General Mills first began as a flour Mill in the 1860’s and since the beginning they have been a successful, innovative company. Throughout the years they have grown to becoming the third largest food company in North America. General mills is committed to diversity, innovation and the relationships they have built. They believe their stakeholders are as important to the company as their customers, keeping them in mind for every business decision made. They have 6 key stakeholders; consumers, customers, partners, teams, shareholders and communities. General Mills believes the success of their stakeholders is a success for the company, every decision they make must add ...view middle of the document...
The final step was going through the product development process and discussing 7 steps to successful product development implementation. The seven steps to successful product development are idea generation, screening, concept development and testing, business analysis, product marketing mix and development, market testing and commercialization. Each will be discussed in more detail to convey a clear picture of the steps General Mills must take to plan and implement my recommended solution and solve this issue of Pillsbury’s weak performance.
General Mills began with two flour mills in the 1860’s. By the 1960’s they started marketing to children with Play-Doh, Easy Bake Oven and even board games like Monopoly. In between that time, they entered into the cereal business. Starting with “Wheaties” in 1924 and then “Kix” introduced in 1937. Gaining the highest market share, they were the first company consumers thought of when buying cereal. Today the company has grown to something much larger, working on making people all over the world healthier, richer and even making lives easier. “General Mills is the world’s sixth-largest food company. We market in more than 100 countries and hold the No. 1 or No. 2 position in virtually every category in which we compete,” as stated on the General Mills website.
General Mills has a huge focus on holding themselves to the highest standards when it comes to corporate social responsibility. This coincides with the values important to General Mills, which are championship brands, people, innovation, and performance. General Mills wants to build leading brands, have a diverse and committed workforce, implement innovative ideas and have outstanding performance for the key stakeholders involved. General Mills has six key stakeholders; consumers, customers, partners, teams, shareholders and communities. General Mills wants all their key stakeholders to feel like they’re part of something and to be trusted by those involved. In the following paragraphs I will discuss the reason why these key stakeholders are important and why they should be a crucial part of General Mills decision making.
Consumers are an important stakeholder to keep in mind when making decisions because they are ultimately who will keep your business growing and expanding into bigger and better endeavors. They believe in General Mills to make durable, high quality products and to make sure everyone gets value out of buying General Mills over another brand. Although, customers and consumers are somewhat in the same group they were separate because General Mills looks at consumers as anyone out there buying, even if they are not be buying their products. Customers are those specific consumers that buy General Mills over the competition, so they want the same thing any consumer does.
Partners are a key stakeholder because General Mills believes it is important to treat everyone with respect and to act with integrity. Maintaining...