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Knorr

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José Neto - 150112190

Unilever JM’s Knorr: Sustainable Leadership in the Portuguese Bouillon Market

1. What is the current situation in the bouillon market? Bouillon cubes are dehydrated broths compacted into a small cubes used in cooking to add flavour, doing away with the addition of salt. In Portugal, the market of bouillons is divided in two main groups of brands: brands of manufacturers like Knorr and Maggi and brands from distributors like Continente, Minipreço, Intermarché, Pão-de-Açúcar and Pingo Doce, called Private Labels (PLs). This retailers are both Knorr clients and competitors and they can decide which products they want on their shelves. As clients, this distributors can be divided into two main groups, according to their positioning: High/Low clients, such as Continente and Jumbo (hypermarkets) and El Corte Inglês, Intermarché, Modelo and Pão-de-Açúcar (large supermarkets), and EDLP (Everyday Low Price) clients, such as Minipreço, Lidl and Pingo Doce (small supermarkets). The first Knorr product was sold in Portugal in 1953. In 2007, eight different flavours were available in the market, six of them exclusive to Knorr, with the other brands only selling chicken and meat flavours. In 2007, six retailers controlled 78% of the bouillon market and the total market of bouillons was increasing in volume and value with Knorr being the leading brand. In that year, close to 385 million recipes where used Knorr in their preparation and sales accounted for over €25 million. However, the market penetration for this company was down due to the PLs, that gained 1.6 p.p. penetration, while Knorr lost 4.5 p.p.. Knorr’s volume share had decreased 10 p.p. in the last 4 years. 2. Why are private labels (PLs) increasing volume market share? Why is pricing so different between PLs and manufacturer brands (MBs)? How are MBs different from PLs? The significant PLs growth in volume market share began in 2002 when Pingo Doce decided to change its strategy from ‘high price & high quality’ to ‘low price & high quality’, positioning better their own brand products and making them a value-for-money proposition. In 2007 Portugal was one of the poorest country amongst the European Union. For the next years the GDP was expected to increase at very low growth rates as well as the final family consumption in percentage of GPD and the Portuguese consumers’ confidence was too low and still decreasing. Portuguese consumers became more price sensitive and most consumers started to realise that by buying PLs instead of some manufacturer brands, such as Knorr, they could spend less money on their purchases and still maintain the volume of the basket. So many consumers ended up doing that.

After the strategic change of Pingo Doce and its increasing success, all other operators started to reconsider their strategies, especially in what concerned their own brands. So in 2007 the private label food’s sales value was 21.7%. The price gap between Knorr and PLs became quite high because, in one hand, retailers’ concern was to obtain consumer loyalty and store traffic by lowering the prices and, in other hand, Knorr’ concern was make use of its brand to charge higher margins and to increase market share without compromise the brand. Even so, given this huge gap, Knorr’ market share was still significant, demonstrating that, regardless the ‘low price & high quality’ positioning, the perceived quality of Knorr’ bouillons was still stronger, compared to PLs’. 3. What opportunities do you identify for the introduction of Knorr’s new product? Which Marketing and Share Recovery Strategy objectives will be best accomplished by this new product? The interviews conducted among a small group of respondents unveiled several opportunities for the introduction of Knorr’s new product. The first was related to the fact that there where bouillon not being bought due the low frequency of preparation of specific dishes. The second finding was that there are young inexperienced consumers that were not familiar with the traditional usage of chicken in different dishes. Apart from this, the study also concluded that, among the drivers for the bouillon market, some assumed particular relevance, such as convenience, demand for high and home-made flavour standards, need for diversified menus capable of breaking the day-to-day routine and good value for money. In order to reply to this opportunities, a new product called McCartney was being developed. This new product was a base seasoning for all types of cooking, lighter, with no dominant flavour and for transversal usage. Courela, the Head of Brand Building Savoury, characterized it as ‘a multi-function bouillon’. This product was meant to integrate part of the Share Recovery Strategy and was able, as well, to accomplish some Marketing objectives, because in one hand, it could mean new costumers recaptured from PLs and, in other hand, by doing this, Knorr was able to increase market share through an increase in penetration. 4. What are the advantages and disadvantages of introducing McCartney as an In&Out and as a permanent SKU? What strategy would you recommend? How does your decision influence the new product positioning strategy? In what retailers would you suggest the new product to be sold? This product was meant to be a middle quality product, something completely new for the Portuguese bouillon market. That is the reason why the decision between an In&Out and permanent SKU strategy is too important in terms of positioning. For instance, by opting by an In&Out product would be very difficult to put McCartney bouillons in Pingo Doce’ shelves near to one of the biggest PL competitors. In other, by opting by a permanent SKU some retailers, such as Minipreço, due to limited shelf space would ask for the expense of another product. However, even with the logistics complexity, an In&Out product helps demonstrate the brand’s know-how, generates trial, additional volume and higher demand, dispenses listing fees, can later be introduced as permanent SKU, has less mid-term impact in case of cannibalization, brings dynamic to the category, helps to better contact with costumers and refreshes Knorr’s bouillon category. Permanent SKU allows for more flexibility in terms of positioning, but there are listing fees for additional products, the marketing strategy effort is higher, implies a complex logistic reorganization, constituting a large investment, involves a greater concern due to the fact that permanent SKUs are very a important part of brand’s strategy and communication and, in case of cannibalization, taking an SKU out of the market, can have a significant negative impact on consumers perceptions. For this reasons I would do opt, in a first stage, to launch McCartney as an In&Out, deciding later whether to make them or not a permanent SKU according to costumers reception. 5. In what price segment would you place the multi-function bouillon? What price would you recommend? What may be the implications of your decisions for other Knorr products and for the brand?

