Jobbers1 a Annual Report P01

INDUSTRY JOBBERS1 - FIRM I ANNUAL REPORT PERIOD 1

04/08/2023 Markstrat by StratX 5.1.0.7 - Copyright © 2010 by StratX 1/18

COMPANY REPORT

INDUSTRY JOBBERS1 - FIRM IBased on scenario F6M2C0

PERIOD 1

mala Srivastavafull time MBA

9/28/2012 -->11/30/2012NMIMS university

India



COMPANY RESULTS

COMPANY SCORECARD

Unit Annual results Evolution since P0

Period 0 Period 1 %change

Market share

Total %$ 16.7% 21.3% 28.0% x 1.28 28.0%

Sonite market %$ 16.7% 21.3% 28.0% x 1.28 28.0%

Vodite market %$ - - - - -

Retail sales

Total K$ 65,401 105,480 61.3% x 1.61 61.3%

Sonite market K$ 65,401 105,480 61.3% x 1.61 61.3%

Vodite market K$ - - - - -

Contribution

Before marketing K$ 21,841 41,347 89.3% x 1.89 89.3%

After marketing K$ 16,617 34,556 108.0% x 2.08 108.0%

Net K$ 16,372 34,197 108.9% x 2.09 108.9%

Cumulative net K$ 16,372 50,570 208.9% x 3.09 208.9%

Shareholder value

Stock price index Base 1000 1,000 1,510 51.0% x 1.51 51.0%

Current return on investment Ratio 2.99 4.78 59.8% x 1.60 59.8%

Cumulative return on investment Ratio 2.99 4.01 33.9% x 1.34 33.9%

COMPANY PERFORMANCE

Unit Total Sonite market Vodite market

Sales

Units sold U 257,511 257,511

Average retail price $ 410 410

Average selling price $ 268 268

Revenues K$ 69,059 69,059

Production

Units produced U 271,500 271,500

Cost of goods sold K$ -27,599 -27,599

Inventory holding cost K$ -113 -113

Inventory disposal loss K$ 0 0

Contribution before marketing K$ 41,347 41,347

Marketing

Advertising expenditures K$ -4,186 -4,186

Advertising research expenditures K$ -160 -160

Sales force K$ -2,445 -2,445

Contribution after marketing K$ 34,556 34,556

Other expenses

Market research studies K$ -359 -359 0

Research and development K$ 0 0 0

Interest paid K$ 0

Exceptional cost or profit K$ 0

Net contribution K$ 34,197

Next period budget K$ 13,700

Ratio P1/P0

Average growth



BRAND RESULTS

CONTRIBUTION BY BRAND

Sonite Brands Unit Total SIRO SIBI

Base R&D project PSIRO PSIBI

Sales

Units sold U 257,511 86,094 171,416

Average retail price $ 410 243 493

Average selling price $ 268 163 321

Revenues K$ 69,059 14,067 54,992

Production

Units produced U 271,500 100,000 171,500

Current unit transfer cost $ - 62 129

Average unit transfer cost $ 107 63 129

Cost of goods sold K$ -27,599 -5,442 -22,157

Units in inventory U 22,675 22,586 89

Inventory holding cost K$ -113 -112 -1

Inventory disposal loss K$ 0 0 0

Contribution before marketing K$ 41,347 8,513 32,834

Marketing

Advertising expenditures K$ -4,186 -1,436 -2,750

Advertising research expenditures K$ -160 -60 -100

Sales force K$ -2,445 -1,222 -1,222

Contribution after marketing K$ 34,556 5,795 28,762

MARKET SHARES AND DISTRIBUTION COVERAGE

Sonite Brands Unit Total SIRO SIBI

Market shares %U 21.6% 7.2% 14.4%

%$ 21.3% 4.2% 17.1%

Distribution coverage in %

Specialty stores (30,000 outlets) % 31.2% 49.4%

Depart. stores (6,750 outlets) % 44.6% 44.5%

Mass Merchandis. (10,000 outlets) % 32.7% 24.7%



RESEARCH & DEVELOPMENT RESULTS

SONITE R&D PROJECTS

Physical Characteristics Base Cost $ Allocated Budget K$

Name Weight Design Volume Max Freq Power Current Minimum Cumulative Req. for

(Kg) (Index) (Dm3) (KHz) (W) realistic completion

PSIRO 18 3 75 25 12 72 47 1,500 Avail. in P-1

PSIBI 13 8 40 40 75 166 149 2,500 Avail. in P-1

(*) Projects identified in bold have been completed in this period.



