MNGT 481
Brown-Forman
Michelle Biondo, Collin Morstein, Greg Silverman,
& Michelle Yang
5/2/2013
Section I: Overview
Who is Brown-Forman?
Brown-Forman is considered to be one of the largest American-owned spirits and wine
companies and amongst the top 10 largest global spirits companies. Brown-Forman sells their
brands in more than 135 countries and has offices in cities across the globe (Brown-Forman,
2012). According the Brown-Forman’s Corporate Responsibility Report, their mission is to
“enrich the experience of life, in their own way by responsibly building beverage alcohol brands
that thrive and endure for generations” (Corporate Responsibility, 2013). Brown-Forman
produces a wide array of products from “wines, ready-to-drink products, vodka, whiskey,
tequilas, liqueur, and other distilled spirits” (Our Company, 2012). The Brown-Forman
Company competes in the 312140 classification of the NAICS which corresponds to distilleries.
Overall, the company “engages in manufacturing, bottling, importing, exporting, and marketing
alcoholic beverages” (Brown-Forman, 2013).
Competitors
There are many competitors that Brown-Forman competes each and every year. The
largest competitor of Brown-Forman is Diageo, which is considered to be the largest distiller in
the world. Following Diageo, some other competitors of Brown-Forman are Beam, Inc.,
Constellation Brands Inc, and Globus Spirits Ltd (Brown-Forman, 2013). Globus Spirits Ltd. is
traded on the National Stock Exchange. Below is a chart of the market cap of the four major
competitors of Brown-Forman:
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Company
Market Cap
Brown-Forman
13.9 Billion
Diageo
75.3 Billion
Beam, Inc.
9.8 Billion
Constellation Brands
8.0 Billion
Globus Spirits Ltd
2.5 Billion
*Information retrieved from Yahoo Finance, 2013
Trends, Challenges and Opportunities for Brown-Forman
According to the Value Line Industry Analysis for the Wine, Beer and Spirits industry, the trend
for this industry remains stable and is neither growing nor shrinking. “Demand is somewhat
inelastic across good and bad economic times” (Maharaj, 2012). This is because alcohol remains
a commodity with a variety of price levels and quality. Alcohol has cultural connections around
the globe providing tradition to many and a way of life to others.
In the distilling industry the degree of product regulation varies from country to country.
“Liquor boards, rather than the distillers, largely determine the marketing practices and pricesetting policies and, ultimately, the profitability of the industry” (Canadian Distilling Industry,
2009). Another issue that faces the distilling industry is the high demand for products and the
lack of supply. For example, the producers of the widely known Kentucky whiskey, Maker’s
Mark, reduced the alcohol content from 45 percent to 42 percent in order to meet the growing
demand (Associated Press, 2013). Therefore, there is a growing demand of spirits and also strict
regulation of alcoholic beverage sales.
On the other hand, distillers may be able to capitalize on the maturing taste preferences of
young alcohol drinkers. Specifically, dark liquors are experiencing resurgence in demand
amongst young consumers. Also, the distilling industry may be able to capitalize on the growing
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demand for craft spirits and the increased interest in the “creative cocktail culture” (Nolt, 2011).
In addition to renewed interest in cocktails, low-calorie alcoholic beverages have gained
momentum. For example, SkinnyGirl Cocktails, owned by Beam Inc. provides their target
market with an alcoholic beverage that is all natural and a low calorie option versus other higher
calorie beverages.
Section II: Financial Analysis
Brown-Forman’s Gross Revenue
Brown-Forman recorded $3.614 million in revenue in the fiscal year ending April 29,
2012 (BF-B Income Statement, 2013). In comparison with smaller competitors, (Beam Inc.,
Globus Sprits Ltd, and Constellation Brands) Brown-Forman has higher total revenue than
competitors by about a million dollars. Diageo out sells all competitors based on total revenue
with $16,880,000 in the fiscal year ending June 29, 2010 (DEO Income Statement, 2013). The
table below illustrates the total revenue of each of the competitors:
Company
Year Ending
Revenue
Brown-Forman
April 29, 2012
$16,880,000
Diageo
June 29, 2012
$9,780,000
Beam Inc.
