it again for my kids, not for myself!”

Source: Focus Group feedback

Shopper Report, The, May 2001, “The Bowl Roll”

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

key takeaways for category and bowl app tit consumers

Category and Bowl Appétit!’s consumers

Key takeaways for category and Bowl Appétit! consumers
  • Despite the good trial rates achieved, Bowl Appétit! failed to generate appropriate loyalty and repurchased rates.
  • Consumer feedback suggests that the low taste perception is the most important problem affecting these low repurchase levels.
  • Bowl Appétit! has low penetration among the non-Caucasian groups, however these groups are not big enough to justify an ethnic-oriented campaign. The brand has other important problems before expanding to other market niches.
  • The target group of Bowl Appétit! brand, busy moms and busy women, is well aligned with the findings on dry meals consumers’ profile. The target group is not the main cause of repurchase problems that BA! is facing.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide36

Bowl Appétit!’s strategy

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide37

Bowl Appétit!’s strategy

BA!’s strategy will focus on generating repeat purchases. The concepts used will improve taste and make it more of a meal in the eyes of consumers

  • BA! has low incidence of repeat purchases compared to other brands.
    • Previously focused on generating trial purchase, now must focus on repeat purchase – Data indicates that BA!'s trial purchase rates are comparable to the trial purchase rates of products in BA!'s competitive set. While BA! has been successful in gaining trial purchases, the focus must shift to improving repeat purchase in order to achieve sustainable revenue growth.
    • Stimulate re-trial – With new concepts, people who did not initially like the original product will have a reason for re-trial.
    • Sustainable – Improving the quality/taste will have long-term benefits
  • Strategy will leverage brand equity of delicious meal.
    • Focus group and secondary research suggest that meal and taste perception are the key drivers.
  • Strategy supports brand vision of people feeling good about having BA! as a lunch anywhere.

Strategy

Generate repeat

Concept 2

Concept 1

Improve taste

Make more of a meal

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide38

Bowl Appétit!’s strategy

In order to support BA! strategy we will define its source of brand equity, understand its situation, and define the brand’s vision
  • The brand equity is defined by the main attributes and the benefits associated with Bowl Appétit!.
  • In addition, it is important to analyze Bowl Appétit!’s parent brand Betty Crocker.
  • The SWOT analysis will show us the elements we need to investigate (weaknesses and threats).
  • The proposed strategy should follow the brand vision.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit carries the image of betty crocker good taste easy to prepare comfort food

Bowl Appétit!’s strategy

Bowl Appétit! carries the image of Betty Crocker: good taste, easy to prepare, comfort food

Betty Crocker

Umbrella brand

Trustworthy

High quality

Comfort

Image

Shelf-stable food mixes

Competence

Side dishes

Baking products

Meals

Desserts

Ranges

Good taste

Easy to prepare

Good taste

Easy to prepare

Good taste

Convenient

Good taste

Convenient

Benefits

Baking mixes

Frosting/Icing

Flans/ Puddings

Potato mixes

Salad top-pings

Helpers

Bowl Appétit!

Products

Mashed potatoes

Rice

Pasta

Varieties

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

betty crocker invests market based assets in bowl app tit

Bowl Appétit!’s strategy

Betty Crocker invests market-based assets in Bowl Appétit!
  • Betty Crocker brand has:
    • A reputational asset
      • Customers are willing to pay more
    • A relational asset
      • Retailers will stock odd item (non-category)
      • Customers trust and are more likely to try
    • A knowledge asset
      • Product knowledge, knowledge of related categories, and shelf stable products.
  • Primary outcomes of market asset are positive
    • Accelerated cash flow
      • Through willingness to try new products
    • Reduced volatility of cash flow
      • Through loyalty and repeat business
    • Enhanced residual values of cash flows
      • Through willingness to purchase variants
    • Enhanced cash flows
      • Through willingness to provide shelf space and pay premiums

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit brand equity relies on convenience and good tasting meal

Bowl Appétit!’s strategy

Bowl Appétit! brand equity relies on convenience and good tasting meal

Bowl Appétit!

