________________________________________________________________________________________________________________ HBS Professor Emeritus John A. Quelch and Ohio College Professor Katherine B. Hartman ready this case solely as a foundation for sophistication dialogue and never as an endorsement, a supply of main knowledge, or an illustration of efficient or ineffective administration. Though based mostly on actual occasions and regardless of occasional reference to precise corporations, this case is fictitious and any resemblance to precise individuals or entities is coincidental. Copyright © 2020 President and Fellows of Harvard Faculty. To order copies or request permission to breed supplies, name 1-800-545-7685, write Harvard Enterprise Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu. This publication will not be digitized, photocopied, or in any other case reproduced, posted, or transmitted, with out the permission of Harvard Enterprise College.
9 – 9 2 zero – 5 6 three A P R I L three zero , 2 zero 2 zero
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Selling Land and Nature Jerky
“I actually don’t like Mondays,” Kathy Ayers, Vice President of Marketing and Communications for Land and Nature (L&N) Jerky Firm, thought as she mirrored on her afternoon assembly with L&N’s CEO, Tim Ryan. Throughout the assembly, Ayers and Ryan had reviewed L&N’s precise, anticipated, and forecasted revenue statements from 2018 by way of 2020 (Exhibit 1). Ryan defined, “For 2020, we hope to run at 80% capability. That may result in four% development in income, assuming the identical variable price percentages that we’ve got now, and a three% enhance in fastened prices. Our forecast working revenue for 2020 is at the moment 5.2% of gross sales, nicely in need of the 7% goal headquarters has for the corporate.”
Startled, Ayers checked out Ryan, who acknowledged, “I would like your crew to Help me obtain this aim. By subsequent week’s management assembly, I want you to research the effectiveness of our shopper and commerce promotions and make suggestions for the 2020 funds to make sure we use our assets correctly.”
Though relieved her funds was not being lower once more, Ayers wanted to make sure Ryan understood the significance of promotions. She mentioned, “We can’t enhance gross sales, stimulate demand, and encourage trial with out shopper promotions. Commerce promotions are much less important, however they’ve helped us safe new accounts, inspired our companions to inventory extra stock, and generated point-of-purchase reductions handed alongside from our companions to shoppers.”
Ryan paused briefly earlier than responding. “I believe you’re proper, however we will need to have some numbers to help that speculation,” he mentioned. “Company desires us to justify our place that promotions expense interprets to income as a result of if it doesn’t, why ought to we spend it?”
After assembly Ryan, Ayers referred to as Steve Ham, L&N’s Chief Monetary Officer. “Steve, are you able to get some numbers collectively for me?” she requested. “I must first calculate return-on-marketing-investment (ROMI) for each shopper and commerce promotions after which take into account the best way to regulate the funds to maximise ROMI.”
To Ayers’s shock, Ham replied, “I’ve been engaged on that for the previous week. Give me an hour to complete it.” Now, Ayers was on her strategy to Ham’s workplace together with her notes and deliberate funds.
For the unique use of Okay. Tang, 2022.
This doc is allowed to be used solely by Katherine Tang in MGT 247 Promoting & Promotions Winter 2021-22 taught by Margaret Campbell, College of California – Riverside from Dec 2021 to Apr 2022.
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Meat Jerky Trade in the USA
The meat jerky trade included corporations that dehydrate (or remedy), season, and bundle meat into meat jerky merchandise. In 2018, estimated gross sales had been $1.three billion ($67.three million in revenue) with projected annual development of two.7%.1 On common, working revenue margins had been roughly 5%.2
Merchandise
Meat jerky was a nutrient-dense, shelf-stable meat that was made light-weight by drying; a pound of meat or poultry weighed about 4 ounces after being made into jerky. three It was comprised of lean cuts of complete muscle. Meat was sliced into skinny strips or restructured muscle by grinding and processing complete muscle to kind a extra uniform form. Most jerky was bought in plastic, multi-serve baggage.
In 2018, beef had 79% of whole U.S. jerky gross sales. Lower than 20% of jerky gross sales got here from different meats equivalent to turkey, rooster, pork, and sport equivalent to deer, elk, salmon, and buffalo.four Analysts predicted beef jerky income would decline and gross sales of progressive flavors and more healthy meats would enhance.5
Meat snacks had been comprised of processed meats, together with each muscle and fats, sometimes fashioned into sticks that had been encased like sausage, and infrequently bought in single-serving packages. The dietary contents of jerky and meat snacks differed significantly. For instance, in 2019, a one-ounce serving of Oberto’s All-Pure Authentic Beef Jerky was 70 energy with zero.5g of fats and 10g of protein, whereas a one-ounce serving of Slim Jim’s Authentic Beef Stick was 140 energy with 11g of fats and 6g of protein.
Aggressive Panorama
In 2018, the highest three opponents accounted for 60% of whole gross sales within the U.S. market. 6 The most important was Hyperlink Snacks, Inc. (26%), which produced beef jerky, turkey jerky, beef sticks, and meat and cheese packs underneath the model identify Jack Hyperlink’s. The Oberto Sausage Firm was the second-largest competitor (19%). It produced and bought beef jerky, salami, pepperoni, and different snack sausages underneath the model identify Oh Boy! Oberto. Slim Jim, produced by a division of Conagra Manufacturers Inc., was the third-largest competitor (15%). It supplied all kinds of meat sticks, meat snacks, and dried sausages.
The remaining trade income included quite a few smaller corporations and tons of of single- individual operations. Lots of them supplied premium-quality merchandise. For instance, Chef’s Lower Actual Jerky supplied protein-rich jerky focused to golfers, and Nation Archer Jerky Co. produced gourmand jerky, sticks, and bars made with “premium and clear” elements. 7
Speedy income development had additionally spurred trade consolidation, with world meals corporations buying small jerky producers. As examples, Hershey’s bought KRAVE in 2015, Normal Mills acquired EPIC Provisions in 2016, and Premium Manufacturers Holding Company bought Oberto in 2018. These corporations used their energy to safe restricted shelf area.
The bases of competitors had been product price-quality, channel relationships, and innovation- differentiation. eight Most shoppers had been value delicate, but these involved with high quality had been loyal to competitively priced manufacturers. Producers wanted relationships with meat producers to make sure regular entry to inputs in addition to distributors to safe shelf area in shops. Innovation and differentiation helped earn shopper curiosity, command greater costs, and safe product placement. These efforts included new taste profiles, all-natural or natural variations, and artisanal (small batch) handcrafted product traces that had been focused at athletes, hikers, and campers.
