An International Marketing Analysis for Unilever - Report Example

An International Marketing Analysis for Unilever Executive Summary Unilever is a fast moving consumer good company founded in 1930 and is based in the United Kingdom. In 1972, it acquired Lipton Tea, which has since then become one of its best-performing brands. Lipton Tea is the largest selling tea brand worldwide. Presently, it is introducing its new Lipton Loose Black Tea in the UAE market. The environment scan shows that UAE is ranked highly by international research, finance and business organisations as one of the region’s locations most conducive to business. Lloyd’s of London, the Heritage Foundation and the Wall Street Journal have raised their ratings of the country in terms of economic freedom, freedom from corruption, ease of doing business and competitiveness. Concerns remain about the region’s political unrests, and there is some indication that the UAE lags behind in innovation compared to other countries. The microenvironment scan shows that because of the nature of Lipton tea as a consumer beverage, competitive forces are high due to low shifting cost, low entry barriers, and the large number of substitutes and direct competitors. Lipton’s advantage is that it has established a reputation for premium quality and some measure of differentiation from its competitors by virtue of its brand image and patented brewing process. Internal company analysis shows that both Unilever and Lipton enjoy strong brand following and an effective globalised brand strategy that focuses on the mass market. The weaknesses of Unilever is that it has a history of product recalls and a lack of major patent to protect its brand integrity. Opportunities in the environment include a widening consumer base and strong growth in the developing and emerging economies such as the Middle East, while threats include exposure to possible economic and political crises and rising costs of doing business. Unilever is benefitted by pursuing an overall cost leadership strategy, which enables it to address a broad multiple-sector market for FMCG over a large geographical scope. As for market entry strategy, that which was adopted by Lipton in the early 1980s proved successful and prudent for Unilever. It now has a long-term commitment through direct investment in the Unilever Lipton Jebel Ali factory in Dubai. The market entry of Lipton Loose Black Tea can be staged through a combination of introductory pricing, saturation distribution in retail facilities, and promotional sampling, coupled with institutional promotions via the “Muppets Most Wanted” high profile launch and social networking of Lipton. Introduction This study aims to analyse the introduction of Lipton Loose Black Tea into the UAE. It is a variant of Lipton Tea a brand of Unilever, which is based in the UK. Its business is the manufacture and distribution of fast moving consumer goods in the food, home and personal care categories. Lipton Tea is one of Unilever’s many brands which have been highly successful worldwide. Lipton Loose Tea has enjoyed high growth demand and brisk sales in the markets it has been introduced in. Its initial entry into Dubai was seen to encounter challenges because it does not conform to the usual Lipton tea packaging which is the tea bag.. The study begins with a macro-environmental scan of the UAE in the form of a PEST analysis, followed by a micro-environmental scan based on Porter’s Five-Forces Model. An internal company analysis of Unilever is thereafter undertaken with the SWOT framework, followed by a discussion on Lipton’s marketing strategy, segmentation and positioning, marketing mix, and eventually Lipton’s marketing entry strategy into UAE. Table of Contents Executive Summary 2 Introduction 3 1.Company background 5 2.Environmental scan research 5 2.1.PEST of the UAE 5 2.2.Microenvironment scan (Porter’s 5-Forces analysis) 7 2.3.Internal Company (SWOT) Analysis 8 S-O: There is an expanding market base for tea, with19,000 consumed in the UAE daily (Hotelier Middle East, 2013). UAE ranks 7th in the global consumption of tea, which is remarkable because of its comparatively small population (see Appendix C). The actual expenditure for food and non-alcoholic beverages is perceived to grow at a healthy 9.9% until 2015 (see Appendix D). Thus Lipton may capture increased market share to take advantage of a widening consumer base because of its geographic and sectoral diversity and mass market focus. 8 S–T: Lipton’s strong brand following, applied to its variants of tea products, could compete with niche brands, which have a weaker command of the market than Lipton. 