Nestle Social Media Management

Author: Jeevana J Adusumilli

Table of Contents

EXECUTIVE SUMMARY.......................................................................................................3

BACKGROUND/ CURRENT STATE........................................................................................4Problem/Opportunity.......................................................................................................................................................4

SWOT Analysis..................................................................................................................................................................... 6Porters Five Forces............................................................................................................................................................. 9

PROJECT OUTCOME/FUTURE STATE.................................................................................11Alternative 1 (Media Statement & Supply Chain Amendment)......................................................................12Alternative 2 (Investigate Supplier)..........................................................................................................................13Alternative 3 (Alternative for Palm Oil)..................................................................................................................13Alternative Assessment.................................................................................................................................................14

IMPLEMENTATION STRATEGY..........................................................................................15

CONTINGENCY PLAN........................................................................................................18

CONCLUSION....................................................................................................................18

References.......................................................................................................................19

NESTLE: A SOCIAL MEDIA NIGHTMAREBusiness Case Report 2 Oct 2011

EXECUTIVE SUMMARY

Social media may be defined as media designed to be disseminated through social interaction between

individuals and entities such as organizations (Botha et al, 2011). Easy access, low marginal costs and

magnitude of audience explain the sustainability and strength of this medium. You Tube being one such

medium with an average view count of 21,085 viewers per day (Hill, 2008) and one video uploaded

every minute, twenty four hours a day (Botha et al, 2011) make it the second most visited website.

Sources like You Tube and Facebook not only impact brand reputation and equity but rapid circulation of

any information- by transforming viewers into producers. Influence of You Tube on brands is evident

from incidents like PETA vs. KFC. Greenpeace, an independent global organization chose to use the same

medium to raise an issue outlining environmental impacts of palm oil usage in Nestlé products, the

largest Food and Beverage Company in the world. This report conducts an in-depth analysis into

consequences of the action including reputation crisis, loss of customer trust, customer loyalty and

business to competition ultimately affecting goodwill. The report outlines three possible alternatives to

approach this problem, with the best being: Media Statement & Supply Chain Amendment. This

alternative facilitates timely communication addressing the issue with the customers and investors to

ensure undeterred brand image in the market. Recruitment of a “Zonal Corporate Governance and

Compliance Manager” responsible for fabricating and formulating a code-of-conduct for suppliers based

on the creating shared value initiative of Nestlé also secures the ethical boundaries of the business in all

regions. The new code-of-conduct is prepared with utmost uniformity but in compliance with regional

laws and is rolled out to each zone with a technical training program in place. An assessment is

conducted quarterly and the results are passed on to the CEO, Governance board and the Zonal officers

for reevaluation of the policies in place. In the event of non-compliance, the supplier is then suspended


and an alternate is acquired at minimal costs considering the bargaining power of Nestlé.

BACKGROUND/ CURRENT STATE

Nestlé is the largest foods and Nutrition Company in the world with footprint in over 86 countries and a

net profit of CHF 10.43 billion (2009) despite the recession in 2008 (Nestle, 2009). The confectionary

accounts to 12 percent of the total sale with major contributors being Europe at 32 percent and North

America amounting to 31 percent of worldwide sale (Nestle, 2009). A demonstration of its stake in the

world confectionary market is the recent approach from Hershey’s in acquiring Cadbury brands

(National Post, 2009). Although the company is best known for chocolate, ice-cream and sugary snacks,

Peter Brabeck-Letmathe, the firm's chairman, and Paul Bulcke, its chief executive, hope to transform the

food company into the world's leading health, nutrition and "wellness" firm (Lusanne et al, 2009). The

executives aim to achieve this vision and continue to leverage on the secure brand image for preserving

market hold against competition including Unilever, DANONE etc. and strengthening Creating Shared

Value division.

Problem/Opportunity

Reputation crisis is a terminal component; the company can afford to bet on. The video demonstration

targeting Kit Kat (a star brand of Nestlé) from Greenpeace, an independent global organization is an

indirect threat to the Nestlé’s thriving goodwill of CHF 27.5 billion for 2009. The reason for protest states

that palm oil from Indonesia sourced through Sinar Mas used in Nestlé’s chocolates: Kit Kat, Butter

finger and Coffee Crisp is leading to destruction of natural habitat of orangutans and further extinction.

