I - Background Information3
1.1 Historical Background3
1.2 Mission Statement4
II - Market Analysis5
2.1 SWOT Analysis5
2.2 Business Analysis 7
2.3 Marketing Mix: 4 P’s10
Price & Place 11
III - Consumer Behavior Portfolio13
3.1 Consumer Decision Making Process13
3.2 Characteristics Affecting Consumer Behavior16
VI - Conclusion and Recommendations27
I - Background Information
1.1 Historical Background
It all began in junior high gym class in Merrick, Long Island. Two boys, running around the athletic field, had found a common bond. Ben Cohen & Jerry Greenfield hated running, but they loved food. In 1978 they decided to go into business together. With diplomas from a $5 correspondence course & their life savings ($8,000), they converted an old abandoned gas station in Burlington, Vermont, into the original Ben & Jerry’s & stated making Vermont’s Finest ice cream. They used only fresh Vermont cream & milk, & the best & biggest chunks of nuts, fruits, candies & cookies. It wasn’t long before the lines for ice cream stretched out the door, & that was only the beginning. Ben & Jerry wanted to run a business that would share its rewards with its employees & with the community.
Ben & Jerry soon became popular in the local community for their innovative flavors, made from fresh Vermont milk and cream and large portions of whatever ingredients they felt tasted good on the day of making! While they both disagreed at times over flavor combinations, what they did both agree was that they were in this business to enjoy themselves as well as earn a living. Jerry’s motto was "If it's not fun, why do it?"
Over the following years, Ben & Jerry's moved from being a one operation to manufacturing tubs of their increasingly famous ice cream for distribution to retail outlets nation-wide and now world-wide. However, despite the growth, both Ben and Jerry made sure not to forget one of their original mottos that "business has a responsibility to the community in which it operates".
In 1988 Ben & Jerry's created a document called the statement of mission which consists of three interrelated parts: product, economic and social. Ben & Jerry's works to employ its Mission Statement in as many day-to-day business decisions as possible so that the company is profitable and the community can profit by the way they do business.
2.1 Mission Statement:
Ben & Jerry’s is founded on and dedicated to a sustainable corporate concept of linked prosperity. The mission consists of 3 interrelated parts:
Product Mission: To make, distribute & sell the finest quality all natural ice cream & euphoric concoctions with a continued commitment to incorporating wholesome, natural ingredients and promoting business practices that respect the Earth and the Environment.
Economic Mission: To operate the Company on a sustainable financial basis of profitable growth, increasing value for our stakeholders & expanding opportunities for development and career growth for our employees.
Social Mission: To operate the company in a way that actively recognizes the central role that business plays in society by initiating innovative ways to improve the quality of life locally, nationally & internationally.
What is central to the mission of Ben & Jerry’s is the belief that all three parts must thrive equally in a manner that commands deep respect for individuals in and outside the company and supports the communities of which they are a part. Since 1988, the Company’s Annual Report to Stockholders has contained a "social report" on the Company's performance during the year. The Company's social mission has always been about more than philanthropy, product donations and community relations. Ben &...