8 W–O: One weakness that Lipton has been addressing is the weakness in its patent, as recently it has relaunched its brand worldwide as a result of a recently acquired patent. This could meet the opportunity created by having a presence in dynamic product sectors, particularly health-conscious tea drinkers particular about ingredients and preparation. 8 W–T: Product recalls for Unilever have not significantly affected Lipton, although such may be mitigated by improving quality assurance. Enhancing quality can stave off the threat of industry consolidation, when the weaker performers will be eased out as consumers transfer to better quality products. 9 3.Marketing strategy: Global branding 9 4.Market segmentation and positioning 10 5.Market mix 10 5.1.Product 10 5.2.Price 10 5.3 Place 11 5.4Promotion 11 6Market entry strategy 11 Conclusion and recommendations 12 Bibliography 14 1. Company background Founded in 1930 in the United Kingdom, Unilever, a fast moving consumer good (FMCG) company, is now recognised as one of the world’s leading providers of consumer items in the food, home, and personal care subsectors. It traces its beginnings to 1890 when William Hesketh Lever, the founder of Lever Bros, conceived of his revolutionary new product called Sunlight Soap. It was supposed to advance cleanliness and hygiene in Victorian England, “to make cleanliness commonplace; to lessen work for women; to foster health and contribute to personal attractiveness, that life may be more enjoyable, and rewarding for the people who use our products” (Unilever, 2014a). According to Unilever’s Corporate Purpose, attaining success requires “the highest standards of corporate behaviour towards everyone we work with, the communities we touch, and the environment on which we have an impact” (Unilever,2014b). Unilever’s principles are: Always working with integrity; Positive impact; Continuous commitment; Setting out our aspirations; and Working with others (Unilever,2014b). 2. Environmental scan research 2.1. PEST of the UAE Political and legal factors The country moved higher in the international rank for ease of doing business (from 33rd in 2012 to 26th in 2013) and competitiveness (27th in 2012 to 24th in 2013), as well as freedom from corruption (30th in 2012 to 28th in 2013), according to the country profile report of Lloyd’s of London (2013). The federation is also ranked the 28th freest economy in the Heritage Foundation and the Wall Street Journal’s Index of Economic Freedom for 2013. It garnered an economic freedom score of 71.1, signifying a conducive business environment (MarketLine, 2013). There is no organised political opposition in the country, either at the federal level or within the individual emirates, raising concern about the influence of hardline Islamist groups (MarketLine, 2013). The UAE is still vulnerable to the ongoing political turmoil in the region, and there is reason to expect continuing uncertainties that may dampen the business climate (Lloyd’s Country Profile UAE, 2013). Due to the federal nature of the UAE, there may be considerable variations in the regulations across the emirates (BMI, 2013) Economic The UAE is ranked 48th in the world in terms of GDP, with a GDP annual growth rate that has continually been recovering, from -4.8% in 2010 during the height of the Arab Spring, to 4.4% in 2013. Consumer spending has also covered significantly since its fall in 2009. CPI has also recovered, reflecting healthy demand (see Appendix A for GDP, Consumer spending, and CPI). The UAE’s main exports are crude oil and natural gas, raising concerns about the emirate’s post-oil boom economy; this is not expected to happen anytime soon, however (Lloyd’s Country Profile UAE,2013). It continues to build its industrial base, with its main imports being machinery and transport equipment, chemicals, and food. With this diversification, the country tends to become less vulnerable to sudden fluctuations in the oil price (BMI, 2013). The UAE has one of the most liberal trade regimes in the Gulf, and as a result is the destination for most of the direct investments flowing into the region. This assures the country of an expanding economy and a growing number of expatriate workers who add to the target consumer base for prime commodities (BMI, 2013). Societal and Ecological The Gender Gap Report for 2012 ranks UAE at 107th out of 135 countries, the top position among the Arab countries. It is the only country in the region which has successfully bridged the educational attainment gap between the genders (MarketLine,2013). In