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Lev Uzlaner Marketing Consultant 416 568 5116 firstname.lastname@example.org www.thisishowimarket.com
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OBJECTIVES PRIMARY RESEARCH METHOD QUALITATIVE DATA QUANTITATIVE DATA PRODUCT CATEGORY PORTER’S FIVE FORCES ANALYSIS BUYER POWER SUPPLIER NEW ENTRANT SUBSTITUTES RIVALRY COMPANY BCKGROUND COMPANY PRODUCT MARKET ASSESSMENT MARKET VALUE & VOLUME SEGMENTATION DISTRIBUTION SWOT ANALYSIS STRENGTHS WEAKNESES OPPORTUNITIES THREATS COMPETITION TARGET MARKET TEENAGERS YOUNG ADULTS ADULTS BABY BOOMERS RESEARCH FINDINGS STRATEGIC SET OF COMPETITORS & PURCHASE CRITERIA CUSTOMER VALUE ANALYSIS IMPLICATIONS FOR AXE IMPLICATIONS FOR NEXT PHASE APPENDIX
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deodorants and soaps. As well.com/industries/profile/?pid=80F36B6C-49A3-49CF-AC15-313AFF53B643 Page 3 of 24 . Soap sales proved the most lucrative for the Canadian personal hygiene market in 2006. The results of the study tell us which competitors represent the most significant threats and opportunities under each purchasing criteria identified. PRIMAY RESEARCH METHODS QUALITATIVE DATA For the purpose of this paper. a focus group was conducted consisting of eight male participants to help us identify the various criteria that consumers consider when making a purchasing decision for deodorant.2 million in 2006. generating total revenues of $366. respectively.OBJECTIVE The purpose of this paper is to identify and analyze potential strategic areas where Axe can make improvements in providing greater strategic value. the paper will take an extensive look at AXE as a brand and its current position in the market. making their product more appealing to customers so that it can win against its strategic set of competitors. enabling us to gain a better understanding of the company’s philosophy in comparison to its competitors.8% of the market's 1 Market Line Business Information Center.5% for the period spanning 2002-2006.datamonitor. The Canadian personal hygiene market generated total revenues of $819. this represents a compound annual growth rate (CAGR) of 3. QUANTITATIVE DATA 100 male respondents were surveyed to study their needs. equivalent to 44. Additionally. PRODUCT CATEGORY – PERSONAL HYGIENE MARKET1 The personal hygiene market consists of bath & shower products. through both primary and secondary date. In order to do this. expectations and preferences in deodorant consumption. the paper will discuss valuable insight gained from both quantitative and qualitative data acquired form research conducted with 100 respondents and a focus group. to identify our strategic set of competitors by asking the participants which deodorant brands they consider an alternative to AXE. http://dbic.9 million.
Switching costs can also be high for some buyers particularly when they are part of a contract with a big firm. Forward integration is also highly possible and many firms may wish to diversify their business and boost their revenues through owning retail outlets. Overall supplier power is assessed as moderate. sales of deodorants generated revenues of $244 million in 2006.6% for the five-year period 2006-2011 expected to drive the market to a value of $978.overall value. with an anticipated CAGR of 3. which reduce their bargaining strength. equating to 29. generating total revenues of $454 million. (SEE APPENDIX 2) SUPPLIER POWER The recent rise in several global commodity prices is putting manufacturers under pressure. following unfavorable conditions in the main producer regions and rising demand for palm oil as a biofuel. Products in this market are subject to several safety regulations.8% of the market's aggregate revenues. Overall buyer power is assessed as moderate. As a result retailers are required to stock these products. The performance of the market is forecast to accelerate.datamonitor. In comparison. Differentiation exists only in terms of brand reputation and quality of personal hygiene products which has a high importance to end users in this market. Distribution via supermarkets/hypermarkets was the market's most lucrative channel in 2006. and compliance 2 MARKETLINE BUSINESS INFORMATION CENTER http://dbic. (See Appendix 1) PORTER’S FIVE FORCES ANALYSIS ON THE PERSONAL HYGIENE MARKET 2 BUYER POWER Retailers occupy a position of power in the supply chain allowing them to negotiate favorable contracts with manufacturers. Opportunities to gain market share particularly with the growth of niche sectors such as the male grooming market. equivalent to 55. but this countered by the fact that chemical producers gain revenues from a wide variety of sources. a lack of differentiation between products reduces buyer power. as they are facing short supplies of products such as palm oil.com/industries/profile/?pid=80F36B6C-49A3-49CF-AC15-313AFF53B643 Page 4 of 24 .4% of the market's overall value. In contrast. reducing their dependence on personal hygiene product manufacturers. (SEE APPENDIX 2) NEW ENTRANTS The Canadian hygiene market has grown moderately in recent years. Suppliers are often small in scale compared to the largest manufacturers and consequently their power is reduced. which enhances buyer power.8 million by the end of 2011. which threatens the position of buyers.
