Running head: GLOB

BAL BRAN
NDING OF STELLA
S
AR
RTOIS CASE
E ANALYS
SIS

Global Branding
B
of Stella Artoiis Case Anaalysis
International Man
nagement Assignmennt 1
Candidate: Emad AbouuElgheit
ISM - International School off Managemeent
Doctor of Philosophy
P
((Ph.D.)

Presented to:
t Professor Peter
P
Horn
22 May 20
011
Word Coun
nt: 3,750 Word
ds (Excluding tables
t
and grap
phs)

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

Abstract
The paper analyses the case study conducted by Professors Paul W. Beamish and
Anthony Goerzen in the year 2000 about Interbrew. The Belgium brewer initiated in 1998 a
brand globalization plan for its Stella Artois, one of the oldest premium beer brands.1 After
adjusting the globalization plan to focus only on key markets, defined as cities instead of
countries and centralizing global branding programs and marketing budget, the paper aims to
analyze potential effectiveness of such changes, and draws the main lines for the next three years
marketing strategies and budget, aspiring to continue the internationalization of the Stella Artois
brand including core global programs and localization support. The paper sets expectations from
the Stella Artois brand internationalization program to the bottom line and defines measures to
the success of the globalization program. The paper finally highlights the role of the internet in
building the global brand. As Interbrew identified Stella Artois as its flagship brand to penetrate
and develop more global markets, allocating extensive investments to the global program,
analysis and implications for the next step in building the brand became vital for the companys
future prosperity and sustainment of its competitive edge.
Keywords: Interbrew, Stella Artois, Global Branding, Brand Management, Brand
Internationalization, Brand Globalization, New Market Development, Internet Brand Building,
Beer, Brewing, Belgium Beer, Case Analysis

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

Global Branding of Stella Artois Case Analysis

International Management Assignment 1
Introduction
The Belgium brewer was classified in 2000 as one of the top ten global brewers
according to the percentage of international sales. The company sold around 87 percent of its
total production to a limited number of markets outside Belgium in 1999, yet its global market
share from the top ten beer markets reached only 3.6 percent in 1998 which indicates strong
room for future growth. Interbrew saw a minimal but expected growth demand for premium and
sophisticated beers and international brands among global consumers.2 An argument that is
supported by a research conducted in the United Kingdom in 1999 that anticipated a growing
demand and willingness to pay a premium for specialty beer.3 Beer consumers were no different
than the increasing number of global consumers who claimed more and more standardized
products and services coming from closed needs and wants worldwide, as a part of the
globalization trend. Interbrew wasnt the only brewer trying to leverage a key global brad.
Carlsberg and Heineken brands, for example, were already global at that time.4 The idea was also
approached by the British, Scottish & Newcastle5 and Guinness6 in 2000. Accordingly, Interbrew
was also driven by the desire to match its top competitors global strategy, given the fact that the
global developed markets were already saturated and suffered a slow growth rate while emerging
markets in Eastern Europe, Latin America, and Asia showed a more rapid growth and increasing
demand.7 From an internal perspective, building a global brand should help organizations to
optimize operations through coordination and integration of raw materials sourcing and
production in global strategic locations, and globalizing marketing campaigns with minimum

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

localization investments. Since Interbrew is an enterprise which is not starting its
internationalization from scratch in this case and already has a strong existence in a number of
developed and emerging markets, with different market development and penetration strategies,
ranging from wholly owned subsidiaries, joint ventures, alliances and licensing,8 the company
needed to leverage its internationalization learning experience into building one of the top global
premium beer brands choosing between two potential candidates; Labatt Blue and Stella Artois.
Although Labatt Blue had established a strong position in the worlds top beer market, North
America, with increasing export sales to the United States and Canada9 which can sustain an
excellent starting point to internationalize Labatt based on sales volume. Yet choosing the right
brand from Interbrews portfolio to build as a global brand depended on other factors. Assuming
the two brands are two separate organizations at different stages in their internationalization
process, Labatt would be at the experimental development stage according to the stage theory
which depends on the percentage of exports sales to total sales, (although with more export
volume and less number of export countries), while Stella Artois is at the committed
involvement stage.10 According to the incremental internationalization model by Johnsons and
Vahlne in 1911, Stella Artois would benefit more from Interbrews current diversified
knowledge of global markets and commitment decisions acquired in its behavioral learning
process towards internationalization11 since it has stronger market shares in more global
markets.12

