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Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
Structural Packaging Summit Remarks
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Structural Packaging Summit Remarks

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Most of us are experts in our respective industries, but how do you become an expert in what the consumer wants? Jack Sanders, president and CEO-elect of Sonoco, will discuss Sonoco’s work to satisfy …

Most of us are experts in our respective industries, but how do you become an expert in what the consumer wants? Jack Sanders, president and CEO-elect of Sonoco, will discuss Sonoco’s work to satisfy its customers using consumer insight research, and how this was successful in a recent collaboration with Pepperidge Farm on the brand’s popular Baked Naturals® Cracker Chip snack.

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  • 1. JACK SANDERS REMARKS STRUCTURAL PACKAGING SUMMIT FEBRUARY 27, 2013TOPIC: EMERGING TRENDS AND USING CONSUMER INSIGHTS TO MEET THOSE TRENDS/SATISFY THE CUSTOMER 1
  • 2. (SLIDE 1 – INTRO SLIDE)CLEARLY, THE PACKAGING INDUSTRY CONTINUES TOFACE CHALLENGES AND CHANGING CONSUMERPREFERENCES. SO TODAY I WANT TO SHARE WITH YOUHOW WE ARE USING TRENDS AND CONSUMER INSIGHTSTO GROW OUR CONSUMER PACKAGING BUSINESSES.BEFORE I BEGIN, I WOULD LIKE TO TELL YOU A LITTLEABOUT SONOCO.(SLIDE 2 – SONOCO OVERVIEW)ACTUALLY, SONOCO IS A 113-YEAR OLD GLOBALPACKAGING COMPANY HEADQUARTERED IN HARTSVILLE,SOUTH CAROLINA.WE JUST REPORTED OUR 2012 RESULTS AND ACHIEVEDRECORD SALES OF $4.8 BILLION. WE HAVE NEARLY 20,000EMPLOYEES, WORKING IN 347 OPERATIONS IN 34COUNTRIES AROUND THE WORLD. WE PROVIDEPACKAGING TO MANY OF THE BEST KNOWN BRANDS INOVER 85 DIFFERENT NATIONS. 2
  • 3. AS YOU CAN SEE BY THIS SLIDE ABOUT TWO-THIRDS OFOUR SALES ARE IN THE UNITED STATES. THAT SAID, WEHAVE A GROWING PRESENCE IN THE EMERGING MARKETSOF EASTERN EUROPE, SOUTHEAST ASIA AND LATINAMERICA. 3
  • 4. SONOCO HAS FOUR OPERATING SEGMENTS:(1) OUR LEGACY BUSINESS IS OUR INDUSTRIAL PACKAGING SEGMENT WHERE WE ARE THE WORLD’S LARGEST PRODUCER OF PAPER-BASED TUBES AND CORES THAT SERVE THE TEXTILE, PAPER, PLASTIC FILM AND TAPE INDUSTRIES.(2) OUR NEWEST SEGMENT IS PROTECTIVE SOLUTIONS, WHERE WE PRODUCE CUSTOM-ENGINEERED PROTECTIVE PACKAGING FOR CONSUMER PRODUCTS, MOLDED FOAM COMPONENTS FOR THE AUTOMOTIVE MARKET; TEMPERATURE-ASSURED PACKAGING FOR THE LIFE SCIENCE INDUSTRY AND FINALLY, HIGH VISIBILITY SECURITY PACKAGING FOR THE RETAIL INDUSTRY. 4