CUMULATIVE RESULTS

CUMULATIVE BRAND RESULTS

Sales Production Marketing

Brand Units sold Retail sales Revenues Advertising Sales force

KU K$ K$ K$ K$ K$ K$ K$

SIRO 0 157 38,312 25,628 10,702 163 2,996 1,834 9,933

SIBI 0 269 132,569 86,263 37,837 1 5,350 1,834 41,241

Total Sonite 426 170,881 111,892 48,539 164 8,346 3,669 51,173

Total Vodite 0 0 0 0 0 0 0 0

Total all markets 426 170,881 111,892 48,539 164 8,346 3,669 51,173

CUMULATIVE COMPANY PERFORMANCE

Unit Total Sonite market Vodite market

Sales

Units sold KU 426 426 0

Retail sales K$ 170,881 170,881 0

Revenues K$ 111,892 111,892 0

Production

Cost of goods sold K$ -48,539 -48,539 0

Inventory holding and disposal cost K$ -164 -164 0

Marketing

Total advertising expenditures K$ -8,346 -8,346 0

Sales force expenditures K$ -3,669 -3,669 0

Contribution after marketing K$ 51,173 51,173 0

Other expenses

Market research studies K$ -604 -604 0

Research and development K$ 0 0 0

Interest paid K$ 0

Exceptional cost or profit K$ 0

Net contribution K$ 50,570

Results since period

Cost of goods sold

Inventory costs

Contrib. after mktg.



DECISION SUMMARY

DECISION SUMMARY - BRAND MANAGEMENT

Sonite Brands SIRO SIBI

Base R&D project PSIRO PSIBI

Production planning KU 125 150

Inventory sold to trading company KU 0 0

Recommended retail price $ 250 500

Advertising budget K$ 1,436 2,750

Advertising research budget K$ 60 100

Buffs 15 24

Singles 35 4

Targeted segments in % Professionals 5 34

High earners 7 34

Others 38 4

Perceptual Objectives

Dimension 1 None None

Objective 1 - -

Dimension 2 None None

Objective 2 - -

DECISION SUMMARY - SALES FORCE MANAGEMENT

Distribution Channels Specialty stores Depart. stores Mass Merchandis.

Number of salespeople 35 43 32

Sales force effort allocation by brand (%)

SIRO 29 53 69

SIBI 71 47 31

TOTAL 100 100 100

DECISION SUMMARY - MARKET RESEARCH STUDIES

Study Market covered by study

All markets Sonite Vodite

Industry benchmarking No - -

Consumer survey - Yes No

Consumer panel - Yes No

Distribution panel - Yes No

Semantic scales - No No

Multidimensional scaling - No No

Market forecast - Yes No

Competitive advertising - Yes No

Competitive sales force - Yes No

Advertising experiment - Yes No

Sales force experiment - Yes No

Conjoint analysis - No No

DECISION SUMMARY - LOAN AND BUDGET MODIFICATION

Corporate finance department

Increase in budget K$ 0

Decrease in budget K$ 0

Bank

Capital borrowed K$ 0

Duration in number of periods

Interest rate %



NEWSLETTER


PERIOD 1



India



STOCK MARKET AND KEY PERFORMANCE INDICATORS

STOCK MARKET

Firm Stock price index Market capitalization Net contribution (K$)

base 1000 K$ Period 1 Cumulative

I 1,510 500,583 34,197 50,570

O 1,275 422,736 28,042 44,414

A 1,218 403,772 26,354 42,726

E 1,153 382,127 25,078 41,451

U 1,027 340,424 21,559 37,932

Y 867 287,546 17,672 34,044

COMPANY KEY PERFORMANCE INDICATORS(period 1 values)

