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Study Case Analysis - Pepsico (in Portuguese)

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GESTÃO ESTRATÉGICA E COMERCIAL

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Caso 5 PepsiCo

Grupo 2

Francisco Morais, 56941
Ricardo Marcão, 58593
Índice

Página

Respostas às perguntas 2

Índice Figuras X
Índice Tabelas X
Bibliografia X

Respostas às perguntas

1. What is PepsiCo's corporate strategy? Briefly identify the business strategies that PepsiCo is using in each of its consumer business segments in 2008.

Desde a sua criação que a PepsiCo apostou sempre numa estratégia de diferenciação, não fosse a mesma resultante da fusão de uma marca de refrigerantes (Pepsi) com uma marca de snacks (Frito-Lay). Entre o fim dos anos 70 e o princípio dos anos 90, a empresa apostou ainda mais nesta estratégia, adquirindo cadeias de alimentação como a Pizza Hut, Taco Bell ou KFC, acabando por eventualmente vendê-las ou dar-lhes autonomia [4] [13].

No virar do século XXI, a PepsiCo voltou a focar-se nos produtos alimentares, adquirindo nos E.U.A. a Tropicana e a Quaker Oats Company e noutros países as marcas de bebidas locais que eram as concorrentes principais ou secundárias. Esta operação revelou-se um sucesso, pois todas as marcas estavam a crescer, embora lentamente, em todos os mercados, excepto a gama de refrigerantes com gás (carbonatados), nos E.U.A., onde o produto Pepsi estava a perder para a sua rival de sempre, a Coca-Cola, conforme se pode na Exhibit 8 do enunciado do Caso.

Era preciso fazer algo e a solução passava por ter, sobretudo, um preço baixo para o consumidor e reavaliar o lucro que cada marca estava a dar, porque uma oferta tão diversificada traz consigo produtos concorrentes com quotas de mercados diferentes. Teria de se ter em conta também se as alianças com a Unilever e a Starbucks ainda eram benéficas, se havia outras para serem feitas (iria depender muito dos produtos complementares para cada marca), tendo em conta que a integração vertical e a expansão mundial já eram suficientes.

A nível de estratégias de negócio, a PepsiCo deve ter em conta que, para poder atingir a vantagem competitiva, deve garantir a correcta implementação de factores críticos como a excelência operacional, a empatia com fornecedores e consumidores, investir em novos produtos (em vez de os comprar), criar novos modelos de negócio e melhorar as tomadas de decisões [13]. Em termos de marketing e publicidade, a Pepsi já teve dois anúncios que criaram bastante buzz positivo em décadas diferentes [5] [6] e em 2008 mudou o logotipo, mas o feedback foi negativo [7] [8] [9]. Como tal, a PepsiCo deve continuar a apostar na promoção do produto e ponderar voltar à imagem antiga.

2. What is your assessment of the long-term attractiveness of the industries represented in PepsiCo's business portfolio?

É certo que a maior rival da PepsiCo é a The Coca-Cola Company. Muito devido à consciencialização do público que os refrigerantes gaseificados fazem mal à saúde, o séc. XXI tem proporcionado quebras de vendas constantes para estes produtos [3] [8], ao contrário do previsto [1]. Na nossa opinião, o facto de já em 2008 existir uma crise mundial também não vem ajudar, uma vez que as pessoas irão preferir comprar mais vezes água e só excepcionalmente em festas ou jantares de aniversários é que irão consumir outro tipo de bebidas. Isto é equivalente a dizer que, em termos de marcas, acreditamos que a Aquafina e a Propel terão crescimento nas vendas, ao passo que a Pepsi, 7UP, Tropicana, Lipton Brisk, Mountain Dew, Gatorade e SoBe deverão continuar a vender menos unidades. Nas marcas que representam snacks ou alimentos, prevemos que as vendas se mantenham para as mais saudáveis (Quaker Oatmeal, Aunt Jemina e Rice-a-roni) e que as menos saudáveis decresçam ligeiramente (Fritos, Cheetos, Ruffles, Quaker Chewy etc.).

