Competitive Advantage: Business Plan

Lev Uzlaner Marketing Consultant 416 568 5116 info@thisishowimarket.com www.thisishowimarket.com

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OBJECTIVES PRIMARY RESEARCH METHOD QUALITATIVE DATA QUANTITATIVE DATA PRODUCT CATEGORY PORTERS 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

2 2 2 2 2 3 3 3 3 4 4 5 5 7 7 8 8 9 9 9 10 10 10 11 12 12 12 12 13 13 15 16 16 17

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OBJECTIVE The purpose of this paper is to identify and analyze potential strategic areas where Axe can make improvements in providing greater strategic value; making their product more appealing to customers so that it can win against its strategic set of competitors. In order to do this, the paper will discuss valuable insight gained from both quantitative and qualitative data acquired form research conducted with 100 respondents and a focus group, respectively. Additionally, the paper will take an extensive look at AXE as a brand and its current position in the market, through both primary and secondary date, enabling us to gain a better understanding of the companys philosophy in comparison to its competitors.

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. As well, to identify our strategic set of competitors by asking the participants which deodorant brands they consider an alternative to AXE.
QUANTITATIVE DATA

100 male respondents were surveyed to study their needs, expectations and preferences in deodorant consumption. The results of the study tell us which competitors represent the most significant threats and opportunities under each purchasing criteria identified. PRODUCT CATEGORY PERSONAL HYGIENE MARKET1 The personal hygiene market consists of bath & shower products, deodorants and soaps. The Canadian personal hygiene market generated total revenues of $819.2 million in 2006; this represents a compound annual growth rate (CAGR) of 3.5% for the period spanning 2002-2006. Soap sales proved the most lucrative for the Canadian personal hygiene market in 2006, generating total revenues of $366.9 million, equivalent to 44.8% of the market's

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overall value. In comparison, sales of deodorants generated revenues of $244 million in 2006, equating to 29.8% of the market's aggregate revenues. Distribution via supermarkets/hypermarkets was the market's most lucrative channel in 2006, generating total revenues of $454 million, equivalent to 55.4% of the market's overall value. The performance of the market is forecast to accelerate, with an anticipated CAGR of 3.6% for the five-year period 2006-2011 expected to drive the market to a value of $978.8 million by the end of 2011. (See Appendix 1) PORTERS 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, which enhances buyer power. In contrast, a lack of differentiation between products reduces buyer power. 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. As a result retailers are required to stock these products, which reduce their bargaining strength. 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, which threatens the position of buyers. Overall buyer power is assessed as moderate. (SEE APPENDIX 2) SUPPLIER POWER The recent rise in several global commodity prices is putting manufacturers under pressure, as they are facing short supplies of products such as palm oil, following unfavorable conditions in the main producer regions and rising demand for palm oil as a biofuel. Suppliers are often small in scale compared to the largest manufacturers and consequently their power is reduced, but this countered by the fact that chemical producers gain revenues from a wide variety of sources, reducing their dependence on personal hygiene product manufacturers. Overall supplier power is assessed as moderate. (SEE APPENDIX 2) NEW ENTRANTS The Canadian hygiene market has grown moderately in recent years. Opportunities to gain market share particularly with the growth of niche sectors such as the male grooming market. Products in this market are subject to several safety regulations, and compliance
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costs form an entry barrier. Advertising and strong brand image can produce success in the personal care market, but also requires capital outlay up front. Counterfeits of personal hygiene products are widespread and can dilute a companys brand image. A number of large firms in this market, such as Unilever, possess scale economies which allow them to create efficiencies in their business; companies entering the market may find it difficult to compete unless they enjoy comparable efficiencies. Overall, the likelihood of new entrants is moderate. (SEE APPENDIX 2) SUBSTITUTES For consumers, there are two possible substitutes for personal hygiene products: Traditional, homemade products Counterfeit versions of branded products.

