M20:17
嗯，未来还是会有交易的。
Well, there will be deals in the future.
我的意思是，这种事肯定会发生。不过强势品牌——你看看 General Foods 在上世纪八十年代那些品牌，再看看现在 Kraft 手里的那些、同样来自那家公司的品牌。
I mean, they're bound to be, but the strong brands, you know, just look at the ones that General Foods had in the 1980s and the ones that Kraft has now that come from that same company.
还有，Coca-Cola 去年卖出的饮料箱数，比它历史上任何一年都多，而且今年还会卖得更多。
And I mean, Coca-Cola sold more cases of beverages last year than any year in their history, and they'll sell more this year.
我的意思是，这就是一个强势品牌。
I mean, it's a strong brand.
它的力量真的非常强。
It's really potent stuff.
我是说，像 Heinz ketchup 这种东西。
I mean, Heinz ketchup or something of the sort.
它在美国的品牌份额是百分之六十，但在很多其他国家还要高得多。
It's 60% brand share in the United States, but it's much higher in many other countries.
所以，零售商和品牌之间的较量永远都会存在。零售商会把他们手里所有的压力手段都用上，因此品牌就必须在消费者心里代表某种东西，因为到最后，零售商可能会想转向自有品牌，也就是 private label。
So you'll always have the fight between the retailer and the brand, and the retailer is going to use all the pressure they've got, and therefore the brand has to stand for something in the consumer's mind, because in the end, the retailer may want to shift to a house brand private label.
但 private label 在软饮料这个领域，早就一直存在了。
But private labels have been around forever in the soft drink field.
我是说，我还记得我当年在看 Cott Beverages 和其他那些公司的时候，会想，这到底会对我们造成什么影响？
I mean, I can remember when I was looking at Cott Beverages and all of those and thinking, you know, what, what'll it do to us?
我记得 Sam Walton 给我寄来第一提六罐装的时候。
I remember when Sam Walton sent me the first 6-pack.
他跟我说，那是二十年前第一提六罐装的 Sam's Cola。
He told me it's the first 6-pack of Sam's Cola 20 years ago.
而且你得相信我，Walmart 的力量当然很大，但 Coca-Cola 的力量也同样很大。
And believe me, Walmart has plenty of power, but so does Coca-Cola.
而这些品牌，你必须不断滋养它们。
And the brands, you've got to nourish them.
你知道，你得非常非常非常用心地照顾它们。
You know, you've got to take very, very, very good care of them.
它们必须兑现人们心里对它们的那份承诺。
They have to stand for the promise that's in people's mind about them.
但很多人都试过——这些年来我都不知道出现过几十种，还是几百种 cola 饮料了。
But a lot of people have tried to—I don't know how many dozens or maybe hundreds of cola beverages there have been over the years.
像 RC Cola，你知道，他们在六十年代初就推出了第一款 diet 产品。
RC Cola, you know, they came up with the first diet product back in the early '60s.
那看起来像是一步很大的动作。
And that looked like a big maneuver.
Wilkinson 在六十年代也在 Gillette 之后推出了刀片，但一百年过去之后，Gillette 依然拿下了全球剃须刀片按销售额算百分之七十的份额。
Wilkinson came up with the blade back in the '60s after Gillette, but Gillette ends up with 70% by dollar value worldwide of razor blades after 100 years.
所以总之——你必须保护一个品牌。
So there's all—you've got to protect a brand.
你得在方方面面强化它。
You've got to enhance it in every way.
你得在消费者心里建立一种承诺，而且还要真正按那种方式兑现。
You've got to get a promise in people's minds that gets delivered that way.
不过，这就是我和 Charlie 在一九七二年面对的问题。
But that's the question Charlie and I faced in 1972.
当时我们看 See's 的时候，See's 一磅卖一块九毛五。
When we looked at See's, See's was selling for $1.95 a pound.
Russell Stover 卖得还稍微便宜一点，而你必须判断，如果 Russell Stover 盯上 See's，照着我们的门店去模仿，诸如此类，那它到底能造成多大的伤害。
Russell Stover was selling a little cheaper, and you had to decide how much damage could a Russell Stover do if they came after See's and they copied our shops and all that sort of thing.
如果你保护好了一个品牌，如果你拥有一个了不起的品牌并且把它保护好，那它就是一项极其美妙的资产。但你在跟 Costco、Walmart，还有其他那些家伙打交道的时候，永远都会有麻烦，Kroger，随便你叫得出谁。
If you protect a brand, if you've got a terrific brand and you protect it, it's a fabulous asset, but you'll always have trouble dealing with Costco and Walmart and the rest of the guys, Kroger, you name it.
你知道，他们也都很强硬，但伟大的品牌会活下来，伟大的零售商也会经营得很好。
You know, they're tough too, but the great brands will survive, and the great retailers will do well.