阅读 The economist 3.docx

阅读 The economist 3.docx

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阅读Theeconomist3

Pepsigetsamakeover

Takingthechallenge

Thegiantdrinks-and-snacksfirmattemptstoweanitselfoffsugar,saltandfat

Mar25th2010|NEWYORK|FromTheEconomistprintedition

COCA-COLAoncefamouslydefineditsmarketas“throatshare”,meaningitsstakeintheentireliquidintakeofallhumanity.Nottobeoutdone,IndraNooyi,thebossofCoke’sarch-rival,PepsiCo,wantsherfirmtobe“seenasoneofthedefiningcompaniesofthefirsthalfofthe21stcentury”,a“modelofhowtoconductbusinessinthemodernworld.”Morespecifically,shearguesthatPepsi,whichmakescrisps（potatochips）andotherfatty,saltysnacksaswellassugarydrinks,shouldbepartofthesolution,notthecause,of“oneoftheworld’sbiggestpublic-healthchallenges,achallengefundamentallylinkedtoourindustry:

obesity.”

Tothatend,onMarch22ndsheunveiledaseriesoftargetstoimprovethehealthinessofPepsi’swares.By2015thefirmaimstoreducethesaltinsomeofitsbiggestbrandsby25%;by2020,ithopestoreducetheamountofaddedsugarinitsdrinksby25%andtheamountofsaturatedfatincertainsnacksby15%.Pepsialsorecentlyannouncedthatitwouldberemovingallitssugarydrinksfromschoolsaroundtheworldby2012.

AlthoughMsNooyitalksabouttheneedto“cherish”employees,andoncewrotetotheparentsofherseniormanagersthankingthemforbringingupsuchwonderfuloffspring,sherejectsthenotionthatthesegoalsaresoft-headedordecorative.Shearguesthattheyarenecessarytopreventfoodcompaniesfromgoingthewayoftobaccofirms,whichareperenniallyheldresponsiblebygovernmentsforthehealthproblemsassociatedwiththeirproducts,andpenalisedaccordingly.Asitis,severalcountriesinEuropeandvariouslocalitiesinAmericahavebannedtransfats,aparticularlyunhealthyingredientinmuchjunkfood.AbillintroducedearlierthismonthinNewYork’sstateassemblyproposesbanningsaltinrestaurants.MichelleObama,America’sfirstlady,haslaunchedacampaignagainstobesityamongchildren.

Inthe1990svirtuallyallofPepsi’sproductswerebadforyou—or“funforyou”,asthefirmlikestoputit.UnderMsNooyi,whobecamebossin2006,ithassteppedupitsdiversificationintoproductsitcalls“betterforyou”and“goodforyou”,includingfruitjuices,nutsandporridge（oatmeal,toAmericans）.MsNooyidoesnotseethisasacaseoftradingprofitsforvirtue.Instead,sheinsistsbotharepossible—anideaexpressedinthefirm’ssyrupymotto:

“Performancewithpurpose.”

Thereisnoshortageofsceptics,bothaboutthesincerityofPepsi’ssocialmissionand,morerecently,itsperformance,whichwasdecidedlyflatin2009.Indeed,thisweek,atthefirm’sfirstmeetingwithinvestmentanalystssince2006,inNewYork’sYankeeStadium,MsNooyiadmittedtoaseriesofdisappointments,beforepromisingthatlessonshadbeenlearnedandthat“wewon’tmakethesamemistakes.”Aswellasbeinghurtbytheeconomicdownturn,Pepsisufferedfromaflawedfinancialhedgingstrategythatleftitpayingtoomuchforcommodities.Andithassufferedfromsomerecentmarketingdisasters,includingacampaignforTropicanafruitjuicethatiswidelyregardedasoneoftheworstbrandmakeoverssinceCoca-ColalaunchedNewCoke.

YetinvestorsseemtobetakingseriouslyMsNooyi’sclaimthatPepsi’sfutureisbright.Ithelpsthatthefirmhasraiseditsdividendandannouncedabigsharebuyback.InvestorsalsoseemtobereappraisingPepsi’sdecisionlastyeartoacquirethetwoindependentfirmsthatbottleitsdrinks.Thedealhadreceivedatepidreception,notleastbecauseCoca-Colahadinsistedthatkeepingsyrup-makingandbottlingseparatemadesense.Now,however,Coca-ColahasdecidedtofollowPepsi’sleadbyacquiringitsmainbottler—amoveMsNooyidescribesas“vindication”.

ThehopeisthatintegratingthebottlingcompanyintoPepsiwillbringgreatercontroloveranincreasinglydiversedrinksportfolio,andpromotecross-marketingbetweenthefoodanddrinkdivisions（notsomethingthatCoca-Cola’sacquisitionwillhelpwithmuch,asitdoesnotownalargesnackoperation）.Pepsi,whichjointlymarketsseveraldifferentbrands,dubsthecloutthisgivesitwithretailersandcustomers“PowerofOne”.Thebottlingacquisitionshouldboostthistacticbyendingtheneedtonegotiateadivisionofthespoilsoneverybigdeal.WhenWal-Martcallsaskingforajointpromotionof,say,PepsiandDoritos,asitdidfortheSuperBowlinFebruary,Pepsican“respondin24hours,insteadofsixweeks.”

MsNooyiwantstotakethisideafurther,withastrategyshesnappilydubs“PowerofPowerofOne”.Bythatshemeanspartnershipswithotherfirmstocutthecostofprocurement,orresearchanddevelopment.Pepsihasalreadysignedasuppliesandad-purchasingdealwithAnheuser-Busch,abigbrewer.

