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D7 IP BU Project - Hungry-Man

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  • 1. Acquisition Proposal December 19, 2012 D7: Diversified Products CorporationAshley Caywood | Jacob Donaldson | Pablo Gardeta | Tal Harel | Kobi Magnezi | Brian Mock | Marisa Porter
  • 2. Table of contents ACQUISITION RATIONALE BRAND SITUATION ANALYSIS RECOMMENDATION #1 Acquisition & Integration RECOMMENDATION #2 Invest in Marketing and Promotions to Revitalize Existing Product RECOMMENDATION #3 Launch a Brand Extension FINANCIAL IMPACTD.P.C. Diversified Products Corporation
  • 3. Acquisition RationaleMotivation to Sell Motivation to Buy• Hungry-Man is a foundation brand • Strong brand awareness & not a core asset • Opportunity to increase units sold• Not a cash generator to each customer• Decline in sales (actual and • Potential to increase efficiency from projected) corporate culture integrationD.P.C. Diversified Products Corporation 3
  • 4. ACQUISITION RATIONALE BRAND SITUATION ANALYSIS RECOMMENDATION #1 Acquisition & Integration RECOMMENDATION #2 Invest in Marketing and Promotions to Revitalize Existing Product RECOMMENDATION #3 Launch a Brand Extension FINANCIAL IMPACTD.P.C. Diversified Products Corporation
  • 5. Frozen Meal Industry & Trends Predicted growth of 1.2% in 2013, and 0.9% in Key Industry Trends: each of the next three years  Health conscious consumers  Recovering economy, increased disposable income Growth rate is expected to be nominal until 2016 Opportunities for Differentiation:  Follow consumer trends  InnovationSources: * Mintel; ** Ibis World; *** Pinnacle 10-KD.P.C. Diversified Products Corporation 5
  • 6. Frozen Meal Market The Frozen Meals market ($7.9B) The Frozen Meals Single Serve (in millions) Full-Calorie Market (in millions) Other $760 Single Serve - 10% Hungry-Man Full Calorie $206 $1,740 Marie 12% 22% Callenders Hand Held $263 $1,540 15% 19% Stouffers Single Serve - $506 Low Calorie 29% Multi Serve $2,260 $1,600 Other 29% $764 20% 44%D.P.C. Diversified Products Corporation 6
  • 7. Frozen Meal Consumers Main Shopper Hungry-Man Banquet Marie Callender’s Stouffer’s Women (58%) Gender Consumed by Men Women Women Women (70%) Education Mid education Mid education High school+ College+ Age 25-45 45-54 55+ 35-54 Income <$20K $75-149K $75-150+ $75-150K Married No Yes Yes No Meet Robert. Single, 35 years old from FL. Start working right after high school. Cashier at Target. Hungry-Man consumer.Sources: MRI Database; Conversation with Tony HatokD.P.C. Diversified Products Corporation 7
  • 8. Hungry-Man Decision Making Unit Men Women Manly, Motivations hearty, large Convenience portion Role Primary Influencer Purchasers Price, Quality, Size, Criteria perceived price, Health value Extremely Power High High Perception Positive NeutralSources: MRI Database; Conversation with Tony HatokD.P.C. Diversified Products Corporation 8
  • 9. Hungry-Man Product  Hungry-Man is segmented into five 52 Weeks Sales, Period Ending (in millions) categories – frozen dinners and 2010 2011 2012 entrees account for 98% of the entire Hungry-Man brand’s revenues. Sales $ 218 $213 $206 % Change -2.5% -3.2%  In 2012, the brand is expected to Total Single generate just over $206 million in Serve Full total retail sales. Calorie Meal $1,781 $1,730 $ 1,740 % Change -2.9% 0.6%Sources: Neilsen Database; Conversation with Matt Troyka, Hungry-Man Brand Manager; MintelD.P.C. Diversified Products Corporation 9
  • 10. Current Brand Marketing Direct Advertising Spending 2007 Television Commercial 3500 3000 2500 Total Ad (Dollars in 000) 2000 1500 1000 500 2012 UFC Promotion 0 2007 2008 2009 2010 2011 2012 Year The brand spent only $2,200 on advertising in 2012, compared to the $3 million spent in 2007Sources: Conversation with Matt Troyka, Hungry-Man Brand Manager; Ad$penderD.P.C. Diversified Products Corporation 10
