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Strategy for Tide in IndiaSubmitted By:-Rahul ChughCMKMileage, simplification for Plus and inexpensive, mildness and everyday cleaning for Naturals are desired PODs; Improve value proposition through increasing Rs. 10 grammage and value adds for other SKUsMarketingTarget Plus 1 Kg in urban, 500 g and Rs. 10 in semi-urban and Naturals Rs. 10 & 500 g in rural; Improve coverage in medium & small traditionalAchieve higher SOVs in select states; Focus on trade spends and D2D in key states for Plus & radio and wholesale trade for NaturalsCommunicate Tide Plus fitting in monthly along with whiteness for Plus and inexpensive product along with everyday cleaning and mildness for NaturalsCBDDrive Plus Rs. 10 in small and 500 g in medium traditional; Use trade spends for small, retailer communication for medium traditional; Drive Plus 4 Kg pack in MR and 2 Kg in large traditional; Dont prioritize 6 KgPSReductions in cost need to be achieved in packaging, plant expenses and transport costsCapacity sharing with contractors, production shifting and maximizing reach improve supply chain; Create additional capacity to manage 95% situations and improve utilizationShift to local RM and FP, shift repacking lines to plant and use contract mfg. to improve networkF&APlan achieves 206 index sales in 16 v/s 13 but net margins deteriorate for both productsSupply chain improvement, innovation, price-downs & increased GTM spends by competition are risks IDSReal time order replenishment and feedback systems can improve distribution with high reachDevelop pull based and entertaining advertising campaigns through mobile in rural marketRecommendationsOverviewCMKMarketingCBDPSF&AIDSTide Naturals is in line with required growth while Tide Plus needs explosionOverviewCMKMarketingCBDPSF&AIDSTide PlusTide NaturalsCurrent Vol. Share7.57.4Current Price Index1.240.76Target Vol. Share (FY15-16)1112New Price Index1.36.83Target Val. Share1510Reqd. Vol. CAGR22%26%Target Vol. CAGRs neededcompared with current growthTide PlusTide NaturalsReqd. Vol CAGR22%26%2012-Current growth rate9%17%2011-12 Growth rate3%50%2010-11 Growth rate3%500%Tide Naturals performance closely matches target, while Tide Plus needs severe explosion in shareLook to drive Tide Plus in semi-urban and Tide Naturals in ruralOverviewCMKMarketingCBDPSF&AIDS