Unit A E I O U Y

Market share

Total %$ 17.4% 16.3% 21.3% 18.2% 14.6% 12.1%

Sonite market %$ 17.4% 16.3% 21.3% 18.2% 14.6% 12.1%

Vodite market %$ - - - - - -

Retail sales

Total K$ 86,191 80,757 105,480 89,764 72,200 59,870

Sonite market K$ 86,191 80,757 105,480 89,764 72,200 59,870

Vodite market K$ - - - - - -

Contribution

Before marketing K$ 33,424 31,011 41,347 35,148 29,726 24,719

After marketing K$ 26,734 25,359 34,556 28,364 21,901 18,145

Net K$ 26,354 25,078 34,197 28,042 21,559 17,672

Cumulative net K$ 42,726 41,451 50,570 44,414 37,932 34,044

Shareholder value

Stock price index Base 1000 1,218 1,153 1,510 1,275 1,027 867

Market capitalization K$ 403,772 382,127 500,583 422,736 340,424 287,546

Current return on investment Ratio 3.73 4.23 4.78 3.95 2.67 2.51

Cumulative return on investment Ratio 3.41 3.64 4.01 3.53 2.80 2.72

COMPANY KEY PERFORMANCE INDICATORS(% change from period 0 to period 1)

A E I O U Y

Market share

Total 4.6% -2.0% 28.0% 9.0% -12.4% -27.3%

Sonite market 4.6% -2.0% 28.0% 9.0% -12.4% -27.3%

Vodite market - - - - - -

Retail sales

Total 31.8% 23.5% 61.3% 37.3% 10.4% -8.5%

Sonite market 31.8% 23.5% 61.3% 37.3% 10.4% -8.5%

Vodite market - - - - - -

Contribution

Before marketing 53.0% 42.0% 89.3% 60.9% 36.1% 13.2%

After marketing 60.9% 52.6% 108.0% 70.7% 31.8% 9.2%

Net 61.0% 53.2% 108.9% 71.3% 31.7% 7.9%

Cumulative net 161.0% 153.2% 208.9% 171.3% 131.7% 107.9%

Shareholder value

Stock price index 21.8% 15.3% 51.0% 27.5% 2.7% -13.3%

Market capitalization 21.8% 15.3% 51.0% 27.5% 2.7% -13.3%

Current return on investment 24.5% 41.2% 59.8% 31.8% -10.8% -16.2%

Cumulative return on investment 13.8% 21.4% 33.9% 18.0% -6.4% -9.1%



ECONOMIC VARIABLES AND COSTS

ECONOMIC VARIABLES

Unit Actual value Forecast value %change

Period 1 Period 2

GNP growth rates % 3.0% 3.0% 0.0%

Inflation rate % 2.0% 2.0% 0.0%

Production

Inventory holding cost per annum % transf. cost 8.0% 8.0% 0.0%

Loss incurred for inventory disposal % transf. cost 20.0% 20.0% 0.0%

Sales force

Salesperson operating cost $ 20,808 21,224 2.0%

Salesperson hiring and training cost $ 3,121 3,184 2.0%

Salesperson firing cost $ 5,202 5,306 2.0%

COST OF MARKET RESEARCH STUDIES NEXT PERIOD(all numbers in K$)

Study Market covered by study

All markets Sonite Vodite

Industry benchmarking 32

Consumer survey 64 42

Consumer panel 106 74

Distribution panel 64 53

Semantic scales 11 11

Multidimensional scaling 37 37

Market forecast 21 21

Competitive advertising 32 32

Competitive sales force 16 16

Advertising experiment 27 27

Sales force experiment 37 37

Conjoint analysis 37 37

Total market 32 452 387

Total if all studies ordered 871



INFORMATION ON SONITE MARKET

CHARACTERISTICS OF MARKETED SONITE BRANDS

Physical characteristics

Firm Brand New or Weight Design Volume Max Freq Power Base cost Retail price

Modified (Kg) (Index) (Dm3) (KHz) (W) ($) ($)