  • 11. Manufacturing & Distribution Distribution  Located in Fayetteville, Arkansas  Four warehouses and eight distribution centers, owned and operated by a third-party  Market penetration (ACV) is 67% Manufacturing  Capital intensive industry. High mechanization  Raw materials account for 55% of cost of products sold  Economies of scale and cost reduction are key factorsD.P.C. Diversified Products Corporation 11
  • 12. McKinsey’s 7S Model • Part of the BirdsEye frozen foods • Hierarchical management Structure structure, with business unit division separation • Only frozen prepared meals Systems • Traditional grocery distribution; brand within Pinnacle both direct and indirect channels • No vision, mission, or shared • Employees aren’t embedded in Shared values defined or the Pinnacle community Values communicated by leadership, leading to a disjointed culture • Lean organizational structure • As a foundation brand, has fewer dedicated employees Staff • Fewer employees and resources dedicated to foundation brands • Not many formalized • No formalized training or opportunities for advancement Skills development • Foundation brand • Focus and investment is on • Lack of investment in the brand leadership brands will result in an inability to Strategy • Foundation brands are used as keep up with industry trends a source of generating cash flow • Hierarchical structure does not • Top down management style empower employees to take Style • Lack of transparency ownershipSources: Conversation with Mary Lou Kehoe 12D.P.C. Diversified Products Corporation 12
  • 13. Current Brand SWOT Analysis Strengths Weaknesses • One-of-a kind • Neglected foundation brand • Brand awareness and self • Hard to reach new identification consumers • Perceived as being unhealthy Opportunities Threats • Increase repurchasing • Changing frozen meal • Capitalize on brand industry awareness • New competition • Position as everyday brand • Without attention to the from the “man-cave” brand, neglected foundation brandD.P.C. Diversified Products Corporation 13
  • 14. Valuation and Strategy Timeline Selected Financial Information (Pre-Acquisition) • Acquire Hungry-Man Q4 2012 Projections 2012 2013 2014 2015 2016 2017 Net Income $ 3.3 $2.6 $2.7 $ 2.7 $ 2.6 $ 2.5 • Existing product marketing Total Assets $ 99.3 $100.6 $ 104.3 $ 107.8 $ 111.0 $ 114.1 • Integration into DPC Unlevered $ 17.5 $ 17.6 $ 16.7 $ 17.9 $ 18.0 • Develop new Hungry-Man 2013 Free Cash Grill Favorites Flow Present Value $16.4 $ 15.4 $ 13.7 $ 13.8 $13.0 (6.76% WACC) • Debut Hungry-Man Grill Favorites 2014 • Existing product and new product marketing Net Present Value Multiple $ 268 Million 8.12x EBITDA • Existing product and new Objective: Increase market share within the Single product marketing 2015 Serve, Full Calorie frozen meal market and increase our net income.D.P.C. Diversified Products Corporation 14
  • 15. ACQUISITION RATIONALE BRAND SITUATION ANALYSIS RECOMMENDATION #1 Acquisition & Integration RECOMMENDATION #2 Invest in Marketing and Promotions to Revitalize Existing Product RECOMMENDATION #3 Launch a Brand Extension FINANCIAL IMPACTD.P.C. Diversified Products Corporation
  • 16. Target Acquisition:Organizational Structure President, Frozen Foods Division Chief Financial VP of Human Chief Marketing VP of Sales Officer Resources Officer Brand Manager, Dir of Finance, Sales Reps, Hungry-Man Brand Manager, Hungry-Man Grill Hungry-Man Hungry-Man (4) Integration Team Hungry-Man Favorites Sales Rep, Associate Brand Associate Brand Hungry Grill Manager Manager Favorites(1)D.P.C. Diversified Products Corporation 16