Although retailers are considered as buyers in this market, consumer choice will have a strong pull-through: when consumers opt for the substitutes, retailers may not buy as many products from the manufacturers. Also, it is possible for retailers to buy counterfeit products, knowingly or not. The costs of switching from legitimate to counterfeit goods are often not high, and their price is favorable for retailers. On the other hand, counterfeit products may be of poor quality and consumers may avoid the retailer. A product that is actually made by the legitimate manufacturer, but which is diverted from the legitimate distribution channel, will appeal just as much to end-users. However, if it is assumed that the majority of retailer buyers will avoid illicit trading, the impact overall of substitutes may not be as high as a purely economic assessment implies, and the threat of substitutes is therefore considered to be weak overall. (SEE APPENDIX 2) RIVALRY The Canadian personal hygiene market is dominated by a small number of large players. Dominating the market are companies such as Unilever, Colgate-Palmolive and Procter & Gamble. The market is mature, and many of the players sell similar products. This has led to a competitive environment with many labels, such as toothpaste brands Crest and Colgate, competing for the same share of the market. On the other hand, the wide range of product ranges means companies are not reliant on one type of product for their revenues. Fixed costs are high in this market as most companies own large production facilities. Most of these companies are geographically diversified which weakens rivalry to some extent. Overall rivalry in the market is moderate. (SEE APPENDIX 2)

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COMPANY BACKGROUND3 The Unilever group of companies is involved in the manufacturing and marketing of branded consumer goods, primarily foods, detergents and personal products. Unilever operates through subsidiaries in Germany, Switzerland, France, the UK, the US, and China. It has operations in over 100 countries worldwide. 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, deodorants and antiperspirants, skin care and hair care products and a number of prestige fragrances. The company's brands in this segment include Axe, Pond's, Rexona, Dove, Lux and Sunsilk. Other important brands include Suave, Clear, Lifebuoy and Vaseline, together with Signal and Close Up in oral care. 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, agents, and distributors under various agreements. Its products are distributed through distribution centers, satellite warehouses, company-operated facilities, and public storage depots. The customer purchases occur through departmental chains, wholesalers, co-operatives, independent grocery stores, and various food service providers. In 2000, Unilever announced plans to restructure its operations, which included the sale of several subsidiaries. The new structure was intended to focus on Unilever's two main divisions: food and home; and beauty products. Unilever and the United Nations World Food Programme (WFP) announced a new partnership in the fight against child hunger, in May 2006. COMPANY PRODUCT4 Axe body deodorant, sold as Lynx in the United Kingdom, is the world's most popular male grooming brand. Its seductive fragrances and provocative packaging and advertising campaigns, as well as the companies ability to come up with a constant stream of new
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ideas to keep men a step ahead in the mating game, for instance, by launching a new deodorant fragrance, every year has given the Axe brand a competitive edge over other deodorant brands. The brand has also expanded into a number of new areas; including shower and hair gels and its award-winning advertisements and marketing are equally adventurous. Axe has recorded a compound annual growth rate of 18% over the 2001-2006 period, making it Unilevers fifth largest brand in terms of value sales. Following its successful strategy of building a global brand while adapting to local preferences, Axe has enjoyed exceptional growth development in many key markets including North America. Launched in the region in 2002, Axe is now the number one deodorant brand in the North American market, and enjoys top positions in several other sectors. The brand is also well established in Latin America, one of the fastest-growing regions in the world in many cosmetics and toiletries sectors. Predominantly targeting young men, the company has invested heavily in marketing and advertising. Recent campaigns in North America have marked a change in the companys traditional use of television advertising, focusing on video-streamed clips on the Internet in order to attract a greater proportion of its target market. Internet advertising has already been successfully used to support the brand since its launch, and it is likely that its importance in terms of Axe marketing will now increase worldwide. 5

