DEPARTMENT OF BUSINESS MANAGEMENT

A PROJECT REPORT ON

COLGATE PALMOLIVE LTD.

UNDER THE GUIDANCE OF

Prof .Rashmi

SUBMITED BY: - An ra!ha . M "" #ina$a. Na!ar %iran . H&mani Rasi"a. Pa'i(
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Sn&ha(. Bhari

DECLARATION

We, students of Master of bus ness ad! n strat on stud es, "ereb# de$%are t"at &e "a'e su$$essfu%%# $o!(%eted t" s Pro)e$t on Mar*et n+ !ana+e!ent n a$ade! $ #ear ,-.,/,-.0. T"e nfor!at on n$or(orated n t" s (ro)e$t s true and or + na% to t"e best of our *no&%ed+e.

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ACKNOWLEDGEMENT

T" s (ro)e$t s a resu%t of ded $ated effort. It + 'es us !!ense (%easure to (re(are t" s (ro)e$t re(ort on )COLGATE PALMOLIVE LTD*. We &ou%d % *e to t"an* our (ro)e$t +u de, Prof.+ for $onsu%tat 'e "e%( and $onstru$t 'e su++est on on t"e !atter n t" s (ro)e$t. We &ou%d % *e to t"an* our (arents and our $o%%ea+ues &"o "a'e "e%(ed us n !a* n+ t" s (ro)e$t a su$$essfu% one.

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INDE1

S. No.

CONTENTS

Pa,& No.

. , 7 0 5 < 6 > : : .-

COMPAN2 PRO3ILE INTROD4CTION COMPAN2 8I9TOR2 MAR;ETING MI1 =CG MATRI1 9WOT ANAL29I9 9TP ANAL29I9 =ALACE98EET RECOMMANDATION9 CONCL49ION

0 5/6 :/., ../.< .0/.>

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COMPANY PROFILE

Com-an$ nam&

Co%+ate Pa%!o% 'e Ltd.

Da'& of Es'a.(ishm&n'

.:76

R&/&n &

706..>> ?49D n M %% ons@

Mar"&' Ca-

....<-.5,><.5> ?Rs. In ! %% ons@

Cor-ora'& A!!r&ss

Co%+ate Resear$" Centre, Ma n 9treet 8 ranandan Gardens Po&a ,Mu!ba /0---6<, Ma"aras"tra WWW.$o%+ate.$o. n

Mana,&m&n' D&'ai(s

Chair -&rson - J 9*a%a MD 0 R D Ca%!e#er

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Dir&1'ors 0 Derr $* 9a!ue%, J ; 9etna,9*a%a, ; V Va d#aanat"an, M E% as,P; G"os", R A 9"a", V 9 Me"ta

B sin&ss O-&ra'ion

8ouse"o%d APersona% Produ$ts

Ba1",ro n!

Co%+ate/(a%!o% 'e s Rs ..7-- $rore $o!(an# started n #ear .:76. In Rs ,,0-- $rore do!est $ !ar*et t en)o#s 5-B of !ar*ets s"are. It s(read a$ross 0.5 ! %% on reta %s out%ets out of &" $" ..5 ! %% on are d re$t out%ets.

Finan1ia(s

Tota% In$o!e Rs ,-<-<.<- M %% on ?#ear End n+ Mar ,-.-@ Net Prof t Rs 0,7,.<- M %% on ?#ear End n+ Mar ,-.-@

Com-an$ S&1r&'ar$

; V Va d#anat"an

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INTRODUCTION

Co%+ate Pa%!o% 'e Co!(an# s an A!er $an d 'ers f ed !u%t nat ona% $or(orat on fo$used on t"e (rodu$t on, d str but on and (ro' s on of "ouse"o%d, "ea%t"$are and (ersona% (rodu$ts, su$" as soa(s, deter+ents, and ora% "#+ ene (rodu$ts ? n$%ud n+ toot"(aste and toot"brus"es@.

4nder ts C8 %%sD brand, t s a%so a !anufa$turer of 'eter nar# (rodu$ts. T"e $o!(an#Es $or(orate off $es are on Par* A'enue n Ne& 2or* C t#, a$ross fro! t"e Wa%drof Astor a.

In Ind a, t o(erates under t"e na!e as Co%+ate/Pa%!o% 'e ?Ind a@ % ! ted and ts "ead off $e s at Mu!ba .

