Wheatmeal: Honeywellâ€™s promise and stakeholdersâ€™ perception
Category: Investors NewsBeat
Honeywell Flour Mills Plc, a leading flour manufacturing firm in Nigeria, inaugurated When Honeywell Flours Mills Plc introduced Honeywell Wheatmeal into the Noigerian marksts some weeks ago, it was with a pledge to meet special needs, which were described by the company as ‘promises made to be delivered on the product.‘
Some of the promises made to consumers at the timer included high taste, enriched vitality and satisfaction.
It will be recalled that Honeywell Flour Mills Plc introduced this wholesome Wheatmeal to the media and trade partners in November 2009.
At the occasion, the company‘s Executive Vice Chairman and Chief Executive Officer, Babatunde Odunayo, while tracing the development of the product, had described it ”as result of a series of activities, carried out in our quest to provide our valued customers with a wider range of value-added quality ‘ball food‘ product.”
”Honeywell Wheat meal is 100 per cent wheat. It is, therefore, very rich in protein and fibre, which are very good for the body. The brand is also rich in minerals and vitamins and plant protein which is why Honeywell Wheat Meal is particularly very good for the body,” Odunayo had stated.
But weeks after the inauguration, stakeholders have begun to X-ray the profiles of the product vis-a vis the promises made in terms of its intrinsic qualities.. Some of the stakeholders have even gone beyond mere observations, as some of them have been sampling and comparing it with similar products around Lagos.
Investors, on their part, appeared to be particularly excited at the acceptability the product already has in the market. During the Listing of the company on the floor of the Nigerian Stock Exchange, Odunayo had said that the company would evolve into new production lines to boost its growth and profitability.
He had said, ”Our strategic direction remains focused on providing a wider range of quality products in the food sector for the complete satisfaction of our valued customers.”
But analysts have attributed the stock‘s resistance of the bearish run in the market, to investors‘ confidence in the potential of the company, especially its track record of producing high quality food products.
”Buoyed by the good responses from consumers and regulatory authorities, the product‘s market positioning appears a mission accomplished;” Tehteh Akone of Product Research Limited, said.
Part of the product‘s rich endorsement plaques include its certification by the National Agency for Food, Drug Administration and Control, the Standards Organisation of Nigeria, through its Mandatory Conformity Assessment Programme Award for quality.
From the views expressed by some of the trade partners, the response and impressions expressed may be an indication of the product‘s possible good run in the market.
For instance, the Managing Director of Lasol Nigeria Limited, , a wholesale enterprise in Iddo, Lagos, Sola Adamoh, said, ”Honeywell Wheatmeal might not be the first in the market but it has clearly shown that it is a leader in this category. Honeywell is synonymous with high quality and the Honeywell Wheatmeal is no exception. The feedback we get from the buyers is that the taste and texture is nice. More people are expressing interest in testing the product.”
Esther Etuk, a trader at the Oke-Arin Market, said, ”From the day I was introduced to the product, I have stuck with it. Its taste is superb and it has a very good feel. Not many ball foods in the market can boast of that kind of texture.”
”I have had some affinity with wheat for a few months now, and my major source has been Wheat Bread. However, immediately I came across Honeywell Wheatmeal, I knew something was different”
She was particularly enthralled by the product‘s medical claim of aiding digestion. She said the ease of bowel movement after eating the meal is amazing,” Amaechi Enuma, a civil servant, stated.
To Iya Bimbo, operator of Yodbon, a wholesale food enterprise at Iddo Terminus, ”Feedback from customers show that they love the product and that‘s why there is repeat purchase. I am not very surprised because our relationship with Honeywell Flour Mills Plc has always been profitable because the company is very consistent with its quality and consumers have come to know the company for this. By virtue of its characteristics, Wheatmeal is a food that very easily digests. This is not a quality many ball-foods in the market can boast of.