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

Analysis
Analysis Framework
The analysis applies to the internationalization process methodologies for Stella Artois
and its relationship with the corporate internationalization process, and then scans deeply into the
potential global markets attractiveness and competitive environment in order to determine
priority markets and strategies, the external and internal environments and corporate market,
operations and branding strategies. The analysis also evaluates the introduction phase of Stella
Artoiss global branding program including the successful launch in New York. The analysis
finally covers the product lifecycle aspects and summarizes a final SWOT analysis for Stella
Artois.
Stella Artois Brand Internationalization
Interbrew launched Stella Artois global campaigns in 1998 starting by its mature markets
in Belgium and the United Kingdom. The launch then spread to less-established markets in the
United States, Canada, Italy, Hungary, Croatia, Bulgaria, and Romania. Among these markets,
about half of the sales came through licensing in the UK and Italy, where the other half came
through their own production in 1998. The following year witnessed about 0.5 percent of total
sales through exports to the US and Canada. By that time, Stella Artoiss global launch campaign
had been implemented in approximately 20 percent of its current global markets, excluding key
established markets in Belgium, UK, and France, where regional management chose to go with
other new campaigns or stick with previous ones.13 During this phase, Stella Artois followed an
experiential learning internationalization model, specifically the Uppsala model, where strategy
depends on existing foreign market knowledge in determining its commitment decisions and

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

reshaping business activities in each specific foreign market. Passing the first step of Stella
Artoiss globalization, Interbrew proactively rethought its globalization plan, aiming to drive
more tangible bottom line results, by putting more restrictions and screening to potential new
market entries in order to tackle only the most potential new markets that achieved the most
potential success. This approach which was followed by the introduction of Stella Artois in the
New York market entry can be classified under the systematic planning internationalization
models where new markets assessment, planning, entry mode selection, and marketing strategies
were carefully studied and planned before brand introduction.14
Aiming to analyze the relationship between Interbrews overall financial performance
and the degree of Stella Artois brand internationalization, an analysis was conducted based on a
suggested research theory in 2003 which suggested a certain relationship curve between the
degree of internationalization and corporate performance.15 The analysis illustrated a mutuallyexclusive relationship between Stella Artois degree of internationalization and profitability for
Interbrew. It also found a U-shape relationship between degrees of internationalization and
operating costs to sales ratio, which according to the research should invert over time with more
integration of global efforts and economies of scale. As for the relationship between Stella Artois
degree of internationalization and return on assets ratio, the company appeared to begin to pass
the suggested point in curve by research where performance started to rise again with more
internationalization (See Exhibit 1).
Market & Competition
Holding about two thirds of the worlds consumption, mature beer markets in the
Americas and Europe had a slow growth rate of one to two percent in the 1990s. The Asia
Pacific region showed the most potential growth rate among emerging markets of nearly 46

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

percent. Considering the whole Interbrew sales volume in this market and specifically in China
which is considered to be the second top global beer market is just 0.3 percent, as well as the
untapped Japanese market, considered to be the fifth global market. Although the UK takes the
bigger chunk of Stella Artoiss global sales, there is still room for infringement as Interbrews
whole market share represents only 5.5 percent. Besides the potential of new emerging market
development, the potential still remains in many mature and top market countries such as
Germany, Spain and Brazil where entry is possible, yet very difficult due to strong brand loyalty
by local existing competitors.16
After the above basic analysis, the paper aims to focus on the global demand for premium
beer brands among these potential markets. China for example, appears to be the perfect market
to access, however, consumers mostly demand cheaper priced and low-to-medium quality beer.17
The following BCG Matrix illustrates Stella Artoiss current market share compared to its
premium brand competitors and the premium beer market growth.18
Stars