Colgate Palmolive is a $10.6 billion global company serving people in more than 200 countries an territories !ith consumer pro ucts that ma"e lives healthier an more en#oyable.

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COLGATE PALMOLIVE INDIA:

8eadFuarter n Mu!ba . Annua% Turno'er around ..-- $rs. Mar*et %eaders n ora% $are.

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 Co%+ate $ons stent%# &on Ind a no . brand of t"e #ear a&ard fro! %ast t"ree #ears. Co%+ate ran*ed a!on+ best e!(%o#er n Ind a. Custo!er base of !ore t"an > %a$s reta %ers. 9er' $ed b# $o!(an# f e%d for$e, !ore t"an .>-- sto$* est A su(er sto$* est A t"e r f e%d for$e. Co%+ate s t"e brand t"at (eo(%e trust, for $o!(%ete ora% $are (rote$t on for t"e!se%'es and ones t"e# %o'

COMPANY HISTORY
2345 / W %% a! Co%+ate starts a star$", soa( and $and%e bus ness on Dut$" 9treet n Ne& 2or* C t#. 2326 / 3 rst Co%+ate ad'ert se!ent a((ears n a Ne& 2or* ne&s(a(er. 2374 / Co%+ate estab% s"es a star$" fa$tor# n Jerse# C t#, Ne& Jerse#. 2386 / 4(on t"e deat" of founder W %% a! Co%+ate, t"e $o!(an# s reor+an Ged as Co%+ate A Co!(an# under t"e !ana+e!ent of 9a!ue% Co%+ate, " s son. 2369 / Co%+ate ntrodu$es toot"(aste n )ars. 236: / Ger"ard Mennen estab% s"es a ("ar!a$# n Ne&ar*, NJ, %ater be$o! n+ t"e Mennen Co!(an#. 23:5 / Co%+ate ntrodu$es toot"(aste n a $o%%a(s b%e tube.
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 2:47 / 9t#% s" Co%+ate ad'ert s n+ be+ ns, e!("as G n+ n+red ent (ur t# and (rodu$t benef ts.

2:45 / Co%+ate A Co!(an# $e%ebrates ts .--t" ann 'ersar#. Produ$t % ne n$%udes o'er >-- d fferent (rodu$ts.

2:22 / Co%+ate d str butes t&o ! %% on tubes of toot"(aste and toot"brus"es to s$"oo%s, and (ro' des "#+ en sts to de!onstrate toot" brus" n+.

2:2; / Co%+ate estab% s"es ts f rst nternat ona% subs d ar# n Canada.

2:94 / On Mar$" .7, Co%+ate s f rst % sted on t"e Ne& 2or* 9to$* EH$"an+e.

2:9: / Dr. Mar* L. Morr s de'e%o(s a (et food to "e%( sa'e a +u de do+ na!ed =udd# fro! * dne# d sease. T" s brea*t"rou+" %eads to t"e f rst 8 %%Is Pres$r (t on D et (rodu$t.

2:85 - Co%+ate o(ens $or(orate "eadFuarters at 7-- Par* A'enue n Ne& 2or* C t#.

2:53 - Co%+ate toot"(aste adds M3P 3%uor de, $% n $a%%# (ro'en to redu$e $a' t es.

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 2:67 - Co%+ate a$Fu res 8o#t Laborator es, &" $" %ater be$o!es Co%+ate Ora% P"ar!a$eut $a%s.

2:38 / Co%+ate/Pa%!o% 'e enters nto a )o nt 'enture & t" 8on+ ;on+/ based 8a&%e# A 8aGe%, a %ead n+ ora% $are $o!(an#, &" $" adds stren+t" n *e# As an !ar*ets.

2:3: / Annua% Co!(an# sa%es sur(ass t"e J5 b %% on !ar*.

2::8 / Co%+ate enters Centra% Euro(e and Russ a, eH(and n+ nto fast/ +ro& n+ !ar*ets.

2::6 / Co%+ate Tota% toot"(aste s ntrodu$ed n t"e 4.9. and Fu $*%# be$o!es t"e !ar*et %eader. On%# Co%+ate Tota%, & t" ts .,/"our (rote$t on, f +"ts a $o!(%ete ran+e of ora% "ea%t" (rob%e!s.

744; - Co%+ate a$Fu res t"e GA=A ora% $are bus ness n Euro(e, & t" ts stren+t" n t"e !(ortant Euro(ean ("ar!a$# $"anne% and ts t es & t" t"e denta% $o!!un t#.