  • 5. (3) CONSUMER PACKAGING, WHICH INCLUDES PAPER- BASED COMPOSITE CANS (THINK OF PRINGLES), FLEXIBLE PACKAGING (THINK OF OUR PATENTED SMARTSEAL OPEN AND RECLOSE FEATURE ON OREO COOKIES), RIGID PLASTIC CONTAINERS, INCLUDING BLOW-MOLDED BOTTLES FOR FOOD AND PERSONAL CARE PRODUCTS; THERMOFORMED TRAYS FOR FROZEN FOODS; INJECTION MOLDED COMPONENTS AND EXTRUDED CARTRIDGES FOR ADHESIVES AND SEALANTS.(4) ALSO, PART OF OUR CONSUMER PORTFOLIO IS OUR DISPLAY AND PACKAGING SEGMENT, WHERE WE PROVIDE POINT-OF-PURCHASE DISPLAYS AND PACKAGING FULFILLMENT SERVICES FOR LARGE CPGS. FOR INSTANCE, WE PACKAGE ALL GILLETTE’S RAZORS AND BLADES IN NORTH AMERICA AND EUROPE. 5
  • 6. (SLIDE 3 – CONSUMER TRENDS)AS MENTIONED EARLIER, THE PACKAGING INDUSTRYCONTINUES TO FACE CHALLENGES AND CHANGE.SOME OF THESE CHALLENGES ARE LISTED HERE ASCONSUMER TRENDS ARE FORCING CHANGES INPACKAGING.HOWEVER, I DO BELIEVE WE FACE ONE OF THE MOSTUNIQUE AND OPPORTUNISTIC TIMES OUR WORLD HASEVER EXPERIENCED. I WANT TO SPEAK WITH YOU TODAYABOUT MANY OF THE POSITIVE TRENDS WE SEE WHEN WELOOK INTO THE FUTURE AND HOW WE ARE WORKING TOTAKE ADVANTAGE OF THESE OPPORTUNITIES. 6
  • 7. (SLIDE 4 – WHAT IS THE ECONOMY TELLING US?)BUT, BEFORE I GET INTO THE HEART OF MYPRESENTATION, IT IS IMPORTANT TO UNDERSTANDWHERE WE ARE IN THE CURRENT ECONOMIC CYCLE ANDTHE IMPACT IT HAS ON PACKAGING.ALTHOUGH WE HAVE HAD SOME RESOLUTION TO THE“FISCAL CLIFF,” THERE ARE MANY OPEN ISSUES AND IBELIEVE WE ARE STILL IN FOR ANOTHER YEAR OF SLOWGROWTH.OVERALL, WE BELIEVE U.S. GDP WILL GROW AT LESSTHAN 2% IN 2013 AS CONSUMER CONFIDENCE IS SHAKY,AND THE DATA IS A BIT CONTRADICTORY.FOR INSTANCE, ON THE NEGATIVE SIDE, U.S. GDPDECLINED IN THE FOURTH QUARTER OF 2012 AND MOSTOF EUROPE REMAINS IN RECESSION. 7
  • 8. ON THE POSITIVE SIDE, U.S. HOUSING STARTS HAVEGROWN SIGNIFICANTLY AND ARE AVERAGING ABOUT950,000 UNITS ANNUALLY. THIS IS ABOUT ONE-THIRD OFTHE PEAK VOLUME IN 2005, BUT, UP SIGNIFICANTLY FROMTHE DEPTHS OF THE GREAT RECESSION.ANOTHER POSITIVE ECONOMIC INDICATOR IS U.S. AUTOPRODUCTION, WHICH HAS SHOWN CONSISTENT GROWTHSINCE THE GREAT RECESSION TO ABOUT 15 MILLIONUNITS ANNUALLY.CLEARLY, FURTHER IMPROVEMENT IN HOMECONSTRUCTION AND AUTO PRODUCTION WILL INCREASEJOBS, IMPROVE CONSUMER SPENDING AND INCREASEDEMAND FOR CONSUMER PRODUCTS AND THEIRPACKAGING. 8