The medium of protest chosen by Greenpeace is You Tube, a widely popular video broadcasting website

with over 21,085 viewers per day (Hill, 2008) and one video uploaded every minute, twenty four hours a

day (Botha et al, 2011) make it the second most visited website. Easy access, low marginal costs and


magnitude of audience explain the sustainability and strength of this medium. Sources like Twitter,

Vimeo, You Tube and Facebook not only impact brand reputation and equity but rapid circulation of any

information- by transforming viewers into producers. Influence of You Tube on brands is evident from

incidents like People for Ethical Treatment of Animals (PETA) vs. Kentucky Fried Chicken (KFC). The rate

of information exchange is evident from the 10,000 views received and a projection of nearly 12,000

more views for the day alone on You Tube. As the video is interchanged amongst other channels like

Facebook with 800 million active users, the momentum in the world market builds within few hours.

Greenpeace does not state non-violence as its norm, but it has been known to resort to direct-action

methods, primarily protests and has been a source of controversy in recent years (Shaw, 2010). An

example of one its stances being a climate protest conducted at Heathrow Airport by scaling a British

Airways Jet in 2008 (Milimo, 2008). With headquarters in Amsterdam, Netherlands, its 28 regional

offices operating in 41 countries that include Nestlé’s major contributors of revenue for chocolates:

United Kingdom and United States, and 2.8 million supporter base worldwide, it can be predicted that

rallies are evident.

Once the possible rallies commence at locations like Nestlé USA Headquarters, there is an increased

potential for media interference. The inferred unhealthy publicity is an early indication of hit to brand

identity further concluded by categorizing consequences into loss of customer trust, loyal customer base

and business to competition resulting in a deficit in goodwill. Nestlé has already been held accountable

on grounds of unethical business practices in the past for issue concerning its promotion of breast milk

substitute, which campaigners claim contributes to the unnecessary suffering and even deaths of babies,

largely among the poor. It has also been targeted by a Brazilian group called Cidadãos pelas Águas

(Citizens for Water) over the extraction of water from an aquifer in São Lourenço (Wikipedia, 2011).

Recurrence of cases doubting Nestlé’s business practices casts an uncertainty in customer confidence.


The potential conflict between the company’s Creating Shared Value images built on compliance &

sustainability and the image projected by Greenpeace is a hindrance to visions of Peter Brabeck-

Letmathe (of transforming the company into a new Health, Nutrition & Wellness firm). Greenpeace’s

agenda not only includes concerns regarding Sinar Mas’s heavy deforestation of palm oil beds in spite of

deforestation laws in Malaysia and Indonesia but also its intentions of doing so in the future. The

potential environmental threats noted by Greenpeace concerning Orangutan extinction and defiance

from the supplier toward the govt. pose an obstacle for the future visions and current values leading to

a loss of customer allegiance and further a significant shortfall in goodwill.

IMPORTANCE

Low High

URG

ENCY

LowHindrance to Health, Nutrition & Wellness

image

Loss of Customer Trust

Loss of Loyal Customers

High

Business to competition

Deficit in Goodwill

Public Protests

Negative Media Publicity

Figure 1(a) Case Issue Importance and Urgency Matrix

Figure 1(a) is a demonstration of current key issues ranked in the order of importance and urgency. It is

evident that all the issues are interrelated and each individual instance is a consequence of the

preceding. In order to break the chain of events the first issue that needs immediate and utmost

attention is the public protests from online video that drive negative publicity.

SWOT Analysis

Strengths:


Nestlé stands a shaper of the market trends and also has the ability to leverage its diverse brand

names to generate sales. Fortune 500 has listed it at a 48 as opposed to its competitor Unilever

at 121 in the ranking of 2009 world’s largest corporations (Fortune 500, 2009). One of Nestlé’s

chocolate brands; Kit Kat, 150 of which are consumed every second worldwide (Nestle, 2009)

chocolate bar brands of Nestle generated 12 percent of revenue amounting to CHF 12.9 billion

dollars (Nestlé, 2009). Nestlé’s large portfolio of prominent diverse consumer brands helps it

maintain and increase its shelf space presence giving it an advantage over competing firms that

lack such a strong brand portfolio (Wiki Invest, 2008).