December 30, 2012
$2,465,900
Constellation Brands Inc.
February 28, 2012
$2,654,300
Globus Spirits Ltd
March 30, 2010
$2,650,000
*Information retrieved from Yahoo! Finance
Brown-Forman recorded $1,819,000 in cost of goods sold in the 2012 fiscal year, leaving
them with $1,795,000 in gross profits and a profit margin of 49.67% (BF-B Income Statement,
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2013). Diageo recorded $10,200,000 in gross profits in 2012 (DEO Income Statement, 2013).
Beam Inc. had a total of $1,438,400 in gross profits (BEAM Income Statement, 2013).
Constellation Brands Inc. recorded $1,062,100 in 2012 and Globus Spirits Ltd recorded
$608,000 in gross profits in 2010 (GLOBUSSPR.NS Income Statement, STZ Income Statement,
2013). Below is a table representing the profit margins for each competitor in comparison with
Brown-Forman:
Brand
Year Ending
Profit Margin
Brown-Forman
April 29, 2012
49.67%
Diageo
June 29, 2010
60.43%
Beam Inc.
December 30, 2012
58.33%
Constellation Brands Inc.
February 28, 2012
40.01%
Globus Spirits Ltd
March 30, 2010
22.94%
Trends for Brown-Forman
Below is a graph representing the revenue recorded by Brown-Forman over the last three years:
Dollars
Total Revenue
3,700,000
3,600,000
3,500,000
3,400,000
3,300,000
3,200,000
3,100,000
3,000,000
3,614,000
3,404,000
3,226,000
Total Revenue
4/29/2010
4/29/2011
4/29/2012
Date
*Information retrieved from Yahoo! Finance
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Below is a graph representing the total profits earned by Brown-Forman over the past three
years:
Total Profits
1,850,000
1,795,000
1,724,000
Dollars
1,750,000
1,650,000
1,611,000
Total Profits
1,550,000
1,450,000
4/29/2010
4/29/2011
4/29/2012
Date
*Information retrieved from Yahoo! Finance
Below is a graph representing the stock price for Brown-Forman over the past three years:
Stock Price
Dollars
150.00
100.00
60.03
84.18
70.70
72.00
50.00
Stock Price
0.00
4/30/2010
4/29/2011
4/27/2012
4/23/2013
Date
*Information retrieved from Yahoo! Finance
As seen in the charts above, Brown-Forman has had an increase in revenue and profits over the
last three years. With that said, their profit margin decreased in 2012, going from 50.64% in
2011 to 49.67% in 2012. Their stock price has also fallen in the last year by about $12, or
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14.47% from 2012. It is a positive sign to see that profits and revenue are continually increasing
with time, but the company needs to cut costs of goods sold in order to have higher profit
margins.
Section III: Bases of Competition
Principal Bases on Which Firms in This Industry Compete
According to the Brown-Forman 2012 Annual Report, the company competes “based on
taste, product quality, brand image, and price” (Annual Report, 2012). The alcoholic beverage
industry has recently seen the beer market decline, as opposed to the wine and spirits market.
According to the Distilled Spirits Council of the United States, spirits volume sold increased by
2.7% in 2011 and revenue also increased at a rate of 4% (Kwon, 2012). Not only has the beer
industry been on the decline, but it has become quite clear in the United States in particular,
spirits have become a popular choice for alcoholic beverage drinkers.
