This is a consulting project for The Hershey Company. Increase outsourcing and export to Asia enhances Hershey’s reputation in this large market where demand is still growing.

1. 1
Team Project Worksheet: Fall 2014
The Hershey Company
Section 005
Team Number: 2
Team Members:
Anh Do
Jeric Kasunic
Michael Harris
Mark Verwaay
Matt Morrissey

2. 2
INDUSTRY: Chocolate, Sugar and Confectionery
Year Founded: 1894
CEO: John P. Bilbrey
Board Members: John P. Bilbrey, James E. Nevels, Pamela M. Arway,
Robert F. Cavanaugh, Charles A. Davis, Mary Kay Haben, Robert M. Mead,
Anthony J. Palmer, Thomas J. Ridge, David L Shedlarz
NAICS Code: 311352
Stock Ticker: HSY
Revenues: $7,146,100,000,000
Operating Profit: $1,339,700,000,000
Net Profit (after taxes): $820.5 million
Number of Locations: US, Canada, Mexico, India, the Netherlands
Number of Employees: 14,800
CEO and President
John P. Bilbrey
Organization chart
Executive Committee Charter Director
James Nevels
Governance
Committee Charter
Director
Pamela Arway
Finance and Risk
Management
Committee Charter
Director
David Shedlarz
Compensation and
Executive Organization
Committee
Charter Director
Robert Cavanaugh
Audit Committee
Charter Director
Charles Davis
President,
Interna-
tional
Alfonso
President,
North
America
Buck
Senior Vice
President,
Chief Supply
Chain
Officer
Vice Presi-
dent, Chief
Research and
Development
Officer
Papa
Senior Vice
President,
Chief
Financial
Officer
Tacka
Senior Vice
President,
General
Counsel and
Secretary
Turner
Senior Vice
President,
Chief Human
Resources
Officer
Walling
Senior Vice
President,
Chief
Growth and
Marketing
Officer
Wege
Senior Vice
President, Chief
Corporate
Strategy and
Administrative
Officer
Zaman
Individual operation and production teams

3. 3
Bottom Line Strategic Recommendation for each strategy
Strength-Opportunity (S-O): Increase outsourcing and export to Asia enhances reputation in this large market where demand is still
growing.
Weakness-Opportunity (W-O): Hershey must invest more on digital advertisement because this is one of its greatest weaknesses while online ad-
vertisements are becoming more popular and crucial for business success.
Strength-Threat (S-T): Acquiring a few cocoa farms will give Hershey more control over supply cost while maintain low production cost thanks
to large manufacturing line.
Weakness-Threat (W-T): Expanding the market overseas helps enlarge Hershey shrinking consumer pool due to US demographic shift while al-
leviate intensive local competition.
Final Single Bottom Line Recommendation
Increase outsourcing and export to Asia enhances reputation in this large
market where demand is still growing.

4. 4
Industry Data
Factors The Hershey Company Mondelez International Mars, Incorporated How Do We Compare?
Products/
Services
Chocolate and non-chocolate
candies, syrup, beverages,
baking ingredients
Chocolate, biscuit, drinks,
gums, cookies, candies, cof-
fee, baking ingredients
Chocolate, Pet care, food,
gum and chewy candies,
drinks
Hershey focuses mainly on chocolate
products while other companies have
more variety of food products.
Price Prices range from medium to
high, depends on product
quality and demand
Prices range from medium to
high, depends on product qual-
ity and demand
Prices range from medium to
high, depends on product
quality and demand
On average, Mars and Mondelez may
price higher because they make more
premium products.
Company
Reputation
and Image
- Very positive in the US
candy industry
- Vulnerable to controversies
in the supply chain labor
and working conditions
- Internationally well known
- Products are constantly
under fire for high trans-fat
content and other unhealthy
components
- Good image in the US
Candy Industry
- Exposed to negative public-
ity regarding raw material
sourcing
- Equally famous in the US market as its
competitors.
- Hershey has more healthy products
than Mondelez but Mondelez is more
popular globally; Hershey manages its
raw material sourcing better than Mars,
but Mars handles labor issues more ef-
fectively.
Basic
Financial
Performance
(Prior
Revenues: $7,146,080,000
Expenses: $5,806,400,000
Operating Profit:
$1,339,670,000
Revenue: $35,299,000,000
Expenses: $31,328,000,000
Operating Profit:
$ 3,971,000,000
Data not released. Overall, Hershey performed worse than
Mondelez.
Financial
Stability
Assets vs.
Liabilities
Hershey is financially stable. Mondelez is very financially
stable.
Information not released. Hershey is not as financially stable as
Mondelez. However, both companies are
very financially stable.
Customer
Loyalty
(Measured
by Customer
Satisfaction)
Very high customer loyalty.
Overall score in customer sat-
isfaction: 86
Very high customer loyalty.
Overall score in customer sat-
isfaction: 81
Very high customer loyalty.
Overall score in customer sat-
isfaction: 85
All three companies maintain high cus-
tomer loyalty, but Hershey does it best.

