Campbell Soup Company (NYSE:CPB)
President and Chief Executive Officer Denise Morrison today outlined the company’s progress on its new innovation program during a presentation at the annual Consumer Analyst Group of New York (CAGNY) conference in Boca Raton, Fla.
Last July, Morrison charted a new direction for Campbell based on three growth strategies:
- Stabilize and then profitably grow North America soup and simple meals;
- Expand the company’s international presence; and
- Continue to drive growth in healthy beverages and baked snacks.
Campbell is making investments to fund a new innovation process, accelerate innovation across its portfolio and reinvigorate consumer-focused marketing efforts to restore top-line growth and position the company for future success.
“Powered by a relentless focus on the consumer and a radically different approach to innovation, we are extending our product platforms into new mealtime occasions and packaging formats, and responding directly to new consumer expectations,” said Morrison. “We are focused on rebuilding relationships with our existing consumers and establishing connections to new ones. Simply put, our mission is to reinvent our products and our company for a new era.”
Campbell is creating new products and product platforms based on its consumer insights and aligned with what Morrison described as the New American Family – nontraditional, multi-generational, single-parent and multi-cultural.
“Consumers today crave novelty, bolder flavors and foods that help them feel alive, engaged and connected,” said Morrison. “No company is connected to consumers’ lives quite like Campbell, and we are well positioned to respond to the opportunities that the changing consumer landscape will present over the next decade.”
Propelled by consumer insights, Campbell’s revamped innovation process is designed to drive increased product development. The company has invested in breakthrough innovation teams that operate as autonomous work groups consisting of experts in consumer insights, culinary, product development, marketing and packaging.