  • 17. Target Integration Phase 1: Phase 2: Phase 3: Pre-Acquisition Acquisition & Implementation Integration & Evaluation • Integration team • Talent gap analysis • Integration team development meetings • Restructuring and • Culture assessment recruiting • Training and job • Onboarding, training shadowing programs • Prepare strategy and development • Quarterly town hall meetingsD.P.C. Diversified Products Corporation 17
  • 18. Mission & Community Commitment Our Mission To deliver exceptional products and brands, positively impacting the lives of families across the nation. Our Commitment to the Community One in six Americans face hunger, and we want to help. DPC has partnered with Feeding America, the nation’s leading organization working to combat hunger. We will donate $0.01 for each unit sold.Sources: Feeding AmericaD.P.C. Diversified Products Corporation 18
  • 19. Shared Values Integrity Quality We act with honesty and We strive to provide our transparency. We respect and customers with the highest value the opinions and diverse quality of ingredients, backgrounds of our manufacturing, and ultimately employees and customers final product. alike. Accountability We are dedicated to positively impacting the communities where we operate. We are a solution oriented culture, taking responsibility for our own actions and results. We make decisions as though we are the owners of the company.D.P.C. Diversified Products Corporation 19
  • 20. ACQUISITION RATIONALE BRAND SITUATION ANALYSIS RECOMMENDATION #1 Acquisition & Integration RECOMMENDATION #2 Invest in Marketing and Promotions to Revitalize Existing Product RECOMMENDATION #3 Launch a Brand Extension FINANCIAL IMPACTD.P.C. Diversified Products Corporation
  • 21. Post Acquisition Goals:Existing Product Long term Continue to promote the Improve brand’s online retention rate presence as a and repurchases way to build by investing in self Leverage current identification. coupons. online activity to expand brand awareness to non-customers Brand Average Units purchased per Increasing and improve annual units person per year loyalty. purchased by Hungry-Man 7 Hungry-Man Marie 13 consumers. Callender’s Stouffer’s 19Sources: MRI Database; RDS DatabaseD.P.C. Diversified Products Corporation 21
  • 22. Marketing & Promotions 167.5M US FB Users, Current 76.2M Men, 739K interested budget + in frozen food, 58% conversion rate $485K Website Facebook Redesign Current campaign product marketing plan 30.4% of Hungry-Man shoppers Yahoo! E- In-Store Generate repeat purchases Mail Coupons and attract new consumers. CampaignSources: MRI Database; DMA 2010 Statistical Fact Book; Content Ads; Facebook Ad Conversion RatesD.P.C. Diversified Products Corporation 22
  • 23. ACQUISITION RATIONALE BRAND SITUATION ANALYSIS RECOMMENDATION #1 Acquisition & Integration RECOMMENDATION #2 Invest in Marketing and Promotions to Revitalize Existing Product RECOMMENDATION #3 Launch a Brand Extension FINANCIAL IMPACTD.P.C. Diversified Products Corporation
  • 24. Why Launch a Brand Extension Competitors First to Market Consumer Preferences Actual Demand Launch brand extension Cannibalization Current perceptionD.P.C. Diversified Products Corporation 24
  • 25. Hungry-Man Grill Favorites Flavors: Grilled Pepper and Garlic Chicken, Quality: Raw Grilled Steak materials and Distribution: Tips production Existing process will be structure. similar to Slotting fees . existing 67% ACV. products Packaging: green Manufacturing (associated with facilities: plant health) and running under Pricing: benefits in front capacity (66%) Maintain line pricing as with current productD.P.C. Diversified Products Corporation 25