In this case pricing decisions can impact both on the brand and on possibility of cannibalization. So, on one hand, pricing McCartney too low involves more caution and, in the other hand, for McCartney to compete with PLs the price should not be too high. Also, in order to the maintain an higher perceived quality in relation to PLs and a lower perceived quality in relation to other Knorr products, McCartney’s price should be higher than PL’s prices and lower than the others Knorr’s prices. For these reasons, the 8c packs’ price should between €0.38 and €1.34 (economic or average segments) and the 16c packs’ price should be between €0.74 and €2.39 (economic, average, or premium segment). So, taking into account the gross profits in Exhibits A and B, the annual demand estimated for McCartney in Exhibits 28 and 29 and the cannibalization effect estimated in Exhibits 30 e 31, I would price McCartney’ 8c pack in €0.40 and 16c pack in €0.80, both under an In&Out or a permanent SKU launching. 6. What considerations should be taken into account when making decisions about the number of cubes per pack for the new product? What pack format would you recommend? When deciding about the number of cubes per pack one should take into account the unit costs, the retailers 14,6% normal gross margin and the expected demand. So with variable costs of €0.20 and €0.34, the contribution margins would be €0.08 and €0.31, for the 8c and 16c packs, respectively. For this reasons I would recommend the 16c packs. 7. Using the annual demand estimates for McCartney from Exhibits 28 and 29 the percentage of lost packs of chicken bouillons from Exhibits 31 and 30, calculate the gross profit and economic gross profit for launching the new product as an In&Out and as a permanent SKU. How do you interpret your results? What adjustments would you do your previous recommendations? The calculations asked are presented in the Exhibits A and B. This calculations are for the first six month of 2009, assuming the same Chicken Revenues as in 2007 and assuming evenly distributed revenues along the year. Also was taken into account a 3% higher and a 2.5% lower demand and gross margins of 42.5% and 48.6% for the 8c and 16c McCartney’ packs, respectively. So, once the previous recommendations are based on the mentioned calculations, I wouldn’t do any adjustment. Given the uncertainties about the exact cannibalization, the huge investment needed for a permanent SKU product launch and even with a lower demand for the 16c In&Out packs, I would recommend an In&Out 16c pack launch and price the 16c McCartney at €0.80, deciding later, based on new information, whether to take it out of the market or to make it a permanent SKU.

Exhibit A – Launching McCartney as a Permanent SKU
McCartney 8c SemiRSPmax Knorr's Annual Annual RSPmin RSPmax without IVA Price Demand Demand P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 0,21 0,41 0,61 0,81 1,01 1,21 1,41 1,61 1,81 2,01 0,40 € 0,60 € 0,80 € 1,00 € 1,20 € 1,40 € 1,60 € 1,80 € 2,00 € 2,20 € 0,33 € 0,49 € 0,65 € 0,81 € 0,98 € 1,14 € 1,30 € 1,46 € 1,63 € 1,79 € Semi-Annual Revenue Gross Profit Economic Profit 8c Average 16c Average Cannibalization Cannibalization 8c Revenues 18,1% 17,3% 16,9% 16,5% 16,1% 15,7% 15,3% 14,9% 14,5% 14,1% 11,3% 11,0% 10,8% 10,7% 10,5% 10,4% 10,3% 10,3% 10,2% 10,2% Chicken 8c Gross Profit 16c Gross Profit Total