and the threat of substitutes is therefore considered to be weak overall.costs form an entry barrier. knowingly or not. the impact overall of substitutes may not be as high as a purely economic assessment implies. if it is assumed that the majority of retailer buyers will avoid illicit trading. but which is diverted from the legitimate distribution channel. there are two possible substitutes for personal hygiene products: Traditional. the likelihood of new entrants is moderate. The costs of switching from legitimate to counterfeit goods are often not high. Counterfeits of personal hygiene products are widespread and can dilute a company’s brand image. Although retailers are considered as buyers in this market. On the other hand. Overall rivalry in the market is moderate. the wide range of product ranges means companies are not reliant on one type of product for their revenues. retailers may not buy as many products from the manufacturers. Fixed costs are high in this market as most companies own large production facilities. it is possible for retailers to buy counterfeit products. consumer choice will have a strong pull-through: when consumers opt for the substitutes. but also requires capital outlay up front. and their price is favorable for retailers. A number of large firms in this market. This has led to a competitive environment with many labels. A product that is actually made by the legitimate manufacturer. (SEE APPENDIX 2) RIVALRY The Canadian personal hygiene market is dominated by a small number of large players. competing for the same share of the market. Also. counterfeit products may be of poor quality and consumers may avoid the retailer. and many of the players sell similar products. possess scale economies which allow them to create efficiencies in their business. (SEE APPENDIX 2) SUBSTITUTES For consumers. On the other hand. (SEE APPENDIX 2) Page 5 of 24 . such as Unilever. Overall. will appeal just as much to end-users. However. Most of these companies are geographically diversified which weakens rivalry to some extent. companies entering the market may find it difficult to compete unless they enjoy comparable efficiencies. homemade products Counterfeit versions of branded products. Dominating the market are companies such as Unilever. The market is mature. such as toothpaste brands Crest and Colgate. Advertising and strong brand image can produce success in the personal care market. Colgate-Palmolive and Procter & Gamble.
Lux and Sunsilk. agents. Lifebuoy and Vaseline. http://www. wholesalers. and China.COMPANY BACKGROUND3 The Unilever group of companies is involved in the manufacturing and marketing of branded consumer goods. skin care and hair care products and a number of prestige fragrances. Unilever and the United Nations World Food Programme (WFP) announced a new partnership in the fight against child hunger. is the world's most popular male grooming brand. and beauty products. primarily foods. Its seductive fragrances and provocative packaging and advertising campaigns. the UK. independent grocery stores. France. Rexona. and public storage depots. the US. deodorants and antiperspirants. satellite warehouses.unilever. Switzerland. In 2000. detergents and personal products.datamonitor. Pond's. Unilever announced plans to restructure its operations. Other important brands include Suave. It has operations in over 100 countries worldwide. as well as the companies’ ability to come up with a constant stream of new 3 MARKET LINE BUSINESS INFORMATON CENTER http://dbic. co-operatives. Unilever operates through subsidiaries in Germany. Clear. and distributors under various agreements. and various food service providers.com/companies/company/?pid=E00C82E3-8DA1-4F1A-B0A1-046B87A8C4BC 4 UNILEVER WEBSITE. company-operated facilities. in May 2006.com/ourbrands/personalcare/Axe. together with Signal and Close Up in oral care. Unilever generates revenues through four business segments: Savory dressings and spreads Ice cream and beverages Personal care Home care and other operations The products in the personal care segment include oral care products. Its products are distributed through distribution centers. The new structure was intended to focus on Unilever's two main divisions: food and home. which included the sale of several subsidiaries. sold as Lynx in the United Kingdom.asp Page 6 of 24 . The group operates over 300 manufacturing sites worldwide. Unilever's products are sold through a company-owned sales force as well as through independent middlemen such as brokers. The company's brands in this segment include Axe. COMPANY PRODUCT4 Axe body deodorant. Dove. The customer purchases occur through departmental chains.