A SAMA No 18 3 75 25 12 72 235

SALT No 13 8 40 40 75 166 525

E SEMI No 18 3 75 25 12 72 240

SELF No 13 8 40 40 75 166 510

I SIRO No 18 3 75 25 12 72 250

SIBI No 13 8 40 40 75 166 500

O SOLD No 18 3 75 25 12 72 240

SONO No 13 8 40 40 75 166 520

U SUSI No 18 3 75 25 12 72 225

SULI No 13 8 40 40 75 166 625

Y SYGU No 18 3 75 25 12 72 275

SYCA No 13 8 40 40 75 166 610

INFORMATION ON SONITE MARKET - SALES AND MARKET SHARES

Firm Brand Volume sold Retail sales

Period 0 Period 1 Change Share Period 0 Period 1 Change Share

U U % %U K$ K$ % %$

A SAMA 71,320 81,102 13.7% 6.8% 17,399 18,450 6.0% 3.7%

SALT 97,394 130,744 34.2% 11.0% 48,002 67,741 41.1% 13.7%

E SEMI 71,320 74,489 4.4% 6.3% 17,399 17,418 0.1% 3.5%

SELF 97,394 126,072 29.4% 10.6% 48,002 63,339 32.0% 12.8%

I SIRO 71,320 86,094 20.7% 7.2% 17,399 20,913 20.2% 4.2%

SIBI 97,394 171,416 76.0% 14.4% 48,002 84,567 76.2% 17.1%

O SOLD 71,320 81,294 14.0% 6.8% 17,399 19,045 9.5% 3.9%

SONO 97,394 138,006 41.7% 11.6% 48,002 70,719 47.3% 14.3%

U SUSI 71,320 76,158 6.8% 6.4% 17,399 16,570 -4.8% 3.4%

SULI 97,394 90,006 -7.6% 7.6% 48,002 55,630 15.9% 11.3%

Y SYGU 71,320 64,191 -10.0% 5.4% 17,399 17,094 -1.8% 3.5%

SYCA 97,394 70,964 -27.1% 6.0% 48,002 42,776 -10.9% 8.7%

Total Sonite market 1,012,285 1,190,537 17.6% 100.0% 392,406 494,262 26.0% 100.0%



MARKET RESEARCH STUDIES


PERIOD 1



India



CONSUMER SURVEY - SONITE MARKET

CONSUMER SURVEY - BRAND AWARENESS BY SEGMENT

Firm Brand Buffs Singles Pros HiEarners Others Total

A SAMA 59.8% 70.3% 46.8% 48.2% 64.5% 57.3%

SALT 70.5% 62.6% 74.4% 74.9% 50.0% 66.0%

E SEMI 57.0% 68.9% 45.1% 45.9% 62.2% 55.1%

SELF 66.9% 60.4% 72.1% 74.3% 49.8% 64.3%

I SIRO 56.0% 69.3% 45.9% 47.9% 63.5% 55.9%

SIBI 70.1% 60.5% 74.9% 75.4% 50.1% 65.9%

O SOLD 59.0% 69.2% 49.1% 49.9% 62.4% 57.3%

SONO 67.6% 65.7% 71.9% 74.3% 55.7% 66.6%

U SUSI 54.6% 69.6% 44.7% 45.8% 63.2% 54.9%

SULI 74.1% 63.8% 76.6% 77.3% 52.2% 68.4%

Y SYGU 59.5% 70.0% 47.4% 48.8% 62.7% 57.0%

SYCA 66.9% 63.1% 75.6% 76.2% 51.7% 66.3%

CONSUMER SURVEY - PURCHASE INTENTIONS


A SAMA 5.2% 12.1% 0.3% 0.5% 16.8% 7.5%

SALT 12.4% 4.9% 17.9% 17.6% 0.7% 10.2%

E SEMI 5.0% 11.9% 0.3% 0.4% 15.9% 7.1%

SELF 12.4% 4.9% 20.5% 18.7% 0.7% 11.0%

I SIRO 5.0% 11.9% 0.3% 0.5% 15.9% 7.2%

SIBI 13.4% 5.0% 24.1% 19.7% 0.7% 12.1%

O SOLD 5.2% 11.9% 0.3% 0.5% 16.0% 7.2%

SONO 12.1% 5.2% 18.4% 17.9% 0.8% 10.4%

U SUSI 4.8% 12.0% 0.3% 0.4% 16.6% 7.3%

SULI 9.9% 4.1% 8.2% 11.3% 0.7% 6.5%

Y SYGU 5.4% 12.1% 0.3% 0.5% 14.5% 6.9%

SYCA 9.3% 4.1% 9.0% 12.0% 0.7% 6.7%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