5. 5
Industry/Competitor Assessment
1. The perceived market leader in the chocolate industry is the Hershey Company. Hershey controls the largest market share, 30.1%. The next
closest competitor in market share, Mars control only 24.6% (IBIS World US, 2014). tains its customer loyalty bet-
ter than all other companies in the industry.
2. To sustain leadership in the market, Hershey needs to continue diversifying its products to attract new customers and keep old customers from
ts. Hershey also needs to continue investment in healthy products because consumers nowadays are more
and more health-conscious.
3. Customers of the candy and chocolate market want a wide range of high quality products. Most companies in the candy and chocolate industry
long one product
line.
There is also an increasing demand for low fat, low cholesterol, and sugar free food products as customers are more concerned about diseases re-
lated to high blood sugar or fat level (IBIS World US, 2014). Candy and chocolate companies have invested heavily on creating healthier food to
ing healthy products such as dark chocolate has been successful. This is one of
trans-fat.
4. The demand for US chocolate and candies in Asia will increase mainly thanks to rapid economic growth in this region (Bloomberg, 2014). Also,
Asian culture is increasingly westernized, making it easier for US chocolate and candies to penetrate this market.
However, the target consumer population, teenagers and children under 14 years old, is expected to decrease in the next few years (IBIS World
US, 2014). The industry may lose revenue and profit from this demographic shift.
5. Companies in the chocolate and candies may face higher production cost due to falling cocoa supply and fluctuating sugar price (IBIS World US,
2014). Furthermore, investment in creating and advertising healthier products will continue to rise due to increased concern about diseases origi-
nated from high sugar consumption (IBIS World US, 2014).

6. 6
PESTLE Analysis
Due to an increase in consumer disposable income, demand for chocolate and candy, which are normal goods, is likely to increase in the next
years (IBIS World US, 2014). As a result, Hershey can expect a larger sales volume and more profit. However, raw material prices are increasing
as weather and social difficulties affect cocoa production in Africa (Tidy, 2013). A likely shortage of cocoa bean supply will drive up production
costs for Hershey.
Import and export of products will face less stringent trade barriers as more free trade agreements are being negotiated and signed be-
tween the US and other countries all over the world (IBIS World US, 2014). Thanks to this, trade-related operation and production costs may not
significantly affect profit.
only gives Hershey a score of 2/10 for supply chain labor management due to severe controversies regarding cocoa pro-
duction (2014). Many organizations and advocacy groups such as Louisiana Municipal Police Employees' Retirement System, International La-
bor Rights Forum (ILRF) and the National Guest-worker Alliance have been criticizing Hershey since 2003 (MSCI Impact Monitor, 2014). Labor
disputes can be great disruption to Hershey production (MSCI Intangible Value Assessment, 2014).
As consumers become increasingly more health conscious, there is a technological shift from simply making tasty chocolate and candies to creat-
ing products with less sugar and fat (IBIS World US, 2014). Hershey has succeeded in taking the initiative to develop such products, but the
company should still invest even more in research and development to create healthier candies and chocolate (MarketLine Advantage, 2014). In
addition, environmental protection organizations such as the Rainforest Action Network are criticizing palm oil extraction methods,
believing it causes severe deforestation and wildlife loss in tropical countries ( MSCI Impact Monitor, 2014). Complaints like this
would severely damage overall reputation (MSCI Intangible Value Assessment, 2014).

7. 7
Team SWOT Analysis Chart
STRENGTHS
-
pool to expand significantly
- Hershey has created and maintained excellent portfolio of its licensed
and owned brands, ensuring reputation and consumer loyalty.
- Hershey enjoys lower production cost through a large scale manufac-
turing line.
- Solid effort for research and development on healthier products helps
- Hershey has the largest market share, giving it more power to control
the market price.
WEAKNESSES
- Hershey depends too much on the US market, which hinders con-
sumer pool expansion.
- not up to European standard, making it
harder for Hershey to compete in this market.
- Hershey fails to build and maintain a safe working place for its la-
bor, which expose Hershey to production disruption whenever
there are disputes along supply chain.
- Adver
products to reach new customers.
- Hershey relies too much on the McLane Company for its revenue,
preventing it from reaching full potential growth.
OPPORTUNITIES
- Per capita disposable income is expected to rise in 2014, which means
higher demand for chocolate and candy.
- Asian countries are experiencing high economic growth, making them
great market for products
- European economies show some progress of recovering, giving Her-
shey more export opportunities in this market
- Buyers prefer customized packages and delivery, opening an oppor-
tunity for Hershey to be different from its competitor.
THREATS
- Increasing presence of private label in the industry reduces Her-
- Intensive competition from not only local brands but also interna-
on marketing and product differentiation.
- Falling cocoa bean supply increases production cost.
- s demand Hershey to
continue investing in research and development, making healthier
products.
-
expected to decrease.