Current OfferingsArielRin, Tide PlusWheel, GhadiTide NaturalsTargeted PODs Begin driving on need gaps of monthly budget & small amounts needed (overall mileage of the product), along with process simplification for the user, while retaining strength on Keeps white clothes superbly whiterThese form the key equities needed to drive Tide Plus value in urban, and have the largest perception gaps v/s actual importancePossible Can drive scent line equityMonthly budget, small amounts and simplification are additional desired PODs for Plus in urbanOverviewCMKMarketingCBDPSF&AIDS*From Consumer survey Consumers asked to rate importance of various attributes and Tide Plus performance in each; Only urban consumers consideredTargeted PODs Need to improve key weakness in being perceived as expensive, along with good everyday cleaning (message that basically it gives the right level of price and performance to rural consumers), while retaining strength in mildnessThese equities have largest perception gaps and congruence with current positioningImprovement in expensiveness will automatically improve on Good cleaning at an affordable priceInexpensive, mildness and everyday cleaning (right amount) are key PODs for naturals in ruralOverviewCMKMarketingCBDPSF&AIDS*From Consumer survey Consumers asked to rate importance of various attributes and Tide Naturals performance in each; Only rural consumers consideredUrban consumer (Tide Plus target) places premium on whiteness, cleaning with small amount and working with Washing Machines as wellRural consumer (Tide Naturals target) prizes product being inexpensive and mildness just the right level of price and performancePlus targets focus on whiteness and mileage while Naturals targets focus on mildness and inexpensiveOverviewCMKMarketingCBDPSF&AIDS*From Consumer survey Consumers asked to rate importance of various attributes and Tide Plus and Naturals performance in eachInitial trial is the key problem for Tide Plus, Nat both offer good value to non-trialists but perform badly in terms of value shareBarrier comes in at shopper level due to cost and not valueBeing expensive primarily means high price point that will not fit into monthly budget for Tide Plus and Naturals both, as well as product not being very special / offering anything new compared to others for Tide NaturalsDespite high value proposition, share of Tide is low due to shopper barrier reducing trialOverviewCMKMarketingCBDPSF&AIDS*From Consumer survey Value rank obtained through weighted sum of consumer perceptions of multiple product performances along attributes mentioned previouslyKey barriers to trial are inertia being satisfied with existing brand and Naturals being perceived as too expensive (wont fit into monthly budget primarily)Major ways to bust this areStrong communication focus on product being inexpensiveDriving Rs. 10 pack strongly to promote penetration and not focus on consumptionDrive trial through free samples in target states to induce trialProduct being too expensive (not fitting budget) and inertia are barriers to trial for NaturalsOverviewCMKMarketingCBDPSF&AIDS*From Consumer survey Consumers asked to rate top reasons as to why they do not purchase a produce; Only rural consumers consideredPrice index has grown beyond sustained growth levels v/s Wheel and GhadiValue correction needs to be made byRenewed focus on Rs. 10 pack of Tide Naturals (v/s Rs. 20), with a grammage increase to 200 g (118 and 113 index v/s Wheel and Ghadi respectively)Renewed price-off on 1 Kg pack and free-bee promotion to improve valueImprove value proposition through increasing Rs. 10 grammage and value adds for other SKUsOverviewCMKMarketingCBDPSF&AIDSSlowdown in Tide growth when Nat > 120 index of Wheel, growth in WheelSlowdown in Tide growth when Nat > 115 index of Ghadi, growth in Ghadi*Pricing diagram not completely accurate monthly shares determined from diagram given in caseFocus on consumption in urban, penetration with Plus in semi-urban and in rural with NaturalsOverviewCMKMarketingCBDPSF&AIDSCategory SizeP&G ShareRemaining opportunityOpportunity/Market SizeObjectivesUrban10%36%64%6%Focus on increasing consumption Additional penetration opportunity low Focus on larger packsSemi-Urban45%27%73%33%Penetrate further with Tide Focus on smaller packs for Tide Plus to uptier consumers and larger pack for Tide NaturalsRural45%11%89%40%Penetrate further with Tide Naturals Focus on smaller packs initiallyTarget Plus 1 Kg in urban, 500 g and Rs. 10 in semi-urban and Tide Naturals Rs. 10 & 500 g in ruralOverviewCMKMarketingCBDPSF&AIDSTide Plus 1 Kg onwards to increase consumptionTide Plus 500 gm, Rs. 10 to uptier consumers, improve penetrationTide Naturals 1 KgTide Naturals 500 gm, Rs. 10 to convert to Tide brandMonthly spend on detergentTide Plus Bag pricesTide Naturals Bag prices*From Consumer survey Consumers asked to give their monthly spends on laundry and residence, splits done based on thatImprove coverage of Plus in medium & small traditional, Naturals in medium traditionalOverviewCMKMarketingCBDPSF&AIDSTide Plus growth target is towards smaller town classes where medium traditional is more prevalent need to increase coverageTide Naturals store coverage limited v/s Tide Plus Target medium traditional in ruralAchieve higher Share of Voice levels in different target states where both brands respectively have good competitive position, TV is effective and which Form a large portion of the total urban population for Tide Plus - Maharashtra, Tamil Nadu, and KarnatakaForm a large part of total rural pop. for Naturals - WB, APAchieve higher SOVs