Question Marks

Premium Beer Market Growth

UK
France
Hong Kong
Greece

Canada
Netherlands
USA
South Africa
Australia/NZ
Ireland
Germany
Italy

Belgium
Eastern Europe

Japan
Spain
China
Brazil
Mexico

Cash Cows

Dogs

Stella Artois Market Share

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

The matrix illustrates an imbalance due to a high number of potential global markets
where Stella Artois is yet to develop and/or infiltrate. Countries such as Canada, Netherlands,
Ireland, and Germany would be a good receptive of premium beer. The matrix also shows a
strong competitive advantage for Stella Artois in the growing Eastern Europe market. However
the BCG matrix alone isnt enough to determine priority new market development selection for
continuing the globalization of Stella Artois. Other key factors that are closely related to the
premium beer consumption and Interbrews latest strategies in market selection are not being
considered such as; the ability to access the top three premium brands, the ability to receive
attractive margins after three years, the existence of local strong distribution, and finally the
ability for that market to lead a similar introduction in another homogenous market. The matrix
also overlooks a very important factor which illustrates the degree of existing loyalty to local
brands. Accordingly, the following matrix (Table 1) scores each of the selected new markets
based on the following criteria with equal weights; Premium beer market growth, Stella Artois
current market share, degree of competition on the top premium brands, local brand loyalty,
existence of an established distribution network, and the homogeneity with other key potential
markets.
Premium
Beer
Market
Growth

Potential
Future
Market
Share

Premium
Brand
Competition

Local
Brand
Loyalty

Existing
Distribution

Other
Markets
Homogeneity

Total

UK

3.83

USA

3.6

France

3.5

Belgium

4.3

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

Greece

3. 7

Eastern
Europe
Italy

3.3

Australia/NZ

2.8

Sweden

3.67

Canada

4.3

China

3.3

Mexico

4.2

Hong Kong

3.8

Ireland

2.8

Germany

2.3

Spain

2.8

Table 1: Stella Artois Global Markets Attractiveness

Business and Brand Strategy

Interbrew only pushes its premium brands when local managers sense an opportunity that
the local market is ready for premium beer.19 Interbrews strategy to re-launch Stella Artois as a
global brand first started by countries, and then was modified and consolidated to target specific
cities as markets, after careful selection of most potential cities. In 1998, Stella Artois global
campaign positioned it as a premium European brand, except for its home market and the UK
where it was positioned as a mainstream beer.20 Matching its differentiation strategy, Interbrew
has depended on its own production and licensing in European markets to help position the brand
as a local brand, however, in the non-European markets, the company depended heavily on
exports, reinforcing the brand identity as an imported top-quality European beer. As an industry
commodity, Interbrews success in developing new markets was due to sustaining an excellent
distribution and wholesalers network. Interbrew has already established such networks and local
markets know how in some countries such as Mexico, Canada, and China where Stella Artois
has yet to be introduced or has a weak performance.21

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

10

Product Lifecycle
Stella Artois is a brand in different stages of its lifecycle depending on each market.
Table 2 below illustrates Stella Artoiss product lifecycle in different target countries. It can be
concluded that Interbrew has focused its internationalization plan, selecting to start with its
mature markets where it has a strong upholding and substantial distribution network, besides
targeting Eastern Europe extensively as a potential growth market with a relatively lower
competition in premium beer segments. The growing accumulated sales in growth stages show
the maturity of the Eastern European experiment, and a successful introduction in mature
markets such as Australia and New Zealand. The UK and France represents the old cash cow for
Stella Artois, yet the growth in the UK is found to be much better than France where growth
seams to face difficulties. The Belgium market shows a decline in sales justified by a perception
among Belgium consumers for Stella Artois to be an old-fashioned brand. A problem that also
faced a number of competitor brands in their home countries.22
Introduction Stage
Growth Stage
Maturity Stage
Saturation and Decline Stage
Table 2: Stella Artois Product lifecycle in Global Markets