Today Toda#, & t" sa%es sur(ass n+ J.5 b %% on, Co%+ate fo$uses on four $ore bus nessesK Ora% Care, Persona% Care, 8o!e Care and Pet Nutr t on. Co%+ate no& se%%s ts (rodu$ts n o'er ,-- $ountr es and terr tor es &or%d& de.

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MARKETING MIX

2012-14

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MARKETING MIX

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PROD4CT

C49TOMER WANT9 AND NEED9

PRICE

CO9T TO 9ATI932

PLACE

CONVIENCE TO =42

PROMOTION

COMM4NICATION

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1. Produc :!

T"e (rodu$t, t"e Pre$ s on toot"brus", s a (rodu$t t"at s"ou%d add 'a%ue to a bu#erEs % fe.

It s"ou%d a%so add ut % t#, and !eet t"e &ants and needs of tar+eted $onsu!ers.

T"e (rodu$t s"ou%d be un Fue and d fferent fro! a%% s ! %ar (rodu$ts t"at are a%read# a'a %ab%e on t"e !ar*et.

T"e strate+# s to d fferent ate t"e (rodu$tEs des +n and (a$*a+ n+, &" $" n return & %% $ause t"e toot"brus" to stand out.

VARIOUS TYPES OF COLGATE

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2. Pr"c#:!
T"e (r $e of a (rodu$t sa#s so!et" n+ about t"e Fua% t#.

E'en t"ou+" t"e Fua% t# of t"e Pre$ s on toot"brus" & %% be s +n f $ant%# " +"er t"an ot"er %ead n+ toot"brus"es, t"e (r $e of t"e toot"brus" & %% be deter! ned b# t"e (r $es of t"e ot"er toot"brus"es a%read# n t"e !ar*et.
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T" s (r $ n+ strate+# s a resu%t of (os t on n+ t"e toot"brus" as a !a nstrea! (rodu$t rat"er t"an a n $"e (rodu$t.

CO<GA 74, ms TE
Denta% $rea! MaH fres" Tota% 9ens t 'e ; ds Ad'an$e &" ten n+ 5rs /// //// /// /// ///

;4, ms //// /// //// /// ,<rs /// /// /// /// ////

84, ms .0rs .5rs /// 75rs /// /// .0rs /// .0rs ////

68,m 34, s ms //// /// 75rs /// /// ,6rs //// /// /// ///// //// 7,rs /// /// /// /// //// /// /// ///

244, ms 7-rs 75rs /// <-rs /// /// 7-rs .>rs 7-rs ///

284, ms 05rs 55rs <5rs /// /// 57rs //// /// /// 55rs

744, ms 5<rs //// /// /// /// /// 50rs ,>rs 55rs <-rs

944, ms ><rs /// /// /// /// /// //// /// /// ///

A$t 'e sa%t //// C ba$a 8erba% 3res" ener+# +e% /// /// ///

$. P%&c#:!

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 P%a$e re(resents t"e %o$at on &"ere a (rodu$t $an be (ur$"ased.

T"e !ost !(ortant (art of !ar*et n+ s "o& a (rodu$t & %% +et fro! t"e se%%er to t"e bu#er.

Man# (rodu$ts +o t"rou+" a $"anne% of d str but on, &" $" n'o%'es !anufa$turers, &"o%esa%ers, reta %ers, and $onsu!ers.

T"e d str but on strate+# (ro(osed for t"e Pre$ s on toot"brus" s t"rou+" dent sts, (%ast $ sur+eons, dru+ stores, +ro$er# stores, %ar+e reta % stores, and de(art!ent stores.

T"e (rodu$t s a'a %ab%e n t"e a%% Ind a !ar*et, n$%ud n+ se! /urban A rura% !ar*ets &" $" are t"e r (r !ar# fo$us.

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'. Pro(o "o) :!

Produ$t (ro!ot on s $o!!un $at on s(read t"rou+" ad'ert s n+, Pub% $ t# and sa%es (ro!ot on.

Pro!ot on re(resents a%% of t"e $o!!un $at on t"at !ar*eters use n t"e !ar*et.

We su++est t"at Co%+ate/Pa%!o% 'e ad'ert se t"e r (rodu$ts b# us n+ $o!!er$ a%, !a+aG ne ads, t"e rad o, ads t"at are to be (%a$ed n dent st off $es, b %%boards, and t"e s des of buses.

