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BASE > Justin's > Flashcards

Justin's Flashcards

1
Q

When was Justin’s founded?

A

2004

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2
Q

When did Hormel acquire Justin’s

A

2016

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3
Q

Justin’s market penetration

A

6.3m HH

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4
Q

5 dimensions of CATME

A
  1. contributing to the team’s work
  2. interacting with teammates
  3. keeping team on track
  4. expecting quality
  5. having relevant KSAs
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5
Q

Contributing to the team’s work

A

doing at least your fair share of the work and assisting teammates whenever possible

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6
Q

Interacting with teammates

A

seeking out and listening to ideas, contributions, and feedback from team members

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7
Q

Keeping the team on track

A

monitoring and ensuring progress of team and members

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8
Q

Expecting quality

A

motivating and believing in the team to do good-to-excellent work

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9
Q

Having relevant KSAs

A

contributing valuable knowledge, skills, and abilities that improve the team

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10
Q

Market Attractiveness

A

How well does the category create a competitive advantage and capture a substantial stake in the market?

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11
Q

Fit with Brand Image

A

How well does the category fit with Justin’s brand?

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12
Q

Financial Attractiveness

A

How financially attractive is the category?

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13
Q

Operational Feasibility

A

How well does the category align with Justin’s sourcing, manufacturing, distribution, and logistics competencies?

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14
Q

Product Lifestyle Stages

A
  1. Launch: introduction into the market, focus on product innovation
  2. Growth: increasing demand, flexible processes, increasing product standardization
  3. Maturity: demand and product stabilization, increasing importance of cost, process innovation to increase efficiency
  4. Decline: changing technology or customer needs, declining demand, potential phase in of a replacement product.
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14
Q

Key reasons for product extensions

A
  • energizing a brand
  • expanding core promise for new users
  • managing true innovation
  • blocking or inhibiting competition
  • managing a dynamic environment
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15
Q

Risks to product extensions

A
  • cost
  • cannibalization
  • channel conflict
  • brand confusion
    avoid: ego/fear driven decisions
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15
Q

Methodology of Risk vs Reward

A
  1. find the right data
  2. analyze the data
  3. make the best decision
  4. present the decision
  5. implement the decision
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15
Q

Revenue

A

earned by selling the product
calculate: from market size, growth rate, and market share

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15
Q

Cost of Goods Sold (COGS)

A

how much it costs to produce the product (variable costs)
calculate: units sold (revenue/selling price) * variable cost of product per unit

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16
Q

Operating Expenses

A

other expenses independent of the number of units sold

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17
Q

Depreciation

A

expensing of the cost of an asset over time. is NOT a cash expense
calculate: year 0 cap ex/years

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18
Q

Operating Income (EBIT):

A

revenue - (COGS + OpEx- Dep)

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19
Q

Income tax expense

A

operating income * tax rate

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20
Q

net income

A

operating income - income tax expense

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21
Q

net income margin

A

net income/revenue

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22
Q

annual operating cash flows (year 0 only)

A

net income - cap ex
NOTE: cap exp are an investment, not part of operating income

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23
Q

annual operating cash flows

A

net income + depreciation
NOTE: we add back depreciation because it is a non-cash expense

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24
Q

cumulative cash flows

A

operating cash flow for year X + cumulative cash flow for year X-1

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25
Q

WACC

A

discount rate to calculate the NPV of an investment’s cash flows

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26
Q

Cash flows

A

initial investment amount and the operating cash flows from the project over time
revenue - operating costs

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27
Q

Present value

A

the future value of an investment expressed in today’s value.

28
Q

Discounting

A

procedure used to calculate the present value of an individual/series of payment(s) that will be received in the future based on an assumed interest rate or return on investment

29
Q

Net Present Value

A

capital budgeting technique found by subtracting a project’s initial investment from the PV of cash inflows discounted at a rate equal to cost of capital
NPV = PV of cash inflows - initial investment

30
Q

Internal rate of Return (IRR)

A

a metric used in capital budgeting to estimate the profitability of potential investments. makes NPV of all cash flows equal to zero.