in Maharashtra, TN, Karnataka for Plus & WB and AP for NaturalsOverviewCMKMarketingCBDPSF&AIDSTide PlusStatesUrban pop. salienceComp. PositionTV EffectivenessMaharashtra13.48%GoodGoodUttar Pradesh11.79%ModerateModerateTamil Nadu9.25%GoodGoodWest Bengal7.73%BadModerateKarnataka6.25%GoodGoodTide NatStateRural pop. salienceComp. PositionUttar Pradesh18.62%Prev. Growth focus - GoodModerateBihar11.05%GoodLowWest Bengal7.47%GoodModerateMaharashtra7.39%Tide Plus focusGoodAndhra Pradesh6.76%ModerateGoodMadhya Pradesh6.31%Prev. Growth focus - GoodLowRajasthan6.19%ModerateModerate*Population figures obtained from http://censusindia.gov.in/ ; Competitive position through multiple articles and TV effectiveness through coverage & importance of medium Value along with whiteness for Plus and mildness for Tide, in torture test situation perform wellOverviewCMKMarketingCBDPSF&AIDSTorture type situations, adding on value with whiteness are most imp.Making clothes look good as new and hence improving confidence is good secondary imp.Ease of effort is good secondaryPure whiteness-based message is not enoughMildness still important for Naturals*Ads from http://www.youtube.com/ and P&G Dream Team FB pageCommunicate Tide Plus fitting in monthly budget due to requiring less along with whiteness for PlusOverviewCMKMarketingCBDPSF&AIDSHighest gap, 2nd most important needMonthly budget key trial barrier for Tide Plus, small amount adds to mileage propositionCommunication focus on value Tide Plus requires less and will fit in monthly budgetSecondary Tide Plus reduces workload for user and makes clothes look newContinue driving Whiteness message along with theseHigh Gap*From Consumer survey Consumers asked to rate importance of various attributes and Tide Plus performance in each; Only urban consumers consideredCommunication focus on inexpensive product, along with everyday cleaningContinue driving mildness which is strongCommunicate inexpensive product along with everyday cleaning and mildness for NaturalsOverviewCMKMarketingCBDPSF&AIDSHighest gap, 3rd most important needEveryday cleaning High gap & desired PODMild existing strength*From Consumer survey Consumers asked to rate importance of various attributes and Tide Naturals performance in each; Only rural consumers consideredTide Plus Focus on trade spends (display and temporary price reductions to increase value), driving door to door in key states (due to high cost) with low TV coverage and TV ads on CS (highest reach)Tide Naturals Focus on Radio (High success rate for low cost), wholesale trade spends in semi-urban and TV on NCS (to reduce cost of advertising)Additionaly, use trade spends and D2D in key states for Plus & radio and wholesale trade for NaturalsOverviewCMKMarketingCBDPSF&AIDS*From Consumer survey Consumers who shifted to Tide in past 6 months asked to give what influenced their switch the most; Cost figures obtained from multiple sources; Door to Door estimatedDrive Rs. 10 pack in small traditional and 500 g in medium traditionalMedium traditional trade spend v/s salience performance is bad focus on communicationSmall traditional gives good return Drive through trade spends (better ROI than other media as well)Drive Plus Rs. 10 in small and 500 g in medium traditional; Use trade spends for small traditionalOverviewCMKMarketingCBDPSF&AIDSSKUsChannelRationaleMedium TraditionalSmall TraditionalRs. 10 pack15,0002,35,000Penetration into semi-urban (low monthly spend v/s 500 gm price)500 g15,000Penetration Key trial SKU currentlyMedium & Small traditionalNeedsSolutionsMore marketing campaignsIncrease communication & distribution reach in semi-urban as part of Tide Plus share explosionSmaller size SKUs & storageCommunicate, Increase drive of Rs. 10 SKU in Small traditional, in line with previous strategy to increase penetrationLow Inventory costs, working capitalReporting and tracking at depots of transactions, credit incentives to smaller retailersHigh-volume productsRs. 10 will be a focus SKU for trial in Small and medium traditional and 500 g in Medium traditionalFor medium traditional, use retailer communication, driving Plus Rs. 10 & increased marketingOverviewCMKMarketingCBDPSF&AIDS*Key dealer needs obtained from telephonic interviews with dealersLarger packs focus must be on high volume storesDrive 4 Kg in Modern Retail and 2 Kg in Large traditionalDo not prioritize 6 Kg SKU business salience is already lowTo increase consumption, drive Plus 4 Kg pack in MR and 2 Kg in large traditional; Dont prioritize 6 KgOverviewCMKMarketingCBDPSF&AIDS4 Kg has disproportionately good perf. In Modern Retail2 Kg performs better than other SKUs at same trade spends in Large traditionalMedium traditional performs worse than large for same trade spends4 Kg in MR performs well v/s 2 Kg and Tide Plus average in MR on a relative salience v/s trade spends index Drive 4 Kg in MR through trade spendsSimilarly drive 2 Kg in Large traditional through improved trade spendsTrade spends for 4 Kg in MR and 2 Kg in Large traditional are the best ways to drive salesOverviewCMKMarketingCBDPSF&AIDS4 Kg salience v/s spend clearly outperforms average and 2 Kg in MR2 Kg salience v/s spend clearly outperforms average and 4 Kg in Large TraditionalReductions in cost need to be achieved in packaging, plant expenses and transport costsOverviewCMKMarketingCBDPSF&AIDSCostsTide Nat v/s PopularReasonsRecommendationsRaw MaterialsHigherSuperior raw materialsPackaging MaterialsHigherBetter laminate usedInnovations in compacted powder formula (performance) and packaging reduction (packaging) usage of non-plastic, recyclable material