Despite the recession in 2008 Nestlé has continued to invest in Research and Development

(R&D). Nestlé holds 3000 scientists, technologist, engineers and anthropologists working in the

R&D department of the company worldwide. It invested CHF 1.36 billion in 2009 as opposed to

CHF 1.39 billion in 2008. The product development process involves three stages ranging from

discovery (that involves In Vitro & experimental studies and human studies/ clinical trails) to

product development (that involves product information, quality and safety, product

information and packaging) and product launch (that involves communication and customer

support). Nestlé's global R&D is applied locally to meet different consumer needs and

preferences through their 320 Application Groups worldwide.

Weaknesses:

Increased product recalls within the past few years. Nestlé USA's Baking Division has recalled all

varieties of Nestlé TOLL HOUSE refrigerated cookie dough products, including their Cookie Bar

Dough, Cookie Dough Tub, Cookie Dough Tube, Limited Edition Cookie Dough items, Seasonal

Cookie Dough and Ultimates Cookie Bar Dough with 28 cases of E.coli reported in March 2009

(About Pediatrics, 2009). Nestlé also recalled Nesquik Strawberry Powder 21.8 ounce that may


contain small fragments of aluminum in 2008. Repeated recalls lead to low brand equity and

affect the customer loyalty.

Following the recession of 2008, a slower growth is projected in the company’s sale. Although

Nestlé managed to secure strong cash flow, the net profit margin for the year 2009 dropped to

CHF 11.79 billion compared to CHF 19.05 billion from 2008 (Nestlé, 2009). Since the customers

spending is significantly low and is expected to raise at a snails pace on accounts of job security

and the economy, a substantial hike in volume sales can not be expected anytime soon.

Opportunities:

Nestlé’s vision is to strengthen its position in the market against the competition with a new

image. Since, Peter Brabeck-Letmathe, the firm's chairman, and Paul Bulcke, its chief executive,

hope to transform the food company into the world's leading health, nutrition and "wellness"

firm, this gives it a chance to gain an added advantage against its competition (Lusanne et al,

2009). An organic growth projection of 4.1% in the 2009 annual statement of Nestlé portrays

rising health awareness in consumers in regard to fat consumption, cholesterol etc. With

products like BOOST that is loaded with 26 vitamins and minerals, antioxidants plus protein, and

a strong Research and Development wing in place the company has a scope for fabricating the

vision and further capitalizing on it.

Threats:

Continued allegations on the company in concern to unethical business practices. Nestlé has

been held on bar in 2003 in regard to the baby formula being promoted by the company as a

substitute for breast milk in China, India, Russia and Latin America. Various health organizations

contended the substitute on accounts of environmental hazards like baby’s health. In the


Philippines, there exists a Boycott Nestlé campaign-2001 due to suspected labor rights violations

in a factory in Laguna province led by Kilusang Mayo Uno(Wikipedia, 2011).

Nestlé is seen to enter more mature markets that are being dominated by brands like Danone

and Kraft. Kraft with its acquisition of leading gum and candy brands in much of EU has

facilitated the company a market hold. Tang, Oreos, and Jacobs Coffee are some of the brands

that have are particularly successful abroad and have allowed developing markets’ (Asia, Oceana

and Australia) to account for 21% of Kraft's total revenues (Wiki Invest, 2008). Danone being the

first to arrive with a yogurt product in France, it holds to be a market leader. Nestlé’s significant

sales drop in Europe (8.4%) from 2008-2009 as opposed to other markets shows the struggle.

Porters Five Forces

The threat of the entry of new competitors: Nestlé stands a leader against its immediate competition

including Unilever Plc., Kraft Foods Inc. and Tyson Food Inc. grossing CHF 107.6 billion in 2009 (Nestle,

2009). The company has been in operation since 1866, for 122 years giving the company a strong

footprint in the food manufacturing industry. Although the industry is very competitive and is constantly

evolving with entrants, Nestlé has an advantage of holding majority of the share in the market. With a

substantial brand equity and a base of loyal customers Nestlé is at an insignificant risk from entrants.

The threat of substitute products or services: Nestlé’s portfolio of brands covers almost every food and

beverage category in the market ranging from baby food (Cerelac) to weight management (Jenny Craig).