  • 9. (SLIDE 5 – MEGA TRENDS IMPACTING FUTURE GROWTH)BUT THAT’S 2013. LET’S TALK ABOUT 2020.RECENTLY, WE ASKED BAIN CONSULTING TO CONDUCT ADETAILED ASSESSMENT OF THE GLOBAL ECONOMY ANDWHAT IMPACT CERTAIN TRENDS WOULD HAVE ON OURBUSINESS THROUGH THE CURRENT DECADE.AS PART OF THIS WORK, THEY UNCOVERED EIGHT“MEGATRENDS” THEY BELIEVE WILL ADD $27 TRILLIONDOLLARS TO GLOBAL GDP BY 2020.FOUR OF THESE MEGATRENDS DIRECTLY AFFECTSONOCO AND WE HAVE WORKED VERY HARD TO ALIGNOUR LONG-TERM STRATEGY TO TAKE ADVANTAGE OFTHESE TRENDS. 9
  • 10. (SLIDE 6 – MEGA TRENDS IMPACTING FUTURE GROWTH –FOCUSED FOUR)THE FOUR RELEVANT MEGATRENDS ARE EXPECTED TOIMPACT GLOBAL GDP BY AN ESTIMATED $22 TRILLION BY2020. THEY INCLUDE: • THE NEXT BILLION CONSUMERS – THIS IS A $10 TRILLION MEGATREND THAT SHOWS HOW THE RISING WEALTH OF EMERGING ECONOMIES WILL LIKELY INCREASE THE DEMAND FOR CONSUMER PRODUCTS (AND THUS PACKAGING). • GROWING OUTPUT OF PRIMARY INPUTS – CLEARLY, AN INCREASE IN GLOBAL CONSUMER DEMAND WILL FUEL AN INCREASE IN DEMAND FOR COMMODITIES, RANGING FROM ENERGY TO BASIC RAW MATERIALS. AS A RESULT, THE COMMODITY COST VOLATILITY WE’VE SEEN IN RECENT YEARS IS LIKELY TO CONTINUE. 10
  • 11. • KEEPING THE WEALTHY HEALTHY – THIS IS A $4 TRILLION-DOLLAR MEGATREND PRIMARILY IMPACTING DEVELOPED ECONOMIES AS THEY ADJUST TO THE DEMANDS OF AN AGING POPULATION. • FINALLY, EVERYTHING THE SAME BUT NICER – THIS $5 TRILLION-DOLLAR MEGATREND IS ALSO FOCUSED ON DEVELOPED ECONOMIES AS MORE AFFLUENT CONSUMERS DRIVE PREMIUM PRODUCTS AND SERVICES.IN THE NEXT PART OF OUR ASSESSMENT, WE SOUGHT TOUNDERSTAND WHAT LEVEL OF IMPACT (EITHER POSITIVEOR NEGATIVE) THESE FOUR MEGATRENDS WOULD HAVEON OUR BUSINESSES.WE BELIEVE THAT EMERGING ECONOMIES CAN DRIVEPOSITIVE GROWTH FOR MANY OF OUR BUSINESSES,INCLUDING OUR MORE MATURE INDUSTRIAL-FOCUSEDBUSINESSES. 11
  • 12. HOWEVER, EACH OF OUR BUSINESSES COULD BENEGATIVELY IMPACTED BY COMMODITY COSTVOLATILITY DUE TO INCREASED GLOBAL CONSUMERDEMAND.IN ADDITION, OUR ASSESSMENT INDICATES WE SHOULDHAVE GROWTH OPPORTUNITIES IN DEVELOPEDCOUNTRIES CATERING TO THE NEEDS OF AN AGING,MORE AFFLUENT CONSUMER.OVERALL, WE ARE BULLISH.THE NEXT BILLION CONSUMERS REPRESENT ONE OF“THE BIGGEST GROWTH OPPORTUNITIES IN THE HISTORYOF CAPITALISM.”AND HEALTH AND LIFESTYLE TRENDS PROVIDE A $9TRILLION OPPORTUNITY IN ADVANCED ECONOMIES.THAT IS A LOT OF GROWTH POTENTIAL. 12
