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Slide 1: CoverGirl Brand Experience Audit By Beyond Brands (Word Count:1,999 ) Paul Chen Evonne Chiu Rajeev Kalavar Susan Song
Slide 2: Executive Summary CoverGirl’s business strategy has utilized product innovation to increase its current user base and drive adoption in its core segment, as well as widen its appeal to other segments. It strives to increase its color cosmetics revenue. CoverGirl has built brand awareness by establishing an emotional bond with its consumers, and positioning itself as fun, sassy and fresh. CoverGirl chooses spokespersons with personalities that exude these characteristics. CoverGirl has exhibited a remarkably convergent online marketing campaign to drive brand awareness and in the process collected a wealth of customer data for more personalized targeting. In addition, in online interactions CoverGirl is the “trusted best friend” who is always there for teen consumers. There exist discrepancies between CoverGirl’s brand positioning and the customer experience, with the primary being the perception of low product quality that has led to avoidance and/or abandonment by the customer. CoverGirl needs to address the quality issue by incorporating “quality” as an integral part of their brand messaging strategy. A key observation is that the bold colors and innovative packaging contributed significantly to LashBlast’s success. We believe this can be replicated successfully across other products within the CoverGirl portfolio to augment sales.
Slide 3: Business Trends Several recent trends are driving lower usage of makeup products: layoffs and higher unemployment during the economic tumult has led women to forego expensive department beauty products for the basic products and as more working women telecommute, there is less need to use makeup. In a survey conducted by Mintel, almost half of the respondents stated that they only wear makeup when they are out in public. Lastly, there is a growing trend for naturallooking faces, which reduces demand for dramatic, bold and bright makeup. Market Trends The color cosmetics category consists of makeup for eye, lips, and face. There has been a steady growth in sales, driven primarily by eye makeup1. Eye makeup sales are forecasted to continue to increase on an average of 2.5% each year during the next five years2. Use of makeup among adult women by age, July 2007-September 2008 Base: 13,861 women aged 18+ All % Yes 89 18-24 % 89 25-34 % 92 35-44 % 91 45-54 % 86 55-64 % 87 65+ % 88 SOURCE: Mintel/Experian Simmons NCS/NHCS: Summer 2008 Adult Full Year—POP Exhibit 1 and 2 show a 2.6% increase in sales for color cosmetics from year 2006 to 2008, led by 10.2% change in eye, 1.5% in face, and -7.3% in lips. Eye makeup sales was over $1 billion in 2008, or 40% of the total color cosmetics market in FDMx. 2 See Exhibit 3 1
Slide 4: Makeup usage among teens, by age, April 2007-June 2008 Base: 683 girls aged 12-17 who use eye shadow, eyeliner, eyebrow pencil All % Any makeup 91 12-14 % 88 15-17 % 95 Eye shadow/liner/eyebrow pencil Mascara Foundation Blusher Lipstick & lip gloss 71 66 54 40 38 57 54 46 36 38 85 78 62 44 37 SOURCE: Mintel/Experian Simmons NCS/NHCS: Spring 2008 Teen Full Year—POP In the tables above, makeup usage is highest in those aged 25-34 (92%), and 91% of teenage girls use some form of makeup. Eye makeup, eye shadow/liner and mascara, is the most popular color cosmetics segment among teenage girls, with CoverGirl being the preferred eye makeup brand for those teenage girls3. The U.S. Census Bureau estimates that the total U.S. population will grow to 392 million by 2050,4 with growth rate of younger demographics expected to be lower compared to the overall U.S. population and that of immigrants to be higher. Competitors See Exhibit 4 U.S. Census Bureau, Population Profile of the United States – National Population Projections as of July 8, 2008 (http://www.census.gov/population/www/pop-profile/natproj.html) 4 3