16c Revenues

Gross Profit

Gross Profit

0,28 € 8 025 440 4 012 720 1 114 426,94 € 474 002,92 € 311 882,95 € 0,42 € 2 673 421 1 336 710 0,56 € 1 291 785 645 892 0,69 € 749 460 0,83 € 484 968 0,97 € 337 452 1,11 € 247 294 1,25 € 188 401 1,39 € 147 935 1,53 € 119 002 374 730 242 484 168 726 123 647 94 201 73 968 59 501 556 853,95 € 236 848,55 € 289 511,89 € 358 759,14 € 152 592,22 € 229 580,64 € 260 178,47 € 110 662,58 € 185 232,45 € 202 030,41 € 164 007,00 € 137 358,54 € 117 727,69 € 102 712,71 € 90 886,29 € 85 930,27 € 153 533,65 € 69 757,64 € 130 261,83 € 58 423,17 € 112 629,18 € 50 073,51 € 43 687,14 € 38 656,97 € 98 887,58 € 87 919,20 € 78 986,12 €

1 153 766,25 € 2 444 793,75 € 542 270,14 € 1 156 387,44 € 1 698 657,58 € 2 172 660,51 € 1 165 177,13 € 2 451 960,00 € 547 633,25 € 1 159 777,08 € 1 707 410,33 € 1 944 258,88 € 1 170 882,56 € 2 457 693,00 € 550 314,80 € 1 162 488,79 € 1 712 803,59 € 1 865 395,81 € 1 176 588,00 € 2 462 279,40 € 552 996,36 € 1 164 658,16 € 1 717 654,52 € 1 828 317,09 € 1 182 293,44 € 2 465 948,52 € 555 677,92 € 1 166 393,65 € 1 722 071,57 € 1 808 001,83 € 1 187 998,88 € 2 468 883,82 € 558 359,47 € 1 167 782,04 € 1 726 141,52 € 1 795 899,16 € 1 193 704,31 € 2 471 232,05 € 561 041,03 € 1 168 892,76 € 1 729 933,79 € 1 788 356,95 € 1 199 409,75 € 2 473 110,64 € 563 722,58 € 1 169 781,33 € 1 733 503,92 € 1 783 577,43 € 1 205 115,19 € 2 474 613,51 € 566 404,14 € 1 170 492,19 € 1 736 896,33 € 1 780 583,47 € 1 210 820,63 € 2 475 815,81 € 569 085,69 € 1 171 060,88 € 1 740 146,57 € 1 778 803,54 €

McCartney 16c SemiRSPmax Knorr's Annual Annual RSPmin RSPmax without IVA Price Demand Demand P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 0,61 0,81 1,01 1,21 1,41 1,61 1,81 2,01 2,21 2,41 0,80 € 1,00 € 1,20 € 1,40 € 1,60 € 1,80 € 2,00 € 2,20 € 2,40 € 2,60 € 0,65 € 0,81 € 0,98 € 1,14 € 1,30 € 1,46 € 1,63 € 1,79 € 1,95 € 2,11 € Semi-Annual Revenue Gross Profit Economic Profit 8c Average 16c Average Cannibalization Cannibalization 8c Revenues 20,1% 18,6% 17,4% 16,4% 15,6% 15,0% 14,5% 14,1% 13,8% 13,5% 29,7% 28,0% 27,1% 26,3% 25,4% 24,5% 23,7% 22,8% 22,0% 21,1%

Chicken 8c Gross Profit 16c Gross Profit

Total

16c Revenues

Gross Profit

Gross Profit

0,56 € 4 021 690 2 010 845 1 116 918,18 € 542 822,23 € 433 230,85 € 0,69 € 1 678 033 839 016 0,83 € 834 262 0,97 € 466 051 1,11 € 282 939 1,25 € 182 825 1,39 € 124 005 1,53 € 1,67 € 1,81 € 87 436 63 639 47 560 417 131 233 026 141 469 91 412 62 002 43 718 31 819 23 780 582 536,65 € 283 112,81 € 297 271,05 € 347 541,41 € 168 905,12 € 205 716,84 € 226 508,51 € 110 083,14 € 147 279,79 € 157 157,65 € 114 243,22 € 86 097,56 € 66 778,03 € 53 022,02 € 42 927,89 € 76 378,62 € 109 058,02 € 55 522,21 € 41 843,41 € 32 454,12 € 25 768,70 € 20 862,96 € 83 163,00 € 65 016,76 € 51 913,98 € 42 203,42 € 34 842,66 €