the 2013 Human Development Index, the UAE ranked 41st out of 186 countries, landing it in the very high human development category (MarketLine,2013) Ecologically, one of the main issues in the UAE is a rise in salinity levels as a result of extensive groundwater pumping; effluents from the oil industry have likewise contributed to increased levels air pollution (MarketLine,2013). Technological The Global Innovation Index for 2013 ranks UAE at 112th out of 141 countries in terms of the number of scientific and technical journal articles; the country still lags behind other Middle Eastern countries such as Israel (10th), Iran (40th), and Saudi Arabia (77th) (MarketLine,2013). The number of patents registered by the UAE is quite low in comparison with other developing and developed countries, numbering only 20 with the US Patent and Trademark Office. By comparison, Israel has 2,474 new patent registrations while Saudi Arabia has 170 (MarketLine,2013). 2.2. Microenvironment scan (Porter’s 5-Forces analysis) Bargaining power of buyers – High. There are numerous tea manufacturers in the market, and the cost to the consumer to shift from one brand to another is low. The product differentiation is low, and market tastes are constantly changing, giving buyers the power as price determinants in the tea industry. Bargaining power of suppliers – Moderate. The flavour of tea drinks depend upon the source. In the case of Lipton tea the plant variant is specifically Ceylon tea leaves. Unilever’s has developed its competitive advantage through its supply chain that efficiently delivers. Threat from new entrants – High. There are unlimited kinds of tea drinks and unlimited types of preparations, ranging from the classic to the faddish. Except for sanitary or hygienic preparation, packaging and storage requirements to ensure food safety (Dubai Municipality Food Control Department, 2008), there are no special regulations/licenses or capital requirements for new entrants to hurdle. Threat from substitutes – High. Non-alcoholic beverages that tea drinkers can switch to or alternate with tea include carbonated soft drinks, coffee, bottled water, and energy drinks. Internal rivalry among competitors – High. Non-alcoholic beverages have mass appeal that transcends geography and culture, and competition is high both from local and multinational beverage manufacturers. The direct competitor comparison for Unilever is shown in Appendix B. Nestle and P&G both outperform Unilever in terms of revenue and net income, but Unilever has a higher gross margin than the other two, meaning that it has a more efficient supply chain in sourcing and acquiring its raw materials. This is the competitive advantage of Unilever over its competitors. 2.3. Internal Company (SWOT) Analysis The SWOT analysis is a method by which the company’s strengths and weaknesses are identified and juxtaposed against the opportunities and threats that face the company in its business environment (Pahl & Richter,2009). In the case of Lipton, the SWOT of Unilever shall be analysed since Unilever provides the financial, operational and marketing infrastructure for all its brands. The following table shows the most important of these elements in the case of Unilever. S-O: There is an expanding market base for tea, with19,000 consumed in the UAE daily (Hotelier Middle East, 2013). UAE ranks 7th in the global consumption of tea, which is remarkable because of its comparatively small population (see Appendix C). The actual expenditure for food and non-alcoholic beverages is perceived to grow at a healthy 9.9% until 2015 (see Appendix D). Thus Lipton may capture increased market share to take advantage of a widening consumer base because of its geographic and sectoral diversity and mass market focus. S–T: Lipton’s strong brand following, applied to its variants of tea products, could compete with niche brands, which have a weaker command of the market than Lipton. W–O: One weakness that Lipton has been addressing is the weakness in its patent, as recently it has relaunched its brand worldwide as a result of a recently acquired patent. This could meet the opportunity created by having a presence in dynamic product sectors, particularly health-conscious tea drinkers particular about ingredients and preparation. W–T: Product recalls for Unilever have not significantly affected Lipton, although such may be mitigated by improving quality assurance. Enhancing quality can stave off the threat of industry consolidation, when the weaker performers will be eased out as consumers transfer to better quality products. 