The Emerging Greek Yogurt Market
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This presentation discusses the challenges Yoplait faced in the Greek yogurt market and potential opportunities for the brand in the future.
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The Emerging Greek Yogurt Market
- 1. The Emerging Greek Yogurt Market: How Yoplait Needs to Respond Kyle Bank, Alex Frey, Mary Kenny, Ben Kremer & Rita Sengupta
- 2. Agenda and Introductions Background and Problem – Alex Frey Research and Analysis – Rita Sengupta Recommendations – Mary Kenny Supported by Ben Kremer and Kyle Bank
- 3. Greek Yogurt Characteristics of Greek Yogurt • Greek straining process • Live bacterial cultures • 2x the protein • 1/2 the sugar • 1/2 the sodium • 1/2 the carbs
- 4. Greek Yogurt Sales in the US • Unprecedented growth for premium price product in recession • Grown over 100% in each of the last 3 years • 2008: 2% of yogurt sales • 2011: 19% of yogurt sales 19% 2%
- 5. General Mills Market Share in US General Mills 5% Greek Yogurt Others 95% General Mills 34% All Yogurt Others 66%
- 6. Failed Launches for Yoplait Greek 9+ Chobani sold for every Yoplait Greek Chobani, 48% Yoplait, 5%
- 7. General Mills Stake in Yogurt • General Mills stock downgrade in early August • Loss of market share after structural shift in the yogurt market • Call to re-strategize 41 40 39 38 37 36 35 34 33 32 Price (USD) General Mills Stock Prices May 2011-November 2011
- 8. Primary Research Regarding Yoplait Greek’s Poor Performance
- 9. Taste Tests “Real” Test Told Chobani and Yoplait Greek Consumers ranked each product from 0-10 “Fake” Test Told Chobani, but actually Yoplait Greek Told Yoplait Greek, but actually Chobani Is there a significant difference between taste, brand, or both?
- 10. Taste Test Results TOLD / ACTUAL RATING Yoplait / Yoplait 3.77 Chobani / Yoplait 7.36 Chobani / Chobani 8.01 Yoplait / Chobani 7.37
- 11. Analysis: Taste TOLD / ACTUAL RATING Yoplait / Yoplait 3.77 Yoplait / Chobani 7.37 TOLD / ACTUAL RATING Chobani / Yoplait 7.36 Chobani / Chobani 8.01 P-value = 1.05E-10 P-value = .044 *Holding brand constant while altering physical product shows that Yoplait Greek has significantly inferior taste to Chobani*
- 12. Analysis: Brand TOLD / ACTUAL RATING Yoplait / Yoplait 3.77 Chobani / Yoplait 7.36 TOLD / ACTUAL RATING Yoplait / Chobani 7.37 Chobani / Chobani 8.01 P-value = 1.23E-10 P-value = .046 *Holding physical product constant while altering brand name shows that Yoplait Greek has significantly weaker brand association than Chobani*
- 14. Secondary Data: Nutrition Chobani Yoplait Greek *Both plain flavor
- 15. Survey Results: Price Although a higher end product, do consumers desire low price Greek yogurt? • Our demand curve suggests: Elastic demand People are price sensitive
- 16. So how can General Mills compete?
- 17. Core Recommendations Rebrand Re-engineer Reposition Objective: Beat Chobani at being Chobani
- 19. Our Brand Champion Janice • Married middle-income 38-year-old working mother of three looking for a satisfying breakfast • Loyal to her new-found dieting lifestyle • Frantic schedule leaves bananas and apples as her only on-the-go choices
- 20. Marketing Mix - Product • Traditional Greek straining process • Rich, creamy, smooth • Clear packaging
- 21. Marketing Mix - Price • MSRP: $1.19 • Current price of Yoplait Greek • Make product affordable to drive volume
- 22. Marketing Mix - Promotion In-Store Taste Tests In-Store Taste Tests Female Television Digital Couponing Celebrity Endorsement
- 23. Marketing Mix - Place • Leverage General Mills’ extensive supply chain o Sell to all major national and local grocers Make available to all consumers because Everyone Deserves A Little Good
- 24. Positioning Attribute Kalos Chobani Fage Price (6oz) $1.19 $1.59 $2.09 Consumers Low/Mid Income High/Mid Income Highest Income Taste Creamy, rich Creamy, rich Tart, thick Nutrition (Strawberry flavor) Calories: 140 Protein: 14g Sugars: 19g Calories: 140 Protein: 14g Sugars: 19g Calories: 120 Protein: 13g Sugars: 16g Flavor Diversity Strong Medium Medium
- 25. Mission: Beat Chobani at being Chobani • Similar quality, taste & nutrition • New brand to differentiate from Yoplait • Price slightly lower than Chobani o Leverage supply chain and GM infrastructure o Accept lower margins if necessary
- 26. Questions? Place Product Promotion Price Survey Timeline Alternatives Risks Financials Positioning Taste Tests
- 27. • Greek-To-Go Alternatives o Targeted at children o Children 2-17 10% Greek yogurt consumption 35% Traditional yogurt consumption o Only competitor = Chobani Champions o Cannibalize Yoplait Gogurt sales o Is there really a market for kids Greek yogurt?