euromonitor. Recent campaigns in North America have marked a change in the company’s traditional use of television advertising. The brand is also well established in Latin America. Axe has recorded a compound annual growth rate of 18% over the 2001-2006 period. focusing on video-streamed clips on the Internet in order to attract a greater proportion of its target market. Launched in the region in 2002. one of the fastest-growing regions in the world in many cosmetics and toiletries sectors.portal. making it Unilever’s fifth largest brand in terms of value sales. for instance.ideas to keep “men a step ahead in the mating game”. and it is likely that its importance in terms of Axe marketing will now increase worldwide. Axe has enjoyed exceptional growth development in many key markets including North America.com/portal/server. The brand has also expanded into a number of new areas.pt?control=SetCommunity&CommunityID=210&PageID=726&cached=false&space= CommunityPage Page 7 of 24 . including shower and hair gels and its award-winning advertisements and marketing are equally adventurous. by launching a new deodorant fragrance. Internet advertising has already been successfully used to support the brand since its launch. and enjoys top positions in several other sectors. Predominantly targeting young men. Axe is now the number one deodorant brand in the North American market. the company has invested heavily in marketing and advertising. every year has given the Axe brand a competitive edge over other deodorant brands. 5 5 GLOBAL MARKETING INFORMATION DATABASE http://www. Following its successful strategy of building a global brand while adapting to local preferences.
3% in 2005 and Colgate-Palmolive with segment sales of $261. Procter & Gamble leads the US deodorants market.com/companies/company/?pid=E00C82E3-8DA1-4F1A-B0A1-046B87A8C4BC Page 8 of 24 . In comparison.3% in 2005 to reach a value of $1. this representing a compound annual growth rate (CAGR) of 0% for the five-year period spanning 2001-2005. The United States accounts for 20. equating to 14.8% share of the market's value. Deodorant gel accounts for a further 14.6million. In 2010.2% of the market’s value. sticks & solids and other deodorants. with sales in 2005 amounting to $782.745. The market is valued according to retail selling price (RSP) and includes any applicable taxes.5% of the market by value.3 million in 2005. equivalent to 14. The US deodorants market generated total revenues of $1. cream. DISTRIBUTION Supermarkets and hypermarkets form the most significant distribution channel for deodorant sales in the US.729.9% since 2005.MARKET ASSESSMENT6 MARKET VALUE & VOLUME The deodorants market consists of aerosols.3% of the market. The United States deodorants market shrank by 0.729.3 million by the end of 2010. an increase of 0.5% of the market's overall value.8% of the market.datamonitor. this accounting for 45. Sales by pharmacies and drug stores account for an additional 22.2% for the five-year period 2005-2010 expected to drive the market to a value of $1. sales of aerosol antiperspirant generated revenues of $244 million in 2005. generating total revenues of $251. (SEE APPENDIX 3) SEGMENTATION Sticks and solids form the most lucrative sector of the US deodorants market. pump.8 million units.1 million.5 million. accounting for 63. Deodorant gel sales proved the most lucrative for the US deodorants market in 2005. with a 50% share of the market's value.The United States deodorants market grew by 0. roll-on.745.4% of the global deodorants market by value. Europe is the leading region in the global deodorants market. body sprays. with an anticipated CAGR of 0. gel.The compound annual growth rate of the 6 MARKET LINE BUSINESS INFORMATION CENTER http://dbic.1% of the market's aggregate revenues.5% in 2005 to reach a volume of 691. with a 46.3 million. Other significant players include Gillette whose market share by value was 17. the United States deodorants market is forecast to have a value of $1. The performance of the market is forecast to accelerate slightly.4 million in 2005.
Diversified product portfolio reduces its business risk and global reach reduces the group's exposure to geo-political and socio-economic risk associated with a particular market. such as in its distribution activities. which is largely driven by customer perception of brands.com/portal/server. In 2010.8 STRENGTHS: The strong brands of Unilever increase brand recall and promote repeat purchases. WEAKNESES: The group's European market has shown poor performance in the recent years. 7 Market Line Business Information Center http://dbic.com/companies/company/?pid=E00C82E3-8DA1-4F1A-B0A1-046B87A8C4BC 8 GLOBAL MARKETING INFORMATION DATABASE http://www. The ongoing implementation of Unilever’s “One Unilever” restructuring program including a switch from brand management to sectored management should free up additional funds to invest in existing brands. 000 million in 2006. Changes to Unilever’s internal structure. the United States deodorants market is forecast to have a volume of 658million units. The revenue from the European market has decreased from E15. Strong focuses on R&D activities enables the company to launch new products frequently and also introduce variants of existing products. Poor performance of the European market may affect the overall performance of the company. with increasingly centralized and globally managed divisions.9% since 2005.2%.euromonitor. a strong product portfolio comprising well-established brands provides a competitive advantage. Ongoing restructuring will further reduce operating costs across the company.The compound annual rate of change of the market volume in the period 20052010 is predicted to be -1% SWOT ANALYSIS7. a decrease of 4. have led to increasing synergies within the business.datamonitor.market in the period 2005-2010 is predicted to be 0.portal.pt?control=SetCommunity&CommunityID=210&PageID=726&cached=false&space= CommunityPage Page 9 of 24 . Since Unilever operates in an industry. 252million in 2004 to E15.