L&N thought-about KRAVE, EPIC, Chef’s Lower, and Nation Archer as its direct opponents. L&N had merchandise that had been equally priced (per ounce) to their opponents’, however the different corporations had extra
For the unique use of Okay. Tang, 2022.
This doc is allowed to be used solely by Katherine Tang in MGT 247 Promoting & Promotions Winter 2021-22 taught by Margaret Campbell, College of California – Riverside from Dec 2021 to Apr 2022.
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product gadgets than L&N. EPIC bought four flavors of conventional jerky, 6 flavors of meat steaks, and 12 flavors of meat bars utilizing 9 totally different meats. Chef’s Lower bought eight flavors of conventional jerky and 6 flavors of meat sticks. Nation Archer bought 11 flavors of conventional jerky and seven flavors of meat sticks.
Markets and Distribution
Most gross sales of meat jerky had been derived from grocery wholesalers (78%). The rest had been bought on to supermarkets and comfort shops (12.5%) or exported to different nations (9.5%).9 Grocery wholesalers provided supermarkets, comfort shops, and others with a spread of packaged snack meals, together with meat jerky. Nonetheless, the grocery wholesaler market share had been lowering as on-line ordering programs enabled computerized repurchasing immediately from producers.
In 2018, U.S. retail gross sales of meat snacks had been $three.6 billion. 10 Utilizing inflation-adjusted costs, retail gross sales had elevated 29% between 2013 and 2018 and had been forecasted to proceed to develop a further 19% by 2023.11 Comfort shops generated 72% of retail income, and supermarkets accounted for roughly 20%. 12
In line with a survey of U.S. shoppers, 13 42% of households had bought meat snacks a minimum of as soon as in the course of the earlier three months. Amongst shoppers aged 18–34, 54% of males and 33% of girls reported buying meat snacks themselves. Exhibit 2 gives excerpts from the survey.
L&N’s opponents relied more and more on promotions to retain present clients and appeal to new ones. The everyday revenue-to-cost ratio for shopper promotions within the jerky trade was 5:1, the place each greenback spent ought to produce a further 5 dollars in revenues. The everyday revenue-to-cost ratio for commerce promotions within the meat snack trade was four:1.
Land and Nature (L&N) Jerky Firm Situated in Nebraska, L&N was an unbiased subsidiary owned by KB Holdings, a worldwide meals
firm. Till 2014, L&N had slowly expanded its product traces to incorporate quite a lot of premium- high quality, all-natural jerky that was available in shops all through the Nice Plains. In 2014, KB Holdings bought L&N to construct its portfolio of all-natural, eco-friendly merchandise by increasing L&N’s distribution nationwide. Surveys recommended that jerky shoppers thought-about L&N one of many prime 5 manufacturers amongst all-natural artisan jerky and meat snacks.
Philosophy & Manufacturing
Ayers had joined L&N as a result of she believed in its deal with sustainability; L&N sourced its merchandise from sustainable farms and produced merchandise utilizing eco-friendly practices. It processed solely conventional meats (beef, turkey, and pork) to scale manufacturing responsibly and effectively. The corporate additionally supported conservation efforts and nonprofit organizations.
Not like opponents that used co-packers, L&N processed bought meat in its personal manufacturing
facility. It employed 20 employees and used USDA Meals Security and Inspection Service (FSIS) tips for jerky processing: strip preparation, marination, antimicrobial interventions, floor preparation and lethality (i.e., the method for destroying pathogenic microorganisms), drying, and post-drying heating. 14 Managing its personal services improved high quality management and lowered manufacturing prices.
For the unique use of Okay. Tang, 2022.
This doc is allowed to be used solely by Katherine Tang in MGT 247 Promoting & Promotions Winter 2021-22 taught by Margaret Campbell, College of California – Riverside from Dec 2021 to Apr 2022.
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four BRIEFCASES | HARVARD BUSINESS SCHOOL
Product and Pricing
In 2019, L&N’s product combine included two traces: conventional beef jerky and meat strips. L&N’s jerky was comprised of complete muscle beef and got here in 4 flavors: common, teriyaki, barbeque, and habanero. Strips had been launched as an extension to L&N’s product combine in 2013. They had been comprised of beef, turkey, and pork utilizing restructured muscle. Strips had been supplied in three distinctive taste combos: chipotle-lime turkey, apple-walnut pork, and darkish chocolate, and blackberry beef. In 2016, L&N’s chipotle-lime turkey strip gained a nationwide award from the American Cured Meat Championships. In 2018, jerky accounted for 42% of L&N’s income, strips for 58%.
Since 2015, L&N wholesale costs for jerky and strips had been $three and $1, respectively. In 2017, L&N lowered its jerky bundle dimension from 2.2 to 2.zero ounces and its strip bundle dimension from zero.eight to zero.7 ounces to deal with rising materials prices whereas sustaining costs. In 2019, jerky was bought in resealable pouches for $5.49 MSRP. Retailers often discounted jerky; the typical retail value in 2019 was $four.99. Strips had been bought in particular person, vacuum-sealed packages for $1.99 MSRP. They supplied fewer value reductions on strips; the typical retail value in 2019 was $1.89. Though merchandise had been competitively priced in opposition to premium nationwide manufacturers, L&N had one of many highest price-per-ounce MSRP.
Positioning and Clients
In 2016, Ayers had satisfied Ryan to reposition L&N’s merchandise. L&N located itself as an artisanal heritage model that made hand-crafted, better-for-you merchandise, and it started selling its merchandise as high-quality, protein-rich, and all-natural. Its packaging emphasised grams of protein per serving, all-natural elements, and minimal processing. L&N’s merchandise had been labeled as licensed paleo, gluten-free, and grain-free. Its practices for meat sourcing practices allowed L&N to be the one nationwide meat jerky producer permitted to label its merchandise utilizing three AGW (A Greener World) certifications: Licensed Grassfed, Licensed Non–GMO, and Animal Welfare Permitted.
Slightly than utilizing a Wild West theme to distinguish its merchandise, L&N used daring graphics and vibrant colours. The first colours of its meat steak strip packaging diversified by taste: apple purple (apple- walnut pork); lime inexperienced (chipotle-lime turkey); and blackberry purple (darkish chocolate and blackberry beef). As well as, L&N differentiated itself from different artisanal jerky manufacturers—which often used refined, artistically rendered pictures—by utilizing cartoon-rendered meals icons. Branding decisions positioned L&N merchandise as offbeat and quirky.
