Cereal Industry. By: Dan Crochet, Christine Ehland, Kiley McPeek, and Mac Pope

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1 Cereal Industry By: Dan Crochet, Christine Ehland, Kiley McPeek, and Mac Pope

2 Agenda Mil k

3 ilk M Brief History

4 Mid 19th Century In 1863 James Jackson created a breakfast cereal from graham flour dough which was dried and broken into shapes so hard that they needed to be soaked in milk overnight. James called it Granula John Harvey Kellogg, a surgeon in Michigan, made his own version and called it Granola A patient of Kellogg, C.W. Post created Grape-Nuts which would become the first ever product to offer discount coupons

5 1900 s Kellogg used the first ever in-box prize on their newly invented corn flakes Cheerios appeared in the 40 s and would eventually become the best selling cereal in America (Over 1 billion dollars in sales in 2015) A new era of television advertising was ushered in when Kellogg invented Frosted Flakes and introduced Tony the Tiger

6

7 2000 s Exploding market for organic and natural foods Kellogg acquired Kashi Consumers wants - Transparent labeling - Non-Gmo cereals - Healthier ingredients

8 ilk M Industry Analysis

9 Industry Overview

10 Supply Chain Suppliers Baking Mix & Prepared Food Production Canned Fruit and Vegetable Processing Corn Farming Corn, Wheat, and Soybean Wholesaling Flour Milling Seasoning, Sauce, and Condiment Production Sugar Processing Wheat, Barley, and Sorghum Farming Grocery Wholesaling Supermarkets and Grocery stores Convenience Stores Food Service Contractors

11 Biggest Players Companies - General Mills Inc. (23.8%) Kellogg Company (23.3%) Post Holdings Inc. (11.9%) PepsiCo Inc. (6.3%) Other (34.7%)

12 Competition within the industry Highly Concentrated HHI = 1550 CR4 = 65.3% The industry is extremely competitive and is dominated by a few major companies

13 Success Factors in the industry Ability to: - Adapt to change Pass on cost increases Differentiate your product Obtain supply contracts for key inputs Reach economies of scale and scope

14 Competition outside the industry With the increase in disposable income and employment, the cereal industry faces a lot of competition from other breakfast foods Yogurt Breakfast Sandwiches Result- Cereal companies are increasing their foodservice distribution and are focusing on targeting consumers outside of the house with on-the-go product lines

15 Barriers to Entry High initial capital investment Brand entrenchment, more resources to promote and advertise their products in order to increase their market share Consumer loyalty Entrenched brands have already established contracts with sales outlets which can be hard to procure Strong product portfolios allow larger companies to operate at low costs by spreading out production costs over large volume of products

16 Advertising Data- Cereal Industry Ad to sales ratio of 13% Larger than an average industry s 2-3% In 2011 the cereal industry spent $264 million on marketing towards kids alone

17 Milk Advertising Strategies

18 Informative Advertising Informative advertising strategy most effective in underdeveloped markets Seeks to increase consumer awareness and increase overall market size Ads provide info about the product and reduce the search costs for consumers

19

20 Informative Advertising Cereal advertisements more commonly target adults Adults care more about the ingredients, sourcing, organic vs. non-organic, and GMOs etc Healthy Cereal brands are seeking to increase market size rather than compete over current consumers

21 Persuasive Advertising Characteristic of a mature market Attempts to shift parts of the current market towards their product rather than capturing new consumers

22

23 Persuasive Advertising In the Cereal industry, commonly used to appeal to Children Children respond well to innovative and colorful packaging, animated mascots Strict restrictions advertising to children

24 Product Placement

25 Honey I shrunk the kids Mike and Molly Shameless Deadpool Madmen

26 Celebrity Endorsement

27 Milk Raw Data Analysis on Kellogg

28 Why Kellogg? Mix of brands that are both healthy and not healthy Target both adults and kids Major player in the cereal industry 23.3% market share

29 A mix of healthy and unhealthy cereals are advertised to kids Cereals advertised to adults are almost exclusively healthy

30 Unhealthy ads significantly outnumber healthy in animation and children's/family entertainment.

31 Kellogg advertises significantly more healthy cereals than unhealthy cereals. Unhealthy ads peak on weekends Healthy ads peak on Mondays and Tuesdays

32 Usually adult cereals are advertised slightly more than kids Only times where kids are advertised to more: Saturday morning Saturday early fringe Sunday early fringe Mostly advertised overnight and prime time

33 Milk Recommendations

34 Recommendation for Investment 1. High profit margin 2. Innovation capabilities 3. Stable industry 4. Growth potential in emerging markets

35 Recommendations for Advertising Strategies 1. Diversify ad campaigns 2. Advertise to consumer segments 3. Increase use of memory jamming 4. Follow FTC regulations to avoid penalization

36 Questions?

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