5 per Page 10 of 24 . The market has continued to show strong year-on-year growth. This presents an opportunity to further grow in these markets. The company has recorded poor cash flow from operation during the period 20032006. against the backdrop of rising interest rates. Declining prices. including a growing willingness by men to spend both time and money on their appearance is favoring the men's toiletries and fragrances market. In some emerging markets. is putting pressure on margins. which includes packaged food and household care products. and also may impede the speed at which new products get to market. The diversity of Unilever’s overall portfolio. Fuel costs for the company represent a significant portion of its distribution cost hence affecting its operating margin. Lifestyle trends. means that cosmetics and toiletries may not get the resources it needs when a sudden change in demand happens. D&E markets account for more than 40% of Unilever's turnover and that proportion is set to go on rising. which can be attributed to strong new product development and to the fact that companies have improved their understanding of marketing toiletries and skincare products for men. Increasing competition from other players operating in multiple and niche segments could adversely affect Unilever's market share and margins. Unilevers’ longestablished local roots in these markets give the company a competitive advantage as growth from its more mature markets is likely to slow down in the future. coupled with rising demand for discounts from the trade partners. Already. Unilever's falling cash flows from operations. The oil prices have moderated to $50. Emerging markets are expected to account for 90% of the world's population by 2010 and this is expected to drive demand for fast moving consumer goods. could lead to a liquidity crisis and adversely affect the growth plans of the group. THREATS: Unilever has suffered setbacks because of its inability to cope with increased competitiveness in key markets. OPPORTUNITIES: Significant growth opportunities for Unilever lie in the developing and emerging (D&E) economies including China and India. Unilever is losing the price-advantage it once enjoyed in home and personal care products to companies such as Procter & Gamble. Its cash flow from operation has decreased at a compounded annual growth rate (CAGR) of 13%.
library. as a result of the slow economy.portal. which has seen only sluggish interest in cosmetics and toiletries. as well as reducing demand for higher-priced products. segmentation is driving sales higher. Procter & Gamble is aggressively advertising TAG in the Canadian media. The group's distribution and selling cost has increased from E8. In the deodorant market.Higher fuel prices are likely to have a direct impact on the company's distribution cost. Other significant players include Gillette whose market share by value was 17. However. The focus is on the creation of products targeted specifically to the needs of men and women. COMPETITION9.ca/portal/server.2%. 025 million in 2004 to E9.2% of the market’s value.com.barrel in January 2007.library.ca/portal/server. this accounting for 45.pt?control=SetCommunity&CommunityID=206&PageID=719&cach ed=false&space=CommunityPage 10 GLOBAL MARKET INFORMATION DATABASE http://www.1 million.4 million in 2005. In addition. Standard and Poor's expects crude oil prices to average $62 per barrel in 2007.yorku.yorku. According to 9 GLOBAL MARKET INFORMATION DATABASE http://www. 486 million in 2006 an increase of 18.portal.euromonitor.ezproxy. The product packaging and presentation are really very similar to Axe. A challenging environment remains in North America. the company is benefiting from strong sales experienced by TAG – a main Axe competitor in body sprays. including popular teen shows.euromonitor.com. the rise of dollar stores and discounters such as Wal-Mart is increasing sales of discounted cosmetics and toiletries products which may well have a negative impact on operating margins. In the US mass market in particular.ezproxy. Procter & Gamble rebuffed the idea that the launch of TAG was a direct response to the launch and success of Axe. This continues to threaten net sales and profits in this market. with sales in 2005 amounting to $782. 10 Procter & Gamble leads the US deodorants market.pt?control=SetCommunity&CommunityID=206&PageID=719&cach ed=false&space=CommunityPage Page 11 of 24 . hence directly affecting its margins.3% in 2005 and Colgate-Palmolive with segment sales of $261. such as Quebec-based Loft Story. TAG targets younger men with its sexy message. Like Axe.