In spite of the diverse brands, Nestlé has seen resistance from other brands like Danone in European

markets, which led to a drop in its 2009 sales. Due to the nature of the industry and consumer attitudes

toward food it is essential for Nestlé to constantly support its R&D for gaining an edge over competition

with new introductions. Health and wellness objective is a clear example of the recent initiatives Nestlé


has undertaken. But reputation threats from organizations like Greenpeace pose feasibilities for

competition (Kraft Foods Inc., Unilever etc.) to scoop the customer base.

The bargaining power of consumers: Global sales share of Nestlé’s product mix is significantly high

compared to its competition. Fig 1(b) shows sales share of Nestlé’s at Regional, Country and Product

levels.

Fig 1(b) (Gehlhar, 2003)

The buyer switching costs being are at a bare minimum, although majority of the products hold secure

positions, other categories like Confectionary and Dairy products suffer a potential risk. An example of

its strategy is its response to Unilever’s acquisition of Ben and Jerry’s by expanding its ice cream core

business by acquiring General Mill stake in Ice Cream Partners USA, giving it ownership of the premium

Hagen-Daz in the United States (supplying to the recent demand for premium ice cream) (Gehlhar,

2003). Although the bargaining power of consumers is high in the industry Nestlé is a working monopoly


in most nations and product categories.

The bargaining power of suppliers: Nestlé becomes aware of any actions or conditions not in compliance

with the Code, Nestlé reserves the right to demand corrective measures. Nestlé reserves the right to

terminate an agreement with any supplier who does not comply with the Code (Nestle, 2011). Since the

company’s strong distribution channel comprises of suppliers (165 000), farmers (556 6000) and

multiple agents, Nestlé enjoys minimal switching costs. Nestlé’s interaction processes with suppliers

starts from informing suppliers about contracts to engaging and assessing them to constant monitoring

with Gap analysis and corrective actions of necessary to qualifying suppliers with development and new

opportunities (international). So, the company holds a higher bargaining power than its suppliers.

Intensity of competitive rivalry: Nestlé is a global power in the nutrition and foods industry. But

Technology employed by food processing firms is relatively unsophisticated and could easily be

replicated by rivals (Gehlhar, 2003). Preserving the brand identity is more important in avoiding

replication of similar processing technology by competition. The combination of processing technology

and specific brands helped Unilever differentiate its oils and fat products from those of its rival ConAgra

(Gehlhar, 2003). Nestlé in spite of secure brand equity is still at constant competition from its

progressing rivalry. But the company has been constantly vying with initiatives like acquiring Stouffers

brand in the United States giving the company the leading position in the ready meals product category

(Gehlhar, 2003).

PROJECT OUTCOME/FUTURE STATE

It can be inferred from the current and past business state that Nestlé’s reputation, which sustains large

part of the business has been targeted by organizations in multiple instances. Present allegations by

Greenpeace in regard to Sinar Mas Group’s (supplier) practices in order to meet growing global demand

of palm oil that includes Nestlé’s (and other companies: Unilever, HSBC, Carrefour, Burger king and


Mattel) are a threat to the brand equity of Nestlé’ as well as 12 percent confectionary (Kit Kat, Rolo,

Butter finger and Coffee Crisp) market share.

Alternative 1 (Media Statement & Supply Chain Amendment)

Foremost risk in order of urgency and importance is public protests at regional headquarters (especially

North America and Europe that account for nearly 60 percent of chocolate market) of Nestlé that

further leads to negative media publicity. In order to counter this plausible action by Greenpeace, it is

vital that Rudolf Ramsauer (corporate communications officer) responds to the video posted by

communicating to the public directly through a recorded and written corporate statement on the

corporate website and social media websites. This will help bar the rising mass hysteria and public

pressure over the allegations of unethical corporate governance. The public statement may include

Nestlé’s tragic ignorance of supplier conduct in spite of rigid policies and assessments in place and a

possible course of action. This message ensures public trust and unassuming market equity. In due

course since Unilever (an immediate competition to Nestlé) dropped Sinar Mas as a supplier on grounds

of unacceptable environmental practices in December 2009, pressure mounts on Nestlé to suspend

Sinar Mas as well. If Nestlé chooses to approach a new supplier, they would have to be from Malaysia,