The market research that Ayers had commissioned confirmed that L&N had sturdy model consciousness amongst meat snack shoppers (75% aided recall), which was akin to opponents equivalent to KRAVE, EPIC, Nation Archer, and Chef’s Lower. In line with the research, 12% of shoppers surveyed had bought an L&N product a minimum of as soon as within the earlier three months; 40% of these surveyed had bought any meat snack throughout that interval. Shoppers who had bought L&N’s merchandise tended to be college-educated, working adults with family incomes of $75,000–$99,999.
In comparison with the typical meat snack shopper, L&N clients had been extra probably to have a look at elements earlier than shopping for snack meals (42% vs. 28%) and fewer more likely to establish low value as essential to their buy resolution (16% vs. 39%). The research additionally recommended that L&N’s clients had been much more more likely to search for labels like L&N’s AGW certifications than the typical jerky purchaser was (39% vs. 27%). Exhibit three compares L&N clients to all clients who bought meat snacks.
For the unique use of Okay. Tang, 2022.
This doc is allowed to be used solely by Katherine Tang in MGT 247 Promoting & Promotions Winter 2021-22 taught by Margaret Campbell, College of California – Riverside from Dec 2021 to Apr 2022.
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Distribution
As a subsidiary of KB Holdings, L&N loved sturdy distribution. In the USA, 70% of grocery store chains, 44% of comfort shops, and 36% of unbiased grocers stocked a minimum of one L&N product. KB Holdings managed reordering, restocking, and supply for all retail accounts in alternate for 10% of L&N‘s income; typical grocery wholesaler distribution charges ran from 15% to 30%. L&N additionally thought-about its relationship with KB Holdings to be a significant aggressive benefit. Not like unbiased, wholesale distributors that usually represented a number of jerky manufacturers, KB Holdings had a vested curiosity in L&N’s long-term income and revenue development.
L&N’s jerky pouches had been supplied close to different jerky merchandise on hanger cabinets. Strips had been bought from L&N show bins situated close to diet bars. Unbiased of KB Holdings, L&N managed its personal promoting, shopper promotions, and commerce promotions by way of a three-person gross sales and advertising crew, which had developed profitable point-of-purchase shows in comfort shops that elevated impulse purchases. L&N’s annual survey of distributors indicated sturdy satisfaction with product high quality (95%), stock flip (91%), relationship (88%), and commerce promotions (81%).
L&N’s Built-in Marketing Communications Ayers arrived at Ham’s workplace and sat down. She gave him a duplicate of her notes and funds and started
to elucidate. “As , we conceptualize L&N’s advertising communications technique utilizing three parts: (1) strategic intent, together with the communication targets and target market; (2) strategic execution, together with message/story and media; and (three) strategic influence, together with funds and effectiveness metrics. In 2019, our aim was to construct a desire for our merchandise and enhance the chance of buy. We focused primarily present clients, however we additionally focused shoppers who expressed curiosity in jerky or meat snacks on-line. We shared our message primarily by way of paid and owned on-line media. We additionally used shopper and commerce promotions to construct demand.”
L&N’s paid media included social media advertisements, search advertisements, and image-rich show advertisements. Its owned media included a mobile-friendly web site and company-sponsored social media content material that used a mixture of humor and emotional (feel-good) appeals. For instance, the L&N web site shared details about sustainability practices in addition to humorous animal footage and movies.
L&N had not too long ago completed negotiations with an organization to outsource a portion of paid and owned media. The corporate specialised in focusing on and delivering advertising content material utilizing advertising automation, synthetic intelligence, and machine studying. By outsourcing, L&N estimated it will scale back its 2020 paid and owned media funds from $700,000 to $500,000.
L&N invested closely in shopper promotions, which had been pull advertising communications supposed to induce finish customers to buy L&N’s merchandise on the level of sale. Client promotions additionally inspired trial amongst new clients; L&N generally used digital coupons (e.g., buy-one-get- one and cents-off) and on the spot financial savings stickers on packages. L&N additionally invested in social media contests during which members earned cash to be donated to a sustainable nonprofit group. For instance, L&N invited members to share footage of nature by way of social media. It then chosen 5 entries as finalists and requested followers to vote for his or her favourite. L&N donated $50,000 to the popular nonprofit of the successful photographer and $10,000 to the nonprofit of the runner-up. L&N alternated promotions month-to-month in order that it supplied shopper promotions throughout even months (February, April, June, August, October, and December).
For the unique use of Okay. Tang, 2022.
This doc is allowed to be used solely by Katherine Tang in MGT 247 Promoting & Promotions Winter 2021-22 taught by Margaret Campbell, College of California – Riverside from Dec 2021 to Apr 2022.
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6 BRIEFCASES | HARVARD BUSINESS SCHOOL
Ayers defined, “Client promotions will drive most of our income era. We get a variety of constructive suggestions on social media once we supply promotions that buyers like. Our clients particularly like to re-share contests and promotions that profit social and environmental causes they help. Our loyal clients are considered one of our biggest property.”
L&N additionally invested in commerce promotions, which had been push advertising communications designed to inspire retailers to promote merchandise to shoppers and to take care of distributor relationships and loyalty. L&N’s commerce promotions included reductions off bill costs, free instances with minimal orders, shelf talkers (i.e., indicators connected to a shelf that had been designed to draw a buyer’s consideration, and efficiency low cost incentives for verifiable merchandising/promoting help). L&N regarded this effort as key for getting retailers to hold L&N merchandise; it estimated that half its accounts would discontinue carrying L&N’s merchandise with out them. L&N alternated promotions month-to-month; it supplied commerce promotions throughout odd months (January, March, Could, July, September, and November).
Ayers defined: “I’m not positive concerning the effectiveness of our commerce promotions. Our commerce companions inform us that our timing, period, and frequency of commerce promotions are very efficient and that our shelf talkers and vibrant packaging are distinct visuals. As well as, due to KB holdings, we’ve got fewer out-of-stock points and better stock turn-over charges than our opponents do. Nonetheless, though our aim is for retailers to move alongside reductions to stimulate demand relatively than construct their very own stock, we can’t management how our companions handle their stock or inventory our merchandise.”