USA, Canada, Greece, Sweden, Bulgaria

Bosnia-Herzegovina, Montenegro
Hungary, Croatia, Romania, Australia, New
Zealand, Italy
UK, France
Belgium

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

11

SWOT Analysis

Srtrength
Strong competitive position in Eastern
Europe
Strong financial performance
Successful introduction model in the US
Existence for Interbrew's operations in key
global beer markets
Motivated employees
Successful capacity utilization and sourcing

Weakneses
low number of global markets existence
Inconsistency in global positioning and
campaigns
Declining sales in Belgium market
Low sales percentage from total sales (10%)

Opprtunuties
High growth rate in emerging markets
Growing demand for premium beer
The internet as a new global brand building
tool

Threats
Strong brand loyalty and different tastes
Expensive production modernization

Conclusions
Stella Artois is a global brand that is at its early stages of internationalization. Many
untapped markets are yet to be developed and infiltrated, acquired market knowledge in key
markets are not yet leveraged, and one global brand identity is yet to be established or
revitalized. Growing sales in key markets and successful and careful introductions to newlydeveloped global markets show good regional brand management capabilities and potential
appeal for Stella Artois as an international brand. Launching the global brand initial plan seems
to go smoothly with the overall corporate financial performance. Moving Stella Artois from the

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

12

first to the second stage of globalization will depend on a careful selection of key markets to start
developing and initializing, it will also depend primarily on marketing and distribution strategies
to convince drinkers to switch their brands through free trials, differentiated product positioning
and habit formation advertising campaigns. The strategy of sequentially targeting specific cities
instead of countries has many pros such as consolidating marketing and advertising expenses and
targeting local and direct marketing channels of small geographical areas. The approach also
allows for a more accurate segmentation on a global scale for the premium beer consumers who
would naturally be homogenous within a single capital or major city with the highest income and
spending patterns. For example; it is difficult to put the whole Spanish and French population
into one segment, but it is a lot easier and more effective to put Barcelona and Nice premium
beer consumers into one segment. The pros also include a better control and management of
local distributers and wholesale networks, as well as providing an intangible local, friendly touch
that ties the brand image to their very own local norms, images, places, and habits. Finally, a
cities approach can help establish a learning experience from the entry to a single city, to avoid
mistakes and enhance planning for the whole country penetration without affecting the overall
brand image across the country and risking an expensive market exit or kill. Yet the strategy also
holds some cons such as introducing difficulties in achieving economies of scale on the country
scale in production and distribution which can lead to an inefficient resource utilization and
allocation. The approach although being cautious, can delay the globalization process of the
brand requiring a longer time to build the brand across nations.
Measuring the success of Stella Artois globalization should be looked at from a strategic
perspective where tangible, yet achievable numbers should be achieved in the next three years in
order to sustain more profitability and global market share in the years after. The success of the

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

13

next three years can be measured by setting key, clear objectives such as; reaching the sales
targets in selected markets (See Exhibit 2), building two to three strategically-located export
bases in Eastern Europe to serve global markets, and finally move Stella Artois sales share to 2530 percent of total Interbrews sales, and to raise international sales percentages to over 90
percent.
Recommendations
Interbrew should look at Stella Artoiss globalization plan in terms of three main
systematic stages; the first stage which is before this analysis, where the brand is mature and
sustaining profitability in a small number of global premium key markets. The second stage
which is the subject of this analysis is the next three years from 2000 to 2003, where Stella
Artois should continue its city-by-city introduction strategy, focusing on the North American,
Mexican, and Eastern European markets, yet extending each major city launch to include state or
country of the major city. This can achieve a better resource allocation and economies of scale in
marketing and distribution and accelerate the globalization program. Stella Artois should be
unifying one global campaign across all markets with the necessary localization where possible.
Interbrew should leverage the internet as a key brand building tool besides traditional
advertising. The last stage in the rand globalization program should be complete within six to
eight years where Stella Artoiss international sales kicks one of the top three brewers,
Heineken, Carlsberg or Budweiser out of its position, to be become one of the top three global
premium beer popular brands.
Based on the previous analysis to the market, industry, competition, internal and external
factors, Interbrew priorities in terms of new market developments should focus on the premium

