Mingo Mingo Report

Marketing Management (GSM5200)PROPOSING A MARKETING PLAN FOR MINGOMINGO SOFT ICE CREAM

1.0 EXECUTIVE SUMMARY

Malaysia has been known as the place for various kind of delicious food. Thus, the

food industry in this country prospers along the way since before independence. As

time evolves, influence from various parts of the world began to take place in this

region, creating a myriad of delicacies enjoyed by Malaysian.

One of the western deserts being cherished by Malaysians is soft ice cream. For the

purpose of this project, we chose a Malaysian company which sells soft ice cream

along side with its foreign competitors. The said company is MyBoss Enterprise,

which is selling MingoMingo brand soft ice cream.

With price as low as RM1 per cone, customers could enjoy delicious yet not too sweet

soft ice cream. Currently, the brand is offering catering services at events especially

wedding receptions and school’s canteen day. MingoMingo adds another variety of

soft ice cream competitor in Malaysia market.

MingoMingo is targeting low to middle income customer with its affordable price per

cone. Since everyone could enjoy the soft ice cream, the company decides not to set

any age limit for its target customers. The opportunity lies for this brand to fill up the

deserts corner in restaurant, food courts and malls. The brand owner sees Wafi Soft

Ice Cream as the closest competitor since it has similar modus of operation and almost

same product. He also sees McDonald’s sundae as a reliable benchmark.

The current brand owner is Mohd Syakir Bin Sa’adon, the Manager of MyBoss

Enterprise (SA0084267-U). He started as a distributor for Mingo-Mingo brand during

his undergraduate in year 2010. Later in early 2013, he bought over the brandname

when the previous owner decided to give up the business.

The brand is expecting 50-100% increment of sales turn over next year, given that

additional soft ice cream dispenser are acquired. For 2014, the projected sales amount

is RM650,000 (50% increase compared to 2013) and there will be additional 1

1


machine. Meanwhile for 2015, the projected sales is RM1,200,000.00 (85% increase

compared to 2014) and there will an additional 2 machines and a lorry.

2


2.0 PROBLEM STATEMENT

In general, the main concern that we need to address is how the product preposition

would enhance the customers’ awareness towards the MingoMingo brand. As public

knows the earlier company who sold the MingoMingo ice-cream was declared

bankrupt. Another concern is how the proposed marketing strategy able to expand the

market growth for the MingoMingo.

On the operation point of view, MingoMingo is looking forward to increase its profit

as it acquires more units of distribution equipments like the ice cream dispenser and

van. Along the way, the brand is also looking to have more staffs to handle the

business operation.

The opportunity which emerges in the journey of achieving the ideals for the brand is

to get more financial support from government bodies and banks. The procedure

which has been set up by those bodies requires tedious documentation, which is costly

to enterprise company.

In response to this problem, our group proposes to investigate several options for

making the brand more profitable. We plan to investigate the options for increasing

the brand sales while keeping the cost low. We will also find ways for the brand to

gain financial assistance in acquiring its fixed assets as it expands the business.

3


3.0 OBJECTIVE OF THE REPORT

This report is written for the purpose of recommending a marketing plan for

MingoMingo brand to gain its strength in term of its 4’Ps.

This report also includes short term and long term sales turn over projection to be

achieved after implementing the marketing strategies, with elaborations on selected

strategy or future expense, sales and break-even analysis.

4


4.0 COMPANY BACKGROUND

4.1 Introduction

Kasturi Klasik (M) Berhad was established on 26th February 2007. The

establishment aimed to market MingoMingo ice cream brand. The company

was lead by Mr. Ramli Bin Mazlan. At the peak of its success, the company

owned more than 100 outlets and 500 soft ice-cream dispenser nationwide.

The company receives good support from the government and financial

institutions.

4.2 Company History

Mr. Ramli began to sell soft ice cream in 2006 in a small kiosk at a

supermarket in Jalan Masjid India, Kuala Lumpur. Due to overwhelming

response from the public especially during public holiday and festive season,

Kasturi Klasik (M) Sdn Bhd (763766-H) was formed and the soft ice-cream

has been registered as MingoMingo brand. Not long after that, the company

has been upgraded to Kasturi Klasik (M) Bhd.