  • 13. (SLIDE 7 – TRANSFORMING ECONOMY REQUIRES ADIFFERENT APPROACH)ONE CLEAR TREND IS A MOVE FROM A SUPPLY-BASEDECONOMY TO A DEMAND-BASED ECONOMY.CUSTOMERS ARE TENDING TO ORDER BASED SOLEY ONKNOWN DEMAND AND WE BELIEVE THIS TREND WILLCONTINUE.THIS DEMAND DRIVEN ECONOMY REQUIRES THAT WETAKE A DIFFERENT APPROACH. WE CAN NO LONGERWAIT FOR OUR CUSTOMERS TO PLACE THE NEXT ORDER.WE MUST PROACTIVELY DEVELOP SOLUTIONS ANDTARGETED INNOVATIONS THAT ANTICIPATE CUSTOMERNEEDS.SAID ANOTHER WAY, IF YOU HAVE TO ASK YOURCUSTOMER WHAT THEY WANT, IT IS PROBABLY TOOLATE AS THEY HAVE ALREADY TOLD YOURCOMPETITORS AS WELL. 13
  • 14. (SLIDE 8 – TRANSFORMING PACKAGING REALITY)THE GLOBAL PACKAGING MARKET IS EXPECTED TOGROW AT A COMPOUND RATE OF JUST OVER 3 PERCENT.HOWEVER, AS THIS CHART SHOWS, FLEXIBLEPACKAGING IS EXPECTED TO GROW AT 3.5 PERCENT ANDRIGID PLASTIC PACKAGING WILL GROW AT 5.6 PERCENTANNUALLY.BASED ON THESE TRENDS, SONOCO HAS BEENFOLLOWING A STRATEGY OF PROVIDING OUR CONSUMERCUSTOMERS WITH MULTI-STRUCTURAL PACKAGINGCHOICES BASED ON THEIR NEEDS – WHETHER IT IS ACOMPOSITE CAN, A FLEXIBLE PACKAGE OR A RIGIDPLASTIC CONTAINER. 14
  • 15. (SLIDE 9 – GROWTH IN PACKAGING DRIVEN BY EMERGINGMARKETS)ONE OF THE LARGEST DRIVERS OF NEW CONSUMERPRODUCTS WILL COME FROM THE ESTIMATED ONEBILLION NEW CONSUMERS THAT WILL ARRIVE OVER THENEXT DECADE, ESPECIALLY IN EMERGING MARKETSSUCH AS ASIA AND SOUTH AMERICA. 15
  • 16. (SLIDE 10 – A NEW MIDDLE CLASS VISUAL)THE NEW MIDDLE CLASS GROWING IN EMERGINGMARKETS WILL CONTRIBUTE $10 TRILLION IN GROWTH BY2020.(SLIDE 11 – MAP)THEY LIVE IN A DOZEN EMERGING MARKET COUNTRIES;NOT JUST IN THE SO CALLED BRIC NATIONS.(SLIDE 12 – PACKED STREET SLIDE)AND WESTERN MULTINATIONALS EXPECT 70% OF FUTUREGROWTH TO COME FROM THESE EMERGING ECONOMIES. 16
  • 17. (SLIDE 13 – CHANGING OUR MARKETING FOCUS)SO WHAT DOES ALL OF THIS MEAN? HOW DO THESEMEGA TRENDS IMPACT US?ONE OF THE BIGGEST CHANGES WE HAVE MADE IS INTHE AREA OF MARKETING “INSIGHTS”.AS I MENTIONED EARLIER, IF WE HAVE TO ASK OURCUSTOMERS WHAT THEY WANT, IT IS PROBABLY TOOLATE.OVER THE PAST FEW YEARS, WE HAVE DEVELOPED APROPRIETARY SUITE OF CONSUMER RESEARCHCAPABILITIES TO DRIVE NEW PRODUCT DEVELOPMENT.FOR INSTANCE, BY USING RAPID CONSUMER FEEDBACKWE CAN TELL OUR CUSTOMERS WHAT CONSUMERS ARESAYING ABOUT THEIR PRODUCT PACKAGING ANDSPECIFICALLY ABOUT THEIR PREFERENCES. 17
  • 18. (SLIDE 14 – PEPPERIDGE FARM CASE STUDY INTRO SLIDE)A KEY SUCCESS OF THIS STRATEGY CAN BE SEEN IN OURINSIGHTS-DRIVEN APPROACH TO PEPPERIDGE FARM’SNATURALS-BAKED CHIPS.(SLIDE 15 – IN THE BEGINNING)MOST OF US ARE FAMILIAR WITH THIS TYPE OF PACKAGE.THIS IS A TYPICAL QUAD-SEAL BAG THAT MOST PEOPLESEE ON THEIR GROCERY SHELF. 18