3. Marketing strategy: Global branding Unilever has adopted a global strategy described as a “think-global and act-global” strategy. This means that the same competitive strategic approach is employed by the company in all foreign markets where Unilever’s products, including Lipton, has a presence (Doole & Lowe, 2008). Unilever and the Lipton brand enjoys instant global brand recognition. Under the Lipton brand, various sub-brands are fielded to cater to local variations in tastes and preferences, however the Lipton image remains one of top quality and trustworthiness. Unilever is bringing its Lipton hot and iced tea brand under one global positioning for the first time in a multi-million campaign starring the Muppets. Source: Joseph, 2014 The global branding strategy of Unilever applied to Lipton tea commences with the sponsorship of “Muppets Most Wanted” movie in order to promote its new “Be More Tea” strapline. “The marketing drive aims to tie the brand to the ‘playfulness, fun and irreverence’ of the Muppets” (Joseph, 2014). The principal advantage of global branding is that with the use of digital media and social networking, promotion of a brand becomes effective and cost-efficient (Kahn, 2013). 4. Market segmentation and positioning Lipton tea is intended for the mass market, catering to consumers of all demographic and income groups, and for all geographical locations. Currently, it ranks top in the world for the tea drink category. Lipton positions itself as the premium tea drink to differentiate it from more recent market brands (Unilever,2013), and by far it is the best-selling tea in more than 110 territories worldwide (Adbrands.net,2014). 5. Market mix 5.1. Product Lipton tea is an aromatic, uplifting beverage produced from tea leaves grown in the tea estates in Ceylon/ Sri Lanka available. Lipton’s variants already being sold in the UAE include Lipton Green Tea, Lipton White and Red Teas, Lipton Herbal Teas, Lipton Iced Tea, Lipton Fresh Brew Iced Teas, and Lipton Iced Tea Mix, among others (Liptontea.com,2014), all in tea bags. The new product to be introduced in the UAE is the Lipton Loose Black Tea. Source: Lipton Tea, 2014 The distinguishing attribute of the new product is that it is not packed in tea bags as the other Lipton tea variants are. Furthermore, it features Lipton’s Black Tea, made with fermented tea leaves. Black tea was determined by research to reduce the risk of stroke, and to protect the lungs from damage that may be caused by cigarette smoke (WebMD, 2014). 5.2. Price Unilever has adopted the cost leadership strategy for mass markets, which is the most appropriate strategy for large-scale FMCG businesses. The price strategy to be adopted would be to initially field the product at an introductory price to introduce the product to as many consumers as possible in all segments. The historically low prices in tea in the UAE at present (see Appendix E) will favour a low-price strategy at the time the product will be introduced into the market. 5.3 Place After more than a century of doing business, Lipton now sells in 110 territories worldwide. Its distribution network in each market consists of all principal retail outlets, including supermarkets, grocery stores, department stores, and other distribution centers; satellite warehouses; group-operated facilities; and public storage depots (Datamonitor, 2010). Unilever has also been developing its multichannel distribution system by expanding its online sales capability, and Lipton is benefitted by this (Business World, 2011). Even in the UAE, grocery stores, supermarkets, restaurants and other retail establishments will be the best distribution outlets, because of the presence of parking facilities and the convenience of the location (see Appendix F). 5.4 Promotion Lipton has already launched its global branding campaign starring the Muppets through its Most Wanted movie. At the same time, Unilever has done a wide overhaul of its markets and its global brands, leading to a 12% drop in its the headcount of its marketing staff. The company is gearing to shift much of its advertising from the more expensive traditional media (e.g. television) to more targeted digital platforms which cost less (Joseph, 2014). Thus, the new product shall be similarly promoted, together with distribution of samples of the new product, seeking the endorsement of health establishments (such as fitness centres and gyms), and providing restaurants and dining establishments with promotional supplies of the product. 