Slide 5: In the mass market retail spaces, CoverGirl competes with brands such as Almay, Neutrogena, Revlon, L’Oreal and Maybelline (owned by L’Oreal). Sales from brands owned by L’Oreal USA, Procter & Gamble, and Revlon, account for more than 75% of the color cosmetics category5. Maybelline is CoverGirl’s leading competitor, as both compete for the same target segment and price their products similarly. Maybelline currently commands 29% of sales in the eye makeup category6. Maybelline brands itself as funky and leverages its stance against animal testing to differentiate itself. There is also a growing buzz for natural and eco-friendly products, made with organic ingredients, as well as a growing trend towards mineral-based products, with Bare Escentuals paving the way. Almay – through product extension – and Iredale Mineral Cosmetics entering the competitive landscape. Price continues to be a large factor in most of cosmetic purchase decision, especially teenagers7. Several respondents mentioned price sensitivity as a reason for their purchases of CoverGirl product – “it was available in the color I wanted and priced either same or less than competitor” and “magazine article about expensive vs. inexpensive cosmetics.”8 Business Strategy The vision for P&G set by Chairman and CEO, A.G. Lafely, is to sustain growth via innovation. CoverGirl is one of P&G’s leading mass market cosmetic brands with sales in excess of $500 See Exhibit 5 See Exhibit 6 7 More than half of those aged 18-44 surveyed preferred to purchase their makeup at Walmart, followed by drugstores such as Walgreens and CVS. Nevertheless, consumers seek the best value for their money, or highest quality for a given price, and good product selection – see Exhibit 7 8 We conducted an online survey with over 35 target consumers 6 5
Slide 6: million9. P&G will utilize innovation to aggressively capture additional market share in color cosmetics, especially in the growing eye makeup segment. Brand Strategy CoverGirl seeks to establish an emotional rapport with its consumers by conveying a brand essence of fun, sassy, and fresh persona. Its ad campaigns in the late 90s were designed to be “leading edge but not over the edge,” and to address a changing market that was trendy and tinged with excitement10. Subsequently its “fresh” image evolved into a “fresh new look” as the girl next door now is exciting and flirty too; her make-up has to be fun, hip and effortless to apply but gives an instant transformational and beautiful look. CoverGirl deploys three strategies: 1. Using innovative technology (e.g. Moldtrusion in Lashblast Mascara)11 to fulfil an unmet need of mascara users – separation for lashes while adding volume. 2. Using online media to reach its core users – the 12-16 year olds. Its online media marketing strategy aims to portray CoverGirl as a “trusted best friend” who is always there and understands her when no one else does. 12 The connection provides CoverGirl a rich personalized data source about its consumer. 3. Using carefully selected spokespersons to exemplify the characteristics and essence of the CoverGirl brand. These are models or celebrities consumers can relate to or would aspire to become. In 2008, CoverGirl strove to increase its current user base and recruit new customers 9 See Exhibit 5 Barbara Brady “Proctor & Gamble Company/Cover Girl: Easy, Breezy, Beautiful Cover Girl campaign”, Encyclopedia of Major Marketing Campaigns Volume 1, 2000 at www.galegroup.com 11 The Arf David Olgivy Aware “CoverGirl Lashblast: ‘Next Big Thing’”, Personal Care, Gold, Grey Worldwide, 2009 at www.thearf.org 12 See Exhibit 8 10
Slide 7: by selecting spokespersons that widen its emotional appeal to a different consumer segments – Queen Latifah for ethnic and full- figure demographic, and Ellen DeGeneres for sophisticated working women. Operating Strategy CoverGirl prices its products in the lower tier of makeup industry to allow for entry level purchases. CoverGirl’s pricing strategy reflects its strategic positioning of being “the cheapest makeup that delivers the highest quality in its class.” Customer TouchPoints Pre-Purchase Marketing/Advertising/Promotions Television advertising is an important medium via which potential customers first come into contact with the CoverGirl brand 13 . CoverGirl advertisement follows the standard format of having the spokesperson reconfirm the magic of the products in transforming their looks into a sexy yet clean image. In addition their sponsorship of the reality series “America’s next top model,” provides the brand with publicity on prime time TV and creating luster for the brand among aspiring teenagers. 13 In our online survey over 50% of people surveyed stating that they first heard about CoverGirl in either TV or magazine commercials, and 35% stating that seeing the commercial was the poignant moment that triggered them into action towards researching about CoverGirl or making their first purchase - See Exhibit 9