1 125 591,25 € 1 937 643,75 € 529 027,89 € 1 147 004,25 € 1 985 051,25 € 539 092,00 € 1 164 134,65 € 2 008 755,00 € 547 143,29 € 1 177 838,97 € 2 032 458,75 € 553 584,32 € 1 188 802,43 € 2 056 162,50 € 558 737,14 € 1 197 573,19 € 2 079 866,25 € 562 859,40 € 1 204 589,80 € 2 103 570,00 € 566 157,21 €

916 505,49 € 1 445 533,38 € 1 988 355,62 € 938 929,24 € 1 478 021,24 € 1 761 134,05 € 950 141,12 € 1 497 284,40 € 1 666 189,52 € 961 352,99 € 1 514 937,30 € 1 625 020,44 € 972 564,86 € 1 531 302,00 € 1 607 680,62 € 983 776,74 € 1 546 636,14 € 1 602 158,34 € 994 988,61 € 1 561 145,82 € 1 602 989,23 €

1 210 203,09 € 2 127 273,75 € 568 795,45 € 1 006 200,48 € 1 574 995,94 € 1 607 450,06 € 1 214 693,72 € 2 150 977,50 € 570 906,05 € 1 017 412,36 € 1 588 318,41 € 1 614 087,11 € 1 218 286,23 € 2 174 681,25 € 572 594,53 € 1 028 624,23 € 1 601 218,76 € 1 622 081,71 €

Exhibit B – Launching McCartney as an In&Out
McCartney 8c SemiRSPmax Knorr's Annual Annual Semi-Annual RSPmin RSPmax without IVA Price Demand Demand Revenue Gross Profit P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 0,21 0,41 0,61 0,81 1,01 1,21 1,41 1,61 1,81 2,01 0,40 € 0,60 € 0,80 € 1,00 € 1,20 € 1,40 € 1,60 € 1,80 € 2,00 € 2,20 € 0,33 € 0,49 € 0,65 € 0,81 € 0,98 € 1,14 € 1,30 € 1,46 € 1,63 € 1,79 € Economic Profit 8c Average 16c Average Cannibalization Cannibalization 8c Revenues 18,1% 17,3% 16,9% 16,5% 16,1% 15,7% 15,3% 14,9% 14,5% 14,1% 11,3% 11,0% 10,8% 10,7% 10,5% 10,4% 10,3% 10,3% 10,2% 10,2% Chicken 8c Gross Profit 16c Gross Profit Total

16c Revenues

Gross Profit

Gross Profit

0,28 € 8 266 203 4 133 102 1 147 859,75 € 488 223,01 € 321 239,44 € 0,42 € 2 753 623 1 376 812 0,56 € 1 330 539 665 269 0,69 € 771 944 0,83 € 499 517 0,97 € 347 575 1,11 € 254 712 1,25 € 194 053 1,39 € 152 373 1,53 € 122 572 385 972 249 758 173 788 127 356 97 027 76 187 61 286 573 559,57 € 243 954,00 € 298 197,25 € 369 521,91 € 157 169,99 € 236 468,06 € 267 983,83 € 113 982,45 € 190 789,42 € 208 091,32 € 168 927,21 € 141 479,30 € 121 259,52 € 105 794,09 € 93 612,88 € 88 508,17 € 158 139,66 € 71 850,37 € 134 169,69 € 60 175,86 € 116 008,05 € 51 575,71 € 101 854,21 € 44 997,75 € 39 816,68 € 90 556,77 € 81 355,71 €