Plant ExpensesEqual for contract, higher for P&G plantHigher people costShift to a contract manufacturing model with multiple parties close to market / located in excise free zonesTransport & W/HHigherCompetitor production takes place in CM states across IndiaNon-Mfg. ExpensesLowerExciseHigherCompetitor plants in excise-free zonesContract manufacturingInnovation ideas from P&G Sustainability report - http://www.pg.com/en_IN/downloads/sustainability/reports/PG_2011_Sustainability_Report.pdfDevelop reduced packaging, powder compaction, zero mfg. waste and rational contract manufacturingOverviewCMKMarketingCBDPSF&AIDSPackaging innovations to reduce quantity of materialReduced packaging, through use of better materials, thinner laminates and recyclingGreen packaging, eliminating plastic and greater usage of biodegradable waste

Performance innovations in productPowder compaction Use of denser cleaning agents, reduce product volume by 33%Up to 6% fewer trucks, 28% less corrugate and 6.5% less fuel

Manufacturing innovations to reduce variable costAchieve zero manufacturing waste sent to landfill through optimizing recycling, identify solutions for selling scrap material in niche markets through GARP teamInnovations to reduce costCost BenefitsReduce additional people cost in plantsCloser to market manufacturing reducing transportation costsAcquire contracts in excise free zones to reduce costsReduce investment improves profitability

How to handle issuesKey issue is loss of decision making power once contract is signed. To avoid this, introduce careful screening mechanism taking into accountCommon goal-setting for stakeholders involvedPerformance, quality and environmental clausesBalanced Scorecard approach to monitoring and review

Contract ManufacturingInnovation ideas from P&G Sustainability report - http://www.pg.com/en_IN/downloads/sustainability/reports/PG_2011_Sustainability_Report.pdfCapacity sharing with contractors, production shifting and maximizing reach improve supply chainOverviewCMKMarketingCBDPSF&AIDSDemandcharacteristicsCapacity SharingScheduling Efficient Distribution NetworkIncrease in demand expected across states

How many potential customers, how much value is created?Efficient mechanism for utilizing capacity within the plants

Ability to select & modify contract manufacturers supply Weekly workforce scheduling

Manage some of the peak time demand by scheduling demands in slack seasonMaximize reach by setting up or collaborating with existing distribution networksCapacity Utilization Key sources of advantageIn house & acquired expertise in managing the supply chain

Growth of demand induces supply side strainSpecific competitive challenges

Cross Utilization of resources1234OpportunitiesWhat will drive the winner?Adopt a Lean supply chain planning model focused on continuous improvement of planning process through Using single forecasts with internal consensusCollecting data with high accuracy for right level of aggregation and continuous improvement in processClear definition of stakeholder responsibilitiesPlan processes to address failures by impactAlert systems for deviationsBottom-up feedback loops and short interval controlsVisual review and reportingCulture of employee empowermentAdopt lean supply chain to achieve continuous optimization and make contractors as stakeholdersOverviewCMKMarketingCBDPSF&AIDSCapacity addition planning based on Poisson demand process by month and 95% probability of fulfilling peak demandConstantly improving utilization rates, reaching 78% by 2016Create additional capacity (176 index in 16 v/s 13) to manage 95% situations and improve utilizationOverviewCMKMarketingCBDPSF&AIDS

Capacity Addition PlanShift to local RM and FP, shift repacking lines to plant and use contract mfg. to improve networkOverviewCMKMarketingCBDPSF&AIDSLocalStorageAbroadPortTransportStorageMfg.RepackingTo DepotTo RetailerTo DCTo Small retailerAdditional storage, costs, handling complexity due to import shift to local RM prod.Repacking additional time, low-value-add, increase lines in plant for repackFar from market Contract model to move closer, lower transport, storage cost, timeAdditional supply planning complexity, high lead times eliminate import of FPBenchmark inventory v/s proposed models in 3 states UP, TN and RajasthanOverviewCMKMarketingCBDPSF&AIDSInventory forecast shown for 3 states with various sizes UP, TN & RajasthanInventory for DCs assumed based on 2 DCs in India (2 plants manufacturing F&HC)Inventory based on EOQ ModelInventory mgmt.