The company aimed to produce its own soft ice cream by using technology

from USA and receive massive limelight during Buy Malaysia Campaign on

the next consecutive year.

In early 2009, the company expanded its business to Indonesia.

4.3 The Founder

Mr. Ramli Bin Mazlan is the founder and Managing Director of Kasturi Klasik

(M) Sdn Bhd. His passion for ice cream has led him to dream of a soft ice-

cream empire of his own, and he is pretty sure that he would achieve the

dream. Forking out a paid-up capital of RM2,000,000, he established and

incorporated Kasturi Klasik (M) Berhad.

5


4.4 Packages Offered By Kasturi Klasik

a) Berlian Package

• Price : RM 50,000.00

• 1 customized 1 tan lorry

• 1 unit ice-cream machine

• 1 unit generator Yamaha 5kva

• 1 unit pop corn machine / water machine

• 1 unit mini freezer

• 4 units banner

• 4 uniforms

• Training & Consultation

• Raw material for the first 1,500 units ice cream

• Technical Support

• Self Managed

b) Intan Package

• Price : RM 30,000.00

• 1 complete set of ice-cream kiosk

• 1 unit kiosk


• 4 units banner

• 4 uniforms

• Online business site

• Training & consultation

• Raw material for the first 1,500 units of ice cream

• Technical support

• Self-managed

c) Emas Package

• Price : RM 15,000


• 2 unit banner

6


• 2 uniforms

• Online business site

• Training & consultation

• Raw material for the first 1,500 units of ice cream

• Technical support

• Self -managed

4.5 Apprentice Entrepreneur Program

This is the strategy, which has been implemented by Kasturi Klasik (M) Bhd

to attract investors to invest in their company.

Investor will buy the ice-cream dispenser machine and they need to manage

the business on their own, with training provided by the company beforehand.

However, if the investors decided not to manage the business, they could rent

the soft ice-cream vending machine to Kasturi Klasik (M) Bhd and receive

fixed amount of rental monthly. The rented soft ice-cream vending machine

then will be lend to unfortunate young people who cannot afford to buy the

soft ice-cream vending machine. These unfortunate youngsters will receive

commission based on their ice cream sales.

This strategy is found to relieve company from the burden of buying the soft

ice-cream vending machine all by the company money. Instead, the company

could get the investors to do the job for them. In order to utilize the machine

and increase their product stock flow, the company could benefit from the

unfortunate youngsters effort to sell their ice cream. At the same time, the

company could be seen by the public as performing a good deed to the society

by providing job to the unfortunate youngsters.

7


4.6 New Brand of MingoMingo

On January 2013, Kasturi Klasik (M) Berhad has been declared bankrupt. The

MingoMingo brand then was taken over by one of its distributor, Mr. Mohd

Syakir Bin Sa’adon.

Back in 2010, Mr. Mohd Syakir Bin Sa’adon purchased the Intan Package

worth RM30,000 to become a part-time distributor for MingoMingo soft ice

cream. He was 27 years old back then, a Polymer Engineering student in

Universiti Teknologi MARA, Shah Alam. The opportunity that he

encountered during the business is the location provided by the university for

him to sell MingoMingo soft ice cream is not strategic. Besides, the fixed

rental for the business location need to be paid in advance monthly, regardless

during the semester break or not.

Mr. Mohd Syakir Bin Sa’adon decided not to open his business for franchise

due to complexity of managing the franchisee especially ensuring the same

quality of product and services.

4.7 The Company’s Current 4’Ps

Currently, the company’s target market covers the age range of 2 years old

toddlers till the senior citizens.

a) Place

The soft ice cream will be distributed based on invitation only. The location of

the distribution purely depending on the location of the event. Normally, the

soft ice cream will be distributed in wedding reception and school canteen

day.

b) Price

The price of the soft ice cream is RM1 per cone.