8. 8
Team SWOT Strategy Matrix
Strengths Weaknesses
Opportunities S-O strategies
Increase outsourcing and export to Asia enhances
reputation in this large market where de-
mand is still growing.
Hershey should increase chocolate production when
income is increasing while production
cost remains low.
Developing a delivery service is a great way Hershey
can take advantage of its own popularity and con-
increasing interest in gift delivery.
W-O strategies
Hershey should bring even more products to the growing Asian
market to lessen the overdependence on the US market.
Hershey must invest more on digital advertisement because this is
one of its greatest weaknesses while online advertisements are be-
coming more popular and crucial for business success.
Develop a line of chocolate products that suits the European taste
would boost reputation in this large market.
Threats S-T strategies
Hershey should invest even more in reducing fat and
sugar in its products to maintain its success in satis-
fying new demand for healthier food.
More focus on differentiating products is necessary
for Hershey to maintain its largest market share
amidst increasing number of private labels.
Acquiring a few cocoa farms will give Hershey more
control over supply cost, while maintain low produc-
tion cost thanks to large manufacturing line.
W-T strategies
Hershey needs to differentiate its products even more to cope with
the intense competition in the local market it depends heavily on.
Expanding the market overseas helps enlarge shrinking
consumer pool due to US demographic shift while alleviate inten-
sive local competition.
Working with more distribution companies will lessen
overreliance on a few distributors and lower credit risk due to
fierce competition.

9. 9
SWOT Strategy Matrix Descriptions
STRENGTHS-OPPORTUNITY (S-O) STRATEGIES
S-O 1: Increase outsourcing and export to Asia enhances reputation in this large market where demand is still growing.
Home to roughly 3.7 billion people, Asia is experiencing rapid economic growth thanks to the low wage labor intensive sectors (Asian Develop-
ment Bank Institute, 2011). As Asian people become wealthier, their demand for Western products such as chocolate is increasing. Meanwhile
the labor costs in Asia remain low. Hershey has recently established confectionary factories in Asian countries such as China and Malaysia, en-
hancing its popularity in the Asian market to take advantage of the low production cost there (MarketLine Advantage, 2014). Bringing even more
products to the Asian market will greatly benefit Hershey as it allows consumer pool to expand, which will result in a rise in total
revenue. Increased revenue, combined with the lower production costs will enable to significantly increase profit.
S-O 2: Hershey should increase chocolate production when income is increasing while production cost remains low.
According to , consumers in 2014 will have more disposable income. This opens the opportunity for more goods to be
sold and previously labeled items to be purchased. Furthermore, Hershey enjoys significant economies of scales from a large production
line, which keeps production cost low (MarketLine Advantage, 2014). costs are low and consumer purchasing is likely to increase,
making it beneficial for Hershey to increase production for the upcoming year.
S-O 3: Developing a delivery service is a great way Hershey can take advantage of its own popularity and increasing interest
in gift delivery.
Assuming that customer loyalty is determined mainly by customer satisfaction, Hershey has the strongest customer loyalty as it scored the highest
in customer satisfaction among its main competitors. At the same time, the popularity of online shopping and delivery is growing. Statista fore-
sees a 60% increase in online B2C sales in the next 4 years (2014). In addition, (2014) also foresees a 4.9% gain in the food
gifting market in 2014 and expects this percentage to increase through 2016. By maximizing these two factors, can increase revenue
and sales number through chocolate and candy gift delivery.
WEAKNESSES-OPPORTUNITY (W-O) STRATEGIES
W-O 1: Hershey should bring even more products to the growing Asian market to lessen the overdependence on the US market.
In 2013, 83.4% revenue came from the US market, which is disproportionate to its sales in other markets around the world (Market-
Line Advantage, 2014). This overconcentration in the US limits the ability to expand and increase revenue (MarketLine Advantage,