31
Q

Payback period

A

time required to recoup the funds expended in an investment or to reach the break-even point

32
Q

Profit Margin

A

amount by which sales revenue exceeds costs

33
Q

Market Attractiveness attributes

A

business exist to create value to customer in the form of products and services, winning brand has competitive advantage

34
Q

Fragmented vs concentrated

A

fragmented = many small competitors
concentrated: small number of dominant competitors

34
Q

Rivalry among competitors

A

intense competition and rivalry reduce the profit potential in a market, higher costs to win customers

34
Q

Rivalry is determined by

A
  • industry structure
  • market growth rate
  • strategic commitments
    -exit barriers
35
Q

4 Ps

A

product, price, place, promotion

36
Q

Selecting a pricing method

A

costs = price floor
competitors’ prices = orienting point
customers’ assessment of unique features = price ceiling

37
Q

skimming pricing

A

high initial price for new or innovative product

38
Q

penetration pricing

A

low price on new product

39
Q

prestige/premium pricing

A

high price that attracts quality or status conscious consumers

40
Q

value pricing

A

price based on what the consumer is willing to pay due to unique features

41
Q

economy pricing

A

low or bulk pricing for customers who want to save as much money as possible

42
Q

bundle pricing

A

grouping different products together and charging less in total than each item would be individually

43
Q

dynamic pricing

A

change price quickly based on changes in demand

44
Q

supply chain

A

consist of the flow of products and services from: raw material suppliers, product manufacturers, wholesales, distributors, retailers, service providers

45
Q

three stages of production decisions

A
  1. production planning: where, when, how?
  2. production control: quality and costs
  3. improving production and operations: develop more efficient methods
46
Q

BLOT

A

bottom line on top
1. orient reader
2. BLOT
3. additional details

47
Q

Presentation Introduction

A

hook, intro, statement of credibility, statement of relevance (BLOT), preview

48
Q

10 Cs of Business Writing

A

complete, concise, clarity, consideration, concrete, courtesy, correctness, credible, conversational, coherent

49
Q

Line extension vs. brand extension

A

line extension: variation of existing product
brand extension: expanding company into a new product category

50
Q

push vs pull

A

push: personal selling and trade promotions (discounts) are use heavily
pull: advertising directed at consumers

51
Q

sales promotion

A

price discount directed to the consumer either through a price reduction or coupon

52
Q

trade vs consumer sales promotion

A

trade: aimed at resellers to help push the product through distribution channel
consumer: for consumers, paid for by manufacturer

53
Q

Packaging Decision Framework

A

sustainability, operations, profits

54
Q

margin

A

profits relationship to revenue
(revenue - variable costs)/revenue

55
Q

markup

A

profits relationship to variable costs
(revenue - variable costs)/variable costs

56
Q

Gross margin %

A

Gross margin/revenue

57
Q

Revenue

A

COGS/(1-Required GM%)

58
Q

Direct to consumer “DTC”

A

manufacturer straight to consumer

59
Q

traditional retailer

A

manufacturer, distributor, grocery chain, consumer

60
Q

vertical integration

A

firms producing their own inputs. firm using specialized suppliers so they can focus on their core business

61
Q

Reasons for buying or outsourcing

A
  • cost advantage
  • insufficient capacity
  • lack of expertise
  • quality
62
Q

benefits of outsourcing

A

allows a firm to
- concentrate on core capabilities
- reduce staffing levels
- accelerate reengineering efforts
- reduce management problems
- improve manufacturing flexibility

63
Q

Co-packer

A

a business capable of producing and packaging food products for outside clients, small kitchens to large manufactures
- sometime calls a co-manufacture/co-man

64
Q

private label vs co-pack

A

private label: manufacturer usually owns recipe, manufactures the product and then puts client’s label on packaging (Trader Joe’s)
co-packing: client owns recipe and the co-packer does the manufacturing per requirements of client

65
Q

why co-packer?

A
  • spend $ on marketing rather than capital for manufacturing equipment
  • flexibility for small production
  • scaling the business
66
Q

challenges of co-packers

A
  • quality control
  • often high MOQ
  • logistics
  • priority
  • does not match product plans
67
Q

risks of outsourcing

A
  • loss of control
  • increased reliance on suppliers
  • increased need for supplier management
68
Q

reasons for making

A
  • protect proprietary technology
  • no competent supplier
  • better quality control
  • use existing idle capacity
  • control of lead-time
  • lower cost
69
Q

How does IRR compare to WACC?

A

If IRR > WACC accept project
If IRR < WACC decline project

70
Q

What are shortcomings with payback period?

A
  1. doesn’t take into account the time value of money
  2. the appropriate number of years for a “good” payback period is subjective
  3. doesn’t recognize cash flows beyond payback period
71
Q

How is payback period different from IRR?

A

Payback period is the amount of time it takes the firm to recoup its initial investment
IRR is the internal rate of return on the investment

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