Ad'ert s n+ s done to (ro!ote ne& (rodu$ts, re! nd $onsu!ers of eH st n+ (rodu$ts, and a%so (ro!ote t"e !a+e of t"e $o!(an# at "and. We a%so su++ested t"at Co%+ate offer s(e$ a% $ou(ons and rebates t"rou+" t"e r ot"er (rodu$ts, and a%so food (rodu$ts.

A%so, Co%+ate $ou%d benef t fro! t"e usa+e of n/store d s(%a#s.

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 Most of t"e (ro!ot ona% a$t ' t es &ou%d be T.V. !ed a.

T.V., 3M rad o for urban (o(u%at on.

Pro!ot on to&ards rura% (o(u%at on a%so.

BCG MATRIX
T"e =CG !atr H or a%so $a%%ed =CG !ode% re%ates to !ar*et n+. T"e =CG !ode% s a &e%%/ *no&n (ortfo% o !ana+e!ent too% used n (rodu$t % fe $#$%e t"eor#.

=CG !atr H s often used to (r or t Ge &" $" (rodu$ts & t" n $o!(an# (rodu$t ! H +et !ore fund n+ and attent on.

T"e =CG !atr H !ode% s a (ortfo% o (%ann n+ !ode% de'e%o(ed b# =ru$e 8enderson of t"e =O9TON CON94LTING GRO4P n t"e ear%# .:6-Es.

T"e =CG !ode% s based on $%ass f $at on of (rodu$ts ?and !(% $ t%# a%so $o!(an# bus ness un ts@ nto four $ate+or es based on $o!b nat on of !ar*et +ro&t" and !ar*et s"are re%at 'e to t"e %ar+est $o!(et tor.

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SWOT ANALYSIS

C9WOT s an a$ron#! for t"e nterna% stren+t" and &ea*ness of a f r! and t"e en' ron!enta% o((ortun t es and t"reats fa$ n+ t"e f r!.

9WOT ana%#s s s a & de%# used te$"n Fue t"rou+" &" $" !ana+ers $reate a Fu $* o'er' e& of a $o!(an#Es strate+ $ s tuat on.
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T"e te$"n Fue s based on t"e assu!(t ons t"at an effe$t 'e strate+# der 'es fro! a sound Cf tD bet&een a f r!Es nterna% resour$es ?stren+t"s and &ea*ness@ and ts eHterna% s tuat on ?o((ortun t es and t"reats@.

INTERNAL 3ACTOR9K/
?.@ 9TRENGT8K/

Co%+ate denta% $rea! offers a%%/round $a' t# (rote$t on, e'en &"ere a toot"brus" $annot rea$".

Its +reat ! nt taste fres"ens breat".

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 It (rote$ts a+a nst root $ar es.

It $%eans A !a*es teet" &" ter and re(a rs ear%# de$a# s(ots.

EHtre!e%# (o(u%ar brand and " +" brand a&areness due to ad'ert s n+.

?,@ WEA;NE99K/

8 +" de(enden$e of t"e $o!(an# on a s n+%e $ate+or# .e., ora% $are.

Redu$t on n ad'ert se!ent eH(end ture n order to !a nta n +ro&t".

E1TERNAL 3ACTOR9

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?7@ OPPORT4NITIE9K/

Le'era+e on fa$t t"at Co%+ate "as been ran*ed as t"e !ost trusted brand n Ind a.

3o$us on nno'at ons and ne& (rodu$t %aun$"es b# de(%o# n+ ad'an$ed te$"no%o+ es.

Gro&t" n e!er+ n+ !ar*ets rura% and se! / urban.

?0@ T8REAT9K/

8 +" $o!(et t on fro! $o!(et t 'e brands % *e Pe(sodent fro! 84L.

In$reas n+ $o!!od t# (r $es for !anufa$tur n+.

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STP ANALYSIS
?.@ SEGMENTATION K/

Co%+ateEs !ar*et se+!entat on s 'er# broad be$ause a%% t"e r (rodu$ts are of need to !ost (eo(%e so t"ose (eo(%e s"are a s ! %ar nterest n (rodu$t needs.

Co%+ate uses a se+!entat on bases b# *no& n+ t"at $erta n +rou(s of (eo(%e need Co%+ate toot"(aste for a s(e$ f $ s ! %ar reason % *e #e%%o& teet", sens t 'e teet" or )ust teet" & t" $a' t es.

