The MM Division needs to devise strategies to develop healthier red meat products, invest in white meat, create new convenience products, and innovate, as competition possesses changing strengths (including more sophisticated manufacturing and marketing skills, stronger financial positions, and focus on building value-added brands and market share) along with weaknesses (such as reduced brand strength and longevity relative to MM). These strategies are essential to differentiate themselves from copycat brands.
As a result, the company, MM, is increasing its investment in research and development (R&D), acquisitions and partnerships (A&P), and hiring new employees.
In my opinion, the best course of action for the department is to follow Stranger's suggestion to revive the Oscar Mayer brand. Oscar Mayer is the core of the division and generates 82% of profit
...s. It is important to invest in research and development (R) to ensure that the brand can adapt to evolving consumer trends, while also making necessary adjustments to pricing and the advertising and promotion (A) budget in order to maintain market share. The second most feasible option is to acquire another company that specializes in healthier and more convenient products.
Turkey Time appears to be the most suitable choice for the division as it aligns closely with their core competencies and has the additional capacity to support the MM price reductions. The success of the McGraw team with LURE can be applied to the next acquisition. On the other hand, launching two new products is the least viable option. The recent failure of Stuffs Burgers demonstration shows that MM needs more experience before relying on new products for division growth. Launching new product lines poses risks, requirin
significant capital investment and is projected to result in losses in the short-term. Appetites, in particular, is high-risk as it goes against health trends and, like Stumberger's, competing in the frozen foods channel would further reduce profit margins.
In order to balance the need for immediate profits and long-term growth with limited resources, I suggest that the division adopt a combination of strategies. One approach is to invest in "close in-line extensions" of MM and LURE products, such as low-fat, low-salt red meat items, turkey bacon, and roast turkey dinner options. These expansions will cater to consumer demand for healthier and more convenient choices. Previous experience indicates that these extensions result in moderate market share increases.
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