10. 10
2014). Meanwhile, the demand for chocolate is growing steadily in the Asian market (Bloomberg, 2014). (2014) also em-
phasizes the increase in chocolate demand in India as opportunity for Hershey to expand its market there. Hence, Hershey should definitely ex-
port even more products to the Asian market to increase sales and revenue.
W-O 2: Hershey must invest more on digital advertisement because this is one of its greatest weaknesses while online advertisements are
becoming more popular and crucial for business success.
One of greatest weaknesses is the lack of digital advertisement. official YouTube channel, where all the promotional videos
are posted, only has 223 subscribers; each video has 200 to 4000 views (Hershey YouTube channel, 2014). While having more than 6 million
on its official Facebook page, it is rare for individual Facebook post to attract more than 10,000 likes. Social media presence
strengthens the personal relationship between a business and its customers (DeMers, 2014). In addition, the most effective way to communicate
with the consumers is through online advertising (Pozin, 2013). Thus, it is crucial that Hershey focuses more investment in online advertisement
to draw in even more consumers.
W-O 3: Develop a line of chocolate products that suits the European taste would boost reputation in this large market.
European people are used to eating chocolate that contains more than 20% of cocoa solid while chocolate only contains 11% (Purser,
2009). However, chocolate products have been consumed by many European nations in large amount. In the UK alone, billion was spent on
chocolate in 2008 (Purser, 2009). By investing in a technology that allows the addition of more cocoa solid in its chocolate, Hershey can more
easily penetrate and establish good reputation in this full of potential market.
STRENGTHS-THREATS (S-T) STRATEGIES
S-T 1: Hershey should invest even more in reducing fat and sugar in its products to maintain the success in satisfying new
demand for healthier food.
Consumers nowadays are becoming more concerned with preventing diseases from over consumption of fat and sugar, two of main nutri-
tion components (IBIS World US, 2014). Solid effort for research and development on healthier products has helped Hershey cope well with
changing taste (MarketLine Advantage, 2014). However, c lifestyles and dietary changes demand Hershey to continue in-
vesting in research and development to reduce cholesterol, trans-fat and sugar in products.
S-T 2: More focus on differentiating products is necessary for Hershey to maintain its largest market share amidst increasing number of
private labels.
Hershey is currently the industry leader with the largest market share (MarketLine Advantage, 2014). However, market share is at risk
of being reduced due to an increase in number of private labels (MarketResearch.com, 2014). In order to gain new customers while keeping the

11. 11
old customers from switching to private brands, Hershey should put more focus on differentiating its products by developing more types of choc-
olates and candies.
S-T 3: Acquiring a few cocoa farms will give Hershey more control over supply cost, while maintain low production cost thanks to large
manufacturing line.
Cocoa price is increasing due to weather changes and social problems in Africa (Tidy, 2013). This may raise production cost signifi-
cantly as cocoa is one of main raw materials. Thanks to a large manufacture line, Hershey has reaped great economies of scales and
enjoyed lower cost of production (MarketLine Advantage, 2014). Owning a few cocoa farms allows Hershey to exert more control over cocoa
production and also a large portion of material cost. This helps Hershey avoid maintain the current low production cost and avoid great fluctua-
tions in expenses because of changes in prices of cocoa supplied by third parties.
WEAKNESSES-THREATS (W-T) STRATEGIES
W- T1: Hershey needs to differentiate its products even more to cope with the intense competition in the local market it depends heavily
on.
As mentioned above, Hershey depends too heavily on the US market, where there is intense competition not only from other local brands such as
Mondelez and Mars, but also from international brands (MarketLine Advantage, 2014). Differentiating products will make Hershey chocolate and
candies more appealing to consumers, giving the company a competitive edge in the global market (Lee and Tang, 1997). This is one of the best
ways to keep customers in the market.
W- T2: Expanding the market overseas helps enlarge shrinking consumer pool due to US demographic shift while alleviate
intense local competition.
Hershey is facing fierce competition in the US market (MarketLine Advantage, 2014). According to (2014), the population under
14 years old, the target population of Hershey and other companies in the chocolate and candy market, is expected to decrease in the next few
years. This demographic shift may cause severe decrease in revenue and profit for Hershey over the years. Going international will help Hershey
expand its pool of consumers to compensate for the loss of US consumers.
W- T3: Working with more distribution companies will lessen overreliance on a few distributors and lower credit risk due to
fierce competition.
According to (2014), more than a quarter of revenue comes from the McLane Company. As mentioned, Her-
shey is currently facing intense competition in the industry, increasing the risk to lose significant customers. By working with more distributors,
Hershey can divide the credit risk to more companies. This means when it does lose a significant customer in one company, it can still sell prod-
ucts through other venues, preventing sale number from dropping by too much.