Co%+ate a%so uses t"e fa! %# % fe $#$%e be$ause t"e# !a*e toot"(aste t"at $ou%d be used for +ro&nu(s and $" %dren.

A%so, toot"brus"es are !ade to attra$t #oun+ $" %dren & t" $artoon $"ara$ters and d fferent tastes and are %ess stron+ so t"at t &ou%dnEt da!a+e t"e r +u!s.

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?,@ TARGET GRO4PK/

MA= FRESH K Co%+ate tar+eted #out" & t" t"e ntrodu$t on of t" s toot"(aste, as t" s "e%(s n refres"es breat".

ACTI#E SA<T K/ E%der (eo(%e are tar+eted n t" s se+!ent as t !a*es teet" stron+er and (ro' des (rote$t on fro! $a' t es.

CO<GATE TOTA< K/ Co%+ate Tota% $onta ns t"e ant / ! $rob a% n+red ent tr $%osan, &" $" redu$es t"e nu!ber of ba$ter a t"at $ause + n+ ' t s, $a' t es and "a% tos s =as $a%%# tEs for * ds but Mot"ers are tar+eted as t"e# are 'er# $on$erned about t"e r * ds. T" s toot"(aste safe+uards teet" for ., "ours.

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 CO<GATE SENSITI#E K/ Peo(%e &"o "a'e sens t 'e teet" are tar+eted n t" s se+!ent &"o "a'e (rob%e! n t"e r +u!s.

%IDS TOOTHPASTE K/ Often s!a%% $" %dren donEt % *e to brus" teet", so for t"e! t" s toot"(aste &as %aun$"ed. Co%+ate "ad fo$used on taste as(e$t to en$oura+e * ds to brus" teet".

CO<GATE >HITENNING A &" ten n+ toot"(aste t"at s LC% n $a%%#/(ro'en to &" ten n .0 da#sD. Its &" ten n+ n+red ent s "#dro+en (eroH de, &" $" +radua%%# b%ea$"es t"e teet"3o$us s + 'en on +rou( of $usto!ers n t" s se+!ent t"ose &"o are a%read# suffer n+ fro! (%aFue n t"e r teet".

CO<GATE 7in2 K/ Peo(%e &"o &ant bot" stron+ness and fres" breat" are tar+eted.

?7@ PO9ITIONINGK/

Co%+ate denta% $rea! (os t ons tse%f as toot"(aste t"at "as t"e ne$essar# $a%$ u! and ! nera%s to (ro' de de$a# (rote$t on, stron+ teet", +er! (rote$t on and fres"er breat".
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2012-14

Co%+ate (os t oned se'era% toot"(aste so t"at (eo(%e &ou%d % *e t"e (rodu$ts !ore % *e add n+ a d fferent st#%e or taste to t"e toot"(aste.

Co%+ate re(os t ons t"e r (rodu$ts be$ause & t" t"e &a# t"e# !ar*et and (ro!ote t"e r (rodu$ts, $onsu!ers *no& t"at t"ese (rodu$ts are &a# better t"an ot"er brands and $o!(et t on t"at s out t"ere.

Late%# & t" $o!(et t on fro! nd +enous C'e+etar anD toot"(astes, Co%+ate denta% $rea! "as a%so (os t oned tse%f as an Ca%&a#s .--B 'e+etar anD toot"(aste. T"e ta+% ne of ts ad'ert se!ents, Ctrusted b# +enerat ons to !a*e teet" stron+erD.

Co(,a'& 'o'a(27 "a'e been (ro)e$ted as t"e C!ost ad'an$ed toot"(asteD t"at (ro' de ., "r +er! (rote$t on e'en after eat n+ and dr n* n+ b# bu %d n+ a (rote$t 'e s" e%d around t"e teet".
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Co(,a'& ma? fres" (os t ons tse%f on t"e bas s of Cfres"nessD. T"e ta+% ne Cne& d !ens ons br n+sD "o!e t" s 'er# (o nt.

Co(,a'& "i!s toot"(aste tr es to (os t on tse%f based on e!ot ons &" $" s a((arent n ts ta+% ne C!a*es f +"t n+ $a' t es funD

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RECOMMANDATIONS
Co%+ate s"ou%d " re $e%ebr t es for t"e ad'ert se!ent.