Umbrella brand

Delicious

Convenient

Image

Shelf-stable dry single meals

Competence

Shelf-stable meals in a bowl

Ranges

Quick and good tasting meal:

Easy and fast to prepare

Delicious meal

Benefits

Pasta

Rice

Mashed Potatoes

Products

Varieties

Three Cheese Rotini

Sour Cream & Chives

Macaroni & Cheese

Alfredo

Penne Pasta

Herb & Chicken

Southern

Broccoli & cheese

Butter & Herb

Broccoli & Cheese

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit s strengths and opportunities support its strategy

Bowl Appétit!’s strategy

Bowl Appétit!’s Strengths and Opportunities support its strategy

Opportunities

Strengths

  • Ability to charge a price premium for premium food products
  • Ability to target large market segments and sustain minor changes
  • Ability to capitalize on a growing market
  • Can establish a category that will modify consumers’ tastes
  • Mass appeal products (comfort food) means large audience outside target group (room to grow)
  • Technology for shelf-stable foods that meet customers taste / quality expectations makes Bowl Appétit! a stage for further products
  • Betty Crocker brand name
  • Bowl Appétit! name
  • General Mills resources/distribution
  • Large number of SKUs (variety)
  • Shelf-stable (easy to store)
  • Differentiation in terms of target and design in shelf stable segment
  • High penetration amongst adults
  • High acceptance amongst younger singles and mature couples
  • Packaging (bowls) is trendy

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

bowl app tit s weaknesses expose some major challenges for a new brand

Bowl Appétit!’s strategy

Bowl Appétit!’s weaknesses expose some major challenges for a new brand

Threats

Weaknesses

  • Taste in some SKUs (rice & potatoes)
  • Low awareness
  • Low repeat
  • Low penetration in ethnic groups
  • Meal vs. snack/side dish confusion
  • Addition of hot water mitigates convenience
  • Hard to read fill line on package
  • Poor positioning / recognition in stores – confusion
  • Shelf stable connotation with high sodium, lack of health and dehydrated (tasteless) food
  • Packaging relatively large – difficult to store
  • Shelf stability severely limits product expandability
  • Uncle Ben’s or Lipton entering shelf-stable market
  • Stouffer’s low firing classics (bowl) reduce value added of Bowl Appétit! compared to frozen food.
  • Damage Betty Crocker’s brand equity.
  • Unhealthy and high sodium association with dry food
  • Category may not really exist
  • Once (if) category is established, it will be easy for new entrants to copy Bowl Appétit!
  • Convenience food is a fad
  • If health becomes more important, difficult to compete
  • Product may be surpassed by more convenient products – less time to prepare and/or less work to “make”

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

the strategy will leverage the key brand equity elements of ba delicious meal

Bowl Appétit!’s strategy

The strategy will leverage the key brand equity elements of BA!: delicious meal

No-Go Areas

  • Inner core: key attributes
  • Outer core: other meaningful attributes associated with BA!
  • Extension Areas: Possible line extensions or product improvement ideas
  • No-Go Areas: Areas to avoid working – inconsistent with core attributes

Difficult to prepare

Not convenient

Extension Areas

Aggressive

Add vegetables

Add spices/gravy

Low quality

Non-food

Add cool water

Outer Core

Soups

Bad taste

Non-bowl

Fast

Tasteful

Bowl

Mini bowls for tweens

Radical

Inner Core

Less fat

Easy to store

Active

Frozen

Convenient

Delicious

Meal

Easy to prepare

High quality

@ work

Vending machines

Caring

Shelf-stable

Homy

Betty Crocker

Fortified

Snack places

Shelf-stable non-dry

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

the strategy will leverage the key brand equity elements of ba delicious meal45

Bowl Appétit!’s strategy

The strategy will leverage the key brand equity elements of BA!: delicious meal
  • From the possible extension areas, we chose those that will add more to the core brand attributes: delicious meal
  • Therefore the concepts are:
    • Add vegetables
    • Add spices/gravy
  • The vegetables will make BA! more of a meal.
  • The spices/gravy will make BA! more tasty.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