Ham advised Ayers. “I simply completed these estimates. Utilizing historic gross sales data, anticipated natural development, and the 2018 and 2019 month-to-month advertising bills (Exhibit four), I estimated incremental income for commerce and shopper promotions (Exhibit 5). I believe this info will Help you to estimate ROMI for promotions for the 2020 funds, which incorporates $700,000 for owned and paid media, $400,000 for shopper promotions, and $300,000 for commerce promotions. Sadly, I should not have the info to calculate incremental income for media spending.” Ayers thanked Ham for the data.
Choice
As Ayers walked again to her workplace, she mirrored on Ryan’s request throughout their earlier assembly:
I would like you to estimate L&N forecasted 2020 working revenue (Exhibit 1) utilizing three choices: scale back L&N’s whole promotion funds by 30%, enhance L&N’s shopper promotions by $200,000, or enhance L&N’s commerce promotions by $200,000. As a result of we are able to scale back our paid and owned media funds by 30%, the primary possibility explores whether or not we are able to obtain our revenue aim by lowering promotion spending. Choices two and three, growing shopper promotions and growing commerce promotions, respectively, would reallocate the financial savings from the paid and owned media funds to promotions. I need to make investments all of the financial savings into one class, to take care of present packages whereas growing investments in new packages. I don’t need to make investments more cash into each shopper and commerce promotions as a result of it’s going to cut up the main focus of your crew.
Ayers replied, “Past these calculations, we should take into account each strategic and monetary points. L&N should differentiate our merchandise from these of our opponents. Our positioning and emphasis on better-for-you elements have been efficient, however the aggressive panorama is altering.”
Ryan mentioned, “I would agree, however bear in mind that you’ve underneath per week to do your analyses and make your suggestion. I stay up for listening to what your knowledge counsel.”
For the unique use of Okay. Tang, 2022.
This doc is allowed to be used solely by Katherine Tang in MGT 247 Promoting & Promotions Winter 2021-22 taught by Margaret Campbell, College of California – Riverside from Dec 2021 to Apr 2022.
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Exhibit 1: L&N Consolidated Revenue Assertion
2018 ($) 2019 (anticipated) ($) 2020 (forecasted) ($) Income $9,585,000 $10,064,000 $10,480,000 Variable Prices Uncooked supplies $four,715,820 $5,253,538 $5,470,560 Manufacturing $747,630 $785,zero12 $817,440 Distribution $958,500 $1,006,425 $1,048,000 Gross revenue $three,163,zero50 $three,zero19,zero25 $three,144,000 Fastened Prices Wages $843,480 $896,000 $920,000 Marketing $1,293,975 $1,358,000 $1,400,000 G&A $277,965 $272,000 $280,000 Working revenue $747,630 $493,zero25 $544,000
Exhibit 2: Choose Outcomes from a 2017 Nationwide Client Survey*
Jerky or Meat Snack Purchases (over the earlier three months) • Meat supply: beef (80%), rooster (49%), turkey (45%), bison (34%), sport – elk or venison
(24%), and salmon (26%)
• Causes for consumption: fulfill a craving (43%), to alleviate stress (43%), to fulfill starvation (35%), eat on the go (24%), for power (26%), and as one thing wholesome (eight%)
• Flavors: common (55%), teriyaki (29%), peppered (18%), spicy (16%), smoked / mesquite (14%), hickory (11%), and barbeque (11%)
Buy Curiosity by Product Traits • Product kinds: prime cuts (41%), selection packs (38%), and snack bars (27%)
• Most popular attributes: tasty (44%), distinctive (38%), pure (37%), premium (33%), a reliable model (33%), and wholesome (31%)
• Really feel-good attributes: grass-fed (28%), preservative-free (26%), and humanely raised (24%)
* Pattern: an internet survey of two,000 adults dwelling in the USA
For the unique use of Okay. Tang, 2022.
This doc is allowed to be used solely by Katherine Tang in MGT 247 Promoting & Promotions Winter 2021-22 taught by Margaret Campbell, College of California – Riverside from Dec 2021 to Apr 2022.
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Exhibit three: Choose Outcomes from 2019 L&N Client Survey* L&N
Consumers Any Meat
Snack
Demographics Male, 25–34 52% 54% Feminine, 25–34 41% 33% Revenue $75,000–$99,999 43% 36% Diploma earned (Bachelors or greater) 42% 30%
Buy Behaviors Produced from prime cuts 50% 41% Higher-for-you (e.g., low salt, excessive fiber, added vitamins)
37% 26%
Really feel-good (e.g., grass-fed, free-range, natural) 39% 27% Artisanal (hand-crafted in small batches) 24% 18% Low carbohydrate (e.g., paleo, keto) 17% 10% Take a look at elements 42% 28% Value-sensitive 16% 39% AGW certifications 39% 27%
* Pattern: an internet survey of two,000 adults dwelling in the USA
Exhibit four: L&N’s Marketing Prices (US$)
Prices 2018 (Precise) Owned and paid media $646,336 Commerce $280,487 Client $367,152 2019 (Anticipated) Owned and paid media $678,300 Commerce $294,300 Client $385,400
Exhibit 5: L&N’s Incremental Income (US$)
Income 2018 (Precise) Owned and paid media (unknown) Commerce $1,304,265 Client $1,340,104 2019 (Anticipated) Owned and paid media (unknown) Commerce $1,368,495 Client $1,406,710
For the unique use of Okay. Tang, 2022.
This doc is allowed to be used solely by Katherine Tang in MGT 247 Promoting & Promotions Winter 2021-22 taught by Margaret Campbell, College of California – Riverside from Dec 2021 to Apr 2022.
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HARVARD BUSINESS SCHOOL | BRIEFCASES 9
Endnotes
1 IBISWorld Trade Report OD4826 Meat Jerky Manufacturing within the US, December 2018, by way of IBISWorld database, accessed July 2019.
2 IBISWorld Trade Report.
three USDA, Jerky and Meals Security 2011, https://www.fsis.usda.gov/wps/portal/fsis/matters/food-safety-education/get- solutions/food-safety-fact-sheets/meat-preparation/jerky-and-food-safety/ct_index,, accessed July 2019.
four IBISWorld Trade Report.
5 IBISWorld Trade Report.
6 IBISWorld Trade Report.
7 ”America’s High Entrepreneurs,” Inc. Journal, August 2018, https://www.inc.com/inc5000/index.html, accessed July 2019.
eight IBISWorld Trade Report.