Slide 8: Magazine advertisement also presents an alternative means to kiosk stands to promote latest product with sample offerings. The advertisement has been strategically placed in various magazines to reach its target segments14. P&G controls a dedicated online coupon and deals site called P&G Everyday Solutions.15 Upon registering, one can access various coupons including CoverGirl discounts. In this way, CoverGirl also gets additional target for conversion. CoverGirl maintains the popular teen website BeingGirl.com16 that is expressly tuned to the teen market. Through this website, CoverGirl projects an image of a “trusted friend”, giving advice valued by this segment and establishing an emotional bond. The CoverGirl website17 is its main marketing website. The site offers information about various products, tools like 'ColorMatch' and 'MyMakeupAdvisor' which suggest the best color and shades for that customer, if the user shares personal information. CoverGirl in turns gets a treasure trove of personalized data unavailable elsewhere. Lastly CoverGirl understands these mobile websites are a growing hangout for teenagers, as such CoverGirl run ads and promotions on its Text Club.18 . 14 Teenage market (Seventeen, Glamour, Teen People), Mass market (Cosmopolitan, Elle, CoverGirl, People) and Ethnic minorities (Ebony). 15 “P&G Everyday Solutions”, http://www.pgeverydaysolutions.com/pgeds/en_US/jsp/EDS_Page.jsp?pageID=HP 16 “BeingGirl teenage website, owned by CoverGirl”, http://www.beinggirl.com 17 “CoverGirl’s main online property”, http://www.covergirl.com 18 Giselle Tsirulnik, “CoverGirl targets women with mobile ads for LashBlast mascara”, posted Sept 2, 2009, http://www.mobilemarketer.com/cms/news/advertising/4079.html
Slide 9: CoverGirl is known for their multi-pronged coordinated promotions for new launches. In 2008, they launched their largest US marketing campaign for “LashBlast” by partnering with Vogue Magazine and other well known beauty editors and bloggers to discuss the hottest finds of the season. Purchase Mass-market retailers such as discount stores, drugstores, and supermarkets carry CoverGirl products. Over 61% of color cosmetics were sold through drugstores in 2008.19 Photo exhibits 210 illuminate the sale environments in Safeway, Walgreens, and Target. In Safeway, basic color cosmetics (pressed powder, mascara, and eye shadow/liner) by the top three brands were sold on a cluttered wall space. There were no banners, nor colored sales tools. Given supermarket visitors’ primary focus is grocery, this retail channel services the minimal demands of existing or knowledgeable consumers. In Target, CoverGirl products were displayed much more prominently. End of aisle shelf and wall shelves were used, complete with photos of celebrity endorsers as well as a product selection guide for foundation products. Walgreens allocated nearly ten feet of shelf space towards the back of the store to CoverGirl. CoverGirl’s latest mascara product, Lashblast Elasta-Nylon commanded an island shelf20. This 19 20 See Exhibit 1 See Photo Exhibit 3
Slide 10: retail channel lacked, however, product selection guides. Competitors Maybelline and L’Oreal would easily have swayed consumers looking for mascara or foundation products with their selection guides21. We reviewed the packaging for several mascara products across three brands - CoverGirl, L’Oreal, and Maybelline.22 CoverGirl's Lashblast mascara innovative packaging is the most eyecatching. With its bright orange round bottle, and a wand unlike any other mascara wand highlighted against a white background with black strokes, Lashblast shouts its “bold” and “volume” claims through its packaging. Post-Purchase CoverGirl offers an extensive FAQ on its website, live online chat, email, and a toll-free telephone customer support. Customer service personnel were pleasant to talk to and have extensive knowledge of CoverGirl products. The online chat and email options, however, were cumbersome as they required the user to enter personal information and product information. CoverGirl has a hassle free product return policy. Our survey indicates that a majority of customers are satisfied with the return policy. This aligns well with CoverGirl’s message of delivering an “effortless” experience. 21 22 See Photo Exhibit 13-16 See Photo Exhibit 1
