The Secret History of Cereal Giants
Just an interesting pull quote from a book review in the Washington Times:
Citing the famous quote from economist Paul Romer – "A crisis is a terrible thing to waste" – he goes on to relate the story of how Post and Kellogg, "two giants in the packaged cereal industry, responded to the Great Depression."
His source is James Surowiecki, who wrote about the divergent responses in the New Yorker magazine. "Post, [Mr. Surowiecki] wrote – ‘did the predictable thing’ when it reined in expenses and cut back on advertising. Kellogg, on the other hand, ‘doubled its ad budget, moved aggressively into radio advertising, and heavily pushed its new cereal, Rice Krispies.’ As a result, Kellogg leaped ahead of its rival and became (and remains) the industry’s dominant player."
From William Morrow’s review of William C. Taylor’s Practically Radical.
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