  • 26. Target Market & Consumer Competitors’ Existing frozen efforts focused meal eaters. on families with older children. Interested in a Consumers with healthier awareness of the Target: product and a brand. Marie satisfying meal. Callender’s & Stouffer’s customers, ages 18-35 Market Size by Segmentation Household Current Sales Projected (M)** (M $) Awareness Marie Callender’s & Stouffer’s (Age 18-35) 3 161 Very High Marie Callender’s & Stouffer’s(Age > 35) 11.2 608 Medium to High Remaining Households 116 Low to MediumSources: Mintel; MRI DatabaseD.P.C. Diversified Products Corporation 26
  • 27. Holistic Digital Marketing Plan:Hungry Man Grill Favorites AWARENESS CONSIDERATION SELECTION PURCHASE LOYALTY Facebook coupons e-Mail marketing POS Facebook Website Mailing Ads Blogs Coupons Video In-Store Coupon list YouTube in-stream Food blogs are an ads There are 1.72 million important tool for driving monthly Google searches word-of-mouth, as 47% of for frozen food, Hungry- those who are 25-45 and Man, Marie Callender’s and online read blogs. Stouffer’s.D.P.C. Diversified Products Corporation 27
  • 28. Hungry-Man Grill Favorites Marketing Sports Illustrated: Swimsuit Issue Coupons: Catalina & In-Store Us Weekly In-Store SamplesSources: Marketers Guide to Media 2011; DMA 2010 Statistical Fact Book; Conversation with Tony Hatok; Beauty Redefined; Catalina Marketing FAQ; Conversation with Tony Hatok; MRI DatabaseD.P.C. Diversified Products Corporation 28
  • 29. Hungry Man Grill Favorites Projections Based on the substantial future positive contribution, Hungry-Man Grill Favorites has potential to be lucrative Brand Extension Projections (in thousands) Year 1 Year 2 Year 3 Revenue $ 12,625.16 $ 21,054.72 $ 23,580.75 Units sold 6,684 10,955 12,060 Net Contribution $ (423.38) $ 982.63 $ 3,696.38 Expected reaction to new brand extension Competitors: Benefits advertising Hungry-Man: campaign and an Focus on new aggressive customer retention promotions strategySource: New Products and The Pivotal ConsumerD.P.C. Diversified Products Corporation 29
  • 30. ACQUISITION RATIONALE BRAND SITUATION ANALYSIS RECOMMENDATION #1 Acquisition & Integration RECOMMENDATION #2 Invest in Marketing and Promotions to Revitalize Existing Product RECOMMENDATION #3 Launch a Brand Extension FINANCIAL IMPACTD.P.C. Diversified Products Corporation
  • 31. Income Statement Projections Selected Income Statement Information ($ in millions) Projections 2012 2013 2014 2015 2016 2017 Growth Rate 1.5% 9.6% 4.8% 3.4% 2.0% Revenue $ 139.0 $ 141.1 $ 154.6 $ 162.1 $ 167.5 $ 170.9 Gross Profit $ 45.2 $ 46.3 $ 54.0 $ 58.6 $ 62.2 $ 64.7 (32.5%) Operating Income $ 26.9 $ 26.0 $ 28.1 $ 33.2 $ 36.5 $ 38.8 (19.3%) Net Income $ 3.3 $ 1.9 $ 2.0 $ 4.3 $ 5.5 $ 6.1 Net Income 2012 Net Income 2017 New Management Increased New Slotting Fees Manage COGS expense Marketing Budget Reduced SG&A expenses after launch Net Income 2014 Increased Sales GrowthSources: Schonfeld & Associates and Conversation with Matt Troyka, Hungry Man Brand Manager; Tracking Prices of Commodity Prices and Food CostsD.P.C. Diversified Products Corporation 31
  • 32. Balance Sheet Projections Selected Balance Sheet Information ($ in millions) Projections 2012 2013 2014 2015 2016 2017 Current Assets $ 43.7 $ 43.6 $ 49.3 $ 62.1 $ 71.9 $ 89.8 Non-Current Assets $ 55.6 $ 57.4 $ 59.3 $ 59.7 $ 60.1 $ 60.4 Total Assets $ 99.3 $ 101.0 $108.6 $ 121.8 $ 131.9 $ 150.2 Current Liabilities $ 30.6 $ 31.0 $ 34.0 $ 35.7 $36.9 $ 37.6 Non-Current Liabilities $ 48.2 $ 48.2 $ 51.2 $ 58.9 $ 62.7 $ 74.2 Total Liabilities $ 78.8 $ 79.2 $ 85.2 $ 94.5 $ 99.6 $ 111.8 Owners Equity $ 20.5 $ 21.8 $ 23.3 $ 27.2 $ 32.3 $38.4 Total L + OE $ 99.3 $ 101.0 $ 108.6 $ 121.8 $ 131.9 $ 150.2Sources: eStatement Studies, IBIS Report, Pinnacle 10-K, Schonfeld & AssociatesD.P.C. Diversified Products Corporation 32