6 Market entry strategy Lipton entered the UAE market in the early 1980s. At that time, its strategy was to familiarise the already tea-drinking public with the Lipton taste, thus millions of free samples were initially distributed in social affairs. Originally, Lipton was shipped from its factory in Manchester, England, in small quantities. The company had to defend the brand by emphasising on quality which copycats were not able to imitate (Underwood, 2013). Now that Lipton Tea has adopted a long term strategy in the UAE, the introduction of Lipton Loose Black Tea will be largely a matter of leveraging on its global brand, introductory pricing, mass market promotion, and saturation of retail establishments. Unilever set up its Lipton Jebel Ali factory based in Dubai, which today is the world’s top tea re-exporter (Bolton,2012), thereby bringing its production facilities closer to market and realising efficiencies in logistics. More recently, in May 2013 Unilever re-launched its Lipton brand after the company patented a process designed to make a better brew (Duncan, 2013). It is an opportune moment to introduce Lipton’s Loose Black Tea variant into the market. Conclusion and recommendations Lipton Tea and the Unilever company in general is well poised for the entry of Lipton Loose Black Tea into the UAE. UAE boasts of a business environment conducive to Unilever’s direct investment and long-term commitment. The political instabilities of the region notwithstanding, the highly receptive market signals a long-term economic growth rate that Unilever brands can build value on. Competitive forces may be high, but Unilever Lipton’s strong global brand is seen to maintain its leadership position; besides, UAE has an expanding consumer base, indicating that demand may grow to accommodate the added supply. The advantage of the market entry strategy adopted by Unilever Lipton Loose Black Tea in Dubai is sensible and prudent. Its promotional marketing is low-risk with moderate return, in order to test whether the product has a viable future in the region. Furthermore, by positioning Lipton Loose Black Tea as a premiere health drink available to the broad market caters to the increasingly health conscious consumers in the UAE, as described by Euromonitor International (2014). Lipton can improve its performance in Dubai by emphasising innovation and research and development. Thus far, the UAE lags behind in innovative development. The fact that Lipton relaunched its tea product on the basis of a new patent that improved the brewing process and subsequently the product quality is a step in the right direction. It is thus recommended that further inquiry into product improvement in terms of quality and variety should be undertaken. It should also be recommended that Dubai’s new product lines be introduced further into the region and expanded in terms of marketing and distributorship, to enhance economies of scale for the manufacturing facility, since Dubai has only a small population. Expanding to nearby markets will enable the Unilever Lipton Jebel Ali factory to operate more efficiently and increase profitability. Bibliography Bolton, D 2012 ‘Dubai is Now World’s Top Tea Re-Exporter.’ World Tea News. 28 November. Retrieved 18 February 2014 from http://www.worldteanews.com/news/dubai-is-now-worlds-top-tea-re-exporter#sthash.XdaYTW1r.dpbs Business Monitor International (BMI) 2013 UAE Defence &Security Report. Issue 4, p. 1-82. Business Source Complete, EBSCOhost, viewed 19 February 2014. Business World 2011 “PESTEL Analysis – Unilever Global” Business World. 16 July. Retrieved 18 February 2014 from http://businessworld-asif9ca.blogspot.com/2011/07/pestel-analysis-unilever-global.html Clinch, N, Osland, A, & Dorso, A 2011, Is Unilever Hypocritical?, Journal Of Critical Incidents, 4, pp. 112-114, Business Source Complete, EBSCOhost, viewed 20 February 2014. Datamonitor 2010 Company Spotlight: Unilever Marketwatch: Personal Care, 9, 8, pp. 16-24, Business Source Complete, EBSCOhost, viewed 19 February 2014. Doole, I & Lowe, R 2008 International Marketing Strategy: Analysis, Development and Implementation, 5th edition. London: Cengage Learning EMEA. Dubai Municipality Food Control Department 2008 Minimum Requirements for Registration of Food and Beverage Suppliers. Retrieved 26 February 2014 from http://www.dm.gov.ae/ Duncan, G 2013 “Unilever brews up Lipton relaunch” The National. 