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

14

beer consumer segment in Mexico, due to the capability of the extensive market knowledge
waiting to be leveraged. As for most, the potential among the mature market would be Hong
Kong, due to having Heineken brand only the biggest portion of the market share with a room for
more premium brands. As for market break through priorities, Stella Artois should focus efforts
towards Canada, USA, Eastern Europe, UK, France, and Sweden. The market size, homogeneity
with other key markets, and established market knowledge would sustain more potential for
success. Stella Artois should be at the growth stages in many of the key global premium beer
markets with sustainable performance in its old markets. At this stage, a global brand image and
personality should spread to a larger number of international audiences; it should also be
standardized and localized where necessary to local tastes and appeals. Following the current and
proved-successful strategy to focus on cities instead of countries, Interbrew should plan to
introduce Stella Artois in cities such as; Hong Kong, Mexico City, Montreal, Toronto, Los
Angeles, Washington DC, Chicago, Philadelphia, Houston, Prague, Kiev, Krakow, Moscow,
Birmingham, Leeds, Glasgow, Paris, and Stockholm.
Since Stella Artoiss total sales without the globalization plan have increased by around
40 percent from 1997 to 1999,23 an ambitious three-year strategic objective for Stella Artois
should be to double the total production to reach 12,000 Hectoliter by 2003 rising from 6,691 in
1999. Global sales distribution should indicate a more globalized brand in various international
markets with concentration on the most potential markets being infiltrated or developed (See
Exhibit 2). Based on the gap analysis between actual and target sales volume, the bigger chunk
of Stella Artois marketing budget in the next three years should be allocated to Canada, US,
Mexico, and Eastern Europe, while the smaller chunk should be distributed among other markets
where lower gaps are found (See Exhibit 3). One idea for a global launch campaign is to

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

15

leverage the marketing strategy itself, introducing the brand in each major global city
sequentially. In each introduction of Stella Artois in a major city, a competition or pull is
announced before opening the new caf and launching the product, selected winners will spend a
whole day in a royal and noble Belgium style in his or her city following typical Belgium
traditions and ambience with food, drinks, music and culture. The campaign theme or slogan
should be something like Join the Nobles, Los Angeles Nobles Club, Find the Noble in
You, or Nobility in Paris. Such campaign themes should enforce self-esteem and positive
feelings associating the positive and classy rewards with the brand. The campaign can be
localized for specific markets, culture and norms to avoid negative connotation and treat certain
existing perceptions for the brand. For example; it can be The Noble Scandinavia in France
and Belgium Every-Day Live in Belgium.
By the end of the 1990s, the internet became a new global marketing tool. Interbrew with
a brilliant idea purchased the domain name beer.com with its existing email subscribers mostly
from the US. Building an information portal for beer lovers worldwide, supported by advertising
it was expected to gain around 600,000 regular visitors in 2000.24 Adding the internet dimension
in 1999, great opportunities were yet to be leveraged to build Stella Artoiss global brand. In
each city introduction, there was a teaser campaign before the official launch, email lists could
be gathered easily from that specific city to build awareness among beer lovers in their inbox, in
addition to sending periodic electronic newsletters and updates to build an open communication
channel and loyalty. In each country, Stella Artoiss local websites should have a consistent
brand image look and feel, positioning, and messaging in terms of user interface, colors, tone of
words, and imagery. Yet, the possibility to localize languages, news, local norms and habits and
areas of interest would give Stella Artois a great channel to appear to each different target market