Plan achieves 206 index sales in 16 v/s 13 but net margins deteriorate for both productsOverviewCMKMarketingCBDPSF&AIDSOverall, sales more than doubles, and net sales to company increases by 198 index for Tide Plus and 219 index by Tide Naturals from 2013 to 2016Net Margins for Tide Plus and Tide Naturals decline to 56 and 51 index respectively from 2013 to 2016Tide Plus & Naturals P&L

Gross margins increase while net margins decrease for both Tide Plus and NaturalsSupply chain improvement, innovation, price-downs & increased GTM spends by competition are risks OverviewCMKMarketingCBDPSF&AIDSDistribution reachROI on improving distribution reach into small traditional will be bad if not consistently backed by trade spends and promotion

Supply chain optimizationShifting of abroad operations to India and reorientation of supply chain might be an issueShifting repacking operations to main plants through line extensions

Profit MarginsIf proposed innovations fail, and competitive response is very strong, profit margins may be hit strongly, especially with low leeway approaching 2016InternalPrice DownsGhadi and Wheel may both opt for price downs, although recent trends in the market show otherwise

Increased GTM spendsDistribution reach is already very good for Ghadi and Wheel and is not a riskIncreased media spends, necessitating higher marketing expenditure especially in initial year, but margins are currently high enough to be able to accommodate thisGhadi operates on a low marketing budget and low margins already, it will not significantly impact SOV spendsCommunicate value proposition strongly v/s Wheel due to high copy effectiveness

External31Real Time Order Replenishment systemMobile platform for real time order replenishment system at a retailer level in Tier III and IV citiesDirect connectivity with wholesalers and company database Parameters for ROI Improvement in efficiency , decrease in reorder times

Real Time Feedback systemDedicated SMS Gateway to receive feedback from customers on the product and distribution system of Tide Parameters for ROI Number of SMSs per month, Relevance of feedback, Increase in customer satisfaction

Real time order replenishment and feedback systems can improve distribution with high reachOverviewCMKMarketingCBDPSF&AIDSDecreasing cost per customer awareness* Report on Internet in Rural India 2012 by IAMAI and IMRB, News articles in Economic Times Forget its faith , rural Indias poor http://articles.economictimes.indiatimes.com/2007-04-06/news/28473484_1_rural-cousins-rural-consumers-rural-counterparts* Report on radio listening and televiewing behaviour of rural women by Geeta MalagarDevelop pull based and entertaining advertising campaigns through mobile in rural marketOverviewCMKMarketingCBDPSF&AIDSAdvertising using Mobile mediumMobile penetration high in rural India and with low cost of customer awarenessDevelop pull based advertising programsMissed call program - Advertise through radio & TV Recall numbers with entertaining messages as Entertainment ranks high in media usageParameters for ROI No. of missed calls, Time a customer stayed on the call back.

THANK YOUChart1103.66.44512.1532.85454.9540.05

Market Size (%)P&G ShareOpportunity

Sheet1Market Size (%)P&G ShareOpportunityUrban103.66.4Semi-Urban4512.1532.85Rural454.9540.05To resize chart data range, drag lower right corner of range.

Capacity AdditionSales Volume (est)2013201420152016CAGR (forecast)Tide Plus1087327413236480161133081961538721.73%Tide Naturals1072829713504619169994122139860425.88%Total216.0157147935267.4109958638331.1271918026410.1399041281('00000s)Capacity2013201420152016Est. Capacity300360432528(million)Cap. Addition / Year0607296(million)Cap. Utilization72.01%74.28%76.65%77.68%

