July Talking Points: Pivoting on Purpose
Before the Covid pandemic, many food companies, both large and small, were already responding to calls to become a greater force for good in society, recognizing that the pursuit of profit could not be the sole purpose or only priority of a corporation. Larger food companies were doing this by addressing the growing public concern over the climate crisis – in part to regain consumer trust.
In this report:
1. The Need for Speed – The requirement for companies to become more ‘purpose-led’ has accelerated.
2. Pivoting on Purpose. Prioritizing Social Concerns – The emphasis on a company’s purpose has become more prominent than ever, as the importance of valuing all stakeholders (and not just shareholders).
3. Walk the Talk – Taking a Stand on Racism – Companies and their brands have a responsibility to take a stand on racism and injustice, with concrete actions.
4. An End to Fence-Sitting – The terrible events of 2020 are providing the chance for these companies to get closer to their consumers in a meaningful way. The greater risk now lies on inaction.
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Nicholas FeredaySenior Analyst - Consumer Foods Read more