  • 19. YOU WOULD PURCHASE THESE, GO HOME, OPEN THEM,AND THEN, IF YOU ARE LIKE MOST FAMILIES, YOU WOULDUSE A DEVICE OR METHOD TO RECLOSE THEM, LIKETHESE.(SLIDE 20 – INTO BAG)OR -- EVERY CPG’S NIGHTMARE. A COMPLETE LOSS OFON-SHELF IDENTITY 19
  • 20. (SLIDE 21 – BAG EVOLUTION/SEALTAB) • THIS STORY DID NOT START WITH DEVELOPING A PRODUCT FOR PEPPERIDGE FARM. • WE CONDUCTED ETHNOGRAPHY AND INSIGHT GROUP STUDIES ON EXISTING COFFEE FLEXIBLE TIN- TIE PACKAGING VS. A NEW PACKAGE WITH A RECLOSABLE FEATURE. • OUR RESEARCH FOUND THAT ONLY ONE-THIRD OF STUDY PARTICIPANTS KEPT COFFEE IN THE ORIGINAL TIN-TIE PACKAGE, WHILE 50 PERCENT EMPTIED THE PACKAGE AND STORED THE COFFEE IN AIR-TIGHT RIGID CONTAINERS. (LIKE A COMPOSITE CAN) • AS A RESULT, CONSUMERS SAID THE RECLOSE FEATURE WAS NOT THAT IMPORTANT TO THEM. 20
  • 21. • WE TOOK THE RECLOSE FEATURE TO PEPPERIDGE FARM AND CONDUCTED MORE CONSUMER RESEARCH. THE RESEARCH SHOWED THAT CONSUMERS “VALUED” THE PACKAGE WITH THE RECLOSE FEATURE.• WORKING WITH PEPPERIDGE FARM, WE CAME UP WITH THIS RECLOSABLE BAG, THE FIRST EVER USING OUR PATENTED SEALTAB TECHNOLOGY FOR THEIR NATURAL’S CRACKER CHIPS.• WITH THE SEALTAB FEATURE, CONSUMERS CAN OPEN THE BAG AS NORMAL, BUT RECLOSE IT WHEN THEY FINISH SNACKING THROUGH MULTIPLE USES.• NO MORE DUCK TAPE OR DUMPING THE PRODUCT INTO AN UNBRANDED PLASTIC BAG AS SHOWN EARLIER. 21
  • 22. THIS INNOVATION SOLVED THREE ISSUES:• 1) IT PROVIDED CONSUMERS WITH WHAT THEY WANTED – A RECLOSABLE PACKAGE THAT WOULD KEEP CHIPS FRESH.• 2) IT SUPPORTED PEPPERIDGE FARM’S DESIRE TO KEEP THEIR BRAND IN FRONT OF THE CONSUMER LONGER,• AND IT 3) REQUIRED NO ADDITIONAL CAPITAL INVESTMENT FOR THE CUSTOMER.THE PRODUCT WAS LAUNCHED IN SEPTEMBER OF 2012AND WAS A TOP INNOVATION AT PACK EXPOINTERNATIONAL.THE SEALTAB RECLOSE FEATURE WILL BE USED INOTHER SNACK PRODUCTS VERY SOON AND WE’VERECEIVED ADDITIONAL SKUS FROM PEPPERIDGEFARM. 22
  • 23. (SLIDE 22 – WIN/WIN SOLUTION)THIS SUCCESS STORY MARRIES CONSUMER NEEDS WITHPACKAGING KNOWLEDGE AND MANUFACTURINGCAPABILITIES.WE WERE ABLE TO DELIVER PACKAGING BENEFITS THATCONSUMERS VALUE WITHOUT OUR CUSTOMER HAVINGTO INVEST SIGNIFICANT CAPITAL.THIS PACKAGE IS INNOVATIVE AND FORWARD-THINKING.IT DIFFERENTIATED OUR CUSTOMERS’ PRODUCTS ANDSATISFIED THEIR CONSUMERS. 23
