Benecol: Raisio's Global Nutriceutical
Benecol: Raisio’s Global Nutriceutical
Cheryl Hull
Florida Institute of Technology
September 23, 2012
Financial Management Policy
Professor Ana Machuca
September 23, 2012
Benecol: Raisio’s Global Nutriceutical Raisio, a Finnish grain and chemical company, is the proud owner of a product that has been deemed one of the ten most important nutritional innovations in the world (“Benecol®,” 2010). This product is a unique compound composed of plant stanol esters and has been scientifically proven to help lower cholesterol levels in humans. With the prevalence of high cholesterol in the world population and the incidence of mortality associated with a high cholesterol level, it is no wonder that Raisio had a deep desire to share their product with the world. Raisio’s first introduction of Benecol margarine was in November of 1995 in Finland and, even though it cost substantially more than regular margarine, Benecol flew off of the shelves (Moffett & Howard, 1999). Seeing the potential of Benecol, Raisio formed a plan to take it globally. A successful global product roll-out requires an intricate knowledge of the market and careful planning and preparation of all necessary channels. According to the Global Minds Network, there are 10 critical steps to global launch success. They are; 1) evaluate local market opportunities, 2) create a global plan and roadmap, 3) design an effective launch process worldwide, 4) engage launch team across cultures, 5) communicate across functions and cultures, 6) test your message and image, 7) internationalize customer communications, 8) ensure timely and localized deliverables, 9) deliver effective support tools to ensure global readiness, and 10) enable local sales teams through training (“10 Steps to Global Launch Success,” n.d.).
As Raisio had no prior knowledge of dealing in foodstuffs, they required a global partner who could perform the 10 steps. Johnson & Johnson was to be this partner. Using
Cheryl Hull
Florida Institute of Technology
September 23, 2012
Financial Management Policy
Professor Ana Machuca
September 23, 2012
Benecol: Raisio’s Global Nutriceutical Raisio, a Finnish grain and chemical company, is the proud owner of a product that has been deemed one of the ten most important nutritional innovations in the world (“Benecol®,” 2010). This product is a unique compound composed of plant stanol esters and has been scientifically proven to help lower cholesterol levels in humans. With the prevalence of high cholesterol in the world population and the incidence of mortality associated with a high cholesterol level, it is no wonder that Raisio had a deep desire to share their product with the world. Raisio’s first introduction of Benecol margarine was in November of 1995 in Finland and, even though it cost substantially more than regular margarine, Benecol flew off of the shelves (Moffett & Howard, 1999). Seeing the potential of Benecol, Raisio formed a plan to take it globally. A successful global product roll-out requires an intricate knowledge of the market and careful planning and preparation of all necessary channels. According to the Global Minds Network, there are 10 critical steps to global launch success. They are; 1) evaluate local market opportunities, 2) create a global plan and roadmap, 3) design an effective launch process worldwide, 4) engage launch team across cultures, 5) communicate across functions and cultures, 6) test your message and image, 7) internationalize customer communications, 8) ensure timely and localized deliverables, 9) deliver effective support tools to ensure global readiness, and 10) enable local sales teams through training (“10 Steps to Global Launch Success,” n.d.).
As Raisio had no prior knowledge of dealing in foodstuffs, they required a global partner who could perform the 10 steps. Johnson & Johnson was to be this partner. Using
References: Moffett, M. H., & Howard, S. W. (1999). Benecol: Raisio’s Global Nutriceutical. Retrieved from http://content.xanedu.com/cases/thunderbird/a06990004.pdf?ID=0.79293951046138 Raisio Oyj (2010). Benecol©. Retrieved from http://www.raisio.com/www/page/4398 Ten Steps to Global Launch Success. Retrieved from http://www.globalmindsnetwork.com/6955/27101.html