2 May. Retrieved 18 February 2014 from http://www.thenational.ae/business/industry-insights/tourism/retail/unilever-brews-up-lipton-relaunch Euromonitor International 2014 “Country Report: Tea in the United Arab Emirates.” Euromonitor International, September. Retrieved 26 February 2013 from http://www.euromonitor.com/tea-in-the-united-arab-emirates/report Fikri, M 2010 “Unilever’s Strategies for Competing in Foreign Markets.” Strategic Management Seminar. Retrieved 19 February 2014 from http://mohammedfikri.wordpress.com/2010/02/20/unilever%E2%80%99s-strategies-for-competing-in-foreign-markets/ Hotelier Middle East 2013 “Over 19,000 kg of tea consumed daily across the UAE” Hotelier Middle East.com. 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Retrieved 18 February 2014 from http://www.lloyds.com/~/media/Files/The%20Market/Tools%20and%20resources/New%20Market%20Intelligence/Country%20Profiles/IMEA/ae_mi_2013_09_27_Country%20Profile.pdf Lipton Tea 2014 “Our Teas.” Retrieved 18 February 2014 from shttp://www.liptontea.com/product Marketing Teacher 2014 “Generic Strategies – Michael Porter.” Marketing Teacher.com. Retrieved 19 February 2014 from http://www.marketingteacher.com/lesson-store/lesson-generic-strategies.html Marketline 2013 Unilever SWOT Analysis MarketLine, pp. 1-11, Business Source Complete, EBSCOhost, viewed 19 February 2014. MarketLine 2013 United Arab Emirates Country Profile. August, pp. 1-62. Business Source Complete, EBSCOhost, viewed 19 February 2014. Underwood, M 2013 “How Lipton built its UAE brand down to a tea.” The National. August 14. Retrieved 18 February 2014 from http://www.thenational.ae/news/uae-news/heritage/how-lipton-built-its-uae-brand-down-to-a-tea Unilever 2014a “Our History.” About Us. Retrieved 18 February 2014 from http://www.unilever.com/aboutus/ourhistory/ Unilever 2013 “Unilever Fact Sheet.” Retrieved 18 February 2014 from http://www.unilever.com/images/ir_Unilever-Fact-Sheet-2013_tcm13-283697.pdf Unilever 2014 ‘Lipton Tea’. Retrieved 18 February 2014 from http://www.unilever.ca/brands/foodbrands/lipton_tea.aspx Unilever 2014b “Purpose & Principles.” About Us. Retrieved 18 February 2014 from http://www.unilever.com/aboutus/purposeandprinciples/ Unilever 2014c “View Our Brands” Brands in Action. Retrieved 18 February 2014 from http://www.unileverusa.com/brands-in-action/view-brands.aspx WebMD 2014 “Types of Teas and Their Health Benefits.” Web MD. Retrieves 26 February 2014 from http://www.webmd.com/diet/features/tea-types-and-their-health-benefits Yahoo Finance 2014 “Unilever NV: Competitors.” Retrieved 18 February 2014 from http://finance.yahoo.com/q/co?s=UN+Competitors Appendix A UAE Economic Analysis http://www.tradingeconomics.com/united-arab-emirates/consumer-spending http://www.tradingeconomics.com/united-arab-emirates/gdp-growth-annual http://www.tradingeconomics.com/united-arab-emirates/consumer-price-index-cpi Appendix B Direct Competitor Comparison for Unilever Direct Competitor Comparison   UN NSRGY PG PVT1 Industry Market Cap: 111.30B 238.90B 211.11B N/A 112.38B Employees: N/A 333,000 121,000 35,9001 57.00K Qtrly Rev Growth (yoy): -0.06 0.00 0.01 N/A 0.11 Revenue (ttm): 64.47B 98.97B 84.74B 15.45B1 21.15B Gross Margin (ttm): 1.00 0.48 0.50 N/A 0.50 EBITDA (ttm): 10.40B 18.55B 19.37B N/A 4.56B Operating Margin (ttm): 0.14 0.16 0.19 N/A 0.20 Net Income (ttm): 6.27B 10.73B 10.65B 2.95B1 N/A EPS (ttm): 2.15 3.35 3.72 N/A 3.66 P/E (ttm): 18.24 22.33 20.91 N/A 20.98 PEG (5 yr expected): 7.13 5.19 2.13 N/A 2.38 P/S (ttm): 1.74 2.42 2.50 N/A 2.15   UN = Unilever NSRGY = Nestl PG = The Procter & Gamble Company Pvt1 = Reckitt Benckiser Group plc Industry = Personal Products 1 = As of 2012   http://finance.yahoo.com/q/co?s=UN+Competitors Appendix C Global Consumption of Tea, by Country Rank Country Tea consumption 1  Turkey 6.87 kg (242 oz) 2  Morocco 4.34 kg (153 oz) 3  Ireland 3.22 kg (114 oz) 4  Mauritania 3.22 kg (114 oz) 5  United Kingdom 2.74 kg (97 oz) 6  Seychelles 2.08 kg (73 oz) 7  United Arab Emirates 1.89 kg (67 oz) 8  Kuwait 1.61 kg (57 oz) 9  Qatar 1.60 kg (56 oz) 10  Kazakhstan 1.54 kg (54 oz) 11  Malta 1.45 kg (51 oz) 12  Hong Kong 1.42 kg (50 oz) 13  Bahamas 1.35 kg (48 oz) 14  Syria 1.29 kg (46 oz) 15  Russia 1.21 kg (43 oz) 16  Gambia 1.19 kg (42 oz) 17  Guyana 1.18 kg (42 oz) 18  Botswana 1.13 kg (40 oz) 19  Aruba 1.10 kg (39 oz) 20  Iran 1.07 kg (38 oz) FAOSTAT http://faostat.fao.org/site/535/DesktopDefault.aspx?PageID=535#ancor Appendix D Actual Expenditure (US$) and Projected Growth (%) in the UAE Consumption by Product Type Source: Euromonitor, 2010, presented in International Markets Bureau, Dec 2010, p. 10 Appendix E Monthly Price Change of Tea in UAE Tabled values follow on the next page Appendix F Most Critical Factors in Determining Shopping Destination For UAE Consumers Source: Euromonitor, 2010, presented in International Markets Bureau, Dec 2010, p. 14 Read More