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MARKET ASSESSMENT6 MARKET VALUE & VOLUME The deodorants market consists of aerosols, body sprays, cream, gel, pump, roll-on, sticks & solids and other deodorants. The market is valued according to retail selling price (RSP) and includes any applicable taxes. The US deodorants market generated total revenues of $1,729.3 million in 2005, this representing a compound annual growth rate (CAGR) of 0% for the five-year period spanning 2001-2005. Deodorant gel sales proved the most lucrative for the US deodorants market in 2005, generating total revenues of $251.5 million, equivalent to 14.5% of the market's overall value. In comparison, sales of aerosol antiperspirant generated revenues of $244 million in 2005, equating to 14.1% of the market's aggregate revenues. The performance of the market is forecast to accelerate slightly, with an anticipated CAGR of 0.2% for the five-year period 2005-2010 expected to drive the market to a value of $1,745.3 million by the end of 2010.The United States deodorants market grew by 0.3% in 2005 to reach a value of $1,729.3 million. The United States deodorants market shrank by 0.5% in 2005 to reach a volume of 691.8 million units. (SEE APPENDIX 3) SEGMENTATION Sticks and solids form the most lucrative sector of the US deodorants market, with a 50% share of the market's value. Deodorant gel accounts for a further 14.5% of the market by value. The United States accounts for 20.4% of the global deodorants market by value. Europe is the leading region in the global deodorants market, with a 46.8% share of the market's value. Procter & Gamble leads the US deodorants market, with sales in 2005 amounting to $782.1 million, this accounting for 45.2% of the markets value. Other significant players include Gillette whose market share by value was 17.3% in 2005 and Colgate-Palmolive with segment sales of $261.4 million in 2005. DISTRIBUTION Supermarkets and hypermarkets form the most significant distribution channel for deodorant sales in the US, accounting for 63.3% of the market. Sales by pharmacies and drug stores account for an additional 22.8% of the market. In 2010, the United States deodorants market is forecast to have a value of $1,745.6million, an increase of 0.9% since 2005.The compound annual growth rate of the
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market in the period 2005-2010 is predicted to be 0.2%. In 2010, the United States deodorants market is forecast to have a volume of 658million units, a decrease of 4.9% since 2005.The compound annual rate of change of the market volume in the period 20052010 is predicted to be -1% SWOT ANALYSIS7,8 STRENGTHS: The strong brands of Unilever increase brand recall and promote repeat purchases. Since Unilever operates in an industry, which is largely driven by customer perception of brands, a strong product portfolio comprising well-established brands provides a competitive advantage. Strong focuses on R&D activities enables the company to launch new products frequently and also introduce variants of existing products. 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. The ongoing implementation of Unilevers One Unilever restructuring program including a switch from brand management to sectored management should free up additional funds to invest in existing brands. Changes to Unilevers internal structure, with increasingly centralized and globally managed divisions, have led to increasing synergies within the business, such as in its distribution activities. Ongoing restructuring will further reduce operating costs across the company. WEAKNESES: The group's European market has shown poor performance in the recent years. The revenue from the European market has decreased from E15, 252million in 2004 to E15, 000 million in 2006. Poor performance of the European market may affect the overall performance of the company.

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The company has recorded poor cash flow from operation during the period 20032006. Its cash flow from operation has decreased at a compounded annual growth rate (CAGR) of 13%. Unilever's falling cash flows from operations, against the backdrop of rising interest rates, could lead to a liquidity crisis and adversely affect the growth plans of the group.

The diversity of Unilevers overall portfolio, which includes packaged food and household care products, means that cosmetics and toiletries may not get the resources it needs when a sudden change in demand happens, and also may impede the speed at which new products get to market.