9 IBISWorld Trade Report.
10 Beth Bloom, “Salty Snacks–US” (March 2019), by way of Mintel Educational database.
11 Bloom.
12 IBISWorld Trade Report.
13 Caleb Bryant, “Salty Snacks–US” (April 2017), by way of Mintel Educational database.
14 USDA, FSIS Compliance Guideline for Meat and Poultry Jerky Produced by Small and Very Small Institutions 2014 Compliance Guideline, https://meathaccp.wisc.edu/doc_support/asset/Compliance-Guideline-Jerky-2014.pdf, accessed July 2019.
For the unique use of Okay. Tang, 2022.
This doc is allowed to be used solely by Katherine Tang in MGT 247 Promoting & Promotions Winter 2021-22 taught by Margaret Campbell, College of California – Riverside from Dec 2021 to Apr 2022.
Meat Jerky Trade in the USA
Merchandise
Aggressive Panorama
Markets and Distribution
Land and Nature (L&N) Jerky Firm
Philosophy & Manufacturing
Product and Pricing
Positioning and Clients
Distribution
L&N’s Built-in Marketing Communications
Choice
Exhibit 1: L&N Consolidated Revenue Assertion
Exhibit 2: Choose Outcomes from a 2017 Nationwide Client Survey*
Exhibit three: Choose Outcomes from 2019 L&N Client Survey*
Exhibit four: L&N’s Marketing Prices (US$)
Exhibit 5: L&N’s Incremental Income (US$)
Endnotes
BriefCases_Masthead_via HBS cases_3
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APRIL 30, 2020
John A. Quelch
Katherine B. Hartman
Selling Land and Nature Jerky
“I actually don’t like Mondays,” Kathy Ayers, Vice President of Marketing and Communications for Land and Nature (L&N) Jerky Firm, thought as she mirrored on her afternoon assembly with L&N’s CEO, Tim Ryan. Throughout the assembly, Ayers and Ryan had reviewed L&N’s precise, anticipated, and forecasted revenue statements from 2018 by way of 2020 (Exhibit 1). Ryan defined, “For 2020, we hope to run at 80% capability. That may result in four% development in income, assuming the identical variable price percentages that we’ve got now, and a three% enhance in fastened prices. Our forecast working revenue for 2020 is at the moment 5.2% of gross sales, nicely in need of the 7% goal headquarters has for the corporate.”
Startled, Ayers checked out Ryan, who acknowledged, “I would like your crew to Help me obtain this aim. By subsequent week’s management assembly, I want you to research the effectiveness of our shopper and commerce promotions and make suggestions for the 2020 funds to make sure we use our assets correctly.”
Though relieved her funds was not being lower once more, Ayers wanted to make sure Ryan understood the significance of promotions. She mentioned, “We can’t enhance gross sales, stimulate demand, and encourage trial with out shopper promotions. Commerce promotions are much less important, however they’ve helped us safe new accounts, inspired our companions to inventory extra stock, and generated point-of-purchase reductions handed alongside from our companions to shoppers.”
Ryan paused briefly earlier than responding. “I believe you’re proper, however we will need to have some numbers to help that speculation,” he mentioned. “Company desires us to justify our place that promotions expense interprets to income as a result of if it doesn’t, why ought to we spend it?”
After assembly Ryan, Ayers referred to as Steve Ham, L&N’s Chief Monetary Officer. “Steve, are you able to get some numbers collectively for me?” she requested. “I must first calculate return-on-marketing-investment (ROMI) for each shopper and commerce promotions after which take into account the best way to regulate the funds to maximise ROMI.”
To Ayers’s shock, Ham replied, “I’ve been engaged on that for the previous week. Give me an hour to complete it.” Now, Ayers was on her strategy to Ham’s workplace together with her notes and deliberate funds.
Meat Jerky Trade in the USA
The meat jerky trade included corporations that dehydrate (or remedy), season, and bundle meat into meat jerky merchandise. In 2018, estimated gross sales had been $1.three billion ($67.three million in revenue) with projected annual development of two.7%.[endnoteRef:1] On common, working revenue margins had been roughly 5%.[endnoteRef:2] [1: IBISWorld Industry Report OD4826 Meat Jerky Production in the US, December 2018, via IBISWorld database, accessed July 2019.] [2: IBISWorld Industry Report. ]
Merchandise
Meat jerky was a nutrient-dense, shelf-stable meat that was made light-weight by drying; a pound of meat or poultry weighed about 4 ounces after being made into jerky.[endnoteRef:3] It was comprised of lean cuts of complete muscle. Meat was sliced into skinny strips or restructured muscle by grinding and processing complete muscle to kind a extra uniform form. Most jerky was bought in plastic, multi-serve baggage. [3: USDA, Jerky and Food Safety 2011, https://www.fsis.usda.gov/wps/portal/fsis/topics/food-safety-education/get-answers/food-safety-fact-sheets/meat-preparation/jerky-and-food-safety/ct_index,, accessed July 2019.]
In 2018, beef had 79% of whole U.S. jerky gross sales. Lower than 20% of jerky gross sales got here from different meats equivalent to turkey, rooster, pork, and sport equivalent to deer, elk, salmon, and buffalo.[endnoteRef:4] Analysts predicted beef jerky income would decline and gross sales of progressive flavors and more healthy meats would enhance.[endnoteRef:5] [4: IBISWorld Industry Report.] [5: IBISWorld Industry Report.]
Meat snacks had been comprised of processed meats, together with each muscle and fats, sometimes fashioned into sticks that had been encased like sausage, and infrequently bought in single-serving packages. The dietary contents of jerky and meat snacks differed significantly. For instance, in 2019, a one-ounce serving of Oberto’s All-Pure Authentic Beef Jerky was 70 energy with zero.5g of fats and 10g of protein, whereas a one-ounce serving of Slim Jim’s Authentic Beef Stick was 140 energy with 11g of fats and 6g of protein.
Aggressive Panorama
In 2018, the highest three opponents accounted for 60% of whole gross sales within the U.S. market.[endnoteRef:6] The most important was Hyperlink Snacks, Inc. (26%), which produced beef jerky, turkey jerky, beef sticks, and meat and cheese packs underneath the model identify Jack Hyperlink’s. The Oberto Sausage Firm was the second-largest competitor (19%). It produced and bought beef jerky, salami, pepperoni, and different snack sausages underneath the model identify Oh Boy! Oberto. Slim Jim, produced by a division of Conagra Manufacturers Inc., was the third-largest competitor (15%). It supplied all kinds of meat sticks, meat snacks, and dried sausages. [6: IBISWorld Industry Report.]