CONSUMER SURVEY - SHOPPING HABITS

Segment Specialty stores Depart. stores Mass Merchandis. Total

Buffs 70.0% 25.0% 5.0% 100.0%

Singles 40.0% 40.0% 20.0% 100.0%

Professionals 50.0% 30.0% 20.0% 100.0%

High earners 20.0% 50.0% 30.0% 100.0%

Others 20.0% 40.0% 40.0% 100.0%

Total 38.8% 37.0% 24.2% 100.0%



CONSUMER PANEL - SONITE MARKET

CONSUMER PANEL - MARKET SHARES BASED ON UNIT SALES


A SAMA 4.1% 11.4% 0.3% 0.4% 17.2% 6.8%

SALT 13.8% 5.5% 18.0% 17.2% 0.8% 11.0%

E SEMI 4.3% 11.2% 0.3% 0.4% 15.0% 6.3%

SELF 11.8% 5.0% 18.4% 17.2% 0.7% 10.6%

I SIRO 4.3% 12.6% 0.3% 0.5% 17.9% 7.2%

SIBI 16.2% 6.3% 26.7% 21.9% 0.9% 14.4%

O SOLD 4.9% 12.2% 0.3% 0.4% 16.2% 6.8%

SONO 13.3% 6.1% 18.9% 19.0% 0.9% 11.6%

U SUSI 3.7% 10.9% 0.2% 0.4% 16.2% 6.4%

SULI 11.6% 5.1% 8.8% 12.5% 0.8% 7.6%

Y SYGU 3.5% 9.8% 0.2% 0.4% 12.9% 5.4%

SYCA 8.7% 3.9% 7.5% 9.8% 0.6% 6.0%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Total sales (U) 229,886 163,258 254,359 243,578 299,456 1,190,537

Total sales (% Total) 19.3% 13.7% 21.4% 20.5% 25.2% 100.0%



DISTRIBUTION PANEL - SONITE MARKET

DISTRIBUTION PANEL - MARKET SHARES BASED ON UNIT SALES

Firm Brand Specialty stores Depart. stores Mass Merchandis. Total

A SAMA 4.5% 7.1% 11.2% 6.8%

SALT 13.7% 9.9% 7.4% 11.0%

E SEMI 5.1% 6.5% 8.3% 6.3%

SELF 12.0% 10.3% 8.1% 10.6%

I SIRO 4.7% 8.3% 10.6% 7.2%

SIBI 17.2% 13.7% 9.9% 14.4%

O SOLD 5.7% 7.2% 8.4% 6.8%

SONO 13.0% 11.5% 8.7% 11.6%

U SUSI 4.5% 6.2% 10.9% 6.4%

SULI 8.7% 7.9% 4.3% 7.6%

Y SYGU 3.5% 5.7% 8.8% 5.4%

SYCA 7.4% 5.6% 3.6% 6.0%

Total 100.0% 100.0% 100.0% 100.0%

Total sales (U) 489,190 469,820 231,527 1,190,537

Total sales (% Total) 41.1% 39.5% 19.4% 100.0%

DISTRIBUTION PANEL - DISTRIBUTION COVERAGE BY CHANNEL

Firm Brand Specialty stores Depart. stores Mass Merchandis.

A SAMA 28.2% 35.3% 33.0%

SALT 47.4% 36.8% 22.0%

E SEMI 34.4% 33.7% 23.9%

SELF 36.3% 35.3% 22.1%

I SIRO 31.2% 44.6% 32.7%

SIBI 49.4% 44.5% 24.7%

O SOLD 38.6% 37.8% 24.0%

SONO 45.4% 44.6% 27.1%

U SUSI 29.6% 30.7% 32.4%

SULI 50.0% 51.4% 23.3%

Y SYGU 22.0% 31.0% 28.8%

SYCA 40.4% 32.3% 17.2%

Total number of outlets 30,000 6,750 10,000



MARKET FORECAST - SONITE MARKET

MARKET FORECAST - SEGMENT SIZES AND GROWTH RATES

Segment Buffs Singles Pros HiEarners Others Total

Segment sizes in KU

Actual size this period 230 163 254 244 299 1,191

Forecasted size next period 225 202 301 301 355 1,384

Forecasted size in five periods 187 533 435 476 705 2,336

Relative segment sizes in %

Actual size this period 19.3% 13.7% 21.4% 20.5% 25.2% 100.0%

Forecasted size next period 16.3% 14.6% 21.8% 21.8% 25.6% 100.0%

Forecasted size in five periods 8.0% 22.8% 18.6% 20.4% 30.2% 100.0%

Forecasted growth rates in %

Next period -2.1% 23.6% 18.4% 23.6% 18.4% 16.2%

Total over next five periods -18.7% 226.4% 71.0% 95.4% 135.4% 96.2%

Average over next five periods -4.1% 26.7% 11.3% 14.3% 18.7% 14.4%



COMPETITIVE ADVERTISING - SONITE MARKET

COMPETITIVE ADVERTISING - ESTIMATED TOTAL EXPENDITURES(all numbers in K$)