Competitive Advantage of Brown-Forman
One strong competitive advantage Brown-Forman has over its primary competitors such
as Diageo and Beam Inc. is their strong brand portfolio. Brown-Forman offers mid-priced brands
such as Jack Daniels and Southern Comfort. The company also offers premium brands such as
Woodford Reserve, Sonoma-Cutrer, Chambord, Collingwood, and Tuaca. The wide variety of
products offered gives Brown Forman the competitive edge. In 2010, Jack Daniel’s was ranked
seventh among all other alcoholic beverages by Drinks International, a monthly trade magazine
coving global spirits, wine, and beer markets. Jim Beam bourbon, owned by lead competitor
Beam Inc., was ranked eleventh by Drinks International (Kwon, 2012). With this said, “Jack
Daniel’s is the company’s leading brand and is the largest-selling American whiskey in the world
(Brown Forman Corporation Company Information, 2013). With the success of Jack Daniel’s,
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Brown-Forman continues to maintain a strong brand image as well as gain worldwide
recognition. Currently, “the principal international markets for Brown-Forman’s brands are the
United Kingdom, Australia, Mexico, Poland, Germany, France, Canada, Japan, Spain, Turkey,
South Africa, Russia, Italy and China” (Brown-Forman Corporation SWOT Analysis, 2012).
With the continuing geographic expansion, Brown-Forman has competitive advantage with their
strong growth in different markets.
Role of Technology and Intellectual Property
In this industry, intellectual property often consists of patents, trademarks, and licensing.
According the 10-K report, “brand names, trademarks, and related intellectual property rights are
critical assets” and the company devotes “substantial resources to protect intellectual property
rights around the world” (10-K Report, 2012). Specifically, patents for Brown-Forman have been
obtained in the United States, and several Asian and European countries.
One of Brown-Forman’s most important patents is for a process of adding food grade
solvent to an alcohol mixture in order to produce “an extract of a mature oak aged alcoholic
beverage” (Zimlich, J.A., 1995). A top competitor of Brown-Forman, Diageo, filed a patent for a
“new method involving the mixture of a spirit with yeast and a fermentable carbohydrate, which
create sparkle” (Diageo, 2006). At one point, international English Distillers had attempted to
launch sparkling vodka, “Vodka O2” but only to be challenged by a mobile phone operator called
O2. Competitors are constantly trying to create innovative alcoholic beverages that would
potentially attract consumers. Patents and intellectual property rights are extremely critical in this
industry because of the risk of piracy and counterfeiting can put the business at risk and
adversely affect business prospects.
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Section IV: Logistical Management and Value Chain
Core Competencies of the Company
The core competencies of Brown-Forman are to “manufacture, bottle, import, export, and market
a wide variety of alcoholic beverage brands” (10-K Report, 2012).
The alcoholic beverages that are distributed by Brown-Forman are listed below:
















Jack Daniel’s Tennessee Whiskey Chambord Vodka
Jack Daniel’s Single Barrel Don Eduardo Tequila
Jack Daniel’s Ready-to-Drinks Early Times Bourbon
Jack Daniel’s Tennessee Honey Early Times Kentucky Whisky
Gentleman Jack el Jimador Tequilas
Southern Comfort Herradura Tequilas
Southern Comfort Ready-to-Drinks Korbel California Champagnes
Southern Comfort Ready-to-Pours Maximus Vodka
Southern Comfort Lime New Mix Ready-to-Drinks
Southern Comfort Fiery Pepper Old Forester Bourbon
Southern Comfort Bold Cherry Little Black Dress Vodkas
Finlandia Vodka Collingwood Whisky
Antiguo Tequila Pepe Lopez Tequilas
Canadian Mist Blended Canadian Whisky Sonoma-Cutrer Wines
Chambord Liqueur Tuaca Liqueur
Woodford Reserve Bourbon
Inbound (Upstream) Logistics and Supplier Dependencies
According to the 10-K Report, “the principal raw materials used in manufacturing and
packaging our distilled spirits are corn, rye, malted barley, agave, sugar, glass, cartons, PET
(polyethylene terephthalate), labels, and wood for barrels, which are used for storage of whiskey
and certain tequilas” (10-K Report, 2012). Also, “the principal raw materials used in liqueurs are
neutral spirits, sugar, and wine, while the principal raw materials used in our ready-to-drink
products are sugar, neutral spirits, whiskey, tequila, or malt” (10-K Report, 2012). All of these
raw materials have no shortage of supply and are not predicted to have a shortage in the future.
