Kraft Foods, Inc. Essay

3674 words - 15 pages

Kraft Foods, Inc.Marketing ManagementKraft Foods, Inc.Table of ContentsExecutive Summary....................................................2Customer and Market Focus..........................................5Human Resource Focus...............................................8Management of the Marketing Mix................................10Business Results......................................................13AppendicesReferencesExecutive SummaryKraft Foods, Inc. (Kraft) is the largest branded food and beverage company in the United States and the second largest in the world (behind Nestle) (Datamonitor). It was spun off by Philip Morris (now Altria Group) in June 2001 in the U.S.'s second largest IPO ever (behind AT&T Wireless). Altria Group owns approximately 84% of Kraft (Hoover's). Kraft operates through two main subsidiaries, Kraft Foods North America and Kraft Foods International (Datamonitor).Kraft's business spans five core sectors: snacks, beverages, cheese, grocery and convenient meals and includes some of the country's most familiar brands, including Kraft cheese, Maxwell House coffee, and Oscar Mayer meats (Wahlgren).One of Kraft's most important strengths is the power of its brands (Altria) and few things in the food business are as bankable as Kraft extending one of those powerful brands (Gogoi 82). For Kraft, determining how to effectively and efficiently develop and introduce new products is important to retaining a profitable bottom line (Dahm 18). Prioritizing new product development while retaining emphasis upon core brands is a balance that can be hard to achieve. However, it appears as though Kraft has been able to walk that tightrope well (Dahm and Malovany 22). The company has an aggressive attitude toward new product development, but also aggressively pursues improvements in core brands and existing products (Dahm 18).According to John Ruff, senior vice president R&D and quality at Kraft, Kraft focuses on growth through new product development in three ways. "First, we look to reinvent and reinvigorate our existing products, whether that be through improvements in quality, packaging innovation or new benefits. Second, we look to introduce line extensions and develop new products, and third, we look to grow through acquisitions and new brands" (Dahm and Malovany 22). Kraft brands continually evolve to adapt to the changing needs of consumers. To stay ahead of competition, Kraft specifies packaging machinery and materials that improve shelf appeal, convenience and portability of its brands ("Innovative Team Approach"). To lead new product development, Kraft employs some of the most talented scientists in the world (Berry 30). And in order to grow through new brands and acquisitions, Kraft has (1) integrated Nabisco into its business (2001), creating many product growth opportunities; (2) acquired Veryfine Products (March 2004), a privately held beverage manufacturer (Datamonitor) giving a healthier look to its...

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