• USA Today , Thursday, December 11, 2008 11 AM

Kraft CEO Irene Rosenfeld says that as the economy softens, more people eat at home. Ninety-nine percent of them have at least one Kraft product in the pantry -- Oreos, Philadelphia Cream Cheese, Ritz crackers and Maxwell House coffee among them.

"We're certainly seeing (strength in) products that provide obvious value: powdered beverages like Kool-Aid and Crystal Light, for example, in comparison to ready-to-drink alternatives. We're finding that people are eating grilled cheese a lot more," she tells USA Today's David Lieberman in an extensive and far-reaching "CEO Forum" interview. "We're seeing products like DiGiorno pizza, in contrast to pizzeria pizza or restaurant pizza, are performing quite well. Even products like Oscar Mayer meats are having a resurgence. People are eating hot dogs more for dinner."

Rosenfeld, who is one of just six female CEOs at the top 500 corporations, has three degrees, including a Ph.D. in marketing and statistics, from Cornell. She says that the advertising message for Kraft's brands is becoming more of a "value story." And while TV continues to provide a lot of bang for the mass-marketing buck, she says, "we're seeing the growth of digital communication is proceeding at a very rapid pace. And that's where we're putting our money." There's a lot more here; don't miss it.

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