ba will pursue growth option in the same market but adding new varieties

Bowl Appétit!’s strategy

BA! will pursue growth option in the same market but adding new varieties

Same Market

New Market

  • Vending machines
  • Snack bars
  • People @ work
  • Fortified with vitamins
  • Less fat
  • Add cool water

Same Product

  • Mini-Bowl Appétit! For tweens and teens
  • Add vegetables
  • Add non-dry meat (2nd phase)
  • Add spices/gravy
  • Soup
  • Shelf-stable non-dry

New Product

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

the brand vision is to make ba part of active mother s good meals option everywhere

Bowl Appétit!’s strategy

The brand vision is to make BA! part of active mother’s good meals option everywhere

Vision

  • For those with an active lifestyle, Bowl Appétit! is the option for a quick and delicious meal. We would see Bowl Appétit! everywhere: at home, at work, at the gym. Women would feel good about eating it and giving it to their friends, family, relatives, and work colleagues.
  • Actual Brand Positioning Statement:
    • To busy mothers, Bowl Appétit! is the brand of convenient meals that is quick and delicious and helps them live their busy lives.
  • Desired Brand Positioning Statement:
    • To active mothers, Bowl Appétit! is the brand of convenient meals that is quick and delicious and helps them live their busy lives and feel good about having a good lunch anywhere.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide48

Bowl Appétit!’s strategy

In summary, the strategy chosen will leverage BA! Brand equity, will address key weaknesses and threats and will support the brand vision
  • Generating repeat customers addresses key weakness and make the product sustainable.
  • Improving taste and making it more of a meal supports brand visions: active mothers will have Bowl Appétit! and feel good about having a good lunch anywhere.
  • Improving taste and making it more of a meal will also leverage brand equity of Bowl Appétit!: delicious meal

Strategy

Generate repeat

Concept 2

Concept 1

Improving taste

Make more of a meal

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide49

Strategy and concepts

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

implementation of the strategy

Bowl Appétit!’s concepts

Implementation of the strategy
  • Having successfully launched Bowl Appétit! with the clear message of convenience, the next stage is to drive repurchase by improving the products and enhancing the consumer experience.
  • Incremental improvements cut across the whole line of Bowl Appétit! Products.
    • Add instructions on adding spice and meat for more meal quantity/quality
    • Cold/hot water – the trend is moving to Pret a Manager (ready to eat). Eliminating boiling [and hot] water is expected in the future (The Shopper Report, May 2001)
  • The pasta line of products has been better received, therefore, no major modifications were made.
  • Staging offering for potential future meat introduction – rather than moving from one extreme end of the spectrum (no meat) to the other (meat), the use of an intermediary step can move consumer perception incrementally.

Strategy

Concept 2

Generate repeat

Concept 1

Improving taste

Make more of a meal

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 1 make it more of a meal

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Bowl Appétit!’s concepts

Concept 1: Make it more of a meal!
  • What is the concept?
    • Add 2 oz. vacuum sealed (not dried) vegetables to:
      • Rice: Herb Chicken & Vegetables (peas and carrots); Cheddar Broccoli (broccoli)
      • Potato: Cheesy Broccoli (broccoli)
    • Appropriate for vacuum sealed since these SKUs currently use dehydrated veggies
    • Include vacuum sealed package inside the bowl
    • Additional instructions for preparation required