A SAMA 400 450 200 200 500 1,750

SALT 700 450 750 750 350 3,000

TOTAL 1,100 900 950 950 850 4,750

E SEMI 300 450 200 200 450 1,600

SELF 550 400 600 750 400 2,700

TOTAL 850 850 800 950 850 4,300

I SIRO 250 400 200 200 450 1,500

SIBI 650 300 800 800 300 2,850

TOTAL 900 700 1,000 1,000 750 4,350

O SOLD 350 450 300 300 450 1,850

SONO 500 600 500 650 650 2,900

TOTAL 850 1,050 800 950 1,100 4,750

U SUSI 250 500 150 150 500 1,550

SULI 950 450 950 950 400 3,700

TOTAL 1,200 950 1,100 1,100 900 5,250

Y SYGU 450 500 300 300 450 2,000

SYCA 500 500 950 950 500 3,400

TOTAL 950 1,000 1,250 1,250 950 5,400

TOTAL 5,850 5,450 5,900 6,200 5,400 28,800

AVERAGE BY BRAND 488 454 492 517 450 2,400

AVERAGE BY FIRM 975 908 983 1,033 900 4,800

COMPETITIVE ADVERTISINGESTIMATED COMMUNICATION DIMENSIONS AND MESSAGE QUALITY

Firm Brand Communication Dimensions Message Quality

A SAMA - Poor

SALT - Poor

E SEMI - Poor

SELF - Poor

I SIRO - Poor

SIBI - Poor

O SOLD - Poor

SONO - Poor

U SUSI - Poor

SULI - Poor

Y SYGU - Poor

SYCA - Poor



COMPETITIVE SALES FORCE - SONITE MARKET

COMPETITIVE SALES FORCES - ESTIMATED SIZES(in number of salespeople)

Firm Brand Specialty stores Depart. stores Mass Merchandis. TotalA SAMA 8 13 22 43

SALT 22 13 8 43TOTAL 30 26 30 86

E SEMI 12 12 10 34SELF 12 12 8 32TOTAL 24 24 18 66

I SIRO 10 23 22 55SIBI 25 20 10 55TOTAL 35 43 32 110

O SOLD 15 15 10 40SONO 20 20 12 52TOTAL 35 35 22 92

U SUSI 9 10 21 40SULI 36 30 9 75TOTAL 45 40 30 115

Y SYGU 5 10 15 30SYCA 15 10 5 30TOTAL 20 20 20 60

TOTAL 189 188 152 529AVERAGE BY BRAND 16 16 13 44AVERAGE BY FIRM 32 31 25 88



ADVERTISING EXPERIMENT - SONITE MARKET

EXPECTED RESULTS WITH INCREASED ADVERTISING BUDGET

SIRO SIBI

Change in awareness (%)

Buffs 1.4% 1.8%

Singles 1.4% 1.6%

Professionals 1.1% 1.4%

High earners 1.2% 1.4%

Others 1.2% 1.3%

Change in market share (%)

Buffs 0.2% 0.5%

Singles 0.4% 0.3%

Professionals 0.0% 0.6%

High earners 0.0% 0.5%

Others 0.5% 0.0%

Change in contribution after marketing (K$) -27 488

Notes.

These results would have been achieved by a given brand if its advertising budget

had been increased by 20% and if competitive actions had remained unchanged.

SALES FORCE EXPERIMENT - SONITE MARKET

EXPECTED RESULTS WITH INCREASED SALES FORCE

SIRO SIBI

Change in number of distributors (U)

Specialty stores 1,170 -72

Depart. stores 161 179

Mass Merchandis. 217 273

Change in market share (%)

Specialty stores 0.5% -0.1%

Depart. stores 0.4% 0.8%

Mass Merchandis. 0.6% 0.7%

Change in contribution after marketing (K$) 304 734

Notes.

These results would have been achieved if the number of salespeople had been

increased by 10 in each channel and if competitive actions had remained unchanged.

Jobbers1 a Annual Report P01

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