8


c) Product

The cost for each cone of the ice cream is 50% of the selling price. In other

words, the cost for each cone of ice cream is 50 cents. The soft ice cream is

available in chocolate, vanilla, strawberry and combination of any two of the

flavors. The pleasant taste of the soft ice cream is loved by everyone,

including those who do not prefer overly sweet ice cream.

The Point of Difference (POD) of the product is the ice cream mixture is not

injected with air, resulting a richer, milkier taste. At the same time, the cone is

tasty as it is made of the ingredients used to make biscuit, compared to the

other cone, which is tasteless.

d) Promotion

Currently, MingoMingo is being promoted via word-of-mouth. Clients can

also place their order via e-mail to the address [email protected].

Besides that, MingoMingo has been invited to be interviewed by local

television channels TV1 and TV2. However, the offer has been turned down

by Mr. Mohd Syakir Bin Sa’adon since he is afraid that he cannot cater the

demand to be received after the publicity.

Currently, the company has 1 lorry, 1 part time staff and the recipe of

MingoMingo ice cream. The company is currently trying to get financial

support from TEKUN and SME Bank. The fund will be used to buy fixed

assets required in order to expand the company operation.

Once the fixed asset is acquired, the company is looking forward to offer these

packages for those who are interested in the business:

i) Self-Managed

The distributor just buy the soft ice cream dispenser, not using

MingoMingo brand and the rest of the equipment need to be purchased

separately from other companies.

9


ii) Self-Managed but still under MingoMingo

Bounded by terms and conditions set by MingoMingo

Given that that the company has enough fund, it is planning to acquire at least

another 2 soft ice cream dispensers, which costs RM15,000 each. The

company also planning to buy a bigger lorry which could accommodate 4 soft

ice cream dispensers and also a generator to support the cooling function of

the soft ice cream dispensers. The company is looking at Wafi Soft Ice Cream

as its main competitor, since the company is selling at the price of 50% less

than MingoMingo during its promotional period.

10


5.0 SITUATION ANALYSIS

5.1 Market Summary

a) TRENDS

Despite rising health concern among consumers in Malaysia in 2012,

consumers still show interest in non-health and wellness ice cream as a

personal treat. Furthermore, consumers in Malaysia still perceive sugar-

free or low-fat healthy ice cream products as tasting differently to more

traditional products. In addition, health and wellness ice cream is also

more expensive than regular offerings, which limits demand among

consumers who are relatively sensitive to price.

b) COMPETITIVE LANDSCAPE

Unilever (M) Holdings Sdn Bhd led ice cream in 2011 and 2012 with a

36% value share. Factors contributing to the dynamic performance of the

company were mainly its large selection of brands, for example, Wall’s

Selection, Magnum and Cornetto. Furthermore, Unilever, being a giant in

chilled ice cream producer also ensures that the company constantly

conducts marketing activities and promotions to increase brand awareness

within Malaysia.

11


c) PROSPECTS

Ice cream is projected to show an increase in constant value terms over the

forecast period with a compound annual growth rate (CAGR) of 2%.

With improvements to the economic situation in Malaysia, consumers are

more willing to spend on indulgence products to reward themselves.

Furthermore, a new product range and new flavors of ice cream are

constantly being launched in Malaysia. This is expected to stimulate

purchases of ice cream among consumers. Lastly, more healthy ice cream

products, such as sugar-free ranges, are expected to be introduced over the

forecast period due to rising health awareness among Malaysians.

5.2 Market Needs

a) PRODUCT AVAILABILITY

Easy to purchase soft ice cream, currently when the customers want to buy

this Soft Ice Cream, they need to get from kiosk and mobile unit like van.

These outlets normally located inside Shopping Complex and

hypermarket. As we can see from the chart above, the ice cream market

penetration is quite high for Malaysia. As such MingoMingo need to be

more visible.

The machine from USA and Europe will be more expensive compare to

China machine. In China, there are many factories or producers that

12


making the ice cream machine, suggest buy the machine with using the

imported part, meaning that the main compressor, valves and few more

critical components are good quality type imported from other country.