Indonesia or Colombia as they are the volume producers (63.9 million tones and account to ninety

percentage of world production) that can furnish the supply. Any portion of new supply may again be

acquired through the deforestation considering the event that Sinar Mas could heavily deforest in spite

of several deforestation laws in place in both nations. So, the best approach in this case would be to

formulate a new code-of –conduct and launch a training plan for all zones outlining the importance of

compliance with laws and sustainability. Considering the repeating pattern of accusations against Nestlé

on grounds of ethics calls for a need to appointing three corporate governance officers for all three

market zones (EUR, AOA & AMS) reportable to concerned zone heads ensures the practice new policies


and no further accusations against the company. This ensures full execution of the creating shared value

initiative. Scope: The scope of this alternative includes human resources, suppliers, supply chain

initiatives, marketing department and all supplier code of conduct. When policy changes and code of

conduct changes occur, a training program is in place for education purposes. The budget allocation for

the project is $750, 000, and the time frame is six months.

Alternative 2 (Investigate Supplier)

Having the video removed from the website on grounds of violation of trademark ensures no further

transfer of information. Also, since Nestlé has a corporate social media presence, it can ensure no bad

remarks on every appearance including Facebook page and Twitter. The company can take a slow

approach toward investigating the supplier and the concerned agents. If Greenpeace’s accusations turn

out to be true then Nestlé can look into alternative suppliers. This way the company can avoid the

pressure built up but may instigate a protest from Greenpeace considering there is not profitable

reaction to the video posted. Scope: The scope of this project involves the Information Technology,

Marketing departments and supply chain initiatives. The budget allocation is $2,20,000 and the time

frame is two month.

Alternative 3 (Alternative for Palm Oil)

The company may pursue laid-back approach and resort to having the video removed from the

websites, further protect social media presence in Facebook and Twitter. Since Nestlé has a very strong

Research and Development entity, it can concentrate on conceiving an alternative for palm oil. This

alternative crushes information spread but may again encourage Greenpeace to protest considering no

immediate course of action. This alternative also does not take into account the uncertainty of time

frame for a new invention and certainty of Indonesia becoming the third largest carbon emitter after the

United States & China by 2012 if the deforestation continues (Greenpeace, 2011). As this fact does not


comply with Nestlé Creating Shared Value initiative, the company may loose customer trust, customer

loyalty and further goodwill. Scope: The scope of this alternative involves Information technology,

Marketing and R&D. An individual is contracted to protection of Nestlé trademark until R&D arrives at a

solution. The budget allocation is $4,50,000 and time frame is at least 5 years.

Alternative Assessment

Fig2 (a) is an assessment of alternatives against magnitude of threats and reinforcing brand equity. The

weightage is allocated according to the order of risks depicted in Fig 1(a). Alternative 1 addresses all the

concerns associated with current situation. The communication ensures that Greenpeace video is

addressed to the public oppressing any retaliation, new code-of-conduct and new title dedicated

Creating shared value (sustainability and compliance) protects the company’s initiative and further any

occurrence or repetition of persistent allegations against Nestlé.

Decision Criterion Alternative 1 Alternative 2 Alternative 3

(Weighting) (Media Statement (Investigate Supplier)

(Alternative for

& SCM Amendment) Palm Oil)

Cost 0.1 4 10 8Time 0.2 7 10 8

Corporate Image 0.2 7 4 3

Customer Satisfaction

0.3 10 5 3

Ethics 0.1 10 7 4Goodwill /

0.1 10 4 4Corporate Vision

Total 8.2 6.4 4.7Fig 2(a) Decision matrix for alternative assessment


This alternative also facilitates Peter Brabeck-Letmathe (chairman), and Paul Bulcke (chief executive)

hope to transform the food company into the world's leading health, nutrition and "wellness" firm

(Lusanne et al, 2009).

IMPLEMENTATION STRATEGY

The project for alternative 1 is broken into three phases: Communication & Recruitment phase,

Formulation & Fabrication phase and Assessment phase. Each phase with Cost Analysis and Risk

assessment is as explained.