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The production of raw materials into a finished product requires a significant amount of time due
to the long ageing process of whiskey and tequila. Because of the long aging process, BrownForman must predict future demand in order to meet inventory requirements. This can lead to an
abnormal amount of inventory compared to current sales and total assets. Brown-Forman also
distills wine. “The principal raw materials used in the production of wines are grapes, packaging
materials and wood for wine barrels” (10-K Report, 2012). The grapes used for wine come from
a variety of California owned vineyards and “external contracts with independent growers; from
time to time, our grape costs are adversely affected by weather and other forces that may limit
production” (10-K Report, 2012).
Outbound (Downstream) logistics and principal Distribution Channels of the Company
Brown-Forman uses many different distribution models depending on the geographical
area. According the Brown-Forman’s 10-K Report, in the United States, the company sells their
brands to wholesalers or state governments that then distribute the products (10-K Report, 2012).
The company owns and operates distribution networks in Australia, Brazil, Canada, China, the
Czech Republic, Germany, Korea, Mexico, Poland, Taiwan, and Turkey, where products are
either directly sold to retail stores or to wholesalers (10-K Report, 2012). In the United Kingdom,
the company partners with other suppliers to sell a combined portfolio of brands. In many other
markets, including France, Spain, Italy, Russia, and South Africa [the company relies] on others
to distribute [the company’s products]” (10-K Report, 2012).
Vertical Integration
As stated before, Brown-Forman is able to buy raw materials from suppliers and make
their products at their owned or leased facilities. With this said, the company is highly integrated
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because of their ability to produce their products from raw materials, as well as distribute them to
the best of their ability in all the countries they do business with.
Outsourcing
All of Brown Forman’s products are produced within company run facilities with the
exception of Finlandia Vodka. Currently “a Finnish corporation distills and bottles Finlandia
Vodka products” for the company (10-K Report, 2012). Below is a list of the facilities the
company owns, leases, and operates:
Owned facilities:
• Stave and heading mills:
• Corporate offices (including renovated
historic structures) — Louisville, Kentucky
• Clifton, Tennessee
Production and warehousing facilities:
• Stevenson, Alabama (production to begin
June 2012)
• Lynchburg, Tennessee
Cooperage
• Louisville, Kentucky
• Louisville, Kentucky
• Collingwood, Ontario, Canada
• Woodford County, Kentucky
Leased facilities:
• Windsor, California
• Manufacturing facility in Dublin, Ireland
• Cour Cheverny, France
• Stave and heading mill in Jackson, Ohio
• Amatitan, Mexico
Although Brown-Forman may produce their products in their own facilities, “In 2005,
Brown-Forman implemented the EMC® Documentum® enterprise content management
platform along with EMC Captiva® to consolidate information silos and more efficiently
manage a wide variety of content spread across its extended, global enterprise” (Customer
Profile, 2007). Today, Brown Forman is “reaping many benefits in accounts payable, accounts
receivable, marketing, sales, legal, and other departments” through outsourcing to EMC2
(Customer Profile, 2007). Brown-Forman also “selected BrassRing's on-premise Recruitment
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Process Management (RPM) solution to manage its strategic recruiting and staffing functions”
(Newsroom, 2003). The company also contracts some “production in Australia, Belgium,
Finland, Ireland, Japan, Mexico, the Netherlands, Poland, South Africa, and the United States”
(10-K Report, 2012). Overall, the company outsources technological functions of the company
but does most of the manufacturing of the products themselves.
Off shoring
Only four of the thirteen facilities owned by Brown-Forman are operated outside of the
United States. These facilities are located Ireland, France, Canada and Mexico.
Section V: Market and Marketing
Market Segments
Brown-Forman focuses the majority of their marketing efforts on the U.S. market, which
accounted for 42% of total net sales in 2012. However, increased focus on overseas consumers
had led to an increase in international sales. Specifically, international sales contribution has
doubled since 2002; currently making up 58% of total sales (10-K Report, 2012). The growth of
international sales is congruent with their corporate goal of maintaining brand diversity and
appealing to foreign markets. Brown Forman believes that diversifying their brand will lead to
the "health, prosperity and longevity of our company" (Annual Report, 2012).
