Premium Ice Cream Products
Ben and Jerry's Ice Cream is a brand name company known worldwide. With superior marketing techniques Ben and Jerry's has positioned themselves to be the leader in manufacturing premium ice cream products. They have successfully targeted their market, and there by achieved a strong customer base. The mission statement of their product line is "to make, distribute, and sell the finest quality all natural ice cream while incorporating wholesome, natural ingredients and promoting business practices that respect the earth and the environment".(1) This company is known to be a monopolistically competitive, because there are still many firms and consumers, just as in perfect competition, but they still have control over what price they charge in their company, because Ben and Jerry's ice cream is differentiated from the other ice cream companies and they provide a lot of non price competition which will be mentioned later in the paper.
Ben and Jerry's began in 1963 when Ben Cohn and Jerry Greenfield met in a New York middle school gym class. While playing together, neither realized what the future would hold in store and ultimately changed their lives forever. By 1977, Ben and Jerry moved to Burlington, Vermont and enrolled in an ice cream making class at Penn State, which required a tuition fee of only five dollars. After their exceptional performance in the class, the two made a $12,000 initial investment on May 5, 1978 to open their first ice cream shop in Burlington. (1)
The small Vermont community was considered very important to Ben and Jerry and therefore they made sure that the residents of the area benefited as well as they did in their business venture. As an example, they celebrated the company's first anniversary by giving away free ice cream cones to the public. In 1980, Ben and Jerry decided to expand the business and move into an old mill where they packaged their ice cream into pints and...