Inthelongrun,muchwilldependonthesuccessofPepsi’sstrategytoconvincethepublicandregulatorsthatitisonthesideofreducingobesity,notcreatingit.Thisstrategywillhaveseveralprongs,includingreducingtheamountofobviouslyunhealthyingredientsinitsexistingproducts,addingnewhealthierproductstoitsportfolio,promotinghealthierlifestylesandtryingtopointthefingerofblameawayfromhowmanycaloriespeopleconsumetohowfewcaloriestheyburn.“Whyaren’twegoingaftercomputerandcable-TVcompaniesforcreatingasedentarylifestyle?

”asksMsNooyi.

Pepsi’sgrowingportfolioof“goodforyou”productsnowaccountsforaround$10billioninrevenues（nearlyafifthofthetotal）.MsNooyiexpectsthatfiguretogrowto$30billionwithintenyears.Thefirmhasbeenhiringanarmyofexpertsonhealthtoworkinitsresearchanddevelopmentbusiness,togivecredibilitytoitsclaimthatitisapplyingsciencetocreatingproductsthatarebetterforitscustomers.MahmoodKhan,aBritish-borndoctorrecruitedtorunPepsi’sR&Datthestartof2008,sayshehasbeen“pleasantlysurprisedbyhowrapidlythisnewhealthagendahasbeenembraced.”

Pepsialreadyclaimstobemakingsignificantprogressinmakingits“fun-for-youproductsbetterforyou”byvoluntarilyremovingtransfatslongbeforeitwasrequiredtodoso,andreducingtheamountofsugar,fatandsalt.Thereisnowlesssaltinapacketofcrisps,claimsDrKhan,thaninasliceofwhitebread.

Quaker,whichmakesporridge,cereal,cerealbarsandricecrackers,isPepsi’sleadinghealthybrand.Pepsihopestouseitsexpertiseinproductdesignandpackagingtomakethesegoodsmoreenticing,especiallytochildrenatbreakfasttime.Itisalreadytestingoatmealdrinksandbiscuits,aswellasnewflavoursofporridge.QuakerOatspackagingwillalsogetamorecontemporarylook,althoughtheblack-hattedQuakermascotwillsurvive.“Ourgoal”,saysMsNooyi,intypicallyforthrightstyle,“istorewritetherulesofbreakfast.”

ThereisnodoubtingtheseriousnessofMsNooyi’sdrivetoincreasePepsi’ssalesofhealthyproducts.Butitwillnotbeeasytopushthemwithoutunderminingsalesofitsother,lesswholesomewaresorappearingtonannyitscustomers.Moreover,politiciansandpublic-healthcampaignersmaynotregardsellingmorehealthyproducts,whilecontinuingtoprofithandsomelyfromunhealthyones,asthebestwaytotackleobesity.

ForeigntakeoversinBritain

Smallislandforsale

ThetakeoverofCadburybyKraftseemstosymboliseahollowing-outofcorporateBritain.Thetruthisrathermorecomplicated

Mar25th2010|FromTheEconomistprintedition

THEThamesValleyprovidestwocontrastingexamplesofwhathappenswhenforeigncompaniesbuyBritishones.AnydaynowtheScottish&Newcastle（S&N）brewerybesidetheM4motorwayatReadingwillbrewitslastbarrel.Itopenedonlyin1980,thesuccessorofWilliamBlackallSimonds’s18th-centurybrewhouseinthetowncentre;itsclosurewasannouncedtwoyearsago,weeksafterS&NwasboughtbyCarlsberg,ofDenmark,andHeineken,oftheNetherlands,andcarvedupbetweenthem.There’slittleofScotland,NewcastleorBerkshireleftinwhatisnowHeinekenUK,asubsidiaryofaDutchlager-maker.HeadsofdepartmentssuchasmarketingandproductdevelopmentarenowinAmsterdam.

About40km（25miles）tothenorth,theBMWMINIfactoryinOxfordmakesmorethan200,000carsayear,assembledwithenginesandbodypanelsfromsisterfactoriesinBirminghamandSwindon.MINIisasurvivorofBMW’sotherwisefailedattempttoturnaroundBritain’sailingRovergroupinthe1990s.WhereastheoriginalMinisoldinlargenumbersbutwasanunderpricedlossmaker,foreignownershipandcapitalhavemadethenewversionaglobalcommercialsuccess.FouroutoffivecarsmadeinOxfordareexported;oneinsixBMWssoldisaMINI.TheothersurvivingbitofRover,JaguarLandRover,isonitsthirdforeignowner—TataMotors,ofIndia—afterFordfailedtoturnitround.Tata’sfirstmovewastoproclaimaten-yearplantodevelopthetwoBritishbrands;theiroutlookisatlastlookingbrighter.

BritonsthesedaysaremorelikelytobefoundcryingintotheirbeerthancelebratingsuccesseslikeMINI.Cadbury,avenerablechocolate-maker,isjustthelatesthouseholdnametobeswallowedbyforeignersafterahostiletakeoverbid.ItsrecentpurchasebyKraftFoods,anAmericancompany,hascometoillustrateacomplexsetofanxieties:

thatBritainwilllosejobsandskills,andthatwhereasBritishfirmsareopentotakeover,theirforeignpredatorsareoftenprotectedagainstbecomingpreythemselves.Thereissomethingtotheseworries,butitisfarfromclearthatBritainisanetloser.Purchasesgobothways—andmanyBritishfirmshavefoundnewstrengthunderforeignowners.

Anopenandopencase

For3