OPPORTUNITIES: Significant growth opportunities for Unilever lie in the developing and emerging (D&E) economies including China and India. Already, D&E markets account for more than 40% of Unilever's turnover and that proportion is set to go on rising. 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. 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. Lifestyle trends, including a growing willingness by men to spend both time and money on their appearance is favoring the men's toiletries and fragrances market. The market has continued to show strong year-on-year growth, 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. This presents an opportunity to further grow in these markets. THREATS: Unilever has suffered setbacks because of its inability to cope with increased competitiveness in key markets. Declining prices, coupled with rising demand for discounts from the trade partners, is putting pressure on margins. In some emerging markets, Unilever is losing the price-advantage it once enjoyed in home and personal care products to companies such as Procter & Gamble. Increasing competition from other players operating in multiple and niche segments could adversely affect Unilever's market share and margins. Fuel costs for the company represent a significant portion of its distribution cost hence affecting its operating margin. The oil prices have moderated to $50.5 per

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barrel in January 2007. Standard and Poor's expects crude oil prices to average $62 per barrel in 2007. The group's distribution and selling cost has increased from E8, 025 million in 2004 to E9, 486 million in 2006 an increase of 18.2%.Higher fuel prices are likely to have a direct impact on the company's distribution cost, hence directly affecting its margins. A challenging environment remains in North America, which has seen only sluggish interest in cosmetics and toiletries, as a result of the slow economy. This continues to threaten net sales and profits in this market. In the US mass market in particular, 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, as well as reducing demand for higher-priced products. COMPETITION9,
10

Procter & Gamble leads the US deodorants market, with sales in 2005 amounting to $782.1 million, this accounting for 45.2% of the markets value. Other significant players include Gillette whose market share by value was 17.3% in 2005 and Colgate-Palmolive with segment sales of $261.4 million in 2005. In addition, the company is benefiting from strong sales experienced by TAG a main Axe competitor in body sprays. Like Axe, TAG targets younger men with its sexy message. Procter & Gamble is aggressively advertising TAG in the Canadian media, including popular teen shows, such as Quebec-based Loft Story. The product packaging and presentation are really very similar to Axe. However, Procter & Gamble rebuffed the idea that the launch of TAG was a direct response to the launch and success of Axe.

In the deodorant market, segmentation is driving sales higher. The focus is on the creation of products targeted specifically to the needs of men and women. According to
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Euromonitor11 International, the market in 2005 approached $2.2 billion--with sales almost evenly split between men and women's products. Euromonitor forecasts an increase to more than $2.2 billion in 2006 and $2.3 billion in 2010, with the men's sector accounting for more than $1.1 billion (2006) and $1.1 billion (2010). Increasingly, deodorants are becoming age- and gender-specific as brands compete for the spending dollars of growing market niches, particularly men and teenagers. For the purpose of this paper, we have broken down the market for deodorants into 4 different segments.
1. TEENAGERS

This demographic comprises of adolescents, between the ages of 13-19 who are not afraid to experiment with products geared towards niche markets. 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. For this segment, 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. 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.
2. 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. They are extroverted males who like to spend quality time with their peers and have active social lives. 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.
3. ADULTS

This segment comprises people within the 26-45 age group and make up a significant part of the workforce. This group are university graduates, are usually married with children and have greater financial stability that any of the other segments. This segment are also very health conscious and are known to spend extensively on recreation activities.
4. BABY-BOOMERS

This group includes large share of the Canadian population and hence is becoming very important to marketers, as they are considered an affluent market to tap into. A large percentage of this group is retired, although some do continue to work after
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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, as it is hard to get this segment to switch brands and try new products. Men in the baby-boomer group practice regular male grooming regime; but due to deep-seated traditional ideas about masculinity, they tend to stick to their regular traditional brands.

