快消行业发展分析报告-Bain贝恩咨询课件.ppt
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1、This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent1SHA1311-KO wholesale works.ion v8China FMCG industry RTM and WS development practiceBain presentation(draft)November 2013T
2、his information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent2SHA1311-KO wholesale works.ion v8Summary of key messages(1/2)FMCG companies face a series of challenges in selecting and ma
3、naging RTM models when they pursue growth in China-Sheer size of opportunity(universe of outlets)-Managing pricing is particularly difficult in China,because Chinese shoppers are“repertoire”and because of complexity of markets/channels-Need to balance execution effectiveness,and cost to serve with i
4、ncreasing reachMost successful FMCG companies in China need to be good at managing multiple RTM models at the same time as a sustainable competitive advantage.There is no one size fits all approach-Direct selling(controlled model):Core strength of some MNCs(including KO)for organized and even fragme
5、nted trade but Chinese FMCG players increasingly adept at this model-Indirect selling:commonly utilized by Chinese FMCG players given speed,reach and lower cost but many models with varying roles and levels of controlThe most successful MNC and Chinese FMCGs tailor direct and indirect selling models
6、 to different market and channel/customer priorities,with strong internal capabilities and systems to manage conflicts between models123This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior wr
7、itten consent3SHA1311-KO wholesale works.ion v8Summary of key messages(2/2)Managing hybrid models(combination of direct selling and indirect selling)is a dynamic process.Successful FMCGs continuously evolve their models along with different stages of development-Adapt to market dynamics e.g.urbaniza
8、tion,industry consolidation,channel mix evolution-Optimize costs with increase in scale and internal capabilities,without sacrificing controlMany FMCGs invest in building dedicated internal capabilities and systems for each model.For indirect selling:wholesaler management capabilities and systems cr
9、itical but so are network of scaled,capable and loyal WS-Management tools and detailed playbooks to manage pricing transparency,margin pool,transshipment,optimize cost to serve etc.-WS reps dedicated to recruiting,setting targets,incentives,upgrading/training W/S,increasing loyalty and occasionally
10、restructuring-Fully integrated with sales systemsFor many FMCG companies,there is a large size of the prize from successfully managing the complementary indirect selling model564This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied
11、on by any 3rd party without Bains prior written consent4SHA1311-KO wholesale works.ion v8AgendaManaging multiple RTM models in ChinaKey success factors for managing indirect selling models in ChinaSome implications for KOThis information is confidential and was prepared by Bain&Company solely for th
12、e use of our client;it is not to be relied on by any 3rd party without Bains prior written consent5SHA1311-KO wholesale works.ion v8 FMCG companies in China face a series of challenges in selecting and managing RTM modelsSheer size of opportunity,universe of outletsComplexity of managing different m
13、arkets and channels-Different drop size and economics-Managing pricing is particularly difficult in China-Constantly evolving market and competitive dynamicsLarge and fragmented network of distributors/wholesalers to manage;size&capabilities vary significantlyEvolving internal capabilities and costs
14、 pressures1No“one-size-fits-all”model.Need to balance between execution effectiveness,and cost to serve in extending reachThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent6
15、SHA1311-KO wholesale works.ion v8FMCG companies in China need to be good at managing multiple RTM models at the same timeDirect selling&distribution(KO:DSD)Direct selling,indirect distribution(KO:DSS)Indirect selling(KO:Semi-controlled,WS)SellDistributionOwnExternalExternalOwnPreliminary2Full contro
16、l over POS display and activationLarge initial investment in infrastructure and teamHigher cost to serveControl over POS display and activationDistributors with right logistic capabilities for drop size economicsRelatively high cost to serveCan have varying levels of control over distributors/WS,and
17、 POS executionQuality of distributors/WS can varyTypically lower cost to serve This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent7SHA1311-KO wholesale works.ion v8 Example:W
18、ant Want developed combination of indirect and direct sales models to sustain growthNote:Most revenue is from China MainlandSource:Company annual report;Analyst reports;Literature searchWant Want RTM development 290sQuickly expanded across China through indirect sales and distribution model for gene
19、ral trade(same RTM for snack food&beverage)-Sell mainly through W/S mkts;only manage tier1 DTs-25 sales offices in China-Very limited sales rep.#,only responsible for collecting money from tier 1 distributors001205Growth constrained by varying quality of wholesalers and relatively weak internal sale
20、s capabilities0610Built up direct sales model and internal capabilities&teams for modern trade and key city GT-300 sales offices&4-5k own sales rep.-KA and“He Want”(direct selling/indirect distribution)grew to 60%+of revenuesBuilt up indirect sales model for E&D with focus on increasing penetrationP
21、reliminaryThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent8SHA1311-KO wholesale works.ion v8Example:Want Want relied on indirect sales and distribution model to drive quic
22、k expansion in 90sSource:Company Annual Reports;Expert Interviews;Literature Searches2Mainly sell through W/S markets25 sales office in ChinaVery limited Want Want own sales people-Only responsible to collect money from T1 DTs-No visibility on T2 DTs or belowWant WantT1 DistributorsT2 DT/WSIndirect
23、selling&indirect distribution(95%of sales)Mostly GT outletsSellingDeliveryPreliminaryThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent9SHA1311-KO wholesale works.ion v8Exam
24、ple:Want Want built up direct sales model for MT and key cities from 2006-2010Source:Company Annual Reports;Expert Interviews;Literature Searches2Global and national KA retailersWant WantKA salesT1 Distributors“He Want”salesT2 DT/WSDirect selling&distribution(20%of sales)Direct selling&indirect dist
25、ribution(40%of sales)Indirect selling&indirect distribution(40%of sales)Regional and local MT,key city GTFragmented tradeDirectly sells and delivers to 20 global&national KAsManaged by 200 Want Want KA salesDelivery by own delivery fleet or through 3rd party logistics providers“He Want”model covers
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