Slide 11: Customer Brand Experience Analysis We highlight our assessment of how well CoverGirl’s key touchpoints align with its branding strategy based on our primary data collection of surveys, interviews and mini focus groups, and secondary market research. Successes Selection of models: as the brand seeks to recruit new user groups, continue to identify spokesperson, such as Drew Barrymore and Queen Latifah, who can establish an emotional connection with new user groups as well as retain its relevancy and appeal to existing core users will become ever more important. Packaging: Lashblast’s distinctive bright colors and design of bottles and unique wand makes the product stand out and instantly recognizable. Customers rate CoverGirl’s packaging as good when compared to its competitors.23 CoverGirl should leverage this experience to improve its product packaging for other products. Improvements o Use of online medium: invite interactions with the teenagers on issues ranging from packaging to commercial ideas, or electing the America’s Next Top Model contestant that should be featured in CoverGirl ads. o Product versatility: innovation in products that allow one product to be used to create a variety of different looks, which is critical to this user group who are highly price sensitive and are interested in having good product selection. 23 See Exhibit 10
Slide 12: o Ensure that their selection guideline information is consistent in all in-store point of sales Crucial Gaps Perception of low product quality is an issue for CoverGirl24. Approximately 35% of past and current CoverGirl customers surveyed used the products for less than a year25, which indicates a short customer lifespan. Although our survey may be skewed due to limited population size, it nonetheless shows a potential discrepancy between CoverGirl’s brand positioning and the actual experience delivered. o Marketing campaign to address perception of quality. o Consider exploring use of organic and natural ingredients for products to improve actual quality of products.26 o Create products offering more than one function, which is critical highly price sensitive consumers who are also interested in having good product selection. Summary CoverGirl has a strong brand essence and a clear positioning strategy. Base on our audit results, CoverGirl is successful in delivering the brand image and creating the emotional bond of the brand to its customer via various touchpoints. A major shortfall identified is CoverGirl’s product quality. CoverGirl’s current inferior product perception is a major roadblock for prospective customers and a likely reason for customers to stop using its products. We recommend CoverGirl 24 nearly half of respondents discontinued using CoverGirl products due to its inferior quality, and many (both young and older segments) cited quality as the reason for not using CoverGirl products – See Exhibit 11 25 See Exhibit 12 26 In our online survey, many older consumers cited concerns that chemicals in make-up would be detrimental to their skin care
Slide 13: to work on improving its overall product quality and perhaps consider introducing an organic make up lines as well to enhance its quality perception.
Slide 14: EXHIBITS Exhibit 1 U.S. FDMx sales of color cosmetics, by retail channel, 2006 and 2008 2006 2008 Change 2006-08 $million % $million % % Drug stores All other* Total 1,486 951 2,437 61 39 100 1,534 966 2,500 61.4 38.6 100 3.2 1.6 2.6 * excludes sales through Walmart SOURCE: Mintel/Based InfoScan® Reviews™. Exhibit 2 on Information Resources, Inc. FDMx sales of color cosmetics, by segment, 2006 and 2008 2006 2008 Change 2006-08 $million % $million % % Eye makeup Face makeup Lip makeup Total 922 915 600 2,437 37.8 37.5 24.6 100 1,016 929 556 2,500 40.6 37.2 22.2 100 10.2 1.5 -7.3 2.6 * Totals may not add due to rounding. SOURCE: Mintel/Based on Information Resources, Inc. InfoScan® Reviews™.
Slide 15: Exhibit 3 U.S. FDMx sales and forecast of eye makeup, at current prices, 2003-13 Year Sales at current prices Index $million % annual 2003 change 100 1.5 8.8 7.7 3.6 6.4 -0.8 1.4 2.7 4.3 4.9 100 102 110 119 123 131 130 132 135 141 148 Index = 2008 100 76 77 84 91 94 100 99 101 103 108 113 = 2003 2004 2005 2006 2007 2008 2009 (fore.) 2010 (fore.) 2011 (fore.) 2012 (fore.) 2013 (fore.) 775 787 856 922 955 1,016 1,008 1,022 1,049 1,095 1,148 U.S. FDMx sales and forecast of lip makeup, at current prices, 2003-13 Year Sales at current prices Index $million % annual 2003 change 100 -6.6 -4.4 -2 -2.7 -4.8 1.4 -0.5 -1.6 -3.2 -3.8 100 93 89 88 85 81 82 82 81 78 75 Index = 2008 100 123 115 110 108 105 100 101 101 99 96 92 = 2003 2004 2005 2006 2007 2008 2009 (fore.) 2010 (fore.) 2011 (fore.) 2012 (fore.) 2013 (fore.) 685 640 612 600 584 556 564 561 552 535 514 SOURCE: Mintel/Based on Information Resources, Inc. InfoScan® Reviews™.
