Innovation in Entrepreneurship (Mars Family Business)

Innovation in Entrepreneurship (Mars Family Business)
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Introduction
This comprehensive analysis focuses on Mars, Incorporated, a prominent family business in the confectionery and pet care sectors. It examines the company’s formation, sector, key competitors, profitability, market share, and other relevant factors. Additionally, it explores the importance of innovativeness in entrepreneurship and how it drives success and sustainable growth. The analysis also evaluates various business innovations and provides recommendations on the most appropriate ones for Mars to adopt. Furthermore, it envisions a future scenario that demonstrates how the chosen innovativeness can add value to Mars' business. Lastly, it concludes with recommendations for the company’s continued success.
Mars Family Business
Founded by Frank Mars in Tacoma, Washington, in 1911, the illustrious legacy of the Mars family is associated with an eminent confectionery and pet care establishment (Forbes, 2023). To commemorate a significant milestone, the year 1923 saw the addition of Milky Way Bar to their product assortment (Mars Inc., 2023). The entry of Forrest Marsh Sr Frank's progeny into this already burgeoning venture, circa1930, bolstered its stature furthermore as he actively contributed towards engineering M&Ms (Mars Inc., 2023). Today, Mars has emerged as one of the Earth's leading privately-owned commercial behemoths, raking in uncompromisingly impressive annual sales figures exceeding USD45 billion spanning across various territories (Forbes, 2023). Its diversified approach encompasses operations across four sectors-namely, pets’ welfare, sustenance replete domains, Wrigley coupled with a special enterprise termed 'Mars Edge’. The aforementioned pet care section houses the prestigious segments of Pedigree, Whiskas and Royal Canin. Precision-engineered brands such as Uncle Ben's Rice, Dolinio pasta sauce, and Mars chocolate bars dominate Mars' food division (Mars Inc., 2023). Wrigley, another core segment of company operations, entails present on the menu's various cherished items, including Juicy Fruit gum, Orbit gum and Skittles candy. Mars Edge represents a faction dedicated to fostering the F&B industry through novel business ventures, such as produce derived from plant-based sources alongside DNA assessments specifically designed for pets.
Mars, a multinational corporation headquartered in McLean, Virginia, boasts an impressive workforce of over 140,000 employees worldwide (Forbes, 2023). Its noteworthy competitors are Nestlé, PepsiCo, Mondelez International, and The Hershey Company. Mars undeniably stands as a highly lucrative company with a net profit margin of over ten per cent (Forbes, 2023). Moreover, this confectionery giant holds an estimated market share of approximately 20%. Backed by a robust brand portfolio and an extensive global reach Mars has undoubtedly established itself as one of the leading and most prosperous family businesses worldwide (Forbes, 2023).
Notably ranked as the third-wealthiest family within the United States, the Mars family boasts an astounding net worth estimated to exceed...