Clarification of Answer by
22 Apr 2003 15:56 PDT
The 2002 Annual Report is the report that Kellogg Company distributed
to shareholders last year. It discusses the company's strategy,
values, and financial results.
If you look at the pages labeled "FOCUSED STRATEGY" and "EFFECTIVE
OPERATING PRINCIPLES" (near the beginning of the report), you will see
that the company's strategy is based on the following priorities and
Pursue Profitable Growth
Volume to Value
Manage for Cash
Sweat the Execution
Each of these priorities and principles is described briefly on those
two pages. The subsequent pages provide much greater detail about
those priorities and principles.
If you look one-third of the way down the report, you will see a page
labeled "Management's Discussion and Analysis." On this page and the
following pages, you will find an analysis of the company's recent
financial results, as well as the company's outlook for the future.
If you have any additional questions, please request another