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 1 make it more of a meal52

Bowl Appétit!’s concepts

Concept 1: Make it more of a meal!
  • Consumer:
    • Focus group insight
      • Improve feeling of “substantial” – one consumer thought that BA was “more like a snack”
      • Improve quality perception – one consumer in particular did not like the reconstituted broccoli bits in the mashed potatoes. She removed them but continued eating the potatoes.
    • Consumer survey
      • 68% of consumers are changing their diet to include more fruits/vegetables (Food Marketing Institute Trends survey, 2000)
    • Established psychographic market for convenience, now developing and refining the message to the demographic market (e.g. women, empty nesters)

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 1 make it more of a meal53

Bowl Appétit!’s concepts

Concept 1: Make it more of a meal!
  • Competitors
    • BA will be the only shelf-stable bowl-centric meal with vacuum sealed veggies. As the barriers to entry are low, competitors will wait to see the success of this concept before making any decisions to enter
  • Company
    • Leverage assets of newly acquired Pillsbury – Green Giant
      • Great opportunity with use the brand equity of Green Giant for vegetables
      • Ingredient branding (e.g. Tyson’s chicken in Uncle Ben’s Bowls)
        • Position as quality products
        • Appearance of expensive ingredients
    • Technologically feasible
      • General Mills has access to the technology needed for such a concept*
    • No change in the distribution strategy since this concept is a product improvement, as opposed to a line extension
    • Benefits: single source

*Source:Conversation with Peter McDonald

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 1 make it more of a meal54

+

+

=

Bowl Appétit!’s concepts

Concept 1: Make it more of a meal!
  • Tactics (I)
    • Price: Add $0.10 to existing price points
      • The vegetable additions, without any other changes, will provide an increase in benefit, as well as additional costs in manufacturing, so the product should have an increased price.
      • Since the pasta line will not be changed, the perception of this improvement must be reflected in the price of the specific SKUs changed, not in all Bowl Appétit!.
      • Because of BA’s placement with other shelf-stable products, a price above $1.99 may not be well accepted.
    • Vegetable cost analysis
      • Retail
        • Frozen: $0.99 for 16 oz. => $0.0625/oz.
        • Can: $0.50 for 11 oz. => $0.0455/oz.
      • Assumption: Green Giant sourcing will cost less than retail (frozen or can)
        • Assume 2 oz. @ $0.035/oz. = $0.07/package
        • If price increase by $0.10 and veggie costs $0.07/package, $0.03 left for packaging costs

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 1 make it more of a meal55

Bowl Appétit!’s concepts

Concept 1: Make it more of a meal!
  • Tactics (II)
    • Promotion
      • First 3 months
        • Catalina – when a consumer purchases similar competitor products, the register will print out a coupon for Bowl Appetit. If a consumer purchases Green Giant, the coupon could also be distributed.
        • Free Standing Insert – continue promoting to generate trials
        • End cap displays
        • In store demos
      • After 3 months – focus on repeat customers
        • Cross-promotion with Green Giant such as instant coupons for BA products
        • Instant BA coupons on BA products
      • Consumer Message
        • Perception of a substantial meal
        • Nutrition benefits of real vegetables, not reconstituted

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 2 make it taste better

Bowl Appétit!’s concepts

Concept 2: Make it taste better!
  • What is the concept?
    • Add gravy to: Sour Cream & Chives Mashed Potatoes; Butter & Herbs Mashed Potatoes
        • Good candidate for including separate gravy compartment – bowl design change needed to ensure that gravy does not spill into the potato region (see diagram below)
    • Powdered gravy will be added in a separate compartment within the bowl configuration
      • Add water to both gravy and potato compartments
      • Heat for 3 minutes
      • Serve as desired

New Bowl Design

Gravy

Potato

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 2 make it taste better57

or

+

=

Bowl Appétit!’s concepts

Concept 2: Make it taste better!
  • What is it?
    • Add spice to: Southwestern rice
        • Southwestern cuisine is known for spicy flavors. The addition of Tabasco-style bottles/packets would add appeal.
    • Tabasco-type spicy sauce (0.25 oz.) will be added in the space between the bowl and the outside packaging
    • Preferred sauce delivery system is the mini bottle (currently used by the US military), foil is alternative method