1. This segment are also very health conscious and are known to spend extensively on recreation activities. For this segment. YOUNG ADULTS This segment comprises both men and women between the ages of 19-25 who are enrolled in university or college and usually work part-time. TEENAGERS This demographic comprises of adolescents.euromonitor. we have broken down the market for deodorants into 4 different segments.1 billion (2006) and $1. the market in 2005 approached $2.1 billion (2010). This group are university graduates. 2.Euromonitor11 International. A large percentage of this group is retired. 4. are usually married with children and have greater financial stability that any of the other segments.and gender-specific as brands compete for the spending dollars of growing market niches. They are highly susceptible to influence from their peers in product selection and are looking for an element of excitement and novelty in products they purchase. BABY-BOOMERS This group includes large share of the Canadian population and hence is becoming very important to marketers. Their purchases are influenced by word of mouth promotionThey are conscious about their self-image and have access to disposable income which allows them to purchase higher end products within the personal care products market. For the purpose of this paper.3 billion in 2010.com/ Page 12 of 24 . as they are considered an affluent market to tap into.2 billion in 2006 and $2. Euromonitor forecasts an increase to more than $2. although some do continue to work after 11 EUROMONITOR INTERNATIONAL http://www. the image that a product portrays is an important purchasing criteria and as such are easily influenced by web based or Television advertising that offers a unique and provocative message. particularly men and teenagers. with the men's sector accounting for more than $1. The purchasing power they possess enables them to buy from variety of retailers ranging from high-end drug stores such as Shopper Drug Mart to low-end big-box retailers such as Wal-Mart. ADULTS This segment comprises people within the 26-45 age group and make up a significant part of the workforce. deodorants are becoming age. They are extroverted males who like to spend quality time with their peers and have active social lives. between the ages of 13-19 who are not afraid to experiment with products geared towards niche markets. Increasingly.2 billion--with sales almost evenly split between men and women's products. 3.
but due to deep-seated traditional ideas about masculinity.they have reached retirement age. Conventional advertising strategies may not have a big effect on them. unless the advertisements feature models or celebrities that this group may identify with or marketers employ the use promotional packaging or free trials to grasp their attention. Men in the baby-boomer group practice regular male grooming regime. they tend to stick to their regular traditional brands. as it is hard to get this segment to switch brands and try new products. Page 13 of 24 .
it was determined the top five purchase criteria that the target market considers for a bodyspray deodorant were: Price . A total of 7 brands were named in the focus group. most preferable brand.how visually appealing and functional the packaging is. Old Spice. Quality – the perceived value of the deodorant The respondents were also asked which brands come in mind when considering this product category of body spray deodorant.the variety and pleasantness of the scents offered by a brand. Adidas. Scent . a ranking of 1 indicates the top. however the selection was narrowed to five for the survey to minimize the complexity of the survey. least preferable brand for the criteria. significant knowledge of the strategic set of competitors.the consumer’s perception of the brand in question . and ranking of 5 indicates worse. we were able to determine what our respondents ranked each brand according the specified research criterion. From this research. Tag Using the data collected from the research.STRATEGIC SET OF COMPETITIORS & KEY PURCHASE CRITERIA To understand the competitive situation faced by Axe body spray. Package . Protection – how well the deodorant’s protection is.how much would the deodorant cost the consumer. Page 14 of 24 . The following indicates the rankings the respondents gave. the key purchase criteria and the customer value comparisons was gained.how long would one unit last for the consumer. a focus group and a questionnaire was conducted. Image . Durability . From the focus group. Comfort – how the deodorant feels on the customer’s skin. The top 4 brands considered as the strategic set are: Gillette.
Scent 1st 2nd 3rd 4th 5th Old Spice Adidas Axe Tag /Gillette 1st 2nd 3rd 4th 5th Protection Old Spice Gillette Axe Adidas Tag Packaging 1st 2nd 3rd 4th 5th Axe Adidas Tag Gillette Old Spice 1st 2nd 3rd 4th 5th Comfort Gillette Axe Tag Old Spice Adidas Image 1st 2nd 3rd 4th 5th Axe Gillette/ Old Spice Adidas Tag 1st 2nd 3rd 4th 5th Quality Gillette Axe Old Spice Adidas Tag Durability 1st 2nd 3rd 4th 5th Gillette Old Spice Adidas Axe Tag 1st 2nd 3rd 4th 5th Price Gillette Old Spice Axe Adidas Tag Page 15 of 24 .
