To: Related Investors
From:
Date: 6 March 2004
Introduction
Kellogg Company, a multinational company and a national leader in the ready-to-eat cereal business, has been developing new kinds of products to meet the different nutritional needs and personal preferences of consumers. The research and development activities are conducted at its headquarters. The Purpose of this report is to provide you with financial data necessary to make your investment decisions and to offer my recommendations.
Findings
Kellogg Company commands 42% of the ready-to-eat cereal market. It is attempting to expand its market share by using advertising campaigns. Although its sales strategy still puts cereal first, Kellogg is responding to the challenges to its traditional business by undertaking a cautious diversification program involving the technology of frozen foods.
In 2003, sales went up by 16% to $4.5 billion compared with $3.78 billion the previous year. This is the thirty-sixth consecutive year that sales have increased. Earnings rose by 14% to $348 million compared with $2.89 million the previous year.
Conclusions and Recommendations
The company's financial position is clearly very strong. It has experienced a steady growth in both sales and earnings. It is my opinion, therefore, that buying Kellogg Company's stock would be a very wise investment.
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剑桥商务英语证书考试是一种全新的实用型考试，它为在现实商务活动中所实际使用的英语的人员提供商务英语水平证书。《新编剑桥商务英语学生用书》是旨在为通过BEC考试提供全面有效复习的学生用书。