The remaining trade income included quite a few smaller corporations and tons of of single-person operations. Lots of them supplied premium-quality merchandise. For instance, Chef’s Lower Actual Jerky supplied protein-rich jerky focused to golfers, and Nation Archer Jerky Co. produced gourmand jerky, sticks, and bars made with “premium and clear” elements.[endnoteRef:7] [7: ”America’s Top Entrepreneurs,” Inc. Magazine, August 2018, https://www.inc.com/inc5000/index.html, accessed July 2019. ]
Speedy income development had additionally spurred trade consolidation, with world meals corporations buying small jerky producers. As examples, Hershey’s bought KRAVE in 2015, Normal Mills acquired EPIC Provisions in 2016, and Premium Manufacturers Holding Company bought Oberto in 2018. These corporations used their energy to safe restricted shelf area.
The bases of competitors had been product price-quality, channel relationships, and innovation-differentiation.[endnoteRef:8] Most shoppers had been value delicate, but these involved with high quality had been loyal to competitively priced manufacturers. Producers wanted relationships with meat producers to make sure regular entry to inputs in addition to distributors to safe shelf area in shops. Innovation and differentiation helped earn shopper curiosity, command greater costs, and safe product placement. These efforts included new taste profiles, all-natural or natural variations, and artisanal (small batch) handcrafted product traces that had been focused at athletes, hikers, and campers. [8: IBISWorld Industry Report.]
L&N thought-about KRAVE, EPIC, Chef’s Lower, and Nation Archer as its direct opponents. L&N had merchandise that had been equally priced (per ounce) to their opponents’, however the different corporations had extra product gadgets than L&N. EPIC bought four flavors of conventional jerky, 6 flavors of meat steaks, and 12 flavors of meat bars utilizing 9 totally different meats. Chef’s Lower bought eight flavors of conventional jerky and 6 flavors of meat sticks. Nation Archer bought 11 flavors of conventional jerky and seven flavors of meat sticks.
Markets and Distribution
Most gross sales of meat jerky had been derived from grocery wholesalers (78%). The rest had been bought on to supermarkets and comfort shops (12.5%) or exported to different nations (9.5%).[endnoteRef:9] Grocery wholesalers provided supermarkets, comfort shops, and others with a spread of packaged snack meals, together with meat jerky. Nonetheless, the grocery wholesaler market share had been lowering as on-line ordering programs enabled computerized repurchasing immediately from producers. [9: IBISWorld Industry Report.]
In 2018, U.S. retail gross sales of meat snacks had been $three.6 billion.[endnoteRef:10] Utilizing inflation-adjusted costs, retail gross sales had elevated 29% between 2013 and 2018 and had been forecasted to proceed to develop a further 19% by 2023.[endnoteRef:11] Comfort shops generated 72% of retail income, and supermarkets accounted for roughly 20%.[endnoteRef:12] [10: Beth Bloom, “Salty Snacks–US” (March 2019), via Mintel Academic database.] [11: Bloom.] [12: IBISWorld Industry Report.]
In line with a survey of U.S. shoppers,[endnoteRef:13] 42% of households had bought meat snacks a minimum of as soon as in the course of the earlier three months. Amongst shoppers aged 18–34, 54% of males and 33% of girls reported buying meat snacks themselves. Exhibit 2 gives excerpts from the survey. [13: Caleb Bryant, “Salty Snacks–US” (April 2017), via Mintel Academic database.]
L&N’s opponents relied more and more on promotions to retain present clients and appeal to new ones. The everyday revenue-to-cost ratio for shopper promotions within the jerky trade was 5:1, the place each greenback spent ought to produce a further 5 dollars in revenues. The everyday revenue-to-cost ratio for commerce promotions within the meat snack trade was four:1.
Land and Nature (L&N) Jerky Firm
Situated in Nebraska, L&N was an unbiased subsidiary owned by KB Holdings, a worldwide meals firm. Till 2014, L&N had slowly expanded its product traces to incorporate quite a lot of premium-quality, all-natural jerky that was available in shops all through the Nice Plains. In 2014, KB Holdings bought L&N to construct its portfolio of all-natural, eco-friendly merchandise by increasing L&N’s distribution nationwide. Surveys recommended that jerky shoppers thought-about L&N one of many prime 5 manufacturers amongst all-natural artisan jerky and meat snacks.
Philosophy & Manufacturing
Ayers had joined L&N as a result of she believed in its deal with sustainability; L&N sourced its merchandise from sustainable farms and produced merchandise utilizing eco-friendly practices. It processed solely conventional meats (beef, turkey, and pork) to scale manufacturing responsibly and effectively. The corporate additionally supported conservation efforts and nonprofit organizations.
Not like opponents that used co-packers, L&N processed bought meat in its personal manufacturing facility. It employed 20 employees and used USDA Meals Security and Inspection Service (FSIS) tips for jerky processing: strip preparation, marination, antimicrobial interventions, floor preparation and lethality (i.e., the method for destroying pathogenic microorganisms), drying, and post-drying heating.[endnoteRef:14] Managing its personal services improved high quality management and lowered manufacturing prices. [14: USDA, FSIS Compliance Guideline for Meat and Poultry Jerky Produced by Small and Very Small Establishments 2014 Compliance Guideline, https://meathaccp.wisc.edu/doc_support/asset/Compliance-Guideline-Jerky-2014.pdf, accessed July 2019.]
Product and Pricing
In 2019, L&N’s product combine included two traces: conventional beef jerky and meat strips. L&N’s jerky was comprised of complete muscle beef and got here in 4 flavors: common, teriyaki, barbeque, and habanero. Strips had been launched as an extension to L&N’s product combine in 2013. They had been comprised of beef, turkey, and pork utilizing restructured muscle. Strips had been supplied in three distinctive taste combos: chipotle-lime turkey, apple-walnut pork, and darkish chocolate, and blackberry beef. In 2016, L&N’s chipotle-lime turkey strip gained a nationwide award from the American Cured Meat Championships. In 2018, jerky accounted for 42% of L&N’s income, strips for 58%.