Within the United States, the Brown-Forman marketing team has specifically targeted
'Gen Xers' as ideal the recipients of their message. According to an article in Ad Age magazine,
Brown Forman "looks to sophisticated, free-spending Gen Xers to fuel sales of its Jack Daniel's,
Finlandia and Southern Comfort brands"(Chura, 2000) Hoping to appeal to the Gen X
population, Brown Forman continues to tailor their message to fit the needs of this segment.
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Outside of the United States, Brown-Forman distributes and markets their product in over
a dozen foreign markets. "Australia, Brazil, Canada, China, the Czech Republic, Germany,
Korea, Mexico, Poland, and Taiwan" are noted as thriving international markets for BF whiskey
and spirits. Also, as of 2012, Turkey has been added as a new distribution location (Hoovers). To
continue overseas expansion, Brown-Forman is hoping to increase product demand in Asia by
ramping up country-specific marketing efforts (10-K Report, 2012).
Platforms Utilized by the Company
When it comes to advertising, Brown-Forman typically utilizes television, print, outdoor,
radio and the internet to convey their marketing message. In 2012, Brown-Forman’s advertising
budget amounted to $41,295,075. Cable TV advertisements garnered the most attention from the
company, accounting for $23,902,553 or 60% of the budget, which is a 45% increase from the
year prior. Magazine ads accounted for 16.6% of advertising dollars, followed by 7.7% spent on
Network TV spots. Surprisingly, internet marketing expenditure only totaled $1,543,602, which
is less than 4% of the total advertising budget (Brown Forman Corporation, 2013)
Geographic Markets
As mentioned before, Brown-Forman is truly an international enterprise. With over 50%
of their net sales coming from overseas market, it is clear that their product is universally
appealing. According to their 10-K Report, Brown Forman generated more than $2 billion of
their total sales from foreign markets while the other $1.4 billion in sales is attributed to
domestic sales. The company's principal export markets include, "Australia, Brazil, Canada,
China, Czech Republic, France, Germany, Italy, Japan, Mexico, Poland, Russia, South Africa
and Spain" (Hoovers).
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In terms of specific product performance, Jack Daniels Tennessee Whiskey reigns
supreme worldwide. The whiskey continues to be the distillery's top selling product both
domestically and in foreign markets. The whiskey is overwhelmingly successful in Brazil where
over 50,000 cases were sold in 2012 (Annual Report, 2012). Also, in Russia, where vodka is
consumed in large quantities, Brown Forman's Finlandia brand vodka is the top selling premium
imported vodka (Annual Report, 2012).
Marketing Strategies
Brown Forman believes that "diversity and performance of our brands are the keys to the
health, prosperity and longevity of our company" (Annual Report, 2012). Their stance directly
supports increased efforts to promote sales overseas. The more markets Brown Forman has
penetrated, the less financial risk imposed upon the company.
In the name of corporate social responsibly, "Brown-Forman only markets to consumers
of legal drinking age and commits to ensure that underage drinkers are not and will not be
targeted by our marketing and campaigns" (Ad Guidelines). No actors or models depicted in
advertisements are underage and BF makes a concerted effort to only appeal individuals are of
legal drinking age.
Also, in order to differentiate from competitors, as well as to interact with loyal
customers, Brown Forman has used crowd-sourcing techniques to generate television
commercial ideas. Rather than hiring an advertising agency, the distillery relied on consumer
written copy for the 2012 Southern Comfort advertising campaign (National, 2012).
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Product Lifecycles:
Introduction:
Tennessee Honey
Collingwood
Ready-to-Drink
Maturation:
Old Forester
Growth:
Single Barrel
Woodford Reserve
Country Cocktails
Gentleman Jack
Jack Daniels Tennessee Whiskey
Decline:
Canadian Mist
Early Times
Source: Brown Forman Corporation Strategy
According to the table above, Brown Forman is positioned for success for the years to come. The
majority of their products are in the growth stage and only three selections have matured or are
on the decline.