1 153 766,25 € 2 444 793,75 € 542 270,14 € 1 156 387,44 € 1 698 657,58 € 2 186 880,59 € 1 165 177,13 € 2 451 960,00 € 547 633,25 € 1 159 777,08 € 1 707 410,33 € 1 951 364,33 € 1 170 882,56 € 2 457 693,00 € 550 314,80 € 1 162 488,79 € 1 712 803,59 € 1 869 973,58 € 1 176 588,00 € 2 462 279,40 € 552 996,36 € 1 164 658,16 € 1 717 654,52 € 1 831 636,97 € 1 182 293,44 € 2 465 948,52 € 555 677,92 € 1 166 393,65 € 1 722 071,57 € 1 810 579,74 € 1 187 998,88 € 2 468 883,82 € 558 359,47 € 1 167 782,04 € 1 726 141,52 € 1 797 991,89 € 1 193 704,31 € 2 471 232,05 € 561 041,03 € 1 168 892,76 € 1 729 933,79 € 1 790 109,65 € 1 199 409,75 € 2 473 110,64 € 563 722,58 € 1 169 781,33 € 1 733 503,92 € 1 785 079,63 € 1 205 115,19 € 2 474 613,51 € 566 404,14 € 1 170 492,19 € 1 736 896,33 € 1 781 894,08 € 1 210 820,63 € 2 475 815,81 € 569 085,69 € 1 171 060,88 € 1 740 146,57 € 1 779 963,25 €

McCartney 16c SemiRSPmax Knorr's Annual Annual Semi-Annual RSPmin RSPmax without IVA Price Demand Demand Revenue Gross Profit P1 RSPmin P2 P3 P4 P5 P6 P7 P8 P9 P10 0,61 0,81 1,01 1,21 1,41 1,61 1,81 2,01 2,21 0,80 € 1,00 € 1,20 € 1,40 € 1,60 € 1,80 € 2,00 € 2,20 € 2,40 € 2,60 € 0,65 € 0,81 € 0,98 € 1,14 € 1,30 € 1,46 € 1,63 € 1,79 € 1,95 € 2,11 € Economic Profit 8c Average 16c Average Cannibalization Cannibalization 8c Revenues 20,1% 18,6% 17,4% 16,4% 15,6% 15,0% 14,5% 14,1% 13,8% 13,5% 29,7% 28,0% 27,1% 26,3% 25,4% 24,5% 23,7% 22,8% 22,0% 21,1%

Chicken 8c Gross Profit 16c Gross Profit

Total

16c Revenues

Gross Profit

Gross Profit

0,56 € 3 921 148 1 960 574 1 088 995,22 € 529 251,68 € 422 400,08 € 0,69 € 1 636 082 818 041 0,83 € 813 406 0,97 € 454 400 1,11 € 275 865 1,25 € 178 254 1,39 € 120 905 1,53 € 85 250 1,67 € 62 048 1,81 € 46 371 406 703 227 200 137 933 89 127 60 452 42 625 31 024 23 186 567 973,23 € 276 034,99 € 289 839,27 € 338 852,87 € 164 682,50 € 200 573,92 € 220 845,80 € 107 331,06 € 143 597,80 € 153 228,70 € 111 387,14 € 83 945,12 € 65 108,58 € 51 696,47 € 41 854,70 € 74 469,15 € 106 331,57 € 54 134,15 € 40 797,33 € 31 642,77 € 25 124,48 € 20 341,38 € 81 083,93 € 63 391,35 € 50 616,13 € 41 148,33 € 33 971,60 €

1 125 591,25 € 1 937 643,75 € 529 027,89 € 1 147 004,25 € 1 985 051,25 € 539 092,00 € 1 164 134,65 € 2 008 755,00 € 547 143,29 € 1 177 838,97 € 2 032 458,75 € 553 584,32 € 1 188 802,43 € 2 056 162,50 € 558 737,14 € 1 197 573,19 € 2 079 866,25 € 562 859,40 € 1 204 589,80 € 2 103 570,00 € 566 157,21 €

916 505,49 € 1 445 533,38 € 1 974 785,06 € 938 929,24 € 1 478 021,24 € 1 754 056,23 € 950 141,12 € 1 497 284,40 € 1 661 966,90 € 961 352,99 € 1 514 937,30 € 1 622 268,36 € 972 564,86 € 1 531 302,00 € 1 605 771,15 € 983 776,74 € 1 546 636,14 € 1 600 770,29 € 994 988,61 € 1 561 145,82 € 1 601 943,15 €

1 210 203,09 € 2 127 273,75 € 568 795,45 € 1 006 200,48 € 1 574 995,94 € 1 606 638,71 € 1 214 693,72 € 2 150 977,50 € 570 906,05 € 1 017 412,36 € 1 588 318,41 € 1 613 442,89 € 1 218 286,23 € 2 174 681,25 € 572 594,53 € 1 028 624,23 € 1 601 218,76 € 1 621 560,14 €

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