Since 2015, L&N wholesale costs for jerky and strips had been $three and $1, respectively. In 2017, L&N lowered its jerky bundle dimension from 2.2 to 2.zero ounces and its strip bundle dimension from zero.eight to zero.7 ounces to deal with rising materials prices whereas sustaining costs. In 2019, jerky was bought in resealable pouches for $5.49 MSRP. Retailers often discounted jerky; the typical retail value in 2019 was $four.99. Strips had been bought in particular person, vacuum-sealed packages for $1.99 MSRP. They supplied fewer value reductions on strips; the typical retail value in 2019 was $1.89. Though merchandise had been competitively priced in opposition to premium nationwide manufacturers, L&N had one of many highest price-per-ounce MSRP.
Positioning and Clients
In 2016, Ayers had satisfied Ryan to reposition L&N’s merchandise. L&N located itself as an artisanal heritage model that made hand-crafted, better-for-you merchandise, and it started selling its merchandise as high-quality, protein-rich, and all-natural. Its packaging emphasised grams of protein per serving, all-natural elements, and minimal processing. L&N’s merchandise had been labeled as licensed paleo, gluten-free, and grain-free. Its practices for meat sourcing practices allowed L&N to be the one nationwide meat jerky producer permitted to label its merchandise utilizing three AGW (A Greener World) certifications: Licensed Grassfed, Licensed Non–GMO, and Animal Welfare Permitted.
Slightly than utilizing a Wild West theme to distinguish its merchandise, L&N used daring graphics and vibrant colours. The first colours of its meat steak strip packaging diversified by taste: apple purple (apple-walnut pork); lime inexperienced (chipotle-lime turkey); and blackberry purple (darkish chocolate and blackberry beef). As well as, L&N differentiated itself from different artisanal jerky manufacturers—which often used refined, artistically rendered pictures—by utilizing cartoon-rendered meals icons. Branding decisions positioned L&N merchandise as offbeat and quirky.
The market research that Ayers had commissioned confirmed that L&N had sturdy model consciousness amongst meat snack shoppers (75% aided recall), which was akin to opponents equivalent to KRAVE, EPIC, Nation Archer, and Chef’s Lower. In line with the research, 12% of shoppers surveyed had bought an L&N product a minimum of as soon as within the earlier three months; 40% of these surveyed had bought any meat snack throughout that interval. Shoppers who had bought L&N’s merchandise tended to be college-educated, working adults with family incomes of $75,000–$99,999.
In comparison with the typical meat snack shopper, L&N clients had been extra probably to have a look at elements earlier than shopping for snack meals (42% vs. 28%) and fewer more likely to establish low value as essential to their buy resolution (16% vs. 39%). The research additionally recommended that L&N’s clients had been much more more likely to search for labels like L&N’s AGW certifications than the typical jerky purchaser was (39% vs. 27%). Exhibit three compares L&N clients to all clients who bought meat snacks.
Distribution
As a subsidiary of KB Holdings, L&N loved sturdy distribution. In the USA, 70% of grocery store chains, 44% of comfort shops, and 36% of unbiased grocers stocked a minimum of one L&N product. KB Holdings managed reordering, restocking, and supply for all retail accounts in alternate for 10% of L&N‘s income; typical grocery wholesaler distribution charges ran from 15% to 30%. L&N additionally thought-about its relationship with KB Holdings to be a significant aggressive benefit. Not like unbiased, wholesale distributors that usually represented a number of jerky manufacturers, KB Holdings had a vested curiosity in L&N’s long-term income and revenue development.
L&N’s jerky pouches had been supplied close to different jerky merchandise on hanger cabinets. Strips had been bought from L&N show bins situated close to diet bars. Unbiased of KB Holdings, L&N managed its personal promoting, shopper promotions, and commerce promotions by way of a three-person gross sales and advertising crew, which had developed profitable point-of-purchase shows in comfort shops that elevated impulse purchases. L&N’s annual survey of distributors indicated sturdy satisfaction with product high quality (95%), stock flip (91%), relationship (88%), and commerce promotions (81%).
L&N’s Built-in Marketing Communications
Ayers arrived at Ham’s workplace and sat down. She gave him a duplicate of her notes and funds and started to elucidate. “As , we conceptualize L&N’s advertising communications technique utilizing three parts: (1) strategic intent, together with the communication targets and target market; (2) strategic execution, together with message/story and media; and (three) strategic influence, together with funds and effectiveness metrics. In 2019, our aim was to construct a desire for our merchandise and enhance the chance of buy. We focused primarily present clients, however we additionally focused shoppers who expressed curiosity in jerky or meat snacks on-line. We shared our message primarily by way of paid and owned on-line media. We additionally used shopper and commerce promotions to construct demand.”
L&N’s paid media included social media advertisements, search advertisements, and image-rich show advertisements. Its owned media included a mobile-friendly web site and company-sponsored social media content material that used a mixture of humor and emotional (feel-good) appeals. For instance, the L&N web site shared details about sustainability practices in addition to humorous animal footage and movies.
L&N had not too long ago completed negotiations with an organization to outsource a portion of paid and owned media. The corporate specialised in focusing on and delivering advertising content material utilizing advertising automation, synthetic intelligence, and machine studying. By outsourcing, L&N estimated it will scale back its 2020 paid and owned media funds from $700,000 to $500,000.
L&N invested closely in shopper promotions, which had been pull advertising communications supposed to induce finish customers to buy L&N’s merchandise on the level of sale. Client promotions additionally inspired trial amongst new clients; L&N generally used digital coupons (e.g., buy-one-get-one and cents-off) and on the spot financial savings stickers on packages. L&N additionally invested in social media contests during which members earned cash to be donated to a sustainable nonprofit group. For instance, L&N invited members to share footage of nature by way of social media. It then chosen 5 entries as finalists and requested followers to vote for his or her favourite. L&N donated $50,000 to the popular nonprofit of the successful photographer and $10,000 to the nonprofit of the runner-up. L&N alternated promotions month-to-month in order that it supplied shopper promotions throughout even months (February, April, June, August, October, and December).
Ayers defined, “Client promotions will drive most of our income era. We get a variety of constructive suggestions on social media once we supply promotions that buyers like. Our clients particularly like to re-share contests and promotions that profit social and environmental causes they help. Our loyal clients are considered one of our biggest property.”
L&N additionally invested in commerce promotions, which had been push advertising communications designed to inspire retailers to promote merchandise to shoppers and to take care of distributor relationships and loyalty. L&N’s commerce promotions included reductions off bill costs, free instances with minimal orders, shelf talkers (i.e., indicators connected to a shelf that had been designed to draw a buyer’s consideration, and efficiency low cost incentives for verifiable merchandising/promoting help). L&N regarded this effort as key for getting retailers to hold L&N merchandise; it estimated that half its accounts would discontinue carrying L&N’s merchandise with out them. L&N alternated promotions month-to-month; it supplied commerce promotions throughout odd months (January, March, Could, July, September, and November).