Section VI: Strategic Analysis
Brown-Forman has a wide brand portfolio and “from time to time, [they] acquire or
invest in additional brands or businesses” (10-K Report, 2012). With this said, according to the
company’s 10-K Report, they “expect to continue to seek acquisition and investment
opportunities that [they] believe will increase long-term shareholder value, but [they] cannot
assure that [they] will be able to find and purchase brands or businesses at acceptable prices and
terms. It might also prove difficult to integrate acquired businesses and personnel into [the]
existing systems and operations, and to bring them into conformity with our trade practice
standards, financial control environment, and U.S. public company requirements” (10-K Report).
Clearly, Brown-Forman uses horizontal integration and related diversification to further their
brand when possible. Brown-Forman does not take part in unrelated diversification in order to
achieve financial leveraging. The company stays strictly within the distilling industry. In 2007,
Brown-Forman “agreed with the Orendain family of Mexico to end their joint ventures in the
tequila business. Brown-Forman went on to purchase the remaining portion of the global
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trademark for the Don Eduardo super premium tequila brand from the Orendain family” (News
Release, 2007). The company is no longer involved in any other joint ventures or alliances at this
time, but based on their 10-K Report the company would not be opposed to this strategy in the
future.
Section VII: Strategic Recommendations
Product Elimination
According to the 2012 10-K Report, Brown-Forman has identified Korbel Champagne and
Canadian Mist as “challenging” products (10-K Report, 2012). These products are slow growing
and low profit for the company. Based on the BCG model, these products are dogs, as opposed to
Jack Daniels and Southern Comfort identified as stars. With this said the company should divest
these products and use the capital towards a new product that is growing rapidly. This process
would not be new to the company. In 2009 the company divested “Italian wine brands, Bolla and
Fontana Candida” (10-K Report, 2012).
New Product Introduction
While a few of Brown-Forman’s particular brands are underperforming, replacing these brands
with new products. In 2011 Beam Inc. acquired Skinnygirl which provides a low calorie brand of
wine and spirits. Skinnygirl offers a long line of wines and premixed cocktails. According to an
Associated Press report, Skinnygirl “was the fastest growing brand of spirits in the US in 2011,
posting a 388% sales increase according to a new booze industry report.” Skinnygirl started off
as a premixed margarita on its own in 2009, it has now evolved and grown extremely
successfully. The name itself speaks for itself; Skinnygirl offers all-natural ingredients and low
calories all while backed by an appropriate price. “Liquor’s popularity grew at the expense of
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beer and America’s appetite for top shelf-booze was growing despite the wobbly economy”
(Associated Press, 2011). By replacing Brown-Forman’s underperforming products with a lowcalorie like product line, similar to Beam Inc.’s Skinnygirl, consumers will be highly attracted to
the new products Brown-Forman would have to offer.
Strategic Alliance with United Spirits
In order to penetrate the Asian market, Brown-Forman should for a strategic alliance with United
Spirits of India. United Spirits is the largest distillery in the world and has set up distribution
channels throughout Asia. Once the strategic alliance is finalized, United Spirits will assist in
distributing Brown-Forman’s spirits all over Asia. Brown-Forman will then reciprocate United
Spirits’ actions by allowing access to their distribution channels within the United States. Both
companies will benefit from the alliance because U.S. market is virtually untapped by United
Spirits. Brown-Forman considers perpetual international growth as a corporate goal; therefore, a
strategic alliance with the Asian distiller is consistent with the objectives of the corporation.
Outsourcing More Operations
Currently Brown-Forman’s profit margins are significantly lower than some of their
competitors. In comparison to Diageo, Brown-Forman’s profit margin is 10% lower. In order to
increase profit margins, Brown-Forman can outsource more of their operations outside of the
United States. Currently, nine of the thirteen Brown-Forman operated facilities are in the United
States. Costs of production are drastically higher in the United States and by outsourcing the
production of more of their products, Brown-Forman would decrease production costs and lead
to an increase in profit margins.
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