Os grandes aliados da PepsiCo nesta indústria são a dimensão do mercado e a oferta de produtos do grupo. Se tomarmos apenas em conta o produto Pepsi e o seu maior concorrente, a Coca-Cola, estes estão no mercado desde o fim do séc. XIX e apenas com 10 anos de diferença [10] [11]. Isto significa que não é fácil entrar nesta área de negócio, uma vez que, só ao longo de 100 anos, ambas as marcas foram sendo distribuídas e conhecidas nos cinco continentes e foram sempre competindo entre si pela liderança mundial. Em termos de variedade de produtos, a PepsiCo tem grande vantagem, muito graças às sucessivas aquisições, ao passo que a Coca-Cola tem também várias marcas de sumos e refrigerantes, mas nenhuma de comida [12].

Tal como se viu na pergunta anterior, a imagem de marca varia um pouco, dependendo muito das acções que os departamentos de Marketing e Publicidade tomam e a gestão de portfólio e as estratégias de negócio devem ser melhoradas, como por exemplo, apostar nos três produtos mais vendidos: Pepsi, Mountain Dew e Lay’s [4].

3. What is your assessment of the competitive strength of PepsiCo's different business units?

(Se formatação aqui ficar cocó, fazer no doc da prof e copiar em JPEG para aqui)

Table 1 Industry Attractiveness Assessment for PepsiCo’s Businesses
(Scale 1 = very low attractiveness, 5 = average attractiveness, 10 = very strong attractiveness)

|Attractiveness Measure |Weight |Unweighted/Weighted Ratings for Industries Represented in PepsiCo’s Portfolio |
| | |Soft Drinks |
|Strength Measures |Weight |
|Business Unit |[pic] |
|Pepsi Cola | | | | | |
|Frito-Lay | | | | | |
|Tropicana/Dole/SoB| | | | | |
|e | | | | | |
|Aquafina | | | | | |
|Starbucks | | | | | |
|Frappucino | | | | | |
|Lipton/SoBe teas | | | | | |
|Gatorade | | | | | |
|Quaker snacks | | | | | |
|Quaker hot cereals| | | | | |
|Quaker RTE cereals| | | | | |
|Quaker flavored | | | | | |
|grains | | | | | |
|Quaker other | | | | | |
|breakfast | | | | | |

texto.

6. Does PepsiCo's portfolio exhibit good resource fit? What are the cash flow characteristics of each of PepsiCo's four segments? Which businesses are the strongest contributors to PepsiCo's free cash flows?

Table 3 Estimated Cash Flow for Pepsico’s Business Units, 2004 - 2007

| |Frito-Lay |PepsiCo |PepsiCo |Quaker Foods |
| |North America |Beverages |International |North America |
| | |North America | | |
|2007 | | | | |
|Operating profit | | | | |
|+ Depreciation/other amortization | | | | |
|+ amortization of intangible assets | | | | |
|− Interest expense1 | | | | |
|− Income taxes2 | | | | |
|− Capital expenditures | | | | |
|− Dividend payments3 | | | | |
|Estimated free cash flow | | | | |
| | | | | |
|Revenue Contribution4 | |
|Frito-Lay North America | |NA |NA |NA |
|PepsiCo Beverages North America | |NA |NA |NA |
|PepsiCo International | |NA |NA |NA |
|Quaker Foods North America | |NA |NA |NA |
| |Frito-Lay |PepsiCo |PepsiCo |Quaker Foods |
| |North America |Beverages |International |North America |
| | |North America | | |
|2006 | | | | |
|Operating profit | | | | |
|+ Depreciation/other amortization | | | | |
|+ amortization of intangible assets | | | | |
|− Interest expense1 | | | | |
|− Income taxes2 | | | | |
|− Capital expenditures | | | | |
|− Dividend payments3 | | | | |
|Estimated free cash flow | | | | |
| |
|Revenue Contribution4 | |
|Frito-Lay North America | |NA |NA |NA |
|PepsiCo Beverages North America | |NA |NA |NA |
|PepsiCo International | |NA |NA |NA |
|Quaker Foods North America | |NA |NA |NA |
| |