  • 33. Hungry Man Brand Valuations WACC Calculation Unlevered Free Cash Flows Beta (be) 1.17 24.0 Risk-free Rate (rf) 1.65% Market Risk Premium 7.50% Cost of Equity (re) 10.41% 22.0 Cost of Debt (rd) 8.0% Tax Rate (t) 38% Unlevered Free Cash Flows 20.0 Equity Ratio (E/V) 0.33 Debt Ratio (D/V) 0.67 ($ in Millions) WACC 6.76% 18.0 16.0 Beta Calculation ConAgra Beta (be) 0.49 ConAgra Enterprise Value (V) 15.24 14.0 ConAgra Market Cap (E) 12.11 ConAgra (E/V) 0.79 12.0 Unlevered Beta (bu) 0.39 2013 2014 2015 2016 2017 Hungry-Man (E/D) 2.0 Year Hungry-Man Beta (b e) 1.17 Before Acquisition After AcquisitionSources: Yahoo! FinanceD.P.C. Diversified Products Corporation 33
  • 34. Final Valuation • Typically 8-10x EBITDA Current Valuation: EBITDA Multiple $268 Million 8.12x EBITDA • 33% Increase in NPV after Company revitalization Valuation • Ranges between industry Valuation After Revitalization: EBIDTA multiples Purchase Price $355 Million 10.76x EBITDA Initial Offer: $241M (90% of Current Valuation) Maximum Price: $308M (15% Premium)Sources: Schonfeld & Associates and Conversation with Matt Troyka, Hungry Man Brand Manager; Tracking Prices of Commodity Prices and Food CostsD.P.C. Diversified Products Corporation 34
  • 35. The Bottom Line Increased Acquire Integrate Launch Revenue Hungry- and Brand and Net Man Revitalize Extension IncomeD.P.C. Diversified Products Corporation 35
  • 36. QuestionsD.P.C. Diversified Products Corporation
  • 37. References "2010 US Census." 2010 US Census. N.p., 21 Dec. 2010. Web. 14 Dec. 2012. <http://2010.census.gov/2010census/>. "About Catalina: Frequently Asked Questions." N.p., n.d. Web. 14 Dec. 2012. <http://www.catalinamarketing.com/about/faq/> Brown, Bill. "Stouffer’s Doing It Right." Smart Guide to Marketing RSS. N.p., 16 Feb. 2010. Web. 14 Dec. 2012 "CAG: Summary for ConAgra Foods, Inc. Common Stoc- Yahoo! Finance." Yahoo! Finance. N.p., n.d. Web. 10 Dec. 2012. <http://finance.yahoo.com/q?s=CAG>. “Careers: Why Pinnacle?" Pinnacle Foods. N.p., n.d. Web. 6 Oct. 2012. <http://www.pinnaclefoods.com/Careers/Why Pinnacle_>. "Color Psychology - Green." About.com Psychology. About.com Psychology, 14 Dec. 2012. Web. 14 Dec. 2012. <http://psychology.about.com/od/sensationandperception/a/color_green.htm>. "Content Ads." Yahoo! Yahoo!, Mar. 2011. Web. 14 Dec. 2012. <http://advertising.yahoo.com/article/content-ads-20120213.html>. "Convenience Meals and Processed Meat." BNP Media. Business News Publishing Co., Mar. 2011. Web. 14 Dec. 2012. DMA 2010 Statistical Fact Book: The Definitive Source for Direct Marketing Benchmarks. New York, NY: Direct Marketing Association, 2010. Print. Dvorozniak, Mark / VP Marketing Barber Foods, Barber Foods. Telephone Interview. 22 Oct 2012. Dvorozniak, Mark / VP Marketing Barber Foods, Barber Foods. Telephone Interview. 01 Dec 2012. Engelhardt, Natalie. "Examining the Impact of Packaging Hue and Value on Consumer Perception." New York University. New York University, May 2010. Web. 14 Dec. 2012. <http://w4.stern.nyu.edu/uc/honorsprogram/2010/Thesis_2010_Natalie Engelhardt.pdf>. eStatement Studies. 2012. http://www.statementstudies.org.ezproxy.bu.edu/IndustryResources.aspx?sec=31. 10 October 2012. "Facebook Ad Conversion Rates Best For Consumer Goods Industry." MarketingCharts. The PriceGrabber, Mar. 2012. Web. 14 Dec. 2012. <http://www.marketingcharts.com/direct/facebook-ad-conversion-rates-best-for-consumer-goods-industry-21741/experian-facebook-ad-conversion-rate-by-industry-april2012jpg/>. "Frozen Food Nutrition Facts." MyFitnesspal. MyFitnesspal, n.d. Web. 14 Dec. 2012. <http://www.myfitnesspal.com>. "Frozen Meals - US - May 2012." Mintel. N.p., May 2012. Web. 10 Oct. 2012. http://academic.mintel.com.ezproxy.bu.edu/display/590560/?highlight=true. Frozen Prepared Foods / AC Neilsen Database. 25 Oct 2012 Google. "Google AdWords." Google AdWords Online Advertising. Google, n.d. Web. 14 Dec. 2012. <https://adwords.google.com/>. Halliday, Jess. "CEO Shares How Nestle Copes with Raw Material Price Hikes." FoodNavigator.com. N.p., 17 Feb. 2011. Web. 26 Oct. 2012. <http://www.foodnavigator.com/Financial- Industry/CEO-shares-how-Nestle-copes-with-raw-material-price-hikes>.D.P.C. Diversified Products Corporation 37