Packaging for Spicy Concept

Bowl

External Packaging

Tabasco mini bottle

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 2 make it taste better58

Bowl Appétit!’s concepts

Concept 2: Make it taste better!
  • Consumers:
    • Focus group insight
      • Improve taste – one consumer particularly liked the Southwestern rice but thought the inclusion of a Tabasco-style packet would be better.
    • Consumer survey
      • A consumer commented that the taste was “mediocre” (The Shopper Report, May 2001)
      • 89% considered taste “very important” (Food Marketing Institute, 2000)
      • “Hot spices are hot” – accounting for almost half of the country’s spice usage (Prepared Foods, March 1999)
    • Mass Customization
      • Gives consumer control with the level of customizing the meal to their taste
      • Consistent with the suggestion for adding spice customization for other BA product lines (i.e. pasta and potatoes)

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 2 make it taste better59

Bowl Appétit!’s concepts

Concept 2: Make it taste better!
  • Competitors
    • As the barriers to entry are low, competitors will wait to see the success of this concept before making any decisions to enter.
  • Company
    • Does not deviate from General Mills’ core competency
      • Shelf-stable products
        • Both dry powder gravy and spicy sauces are shelf-stable
    • Bowl design costs

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 2 make it taste better60

Bowl Appétit!’s concepts

Concept 2: Make it taste better!
  • Tactics
    • Purchase gravy mix or spicy sauce from low-market share manufacturers
    • Alternative: Joint Venture opportunity with McCormick and/or Tabasco
      • Capitalize on McCormick/Tabasco’s reputation in the gravy/spicy condiment expertise
      • Mutually beneficial in increasing sales
      • Ingredient branding
        • Position as quality products
        • Appearance of expensive ingredients
    • Price: Add $0.10 to existing price points
      • The gravy/spicy additions will increase benefit to the consumer, as well as additional costs in manufacturing, so it should be reflected in a price increase.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 2 make it taste better61

Bowl Appétit!’s concepts

Concept 2: Make it taste better!
  • Tactics (II)
    • Promotion
      • First 3 months
        • Catalina – when a consumer purchases similar competitor products, the register will print out a coupon for Bowl Appetit.
        • Free Standing Insert – continue promoting to generate trials
        • End cap displays
        • In store demos
      • After 3 months – focus on repeat customers
        • Cross-promotion with Tabasco
        • Instant BA coupons on BA products
      • Consumer Message
        • Perception of an improved taste
        • Control taste
        • Have a fully customizable experience
        • Use cold water

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concept 2 make it taste better62

Add your own Tabasco!

With Gravy!

Bowl Appétit!’s concepts

Concept 2: Make it taste better!
  • Sample packaging

Southwestern Rice

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concepts 1 2 sample free standing insert

Bowl Appétit!’s concepts

Concepts 1 & 2 sample free standing insert

Try Our Improved Dishes!

More of a meal!

Great Taste!

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

concepts 1 2 will increase repurchase rates
Benefits

Sustainable revenue growth

Build on existing brands

Betty Crocker

Bowl Appetit

Green Giant

Focus group insight

Makes vegetable meals more substantial

Improves taste

Stimulate re-trial

Remains in the original unoccupied market

Staging offering with potential future meat and other products

Leverages expertise in shelf stable products

Detractors

Alienate existing repeat customers

Price increase drive away consumer

Confusion with brand image (JV)

Draw competitors if successful

Investments for bowl/packing changes

Consumer too much time involvement

Bowl Appétit!’s concepts

Concepts 1 & 2 will increase repurchase rates

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

summary of changes in product feature and price

Bowl Appétit!’s concepts

Summary of changes in product feature and price

a

a

S

a

G

G

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide66

Revenue forecast

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

revenue projection was prepared based on detailed forecast for trial and repurchase levels