| |Frito-Lay |PepsiCo |PepsiCo |Quaker Foods |
| |North America |Beverages |International |North America |
| | |North America | | |
|2005 | | | | |
|Operating profit | | | | |
|+ Depreciation/other amortization | | | | |
|+ amortization of intangible assets | | | | |
|− Interest expense1 | | | | |
|− Income taxes2 | | | | |
|− Capital expenditures | | | | |
|− Dividend payments3 | | | | |
|Estimated free cash flow | | | | |
| |
|Revenue Contribution4 | |
|Frito-Lay North America | |NA |NA |NA |
|PepsiCo Beverages North America | |NA |NA |NA |
|PepsiCo International | |NA |NA |NA |
|Quaker Foods North America | |NA |NA |NA |
| |
| |Frito-Lay |PepsiCo |PepsiCo |Quaker Foods |
| |North America |Beverages |International |North America |
| | |North America | | |
|2004 | | | | |
|Operating profit | | | | |
|+ Depreciation/other amortization | | | | |
|+ Amortization of intangible assets | | | | |
|− Interest expense1 | | | | |
|− Income taxes2 | | | | |
|− Capital expenditures | | | | |
|− Dividend payments3 | | | | |
|Estimated free cash flow | | | | |
| |
|Revenue Contribution4 | |
|Frito-Lay North America | |NA |NA |NA |
|PepsiCo Beverages North America | |NA |NA |NA |
|PepsiCo International | |NA |NA |NA |
|Quaker Foods North America | |NA |NA |NA |

1Interest expense estimated by multiplying total interest expense listed in case Exhibit 3 by revenue contribution for business segment. 2Income tax expense estimated by multiplying total income tax expense listed in case Exhibit 3 by revenue contribution for business segment. 3Dividend expense estimated by first determining the total number of shares by dividing net income by EPS listed in case Exhibit 1. The resulting total number of shares was multiplied by cash dividends per share. The total cash dividend figure was then multiplied by revenue contribution for business segment. 4Revenue contribution calculated by dividing business segment revenues by total revenues.

Table 4 Operating Profit Margins by Pepsico Business Segment, 2004 - 2007

| |2007 |2006 |2005 |2004 |
|Frito-Lay North America | | | | |
|PepsiCo Beverages North America | | | | |
|PepsiCo International | | | | |
|Quaker Foods North America | | | | |

Calculated from case Exhibit 7.

texto.

7. Based on the preceding analysis, what is your overall evaluation of PepsiCo's business portfolio in 2008? Does the portfolio provide the company's shareholders with an opportunity for above-average market returns?

texto.

8. What strategic actions should Indra Nooyi take to sustain the corporation's impressive financial and market performance? Should its free cash flows be used to fund additional share repurchase plans, pay higher dividends, make acquisitions, expand internationally, or for other purposes?

texto.

Índice Figuras Página
Figura 1 – Assessment of Strategic Fit Potentials X

Índice Tabelas Página
Tabela 1 – Industry Attractiveness Assessment X
Tabela 2 – Competitive Position/Business Strength Calculations X
Tabela 3 – Estimated Cash Flow (2004-2007) X
Tabela 4 – Operating Profit Margins (2004-2007) X

Bibliografia

1] SINGH, N; Business Strategy - Analysis on strategies adopted by Pepsi; Rustomjee Business School; 2007. 2] THOMPSON; PETERAF; GAMBLE; STRICKLAND; Crafting & Executing Strategy - Concepts and Readings; 18.ª Edição; McGraw Hill; 2010. 3] http://www.pepsico.com/Investors/Annual-Reports.html 4] http://en.wikipedia.org/wiki/PepsiCo 5] http://www.youtube.com/watch?v=po0jY4WvCIc 6] http://www.youtube.com/watch?v=7Llae_r0BLo 7] http://www.underconsideration.com/brandnew/archives/brand_new_best_worst_2008.php 8] http://www.bevreview.com/2008/10/14/news-pepsi-redesigning-logo-products/ 9] http://www.underconsideration.com/brandnew/archives/pepsi_new_bottles.php 10] http://en.wikipedia.org/wiki/Pepsi 11] http://en.wikipedia.org/wiki/Coca-Cola 12] http://en.wikipedia.org/wiki/The_Coca-Cola_Company 13] http://www.powerfulwords.co.uk/sample-assignments/management/strategic-analysis-of-pepsi-co.php

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