40% 10.75 6.23 6. comfort level.13 Adidas 5. Gillette and Old Spice is no doubt the competition facing Axe due to Procter and Gamble’s dominance of the market in North America.5 7.40% 2.02 6.82 5.57 7.4 6.35 6.76 5.26 7.05 5.13 8.5 6.11 6. The negative aspects that customers associate with Axe are central to the belief that the high price in which Axe is charging is not justified with its quality. along with durability and quality needs improvement.06 Weighted total Value of Axe compared to Competitors 100 688.08 - 14.24 5.62 617.88% -1. with Axe and Old Spice trails closely behind Gillette.8 6.88 5.42 698. it is evident of Proctor and Gamble’s dominance which is shown through the results of this research.5 5.96 586.72 7. illustrates that Axe has high performance in the category of scent.38 6.48 6. Though Unilever has a larger dominance in the worldwide market.37 Axe Comfort Scent Durability Price Protection Packaging Image Quality 10 23 7 20 7 4 16 13 6.78 6. packaging and image.14 8.85 6. Gillette is perceived is the top contender according to the primary research that was conducted.1 Gillette 6.19 5.18 6. While the price of Axe.35 8. When ranked according to the weighted purchase criteria for the deodorant market.CUSTOMER VALUE ANALYSIS A customer value comparison was generated using the data available: Ranking of Importance Old Spice 6.33 673.2 6.75 5.29 6. As Axe is Page 16 of 24 . IMPLICATIONS FOR AXE This analysis.98 6.51 5.24 6.02 6.88 7.54 Tag 6.30% This chart shows the Axes’ current position in comparison to its competition.
This is especially important considering that Procter and Gamble spends heavily in research and development ($1.priced the highest compared to all other brands. The consumer analysis was a tremendous eye opener as the research team initially though the brand Tag would be Axe’s main competition but after the analysis.pdf Page 17 of 24 . More importantly it allowed Axe to see the level in which they are competing on. it was concluded that Gillette and Old Spice were the main competitors IDENTIFICATION OF PURCHASE CRITERION The consumer analysis allowed Axe to see what aspects of the product the competition is focused on. Consider the following strategies: Promotional Strategy While Axe has achieved tremendous success with its Axe effect campaign. Axe can promote aspects such as long lasting protection.intel.5 billion in 200112) IMPLICATIONS FOR THE NEXT PHASE From the research conducted the following can be implied for the next phase. it failed to live up to the customer’s expectations. where it focuses on promoting brand image.com/ca/business/casestudies/pdf/procter_gamble. 12 “Enhancing Innovation. It will be beneficial to Axe if they advertising their brand image along with functional aspects of the product.” http://www. to the competitor analysis: IDENTIFICATION OF MAIN COMPETITORS From this costumer analysis conducted. and comfort of use and high level of protection would help increase the perceived customer value towards Axe. There are various strategies that Axe can utilize to improve their position. Modifications to the product will help increase the perceived value and enable Axe compete with the dominating brands. a greater understanding of whom Axe’s competitors are. Product Strategy Axe is poorly rated in the performance category in comparison to brands like Gillette and Old Spice.
by Value.APPENDIX 113 Figure 3: Canada Personal Hygiene Market Segmentation I: % Share.com/industries/profile/?pid=80F36B6C-49A3-49CF-AC15-313AFF53B643 Page 18 of 24 .datamonitor. 200 6 13 MARKETLINE BUSINESS INFORMATION CENTER http://dbic.
APPENDIX 214 FIVE FORCES ANALYSIS: 14 MARKETLINE BUSINESS INFORMATION CENTER http://dbic.com/industries/profile/?pid=80F36B6C-49A3-49CF-AC15-313AFF53B643 Page 19 of 24 .datamonitor.
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datamonitor.com/industries/profile/?pid=79CD31C3-8867-4918-B8F1-61C7FF093581 Page 23 of 24 .APPENDIX 315 APPENDIX 4 15 MARKETLINE BUSINESS INFORMATION CENTER http://dbic.
com/industries/profile/?pid=79CD31C3-8867-4918-B8F1-61C7FF093581 http://dbic.datamonitor.datamonitor.com/industries/profile/?pid=2AA1A874-6E2B-4193-BC44-AD27E4E532D6 17 Page 24 of 24 .US MARKET16 GLOBAL MARKET17 16 http://dbic.
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