Communication & Recruitment phase: During this phase of the project Rudolf Ramsauer (corporate

communications officer) communicates with public and media through the homepage of corporate

website (http://www.nestle.com/Pages/Nestle.aspx) and social media portals including Facebook

(http://www.facebook.com/Nestle) Twitter (http://twitter.com/#!/nestle) and YouTube between March

18th -19th 2010 with an apology from Nestlé’s on grounds of ignorance in the event that Sinar Mas (a

major supplier) is indulging in unethical means to supply the company. Nestlé also emphasizes the fact

that in spite of rigid supplier code-of-conduct and periodical assessments the supplier managed to resort

to ways that do not comply with deforestation laws in Indonesia leading to near extinction of

Orangutans and increased carbon emissions. The phase also includes changes in Nestlé’s current

organizational structure to accommodate a new role as in Fig 3(a), “Zonal Corporate Governance and

Compliance Manager”. This new role is responsible for implementation of creating shared values

objectives and other job duties include: Overseeing and monitoring the implementation of the

compliance program including new code-of conduct for suppliers: Reporting on a regular basis to Zone

Heads and Governing body (D.P.Frick), CEO and progress of implementation; Periodically revising the

program in light of changes in the organization's needs and in the law and policies and procedures of


Government; Ensure employees & suppliers have received, read and understood the standards of

conduct; Developing, coordinating, and participating in a multifaceted educational and training program

that focuses on the elements of the compliance program and seeks to ensure that all appropriate

suppliers, employees and management are knowledgeable of, comply with, pertinent Federal and State

standards; Assisting management in coordinating internal compliance review and monitoring activities,

including annual or periodic reviews of departments; Independently investigating and acting on matters

related to compliance, including the flexibility to design and coordinate internal investigations and any

resulting corrective action with all departments, contracted vendors, and if appropriate, independent

contractors; Developing policies and programs that encourage managers and employees to report

suspected fraud and other improprieties without fear of retaliation; Continuing the momentum of the

compliance program and the accomplishment of its objectives long after the initial years of

implementation. The scope for recruitment time is March 18th – April 18th and the budget allocation for

recruitment of three managers being: $2,70,000(Recruitment expense). The only risk involved in this

phase is time objective for recruitment.

Formulation & Fabrication phase: This phase involves fabrication of a new supplier code-of-conduct

(based on regional laws and cultural constraints for each country) involving the new recruits (Zonal

Corporate Governance and Compliance Manager) with D.P.Frick (Corporate Governance and Compliance

Director) and Chairman (Peter Brabeck-Letmathe). A technical training and educational program based

on the measures is then rolled out to each country. This initiative and new recruits are introduced o

investors and the public through a public statement by Rudolf Ramsauer (Corporate Communications

Officer). A new commercial is rolled out for Kit-Kat stressing on new initiatives by the marketing

department. This phase is aimed at being completed by May 19th 2010. And the budget for travel, legal,


marketing ($2,80,000) and educational expenses is $2,00,000. The risk involved in this phase is time

objective and aim to achieve utmost uniform practices across all zones.

Fig 3(a) New Organizational Structure

Assessment phase: During this phase each Zonal Governance and Compliance Manager visits assesses

suppliers including Sinar Mas compliance strategies. And a report is then generated for corporate

governance, CEO and Zonal Managers for further revival of the policies if required. This phase also

involves quarterly assessments within the origination to ensure conformity of the new policies. The risk

involved in this phase is recurrence of unethical behavior from suppliers. The targeted completion time

of this phase is August 19th 2010.


CONTINGENCY PLAN

In the event that the project fails, and any supplier (including Sinar Mas) employs unethical means to

furnish Nestlé’s requirements then the contingency plan falls in plans. Any supplier that does not comply

with new code-of-conduct of Nestlé or does not pass the assessment phase of the implementation

strategy is suspended from any future dealings with the company. An alternate supplier is sourced

during this action. Because Nestlé possesses quantity of bargaining power as compared to the supplier,

cost incurred for the switch is estimated to be considerably low and even negligible. By choosing a new

supplier, Nestlé can educate and develop them according to its policies and needs by maintaining a long-

term relationship.

CONCLUSION

Nestlé is the largest nutrition and foods company in the world. The threat posed at the company by

Greenpeace on grounds of unethical means may seem a minor issue. But accusations by various

organizations on same grounds agents Nestlé calls for a need to reevaluate its organizational structure

and strength of Creating Shared Values Initiative. Although the company has been attempting to

reestablish its brand equity through each occurrence, absence of an accountable personnel such as

“Zonal Corporate Governance and Compliance Manager” within the organization to fabricate rules

according to each nation forces employees and suppliers to leverage on its policies in place. Also

consistent communication with public from the corporate communications and governance ensures

customer and Investor trust. In turn resulting in unaffected brand equity.


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