If I could sum up “success” in the consumer packaged goods (CPG) industry in one word, that word would be SPEED —the speed at which the best companies take advantage of the latest consumer trends and defend their market share against the competition.
Quickly changing consumer tastes are just one example. Coffee is good for you, then it’s not, then it is again. Consumers want zero trans-fat foods, no-fat cookies and no-sugar sweets, and then decide to forget it and go back to the “good stuff.” On top of that, companies operate in a fierce marketplace with the need to monitor and respond to competitive promotions and pricing changes, and constantly deliver new product innovations and product line extensions. Few industries exist in such a dynamic environment.