Anheuser-Busch is introducing a new beer with some of the trendiest characteristics in the business -- it's low in both carbohydrates and calories. But for a company that's deeply dependent on low-calorie Bud Light and low-carb Michelob Ultra, marketing new Budweiser Select poses a quandary.

St. Louis-based Anheuser-Busch describes the brew, which it introduced to the public in an ad during this year's Super Bowl, as a "new kind of beer," brewed for a "crisp taste with no aftertaste." It has 3.1 grams of carbohydrates and 99 calories, putting it squarely in the beer industry's low-carb and light realms, but those numbers appear only in small print on bottles and in ads -- and Anheuser certainly isn't trumpeting them.

Anheuser says it expects Bud Select to be particularly appealing to women and other occasional beer drinkers. Those drinkers commonly pass up beer because of its lingering aftertaste, according to the company's research.

"We don't want to introduce another low-carb or light beer," says Michael Owens, vice president of sales and marketing for Anheuser-Busch. The company calls the carb and calorie counts a "secondary proposition" of the beer.

The nation's largest brewer is eager to find a new growth engine without cannibalizing its existing brands. Its iconic Budweiser brand family, which includes Bud Light and Budweiser, has lost market share, slipping to 32.8 percent of the beer market by volume in 2004 from 33.5 percent in 2002. But Bud Light remains America's top-selling beer, Budweiser still sells in huge volume as well and Michelob Ultra is one of the company's high-growth successes. That leaves Anheuser with a delicate positioning dance for Bud Select.

"I think there is a significant chance that (drinkers) will find (Select) confusing," says Marc Cohen, an analyst at Goldman Sachs. "The advertising message has to be very clear, and Miller is going to do everything they can to capitalize on this." Anytime Anheuser asks its Budweiser drinkers to consider a new Bud product, rival Miller has an opportunity to gain share, he says.

Miller Lite, owned by SABMiller's Miller Brewing, has grabbed market share in part by telling drinkers it is lower in carbs than Bud Light. Miller Lite sales rose 10 percent by volume in 2004, according to Adams Beverage Group, a consultancy in Palm Springs, Calif. Bud Light was up 2.9 percent in the same period. Michelob Ultra surged 37 percent in 2004, according to Beverage Marketing, a New York consultancy.

Bud Select would seem well-positioned to challenge Miller Lite, but Mr. Owens says that isn't the company's goal. "People are getting a little silly saying that this brand targets that brand," he says. "We are targeting consumers, and we are trying to grow the beer industry."

A shelf-distribution strategy document that Anheuser sent to its wholesalers tells a different story, however, instructing distributors to place Bud Select next to Miller Lite. The document also tells them to place Select away from Bud Light, suggesting that Budweiser be placed in between as a buffer. Mr. Owens says consistent with Anheuser's retail strategy, most retailers want to place the largest-selling brand family first on their shelves. Bud Light and Budweiser, the two largest-selling brands in the U.S., would be set first. Budweiser Select would be positioned third, adjacent to the next largest competitive brand. In many cases, that brand would be Miller Lite.

Even though Anheuser expects women to be a key market for Bud Select, the ads created so far don't feature women. The introductory ad aired during the Super Bowl -- designed by Omnicom Group's DDB Chicago -- showcased the brown bottle and told drinkers to "lick your lips, pucker up and kiss your aftertaste goodbye."