Significance95%Significance95%Significance95%Significance95%Mean / Month18.0013095661Mean / Month22.2842496553Mean / Month27.5939326502Mean / Month34.178325344

xP(Exactly x)P(x or fewer)xP(Exactly x)P(x or fewer)xP(Exactly x)P(x or fewer)xP(Exactly x)P(x or fewer)189.36%56.21%228.46%53.23%277.60%50.56%346.82%53.33%198.87%65.08%238.19%61.43%287.49%58.05%356.66%59.99%207.98%73.06%247.61%69.03%297.13%65.18%366.32%66.31%216.84%79.90%256.78%75.82%306.56%71.74%375.84%72.16%225.60%85.50%265.81%81.63%315.84%77.58%385.25%77.41%234.38%89.88%274.80%86.43%325.03%82.62%394.61%82.02%243.29%93.17%283.82%90.25%334.21%86.83%403.93%85.95%252.37%95.54%292.93%93.18%343.42%90.24%413.28%89.23%261.64%97.17%302.18%95.36%352.69%92.94%422.67%91.90%271.09%98.27%311.57%96.93%362.06%95.00%432.12%94.02%441.65%95.67%

Inventory-DepotsSales Volume (est)2013201420152016Avg. Inventory By Distribution Center (based on existing strong and target growth states) '000sTide Plus10873274132364801611330819615387State / Depot2013201420152016*2 DCs assumed based on 2 F&HC PlantsTide Naturals10728297135046191699941221398604DC-11080133716562051Total22273341(millions)DC-21080133716562051Review PeriodBi-MonthlySafety Stock10%Salience By Major Depot (based on existing strong and target growth states)Sales Volume By Major Depot (based on existing strong and target growth states)Avg. Inventory By Major Depot (based on existing strong and target growth states) '000sState / Depot2013201420152016FocusState / Depot2013201420152016State / Depot2013201420152016Maharashtra7%7%8%8%Tide PlusMaharashtra1.52.02.63.3Maharashtra7698128166Uttar Pradesh9%9%10%10%BothUttar Pradesh1.92.53.34.3Uttar Pradesh97126164214Madhya Pradesh4%4%4%5%Tide NaturalsMadhya Pradesh0.91.11.51.9Madhya Pradesh43567395West Bengal6%6%6%7%Tide NaturalsWest Bengal1.31.72.12.7West Bengal6583106136Bihar4%4%4%4%Tide NaturalsBihar0.91.11.41.8Bihar43557191Tamil Nadu6%6%7%7%Tide PlusTamil Nadu1.31.72.22.8Tamil Nadu6584110142Andhra Pradesh6%6%6%7%Tide NaturalsAndhra Pradesh1.31.72.12.7Andhra Pradesh6583106136Gujarat3%3%3%3%Tide PlusGujarat0.60.81.11.4Gujarat32425368Karnataka5%5%5%6%Tide PlusKarnataka1.11.41.82.3Karnataka546989114Punjab & Haryana9%9%10%10%Tide PlusPunjab & Haryana1.92.53.24.1Punjab & Haryana97125160205Rajasthan4%4%4%4%Tide NaturalsRajasthan0.91.11.41.8Rajasthan43557191(% of Tide Sales)63%66%68%71%Tide Sales13.617.522.629.2*Target of majority of Tide salience from these key growth states*3 Key benchmark states to show Inventory managementUttar Pradesh

P&L GlidepathSales Value (est)2013201420152016Volume CAGRTide Plus9978313125391141575711119800965Tide Plus22%Tide Naturals600844778074881014519613182857Tide Naturals26%Total16202633(millions)Tide PlusTide Naturals% Retail Margin10%10%% Distributor Margin6%6%% VAT14%14%% Mfg. Cost65%80%% Marketing Spend10%5%% Trade Spend8%8%

Volume GrowthMfg. CostMarketingTradeVolume GrowthMfg. CostMarketingTrade10%-0.50%6%11%10%-1%6%11%22%-1.1%13.0%23.9%26%-2.6%15.5%28.5%

Tide Plus2013201420152016Tide Naturals2013201420152016Sales9978313125391141575711119800965Sales600844778074881014519613182857Sales to Co.720833390582561138293714304217Sales to Co.4340502564012973288899523296Mfg. Cost4685417582388372381018994624Mfg. Cost3472401439533755596547027160Gross Margin35%36%36%37%Gross Margin20%22%24%26%Marketing Spend720833102394914351711990022Marketing Spend173620325794480241697968Trade Spend57666789790913460551965084Trade Spend3472405796539201141412488Profits1225417131251513636111354487Profits347240339345368880385679Net Margin17%14%12%9%Net Margin8%6%5%4%