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STRATEGIC SET OF COMPETITIORS & KEY PURCHASE CRITERIA To understand the competitive situation faced by Axe body spray, a focus group and a questionnaire was conducted. From this research, significant knowledge of the strategic set of competitors, the key purchase criteria and the customer value comparisons was gained. From the focus group, it was determined the top five purchase criteria that the target market considers for a bodyspray deodorant were: Price - how much would the deodorant cost the consumer; Scent - the variety and pleasantness of the scents offered by a brand; Durability - how long would one unit last for the consumer; Package - how visually appealing and functional the packaging is; Image - the consumers perception of the brand in question ; Protection how well the deodorants protection is; Comfort how the deodorant feels on the customers skin; 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. A total of 7 brands were named in the focus group, however the selection was narrowed to five for the survey to minimize the complexity of the survey. The top 4 brands considered as the strategic set are: Gillette, Adidas, Old Spice, Tag

Using the data collected from the research, we were able to determine what our respondents ranked each brand according the specified research criterion. The following indicates the rankings the respondents gave, a ranking of 1 indicates the top, most preferable brand, and ranking of 5 indicates worse, least preferable brand for the criteria.

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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

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CUSTOMER VALUE ANALYSIS A customer value comparison was generated using the data available: Ranking of Importance Old Spice 6.18 6.23 6.29 6.78 6.88 5.35 8.5 6.37

Axe Comfort Scent Durability Price Protection Packaging Image Quality 10 23 7 20 7 4 16 13 6.72 7.05 5.35 6.2 6.26 7.13 8.8 6.54

Tag 6.48 6.24 5.19 5.51 5.11 6.38 6.5 5.1

Gillette 6.75 6.24 6.57 7.02 6.85 6.14 8.5 7.13

Adidas 5.82 5.76 5.75 5.98 6.02 6.88 7.4 6.06

Weighted total Value of Axe compared to Competitors

100

688.96

586.42

698.62

617.33

673.08

14.88%

-1.40%

10.40%

2.30%

This chart shows the Axes current position in comparison to its competition. When ranked according to the weighted purchase criteria for the deodorant market, Gillette is perceived is the top contender according to the primary research that was conducted, with Axe and Old Spice trails closely behind Gillette. Gillette and Old Spice is no doubt the competition facing Axe due to Procter and Gambles dominance of the market in North America. Though Unilever has a larger dominance in the worldwide market, it is evident of Proctor and Gambles dominance which is shown through the results of this research. IMPLICATIONS FOR AXE This analysis, illustrates that Axe has high performance in the category of scent, comfort level, packaging and image. While the price of Axe, along with durability and quality needs improvement. 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. As Axe is

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priced the highest compared to all other brands, it failed to live up to the customers expectations. There are various strategies that Axe can utilize to improve their position. Consider the following strategies: Promotional Strategy While Axe has achieved tremendous success with its Axe effect campaign, where it focuses on promoting brand image. It will be beneficial to Axe if they advertising their brand image along with functional aspects of the product. Axe can promote aspects such as long lasting protection, and comfort of use and high level of protection would help increase the perceived customer value towards Axe. Product Strategy

Axe is poorly rated in the performance category in comparison to brands like Gillette and Old Spice. Modifications to the product will help increase the perceived value and enable Axe compete with the dominating brands. This is especially important considering that Procter and Gamble spends heavily in research and development ($1.5 billion in 200112) IMPLICATIONS FOR THE NEXT PHASE From the research conducted the following can be implied for the next phase, to the competitor analysis: IDENTIFICATION OF MAIN COMPETITORS From this costumer analysis conducted, a greater understanding of whom Axes competitors are. The consumer analysis was a tremendous eye opener as the research team initially though the brand Tag would be Axes main competition but after the analysis, 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. More importantly it allowed Axe to see the level in which they are competing on.

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Enhancing Innovation, http://www.intel.com/ca/business/casestudies/pdf/procter_gamble.pdf

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APPENDIX 113
Figure 3: Canada Personal Hygiene Market Segmentation I: % Share, by

Value, 200

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APPENDIX 214 FIVE FORCES ANALYSIS:

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APPENDIX 315

APPENDIX 4
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US MARKET16

GLOBAL MARKET17

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