- 28. Risks • Yoplait Greek has 5% and is growing… • Our approach will stunt this growth with no guarantee of re-attaining this share • Leave Yoplait Greek on the market for 6 months & pilot Kalos • A price-war with Chobani would be very expensive • We could win…but it might hurt other strategic objectives of General Mills • Greek yogurt bubble could burst…but there are no signs of this occurrence
- 29. Financials An extra $1.6 billion in NPV over the next 4 years compared to “staying the course” with Yoplait Greek
- 30. Timeline for Implementation Concept Research Design & Production FDA Approval Production Release • November 2011 • April 2012 • December 2012 • January 2013
Notas del editor
- Two failed launches; Inauthentic process
- 51% controlling interest
- NON-BLIND TASTE TEST
- Our recommendation for General Mills is threefold: to re-engineer the taste of Yoplait’s Greek-style yogurt, to rebrand in response to negative consumer sentiment to the Yoplait Greek line, and position the new line slightly below Chobani in terms or price but equivalent in terms of quality.
- Introducing Kalos, which is Greek for “good, beautiful & virtuous”. General Mills should rebrand the line in order to differentiate from its Yoplait products and rejuvenate its presence in the Greek yogurt market. Lifestyle with the yogurt We believe the name’s heritage adds to the authenticity of the brand and the slogan “Everyone deserves a little good” re-enforces our target market and the accessibility of this product.
- So who is our target market? Meet Janice, a 38-year-old working mother of three searching for a satisfying breakfast. Her frantic schedule eliminates her usual egg white omelette option, leaving bananas and apples as her only on-the-go choices. Poptarts and sugary cereals scream her name, but she remains loyal to her new-found dieting lifestyle. She wishes she could purchase Greek yogurt, yet nearly every brand is out of her price range. So as you can see, there is a niche in the Greek yogurt market that has yet to be filled. People like Janice will become hardcore loyalists of Kalos and champion the brand to others.
- Kalos is thick and smooth, made possible by the straining technique. Kalos also uses natural ingredients, real fruits, and all-natural sweeteners. 80% of buying decisions are made at the point-of-sale. Consequently, we opted for transparent packaging to trigger impulse purchases. People want to see what they are buying without opening the package and we thought that this was an innovative strategy particularly within the Greek yogurt market.
- Yoplait can offset the development costs
- Using Yoplait Greek’s marketing budget The promotional campaign consists of various techniques to spread awareness of the Kalos brand and increase customer loyalty. Free samples always have been an effective form of marketing promotion. In-store taste tests will give consumers a chance to experience the deliciousness of Kalos and boost long-term sales. General Mills is the industry leader in delivering digital coupons which will further entice consumers to purchase Kalos. We would also like to air Kalos commercials during TV shows targeted toward female audiences, like Desperate Housewives or Grey’s Anatomy. We are also considering featuring actress and mom Jennifer Garner in the Kalos commercials because she has fit, down-to-earth appeal that is relevant to our target market.
- And finally, place – Kalos can leverage General Mills’ extensive supply chain and distribution network by selling to major grocers nationwide, like Target and Walmart. Just to reiterate, we want to make this product available to everyone and we feel that these national grocers are the best venue to achieve that goal.
- Relative to competitor brands, Kalos will be priced below Chobani in order to be affordable for all. Lower-income consumers want the same quality products as middle-class consumers. In terms of taste, Kalos yogurt will mimic the delicious flavor of Chobani packed with protein and without artificial sweeteners. Chobani currently offers the largest variety of flavors of fat-free Greek yogurt, but Kalos, with the R&D capabilities of General Mills behind it, can develop a multitude of flavors for this new Greek yogurt line. Success of flavors with Yoplait lines