Ayers defined: “I’m not positive concerning the effectiveness of our commerce promotions. Our commerce companions inform us that our timing, period, and frequency of commerce promotions are very efficient and that our shelf talkers and vibrant packaging are distinct visuals. As well as, due to KB holdings, we’ve got fewer out-of-stock points and better stock turn-over charges than our opponents do. Nonetheless, though our aim is for retailers to move alongside reductions to stimulate demand relatively than construct their very own stock, we can’t management how our companions handle their stock or inventory our merchandise.”
Ham advised Ayers. “I simply completed these estimates. Utilizing historic gross sales data, anticipated natural development, and the 2018 and 2019 month-to-month advertising bills (Exhibit four), I estimated incremental income for commerce and shopper promotions (Exhibit 5). I believe this info will Help you to estimate ROMI for promotions for the 2020 funds, which incorporates $700,000 for owned and paid media, $400,000 for shopper promotions, and $300,000 for commerce promotions. Sadly, I should not have the info to calculate incremental income for media spending.” Ayers thanked Ham for the data.
Choice
As Ayers walked again to her workplace, she mirrored on Ryan’s request throughout their earlier assembly:
I would like you to estimate L&N forecasted 2020 working revenue (Exhibit 1) utilizing three choices: scale back L&N’s whole promotion funds by 30%, enhance L&N’s shopper promotions by $200,000, or enhance L&N’s commerce promotions by $200,000. As a result of we are able to scale back our paid and owned media funds by 30%, the primary possibility explores whether or not we are able to obtain our revenue aim by lowering promotion spending. Choices two and three, growing shopper promotions and growing commerce promotions, respectively, would reallocate the financial savings from the paid and owned media funds to promotions. I need to make investments all of the financial savings into one class, to take care of present packages whereas growing investments in new packages. I don’t need to make investments more cash into each shopper and commerce promotions as a result of it’s going to cut up the main focus of your crew.
Ayers replied, “Past these calculations, we should take into account each strategic and monetary points. L&N should differentiate our merchandise from these of our opponents. Our positioning and emphasis on better-for-you elements have been efficient, however the aggressive panorama is altering.”
Ryan mentioned, “I would agree, however bear in mind that you’ve underneath per week to do your analyses and make your suggestion. I stay up for listening to what your knowledge counsel.”
Exhibit 1: L&N Consolidated Revenue Assertion
2018 ($)
2019 (anticipated) ($)
2020 (forecasted) ($)
Income
$9,585,000
$10,064,000
$10,480,000
Variable Prices
Uncooked supplies
$four,715,820
$5,253,538
$5,470,560
Manufacturing
$747,630
$785,zero12
$817,440
Distribution
$958,500
$1,006,425
$1,048,000
Gross revenue
$three,163,zero50
$three,zero19,zero25
$three,144,000
Fastened Prices
Wages
$843,480
$896,000
$920,000
Marketing
$1,293,975
$1,358,000
$1,400,000
G&A
$277,965
$272,000
$280,000
Working revenue
$747,630
$493,zero25
$544,000
Exhibit 2: Choose Outcomes from a 2017 Nationwide Client Survey*
Jerky or Meat Snack Purchases (over the earlier three months)
· Meat supply: beef (80%), rooster (49%), turkey (45%), bison (34%), sport – elk or venison (24%), and salmon (26%)
· Causes for consumption: fulfill a craving (43%), to alleviate stress (43%), to fulfill starvation (35%), eat on the go (24%), for power (26%), and as one thing wholesome (eight%)
· Flavors: common (55%), teriyaki (29%), peppered (18%), spicy (16%), smoked / mesquite (14%), hickory (11%), and barbeque (11%)
Buy Curiosity by Product Traits
· Product kinds: prime cuts (41%), selection packs (38%), and snack bars (27%)
· Most popular attributes: tasty (44%), distinctive (38%), pure (37%), premium (33%), a reliable model (33%), and wholesome (31%)
· Really feel-good attributes: grass-fed (28%), preservative-free (26%), and humanely raised (24%)
* Pattern: an internet survey of two,000 adults dwelling in the USA
Exhibit three: Choose Outcomes from 2019 L&N Client Survey*
L&N Consumers
Any Meat Snack
Demographics
Male, 25–34
52%
54%
Feminine, 25–34
41%
33%
Revenue $75,000–$99,999
43%
36%
Diploma earned (Bachelors or greater)
42%
30%
Buy Behaviors
Produced from prime cuts
50%
41%
Higher-for-you (e.g., low salt, excessive fiber, added vitamins)
37%
26%
Really feel-good (e.g., grass-fed, free-range, natural)
39%
27%
Artisanal (hand-crafted in small batches)
24%
18%
Low carbohydrate (e.g., paleo, keto)
17%
10%
Take a look at elements
42%
28%
Value-sensitive
16%
39%
AGW certifications
39%
27%
* Pattern: an internet survey of two,000 adults dwelling in the USA
Exhibit four: L&N’s Marketing Prices (US$)
Prices
2018 (Precise)
Owned and paid media
$646,336
Commerce
$280,487
Client
$367,152
2019 (Anticipated)
Owned and paid media
$678,300
Commerce
$294,300
Client
$385,400
Exhibit 5: L&N’s Incremental Income (US$)
Income
2018 (Precise)
Owned and paid media
(unknown)
Commerce
$1,304,265
Client
$1,340,104
2019 (Anticipated)
Owned and paid media
(unknown)
Commerce
$1,368,495
Client
$1,406,710
Endnotes
________________________________________________________________________________________________________________
HBS Professor Emeritus John A. Quelch and Ohio College Professor Katherine B. Hartman ready this case solely as a foundation for sophistication dialogue and never as an endorsement, a supply of main knowledge, or an illustration of efficient or ineffective administration. Though based mostly on actual occasions and regardless of occasional reference to precise corporations, this case is fictitious and any resemblance to precise individuals or entities is coincidental.
Copyright © 2020 President and Fellows of Harvard Faculty. To order copies or request permission to breed supplies, name 1-800-545-7685, write Harvard Enterprise Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu. This publication will not be digitized, photocopied, or in any other case reproduced, posted, or transmitted, with out the permission of Harvard Enterprise College.
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