  • 24. (SLIDE 23 – LEGO SOLUTION)LET ME GIVE YOU ONE LAST EXAMPLE OF USINGINSIGHTS -- AND OUR MULTI-STRUCTURAL CAPABILITY --TO MEET THE CUSTOMER’S NEEDS BY DELIVERING ATOTAL SOLUTION.THIS EXAMPLE INVOLVES LEGO.SONOCO WAS FIRST ASKED TO PROVIDE PACKAGINGFULFILLMENT SERVICES FOR LEGO’S PRODUCTS INEUROPE AND THEN IN NORTH AMERICA.BUT THE MORE WE GOT TO KNOW LEGO’S BUSINESS ANDCHALLENGES, THE MORE WE INDENTIFIEDOPPORTUNITIES TO IMPROVE THEIR PRODUCTS’APPEARANCE ON STORE SHELVES.WE SUGGESTED A NEW PACKAGE IN THE FORM OF ACOLORFUL, RECLOSABLE, STAND-UP POUCH VS. THETRADITIONAL CHIPBOARD BOX. 24
  • 25. YOUNG CHILDREN TODAY ARE VERY FAMILIAR WITHFLEXIBLE POUCHES AND OUR RESEARCH CONFIRMEDTHIS.ONLY SONOCO COULD DELIVER EVERY ASPECT OF THENEW PACKAGE, FROM DESIGN, TO ARTWORKMANAGEMENT, TO COLOR SEPARATIONS AND CYLINDERENGRAVING, TO PRECISION PRINTING AND FINALLYPACKAGING FULFILLMENT.AS A RESULT, OUR TOTAL SOLUTION WON THE “BEST OFTHE BEST” GOLDEN CYLINDER AWARD FROM THEGRAVURE ASSOCIATION OF AMERICA. BUT MOREIMPORTANTLY, IT SATISFIED OUT CUSTOMER AND DROVEADDITIONAL LEGO SALES. 25
  • 26. (SLIDE 24 – SATISFY THE CUSTOMER)THE STARBUCKS COFFEE, PEPPERIDGE FARM AND LEGOCASE STUDIES ARE JUST A FEW EXAMPLES OF OURSTRATEGY TO USE INSIGHTS AND MULTI-STRUCTURALPACKAGING OPTIONS TO SATISFY OUR CUSTOMERS.WHAT WE HAVE LEARNED IS ENCAPSULATED IN THISLOGO. IT SYMBOLIZES THE KEY ELEMENTS OF OURMISSION AND STRATEGIC FOCUS.THIS LOGO TAKES OUR STRATEGIC FOCUS AREAS ANDSURROUNDS THEM WITH OUR NUMBER ONE PRIORITY –“SATISFY THE CUSTOMER.”IN OUR MISSION STATEMENT WE USE THE WORDS: • INNOVATIVE – MEANING WE LEVERAGE TECHNOLOGY TO CREATE MARKET-FOCUSED SOLUTIONS; • VALUE-CREATING – MEANING WE WILL BE THE BEST COST PRODUCER GIVEN THE CUSTOMER BENEFIT DESIRED; 26
  • 27. • AND SOLUTIONS – MEANING A MULTI-PRODUCT AND SERVICE OFFERING THAT DELIVERS THE MOST COMPLETE VALUE EQUATIONOUR “SATISFY THE CUSTOMER STRATEGY” ISCUSTOMER-FOCUSED – IT IS CUSTOMER DRIVEN – ANDULTIMATELY IT WILL BE CUSTOMER JUDGED.TO TRULY PROVIDE THE LEVEL OF CUSTOMERSATISFACTION THAT WILL MAKE US BETTER THAN OURCOMPETITORS, WE MUST DO SOME THINGS DIFFERENTLY.WE MUST BECOME MORE OUTWARDLY FOCUSEDTOWARD THE CUSTOMER. THIS MEANS WE MUST DOWHAT THE CUSTOMER WANTS VERSUS WHAT WE THINKTHEY WANT.WE ARE FOCUSING ON BETTER UNDERSTANDINGCONSUMER BEHAVIORS SO WE CAN CHANGE THECONVERSATION WITH OUR CUSTOMERS ANDDEMONSTRATE A BETTER UNDERSTANDING OF THEIRNEEDS. 27
  • 28. FOCUSING ON CONSUMERS, AND ON END USE MARKETS,ALLOWS US TO BETTER UNDERSTANDING MARKETGROWTH, CONSUMER PREFERENCES, CUSTOMER NEEDSAND GEOGRAPHIC TRENDS.THE WORLD IS CHANGING AND WE MUST ADAPT OR BELEFT BEHIND. 28

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