Slide 16: Exhibit 4 Preferred brands for eye shadow/liner/pencil, by age, April 2007-June 2008 Base: 683 girls aged 12-17 who use eye shadow, eyeliner, eyebrow pencil All 12-14 15-17 % % % Cover Girl Maybelline wet n wild Avon Revlon L’Oréal Clinique Mary Kay Almay M.A.C Lancôme Max Factor Chanel Other brands 42 31 24 21 18 16 14 14 13 11 7 6 4 40 45 23 23 27 19 12 13 15 16 8 4 3 5 46 41 36 24 17 17 19 15 14 11 12 9 7 4 37 Preferred brands for lipstick/gloss, by age, April 2007-June 2008 Base: 713 girls aged 12-17 who use lipstick/gloss All % Cover Girl Wet n wild Avon Maybelline L’Oréal Mary Kay Revlon Bonne Bell M.A.C Clinique Neutrogena Rimmel London Lancôme Almay Chanel 25 25 20 18 12 12 12 10 9 9 7 6 6 5 4 12-14 % 27 27 21 16 15 15 10 13 9 9 5 6 4 6 5 15-17 % 24 22 20 20 10 9 14 8 10 9 10 6 7 4 4
Slide 17: Olay Max Factor Jane Estée Lauder Fashion Fair Bobbi Brown Merle Norman Elizabeth Arden Ultima II Other brands 4 3 3 3 2 1 1 1 62 5 2 3 3 2 2 1 1 1 65 2 4 2 3 2 1 1 1 0 59
Slide 18: Exhibit 5 FDMx sales of color cosmetics, by leading manufacturers, 2008 and 2009 Manufacturer Rolling 52 Rolling 52 Change weeks weeks 2008-09 ending ending March 23, March 22, 2008 2009 $million % $million % % L’Oréal USA 938 Procter & 487 Gamble Revlon Inc. 476 Private label Other Total 19 552 2,471 37.9 19.7 19.3 0.8 22.3 100 942 508 495 4 555 2,504 37.6 20.3 19.8 0.2 22.2 100 0.4 4.5 3.9 -79.5 0.6 1.3 % point change 2008-09 -0.3 0.6 0.5 -0.6 -0.1 - Data may not equal totals due to rounding SOURCE: Mintel/Based on Information Resources, Inc. InfoScan® Reviews™. Exhibit 6 FDMx brand sales of eye makeup in the U.S., 2008 and 2009 Company Brand Rolling 52 weeks ending March 23, 2008 $ million L’Oréal USA: Maybelline 294 LLC Dist. Maybelline Great Lash Mascara 53 Maybelline Define-A-Lash Mascara 37 Maybelline Expert Wear Eye 27 Shadow Maybelline Volume 206+ Express 0 Colossal Mascara Maybelline Volume Express 25 % Rolling 52 weeks ending March 22, 2009 $ million % Change % 2008point 09 change 200809 % 30.4 299 5.5 3.8 2.8 0 2.6 51 33 24 22 21 28.9 1.9 4.9 3.2 2.3 2.1 2 -5.5 -9.6 -11.5 -17.5 -1.5 -0.6 -0.6 -0.5 2.1 -0.6
Slide 19: Mascara Maybelline Define-a-Line Eye Liner Maybelline Unstoppable Eye Liner Maybelline Full N Soft Mascara Maybelline XXL Volume Plus Length Mascara Maybelline XXL Mascara Maybelline Lash Stiletto Mascara Other Maybelline LLC L’Oréal Paris L’Oréal Voluminous Mascara L’Oréal Double Extend Mascara L’Oréal Wear Infinite Eye Shadow L’Oréal Pencil Perfect Eye Liner L’Oréal Bare Naturale Mascara Other L’Oréal Paris & Total Cover Girl LashBlast Mascara Cover Girl Eye Enhancers Eye Shadow Cover Girl Perfect Point Plus Eye Liner Cover Girl LashExact Mascara Cover Girl Volume Exact Mascara Cover Girl Professional All In One Mascara Cover Girl Exact Eyelights Mascara Cover Girl Perfect Blend Eye Liner Cover Girl Line Exact Eye Liner Other Total Revlon Colorstay Eyeliner Almay Intense I Color Eye Liner Almay One Coat Mascara Revlon Colorstay Eye Shadow Almay Eye Liner Revlon 3D Extreme Mascara Other 10 11 11 15 12 0 92 173 39 10 17 8 0 99 181 15 23 22 24 23 16 0 9 5 45 168 27 16 15 13 9 11 78 7 142 966 1.1 1.1 1.2 1.5 1.2 0 9.5 17.9 4 1.1 1.8 0.8 0 10.3 18.7 1.6 2.4 2.2 2.5 2.4 1.6 0 0.9 0.6 4.6 