  • 38. References (Continued) Hatok, Tony / Category Manager Frozen at Giant Eagle, Giant Eagle, Inc. Email communication and internal Pinnacle document regarding brand usage. 15 Oct. 2012 Hatok, Tony / Category Manager Frozen at Giant Eagle, Giant Eagle, Inc. Telephone Interview 6 Dec. 2012 Hindshaw, Ivan. "Bain Executive Conversations: Robert Gamgort, CEO, Pinnacle Foods." Bain & Company. N.p., 1 June 2011. Web. 10 Oct. 2012.<http://www.bain.com/publications/ articles/robert-gamgort-ceo-pinnacle-foods.aspx>. Holter, Mike. "Hungry-Man Frozen Dinner Trans Fat Class Action Lawsuit." N.p., 25 June 2012. Web. 25 Oct. 2012. http://www.topclassactions.com/lawsuit-settlements/lawsuit- news/2025-hungry- man-frozen-dinner-trans-fat-class-action-lawsuit. "Household Products - Frozen Complete Dinners - Used in Last 6 Moths Total." MRI Database. MarketResearch.com, Fall 2011. Web. 20 Oct. 2012. "Hunger Facts." Feeding America. N.p., n.d. Web. 2 Dec. 2012. < http://feedingamerica.org/hunger-in-america/hunger-facts.aspx> IFT. 26 June 2012. http://www.ift.org/food-technology/daily-news/2012/july/26/food-prices-expected-to-increase-in-2013-due-to-drought.aspx. 24 October 2012. Kehoe, Mary Lou / HR Director, Pinnacle Foods. Telephone interview. 18 Oct. 2012. Knilans, Gerri. "Mergers and Acquisitions: Best Practices for Successful Integrations." The Global Consulting Partnership (2009): n. pag. Web. 02 Dec. 2012 Leung, Ellery. "The Cost of Advertising on the Internet With a Blog." Web log post. The Cost of Advertising on the Internet With a Blog. Ellery Leung, n.d. Web. 10 Dec. 2012. <ezinearticles.com/?The-Cost-of-Advertising-on-the-Internet-With-a-Blog>. Level, Flow, Pressure, Temperature Measurement, Liquid Analysis, Data Acquisition."Level, Flow, Pressure, Temperature Measurement, Liquid Analysis, Data Acquisition. Endress and Hauser, n.d. Web. 10 Oct. 2012. <http://www.endress.com/eh/home.nsf/>. "Like Button." Core Concepts › Like Button. Facebook, Oct. 2012. Web. 14 Dec. 2012. <http://developers.facebook.com/docs/reference/plugins/like/>. "Participation Inequality." Wikipedia. Wikimedia Foundation, 11 Dec. 2012. Web. 14 Dec. 2012. <http://en.wikipedia.org/wiki/Participation_inequality>. “LLC, Pinnacle Foods Finance.” Form 10-K. Washington, D.C.: United States Securities and Exchange Commission, For the fiscal year ended December 25, 2011. Electronic Document (EDGAR Online). MacDonald, Catherine J. Morrison and James M. "Tracing The Effects of Agricultural Commodity Prices and Food Costs." August 2003. 20 October 2012. "Marie Callenders Line Looks to Be a Winner, through and through." RDS Business & Industry (n.d.): n. pag. VNU Business Media, 07 June 2010. Web. "Marie Callenders Beckons Consumers to savor Meals." Business & Industry (n.d.): n. pag. BPI Communications, Inc., 30 Aug. 2010. Web. Marketers Guide to Media: 2011. 2011 ed. New York, NY: Adweek, 2011. Print "Married to Convenience." TableBase. Gale Cengage Learning, n.d. Web. <http://search.rdsinc.com.ezproxy.bu.edu/texis/rds/suite/+zNeiflHe3xbtqmMr5ewx1qmwwwwewhanmJeo2TBevxwww/showdoc.html?thisTbl=TBL>.D.P.C. Diversified Products Corporation 38

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