T"e# s"ou%d a%so n$rease t"e r C9R a$t ' t es be$ause t"e# "a'e 'er# +ood !a+e n t"e !ar*et.

Tar+et !ar*et s"ou%d be $%ear%# e!("as Ged n t"e ad'ert se!ent.

Co%+ate s"ou%d e!("as Ge on d + ta% brand n+ .e., on% ne (ur$"ase.

Co%+ate s"ou%d use $o%orfu% (aste to $reate un Fueness.

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BA<ANCESHEET
Mar @ 27 Mar @ 22 Mar @ 24 Mar @ 4: Mar @ 43

So r1&s of f n!s OAn&r@s f n! EFu t# s"are $a( ta% 9"are a((% $at on !one# Preferen$e s"are $a( ta% Reser'es A sur(%us <oan f n!s 9e$ured %oans 4nse$ured %oans To'a( Us&s of f n!s Fi?&! ass&'s Gross b%o$* Less K re'a%uat on reser'e Less K a$$u!u%ated de(re$ at on 5,,.5/ ,<>.-> 56:.>7 / 7,0.6: 570.5, / ,>6.56 0,5.,< / ,5..77 00:.5: / ,5>..: / / ;98.9: / -.-5 93;.24 / 0.5: 994.64 / 0.<: 774.:3 / 0.<: 255.3: .7.</ / 0,..6: .7.</ / 76-.05 .7.</ / 7.,.5. .7.</ / ,-,.6.7.</ / .0>.<.

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Mar @ 27

Mar @ 22

Mar @ 24

Mar @ 4:

Mar @ 43

Net b%o$* Ca( ta% &or*/ n/(ro+ress In'est!ents N&' 1 rr&n' ass&'s Current assets, %oans A ad'an$es Less K $urrent % ab % t es A (ro' s ons Tota% net $urrent assets M s$e%%aneous eH(enses not &r tten To'a( No'&s: =oo* 'a%ue of unFuoted n'est!ents Mar*et 'a%ue of Fuoted n'est!ents Cont n+ent % ab % t es Nu!ber of eFu t# s"ares outstand n+ ?La$s@

,50.0, <:.7> 06..,

,55.-0 .,.,< 7>.60

,0<.:5 <..: ,..--

.67.:7 0.<6 7>.77

.:..0. 6.5: 6,.5:

65>.<> <:0.,. <0.06 / ;98.9:

67:.,. <<...5 6>.-< / 93;.24

<,<.6. 56-..5 5<.5< / 994.64

566..> 567..7

000.>5 50:.50

0.-< /.-0.<: / 774.:3 / 255.3:

/ / <>.05 .75:.:7

7>.60 / >,.-< .75:.:7

,..-/ <,.65

77.-. 5.-0<.0<

5<.7: .5.<0<.<6

.75:.:7 .75:.:7 .75:.:7

CONCLUSION

=# t"e Deta %ed stud# on t"e (rodu$t and !ar*et of COLGATE t &as ab%e to +et a $%ear ( $ture of t"e (ast and (resent of t"e (rodu$ts and &as ab%e to +et n to t"e assu!(t ons about t"e future of t"e (rodu$t.

T"e =rand CCOLGATED "as been so%d su$$essfu%%# and "as $reated a +ood de!and a%% t"e t !e.
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2012-14

It s a%so "o%d n+ a +ood (%a$e n t"e toot"(aste !ar*et & t" a s"are of around .-B / .5B.

As % *e for a%% ot"er (rodu$ts Co%+ate s a%so fa$ n+ a t +"t $o!(et t on n t"e toot"(aste Mar*et.

9 n$e t"e $o!(et t on s too stron+ t"e $o!(an# "as to *ee( on &at$" n+ !ar*et $%ose%# for a'o d n+ an# sudden $o%%a(se for t"e (rodu$t.

3 na%%#, t s"ou%d note t"at t"e $o!(an# !a# "a'e to fa$e %ot of t"reats n $o! n+ #ears % *e (o% t $a% t"reats, %e+ s%at on t"reats on+o n+ e$ono! $ $r s s, $"an+ n+ % fe st#%e of t"e (eo(%e et$. If t"e $o!(an# s ab%e to o'er$o!e a%% t"e t"reats and $an (re(are t"e!se%'es for fa$ n+ t"e (rob%e!s n ad'an$e t $an a$" e'e a +ood +ro&t" for CCOLGATED.

2012-14

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