12. 12
Strategy Recommendations
S-O Strategy:
Increase outsourcing and export to Asia enhances reputation in this large market where demand is still growing.
Rationale:
The strengths: brand recognition, low production costs, and increasing popularity in the Asian market, will all support expansion in
Asia. Hershey recognition in the eastern hemisphere is rising (MarketLine Advantage, 2014). Moreover, Asian markets such as that in Indian
have experienced significant increase chocolate consumption over the past few years (MarketLine Advantage, 2014). In addition, Asian economy
is still growing at a rapid rate, meaning c demand for normal and luxury goods such as products will continue to rise.
On the other hand, Asian economic growth still depends on low wage labor intensive manufacturing sector as almost US$400 billion worth of
goods and services from this sector were exported in 2008 (Asian Development Bank Institute, 2011). Outsourcing more of production
lines to Asia will significantly reduce production cost, giving Hershey more opportunities to grow and enjoy even greater profit.
W-O Strategy:
Hershey must invest more on digital advertisement because this is one of its greatest weaknesses while online advertisements are becom-
ing more popular and crucial for business success.
Rationale:
One of greatest weaknesses is the lack of digital advertisement. official YouTube channel, where all the promotional videos
are posted, only has 223 subscribers; each video has 200 to 4000 views YouTube channel, 2014). While having more than 6 million
on its official Facebook page, it is rare for individual Facebook post to attract more than 10,000 likes. It is high time Hershey
improved its online presence.
Social media presence strengthens the personal relationship between a business and its customers (DeMers, 2014). In addition, the most effective
way to communicate with the consumers is through online advertising (Pozin, 2013). Thus, it is crucial that Hershey focuses more investment in
online advertisement to draw in even more consumers, especially when there is increasing competition from local candy companies, private la-
bels and international brands.

13. 13
S-T Strategy:
Acquiring a few cocoa farms will give Hershey more control over supply cost, while maintain low production cost thanks to large manu-
facturing line.
Rationale:
Cocoa price is increasing due to weather changes and social problems in Africa (Tidy, 2013). This may cost production cost to rise
significantly as cocoa is one of main raw materials. Thanks to a large manufacture line, Hershey has reaped great economies of scales
and enjoyed lower cost of production (MarketLine Advantage, 2014).
Owning a few cocoa farms allows Hershey to exert more control over cocoa production and also a large portion of material cost. This helps Her-
shey avoid great fluctuations in production cost because of changes in prices of cocoa supplied by third parties. It would be best if, in the long
run, Hershey could shift its chocolate factories to its own cocoa farms as transportation cost would be eliminated, further lowering production
cost.
W-T Strategy:
Expanding the market overseas helps enlarge shrinking consumer pool due to US demographic shift while alleviate intensive
local competition.
Rationale:
Hershey is facing fierce competition in the US market (MarketLine Advantage, 2014). According to (2014), the population under
14 years old, the target population of Hershey and other companies in the chocolate and candy market, is expected to decrease in the next few
years. This demographic shift may cause severe decrease in revenue and profit for Hershey over the years as sales volume falls.
As mentioned above, Europe nations consume a large amount of chocolate every year. The demand for Western products, which includes that for
US chocolate, is increasing in Asia as their economy develops rapidly. Going international will help Hershey expand its pool of consumers to
compensate for the loss of US consumers. It may also reduce the competition facing Hershey locally.

14. 14
One Bottom Line & Expected Results if Implemented
Bottom-Line Strategy Recommendation:
Increase outsourcing and export to Asia enhances reputation in this large market where demand
is still growing.
Expected Results:
- It will be relatively easy to penetrate the Asia market as there is now low barrier to trade (IBIS World US, 2014).
- By bringing more products to Asia, popularity in this region will certainly improve.
- Asian countries have large and growing populations. The economy is also developing at a fast rate. Thanks to these factors, there is a
great demand for Hershey products. Total revenue will increase as consumer pool expands.
- Profit may also increase since the production cost in emerging economies such as China and India is expected to be lower while reve-
nue is expected to increase.
Risks:
- Operation and production cost may increase as Hershey may have to adapt to different trade policies in different Asian countries.
- image may be more prone to negative publicity as it is harder to control the working conditions overseas, especially in Asia.
- Currency fluctuation may affect the overseas revenue of Hershey and other companies in the industry (S&P Capital IQ Net Ad-
vantage, 2014)
Benefits:
- Problem of shrinking US consumer pool is temporarily alleviated as the loss in number of US consumers is compensated by the in-
crease in number of consumers from Asia.
- Hershey may face less competition in Asia as it does in the US alone.

15. 15
Addendum 1
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16. 16
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