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

16

as the friendly European local. Keeping global and local website contents fresh, interesting and
useful to visitors in the most prime areas to keep visitors returning to the website and stay
connected to the brand. Providing free branded desktop wallpapers, photos, and music related to
the brand as well as building online stores, offering local clothing and accessories for Stella
Artois fans would also be an excellent tool for brand building. The launch of each new country
website should be synchronized with the teaser advertising campaign, two to three months before
introducing the product, in order to gain followers and fans. Online advertising in existing
popular and affiliate local website banners, discussion forms, and social figure testimonials
would help attract traffic to the newly-launched websites. From an internal perspective, the
existence of an intranet portal for Stella Artois employees would help the internal
communication and collaboration between the brand global team. Marketing ideas could be
discussed online, documents could be shared easily and internal performance could be monitored
and optimized. Launching extranet portals for suppliers, partners and wholesalers could help
building the brand among different stakeholders in order to share and integrate knowledge and
activities.
Operations strategies should continue to adopt own production and licensing in the
European and developed markets. This should emphasize the brand image as an imported
European premium beer. In order to optimize the spending, Eastern Europe production
percentage should increase against production in Belgium and France for example, for a cheaper
labor cost. Developing and accessing new markets in Americas and Asia Pacific should be in
terms of exports, again to reinforce the brand image. Eastern Europe could become an export
base for Asia Pacific and less-developed markets where Western Europe production can serve as
the Western hemisphere and more-developed markets.

GLOBAL
L BRANDIN
NG OF STE
ELLA ARTO
OIS CASE A
ANALYSIS

17

w Financiall Performan
nce and Stellla Artois D
Degree of
Exhibit 1 Interbrew
Internattionalization
n 1997-1999
9

Interbrew Return on Assets

140
120
100
80
60
40
20
0
79

80
0

81

82
83
84
Stella Artois Foreign to Tootal Sales

Interbrew Return
R
on Asseets and Stella Artois
A
Foreign to Total Sales 1997-1999

Stella Ar
Artois

855

86

87

GLOBAL
L BRANDIN
NG OF STE
ELLA ARTO
OIS CASE A
ANALYSIS

18

Return on Assets and Degree of Internaationalization Research

R
Sources: Management
M
In
nternational Rev
view (MIR) - 2003
2 25

Interbrew Operating Costs to Sales

62
61
60
59
58
57
56
55
79
7

80

81

82
83
84
Stella
S
Artois Foreign
F
to Tottal Sales

Interbrew Return
R
on Asseets and Stella Artois
A
Foreign to Total Sales 1997-1999

Stella Arttois

Operating Cost of Sales and

a Degree of Internationalizzation Researchh
Sources: Management
M
In
nternational Rev
view (MIR) - 2003
2 26

85

86

87

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

19

Interbrew Profit Margin

3.5
3
2.5
2
1.5
1
0.5
0
79

80

81

82
83
84
Stella Artois Foreign to Total Sales

85

Interbrew Profit Margin and Stella Artois Stella Artois Foreign to Total Sales 1997-1999

86

87

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

Exhibit 2 Stella Artois Global Sales Current (1999) and Forecast (2003)
Actual to Forecast Global Sales
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0

1999

2003 (Forcast)

Exhibit 3 Stella Artois Marketing Budget Distribution to Reach 2003 Target

Hong Kong
4%

Italy
2%

France
Sweden
2% 2%

Australia/NZ
4%

Czech Republic
1%
Belgium
0%

Eastern Europe
25%

UK
10%

Mexico
14%

Canada
20%
USA
16%

20

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

21

Exhibit 4 Financial Analysis of Stella Artois Global Sales 1997-1999

StellaArtoisProduction/WOS
Belgium
France
Hungary
Croatia
Romania
Bulgaria
BosniaHerzegovina
Montenegro
Total

licensing
Italy
Australia
NewZealand
Sweden
Greece
UK
Total

Export
USA
Canada
OtherCountries
DutyFree
Total

TotalStellaArtoisSales
TotalStellaArtoisDomesticSales
TotalStellaArtoisForeignSales

