In their decision-making, consumers rely on “power tools,” as Wolf described them. Among these are education, sophistication and knowledge, technology, economic prosperity and a growing level of discretionary income. The modern consumer also has several ingrained notions:
Delivering products to meet consumer needs is essential for a new company's success, but John O'Neill, formerly of UBS Warburg, New York, and now a consultant to the food industry, offered further advice on growing a food company. Accounting for over $700 billion in annual sales, the food industry is a changing landscape that includes foodservice, consolidation on the retail level, alternative retail formats, plus the Internet.