"That means there's an opportunity to build a brand franchise with an emerging consumer," he added.

But, they say, all of this is for "now" results, and none leads to building a brand franchise with the consumer as media advertising does.

The other is to build the company's brand franchise and then consolidate with a larger player that offers strong distribution clout.

We take great pride in the strength of the brand franchises we have created with them over the years.

"Reductions that have taken place in advertising during the past 20 years haven't affected brand franchises," he said.

He goes on to say that "the reductions that have taken place in advertising during the past 20 years haven't affected brand franchises."

He said the acquisition "is not about one quarter, but about a great brand franchise in categories growing 20 to 25 percent."

I believe the food sector will continue to be strong for major companies with international reach and strong brand franchises.

A strategic alliance may take the form of an outright acquisition, minority stake, joint venture or brand franchise.

"It's clearly a brand franchise that the company could breathe more life into," she said.