Revenue forecast

Revenue projection was prepared based on detailed forecast for trial and repurchase levels

Main Assumptions:

  • Benchmark for Rice and Mashed Potato penetration (5.1%): Current Uncle Ben’s figures (adjusted for the differences in the panel and scanner data)
  • Benchmark for Dry Pasta penetration (8.6%): Adjusted average of other pasta brands in the market (including frozen)
  • Benchmark for repeat buyers: Rice – 31% – Uncle Ben’s; Pasta – 35% - Category average
  • Dry food penetration increase (1.5%): average growth from 94-98 based on MediaMark data
  • Mashed Potato penetration as a % of Rice (70%): based on consumer feedback
  • Rice and Mashed Potato increase in the Repeat Buyers % and amount per trip (yearly average of 30% for buyers and 10% for trips): based on consumer feedback and panel data
  • Number of items per trial trip and repurchase trip: calculated based on panel data and assuming that pasta and rice item average differs only by a higher number of repeat buyers
  • Gradual reduction of promotion levels starting in Year 2: based on scanner and panel data
  • Sales impact of Rice and Mashed Potato low taste perception (average of 20%): based on consumer feedback
  • Household growth (1.5%): based on historical census data

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

rice mixes are forecasted to lose volume in the first year due to low taste perception

Revenue forecast

Rice mixes are forecasted to lose volume in the first year due to low taste perception

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide69

Revenue forecast

Mashed potato is expected to have strong growth in the first year as a result of the recent introduction. Overall assumptions were based on BA! rice mixes information

Notes: Adjustment for the # of months in the market accounts for the recent introduction of the product

Assumptions were based on Rice Mixes because consumer feedback indicated similarities in the two products perception

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide70

Revenue forecast

BA! dry pasta is expected to continually grow, benefiting from the better perception in quality of the BA! new concepts in rice and mashed potato

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide71

Revenue forecast

The forecast figures show an average growth of 20% per year, based on a sustainable repeat sales volume

Strategy sustainability driven from increase in number of repeat sales, while trial volume remains constant!

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

the forecasted revenue growth is very sensitive to our key assumptions

Revenue forecast

The forecasted revenue growth is very sensitive to our key assumptions

Note: We have not included the volume impact on prices changes (promotions or price increases) because we have not significantly changed the current price levels.

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

slide73

Revenue forecast

Sensitivity analysis shows the strong correlation of sales growth with repeat sales and market penetration
  • As identified in our previous analyses, repeat sales are key to generating sustainable revenue growth. Our new concepts are focused on generating a better perception of Bowl Appetit! and, consequently, on generating higher sales per buyer and reducing the down side risk in the following variables:
    • Average # of trips per repeat buyer (1st variable)
    • Increase in repurchase level (2nd variable)
    • Average repurchase rate for dry rice meals (5th variable)
    • Negative taste perception impact on BA (6th variable)
  • Our concepts also include a high promotion support that will keep generating awareness and trial for all SKUs, reducing the down side risk in the following variables:
    • Market penetration for dry pasta (3rd variable)
    • Market penetration for dry rice (4th variable)

Our strategy focus on improving repurchase levels will help to reduce the forecast downside risk!

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook

summary
Summary
  • Bowl Appétit!’s early success stems largely from the single-minded message of convenience and delicious meal. Utilizing its market-based assets, the next phase must focus on increasing consumer repurchase through two new concepts:
    • Make it more of a meal!
      • Vacuum sealed vegetables will highlight the consumer’s interest in vegetable intake
    • Make it taste better!
      • Gravy and spicy sauce will satisfy the mass customization needs of the consumer
  • This strategy will result in increasing revenues
    • Revenues increase from $47 million to $81 million in 3 years
    • Average growth of 20% over 3 years

Tim Christie, Ana Paula Guimaraes, Andrea Heilman, Fumiko Kotake, Marcelo Rosenburg, Raphael Yook