17.4 2.7 1.6 1.6 1.3 0.9 1.2 8 0.8 14.8 100 15 12 11 10 8 7 85 191 36 19 13 10 8 104 206 52 25 22 16 13 13 10 8 7 39 174 30 16 15 13 10 8 83 2 164 1,036 1.4 1.2 1.1 0.9 0.8 0.7 8.2 18.4 3.5 1.9 1.3 0.9 0.8 10.1 19.9 5 2.4 2.2 1.5 1.3 1.3 1 0.8 0.7 3.8 16.8 2.9 1.5 1.4 1.3 0.9 0.7 8 0.2 15.8 100 42 11.7 -1.3 -32.7 -30.4 -7.4 10.1 -7.4 86.3 -22.6 19.9 5.4 13.8 245.9 10.4 3.2 -35.1 -41.6 -17.3 -3.3 28.8 -12.2 3.6 13.1 0.8 -3.8 1.4 9.1 -32.6 7.3 -75.7 15.2 7.3 0.3 0.1 -0.1 -0.6 -0.4 0.7 -1.3 0.5 -0.5 0.8 -0.5 0.1 0.8 -0.2 1.2 3.4 0 0 -1 -1.1 -0.3 1 -0.1 0.1 -0.8 -0.6 0.2 -0.1 -0.2 0 0 -0.5 0 -0.6 1 - Procter Gamble Revlon Inc. Private label Other Total Data may not equal totals due to rounding SOURCE: Mintel/Based on Information Resources, Inc. InfoScan® Reviews™.
Slide 20: Exhibit 7 Preferred retail outlet for makeup purchase, by age, February 2009 Base: 711 women aged 18+ who wear makeup, and who are internet users All 18- 25- 35- 45- 55- 65+ 24 34 44 54 64 %%%%%%% High-end department store like Neiman Marcus, Saks or Nordstrom Mid-end department store like Macy’s or Dillard’s Discount department store like Kohl’s or JCPenney Online Specialty beauty store such as Sephora or Ulta Drug store such as Walgreens or CVS QVC or HSN Mass merchandiser like Target or Kmart (excluding Walmart) Walmart Direct-to-consumer like Avon or Mary Kay Dollar store Other (please specify) SOURCE: Mintel Exhibit 8 Excerpt of messages and article themes on BeingGirl.com: • "New to makeup? That’s okay! If you go to www.CoverGirl.com, they have live beauty consultants that will help you find the perfect look." • "So you think you’re old enough to wear makeup? Your dad absolutely refuses and your mom doesn’t trust you to do a good job. Hello! You’re, like, 12 years old—what’s wrong with a little eye shadow?!" • "Aah, Autumn! School is in full swing and hot summer nights have turned into chilly test crams. It’s time to put the baby blue eye shadow away and get some warm and glittery makeup tones." By appealing to their insecurities, rebel streak, as well as their coming of age sexuality all attributes of the typical teenage girl, BeingGirl.com builds an emotional bond based on trust with its readers. With prominent 'CoverGirl' branding throughout the site, teens are then driven to the CoverGirl website where they are introduced to CoverGirl products. 7 23 8 15 20 41 5 29 43 25 6 6 13 19 10 13 22 36 1 36 53 19 9 2 8 24 9 20 24 43 5 41 47 22 12 8 5 26 7 13 29 42 1 24 45 25 7 4 7 26 10 21 22 43 7 30 39 31 4 7 7 25 11 11 13 38 8 25 43 28 3 6 4 18 5 7 5 42 4 19 35 21 4 10
Slide 21: Exhibit 9 E vent that trig g ered you into making firs t ever puc has e A dvertis ement (33.3% ) S pec ial P romotions (6.7% ) R ec ommended by other Us ers (6.7% ) W idely ac c es s ible (26.7% ) O thers (26.7% ) Exhibit 10 C over G irl P roduc t P ac kag ing vers us C ompetitors P oor (6.7% ) F air (26.7% ) G ood (66.7% )
Slide 22: Exhibit 11 R eas ons for not c hoos ing to us e C over G irl make up C heap 15% B rand for teens 20% A vailability of c hoic es 20% P erc eived quality 45% Exhibit 12 F or how long have you us ed/been us ing C over G irl? 40 35 30 25 20 15 10 5 0 L es s than a year (35% ) 1+ year (10% ) 2+ year (25% ) S till us ing (30% )