“What business are we in and where are we going?”

    Note how the PepsiCo mission statement answers the question “What business are we in and where are we going?” In addition, it focuses on the market(s) rather than the good or service it sells.   Our mission is to be the world's premier consumer products company focused on convenient foods and beverages. We seek to produce financial rewards to investors as we provide opportunities for growth and enrichment to our employees, our business partners and the communities in which we operate. And in everything we do, we strive for honesty, fairness and integrity.   Your task is to explain how your new product aligns with the company mission statement for the organization you chose.   Identify and analyze the organizational mission statement for the company for which you are writing a new product marketing plan.   Does the company’s mission statement focus on the market or markets that your new product/service is attempting to serve?   Is it broad enough to adequately describe the company’s focus and core values? Is it too broad? Does it encompass minute details?   Discuss the industry/market in which your company is doing business, who your target market is, and what the company’s long-term objectives are. Include data and research to support your analysis.  
How the New Product Aligns with PepsiCo's Mission:
  • Convenient Foods: Plant-based protein bars fit perfectly into the "convenient foods" category. They are portable, ready-to-eat, and provide a quick nutritional boost.
  • Target Market: PepsiCo's mission targets a broad consumer base, including active individuals seeking healthy snack options. The new product directly addresses this segment.
  • Financial Rewards: Expanding into the growing plant-based food market could generate new revenue streams for PepsiCo.
  • Growth and Enrichment: The development and launch of the new product provide opportunities for employee growth in product development, marketing, and sales.
  • Community Engagement: PepsiCo could promote the plant-based protein bars as part of a commitment to healthy lifestyles and sustainability.
Industry/Market Analysis:
  • Industry: The plant-based food industry is experiencing explosive growth. According to Grand View Research, the global plant-based food market was valued at USD 29.4 billion in 2021 and is projected to grow at a CAGR of 11.9% from 2022 to 2030.
  • Target Market: Active individuals, health-conscious consumers, and millennials represent key target segments for plant-based protein bars.
  • PepsiCo's Long-Term Objectives: PepsiCo aims to remain a leader in the consumer goods industry by diversifying its portfolio, innovating with new products, and catering to evolving consumer preferences.
Data and Research to Support Analysis:
  • Consumer Trends: Mintel reports a growing demand for healthier, more sustainable food options. This trend drives the plant-based food market.
  • Market Size: The global plant-based protein market is projected to reach USD 11.57 billion by 2027, according to Allied Market Research.
  • Competition: PepsiCo faces competition from established players like Beyond Meat, Impossible Foods, and smaller start-ups.
Conclusion: The new plant-based protein bar product aligns well with PepsiCo's mission statement, targeting a growing market segment and contributing to the company's goals of innovation and consumer-centricity.  

Hypothetical New Product: PepsiCo launches a line of plant-based protein bars marketed as a convenient and healthy snack option for active individuals.

Analyzing PepsiCo's Mission Statement:

  • "What business are we in and where are we going?" PepsiCo clearly states its core business as "consumer products" with a specific focus on "convenient foods and beverages." The "where we are going" is implied by the word "premier" - to become the leading player in this space.

  • Market Focus: The mission statement emphasizes the "consumer" and their needs, rather than the specific product itself. This broad focus allows PepsiCo to adapt to changing consumer preferences.

  • Broadness and Focus: The mission statement is intentionally broad, encompassing financial rewards for investors, employee growth, and community engagement. This allows for diverse initiatives within the company's core focus. However, some might argue it is too broad and lacks specifics about product innovation.

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