Vincent from Mars: “Our organisation is motivated by mission”
MCLEAN, Virginia — Mars, Inc. has been accused of “shrinkflation” despite being one of the largest confectionery firms in the world, as a result of its practice of producing Galaxy chocolate bars that are 10 grammes smaller. According to Mars Wrigley North America President Anton Vincent, these modifications are necessary to maintain the company’s high standards for its goods’ quality.
During an appearance on CNN’s “Quest Means Business” on September 26, Mr. Vincent stated to Richard Quest, “One of the things that we’re responsible in doing is making sure that we’re taking all potential measures on our side of the business to make sure that we are providing value.” Additionally, there are instances when the product needs to be modified in order for us to maintain a high standard of quality and make sure we’re offering value throughout the whole price value stream.
Additionally, Mr. Vincent thinks that confectionery is “recession-proof.”
“The lovely thing about confections, treats, and snacking in general, in my opinion, is that it is a fairly resistant space, especially when it comes to the more decadent side,” Mr. Vincent stated. “In terms of seasons, the time leading up to Halloween is acceptable. Customers also grant themselves permission to consume. First and foremost, people enjoy them, and it becomes a routine aspect of how they divide up their caloric intake throughout their whole diet.
Mr. Vincent continued by talking about each Mars brand’s performance.
“We’re lucky to have some amazing brands,” Mr. Vincent remarked. Eleven of our brands generate more than $1 billion in sales. And shortly, our ice By 2030, there will be a cream business. For us, it means ensuring that those iconic brands—like a Mars bar in the UK, M&Ms, Snickers or Twix—are lovely and offer a variety of experiences for both our customer base and our household members. We therefore have an obligation to ensure that they are current, well-presented, and using persuasive marketing strategies to entice consumers to continue consuming them while also taking responsibility for their actions.
According to Mr. Vincent, Mars’ private ownership implies that the business may pursue its goals without sacrificing profitability.
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He declared, “We’re a purpose-driven organisation.” “We don’t believe that profit and mission are incompatible. One propels the other. In my opinion, as senior executives, we share a compass with the family—that is, we have an understanding with them about how we want to conduct ourselves. With the five guiding principles, we can also take a very long-term approach to achieving our goals and making sure the economic model backs them up. In actuality, some of that compass is centred on the idea of “how do we make the world a better place?” Being among the senior Executives, part of my long-term remuneration includes ensuring that I lay equal attention on our efforts to improve the world and the advancement of our model.
In response to a question regarding the challenges associated with product name, Mr. Vincent stated that Mars bases this decision on cultural context and consumer research.
“We conduct a great deal of consumer research, just like any other company,” Mr. Vincent stated. Being a worldwide business, we also need to pay attention to our local communities and regions. It’s critical that we comprehend the cultural setting. Therefore, I believe we do a fantastic job of paying attention to what our customers have to say and investing in our brand building in a regular manner.