FSTS

CorporateFinancialRatios
TotalAssets(InmillionsofEuros)
NetIncome

1997

1998

965
1028
59
54
17

921
1,110
84
120
60

2123

2295

162
6
7
29
7
2,139
2350

166
11
11
27
7
2,815
3037

92
245
337

5770
921
4849

79.93763

6686
902
5784

84.03813

3,900
3,299

7
5
202
507
721

49
389
438

4810
965
3845

172
22
22
24
10
3,377
3627

2338

902
1,074
117
133
112

1999

86.50912

4,488
3,600

3,600
4,500

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

NetProfit
CostofSales

ReturnonAssets
ProfitMargin
OperatingCosttoSales

132
2,944

22
190
3,217

84.58974
2.744283
61.20582

230
4,081

80.2139
3.294627
55.7539

125
3.440024
61.03799

Sources of Financial Calculations: Global Branding of Stella Artois.27 And Interbrew Financial Statements for
199828 and 1999.29

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

23

End Notes

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey Management
Services.

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey Management
Services.

Croft, M. (1999). Premium beers pull ahead. Marketing Week (01419285), 22(22), 34.
Retrieved from EBSCOhost.

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey Management
Services.

Wheeler, B. (2000). NO SMALL BEER. (cover story). Marketing Week (01419285), 23(9), 28.
Retrieved from EBSCOhost.

Wentz, L. (2000). Guinness seeks single global shop. Advertising Age, 71(50), 19. Retrieved
from EBSCOhost.

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey Management
Services.

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey Management
Services.

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey Management
Services.

10

Gankema, H. J., Snuif, H. R., & Zwart, P. S. (2000). The Internationalization Process of Small
and Medium-sized Enterprises: An Evaluation of Stage Theory. Journal of Small
Business Management, 38(4), 15-27. Retrieved from EBSCOhost.

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

11

24

Li, L., Dan, L., & Dalgic, T. (2004). Internationalization Process of Small and Medium-sized
Enterprises: Toward a Hydrid Model of Experiential Learning and Planning.
Management International Review (MIR), 44(1), 93-116. Retrieved from EBSCOhost.

12

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey
Management Services.

13

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey
Management Services.

14

Li, L., Dan, L., & Dalgic, T. (2004). Internationalization Process of Small and Medium-sized
Enterprises: Toward a Hydrid Model of Experiential Learning and Planning.
Management International Review (MIR), 44(1), 93-116. Retrieved from EBSCOhost.

15

Ruigrok, W., & Wagner, H. (2003). Internationalization and Performance: An Organizational

Learning Perspective. Management International Review (MIR), 43(1), 63-83. Retrieved
from EBSCOhost.

16

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey
Management Services.

17

Treadgold, T. (1998). China's premium-beer market goes flat. BRW, 20(38), 52. Retrieved
from EBSCOhost.

18

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey
Management Services.

19

Foote, A. (2000). The world's local brewer. Beverage World, 119(1696), 72. Retrieved from
EBSCOhost.

GLOBAL BRANDING OF STELLA ARTOIS CASE ANALYSIS

20

25

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey
Management Services.

21

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey
Management Services.

22

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey
Management Services.

23

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey
Management Services.

24

Beamish, P. (2000). Starting an e-commerce subsidiary: The beer.com experience. Ivey

Business Journal, 64(4), 10. Retrieved from EBSCOhost.

25

Ruigrok, W., & Wagner, H. (2003). Internationalization and Performance: An Organizational

Learning Perspective. Management International Review (MIR), 43(1), 63-83. Retrieved
from EBSCOhost.

26

Ruigrok, W., & Wagner, H. (2003). Internationalization and Performance: An Organizational

Learning Perspective. Management International Review (MIR), 43(1), 63-83. Retrieved
from EBSCOhost.

27

W. Beamish, P. & Goerzen, A. (2000). The Global Branding of Stella Artois. Ivey
Management Services.

28

InBev Website. Management Report On Consolidated Financial Statements. InBev. Accessed

May 3rd 2011 < http://www.ab-inbev.com/pdf/Financial_Report1998EN.pdf >.

29

InBev Website. Management Report On Consolidated Financial Statements. InBev. Accessed

May 3rd 2011 < http://www.ab-inbev.com/pdf/Financial_Report1999EN.pdf >.