Ingredients will determine ice cream quality. There are two common types

of premix ingredients in local market, in powder or liquid form. Good and

tasty ice cream is made from good quality ingredients.

5.3 Variety of Product Flavors

Currently, MingoMingo only sell Chocolate, Vanilla and Strawberry flavor to

the customers. Additional flavors will give option to the current customers and

bring in new customers.

5.4 Competitor Analysis

The chart above shows the current availability of the soft ice cream outlets in

Selangor. MingoMingo and Wafi soft ice cream outlet is limited to the static

outlet they are at the moment, either one or two. However for McDonalds they

have more than 30 outlets in Selangor itself.

MingoMingo and Wafi soft ice cream is available for customers event at their

place. Both provide and attractive package for the ice cream desert for their

guest.

13


The current pricing structure is quite competitive because of the ice cream

sizing and their flavors availability offered to the customers. McDonald sells

the most expensive soft ice cream.

5.5 SWOT Analysis

a) Strength

MingoMingo has been established for quite some time already. During that

time, the initial company manages to bring many franchises to join the

company.

Existing and royalty customers still available and they are looking forward

to enjoy MingoMingo soft ice cream every time they could.

Less time is needed to prepare the ice cream compare to chilled ice cream

to sell. This is because the ingredients are available and need to add into

the soft Ice cream dispenser. Minimum times spend to train staff and it

does ensure the consistency of the ice cream flavor.

Next, MingoMingo do sell the ice cream at customer within Klang Valley

on a mobile van. This ensures the customers can find the products not only

at the shopping complex. Attending customers’ event like weddings and

company events do help to promote MingoMingo to potential customers.

14


b) Weakness

Production for the MingoMingo on the mobile van is quite limited. At the

moment the production of MingoMingo ice cream depend on the single

soft ice cream machine. As a result, MingoMingo is not able to fulfill

customers request on the same day if she already commit to an event.

Next, MingoMingo too depend on event sales at the customer side. The

current static kiosk in Shah Alam is not located strategically to the

potential customers. To find another location normally need MingoMingo

to spend capital for outlet rent 12 months tenancy in advance.

c) Opportunity

The current increasing customers’ ice cream consumption trend in

Malaysia and Selangor specifically shows a very good sign to the business.

Production for ice cream in Malaysia shows CAGR of 2%. As a result this

good trending do benefits MingoMingo to provide what the customers

want.

Beside, MingoMingo do receive requests from customers to open the

outlets in their area in the near future. This is because they are not able to

find the replacement for MingoMingo ice cream flavors. The product’s

POD is incomparable.

d) Threat

Potential cost increase for the raw materials cost due to new GST structure

to be implemented in 2014. This is because some of the materials direct or

indirectly are being affected by this initiative.

Next, challenges from the direct competitors like Wafi and other soft ice

cream vendors in Malaysia. Everyone will see this opportunity and try to

15


grab the market share. As such price war could happen to lure the

customers to buy their product.

MingoMingo also face threat from the previous investor who are not

successful in their mentor-mentee program. As such this will give wrong

perception to the customers when MingoMingo doing the business.

16


6.0 DETERMINING THE MARKET SEGMENTATION & TARGET MARKET

MingoMingo takes every customer as target and potential who is ice cream lover. All

age groups including children, teens, young adults, middle age and elderly are being

targeted but the most Mingo Mingo potential customers are from;

a) Higher Income background

b) Middle Class background

c) Lower Class background

The companies like Baskin Robbins and Tutti Fruti are classified as higher end and

middle end products and they are costly as compared to MingoMingo. The companies

like Walls and Nestle Ice Cream are middle end brands. They provide low prices and

they are for price conscious people who belong to middle class and lower class of the

society. Meanwhile for MingoMingo, it targets the three major classes of the

Malaysian society. Price ranging from RM 1 to RM1.30 is affordable for every class

of Malaysian society.

In order to penetrate the market of three major classes of the Malaysian society,

MingoMingo has being doing business in the various events such as birthday party,

weddings and also family day. Other than that, the places like ‘Desert Corner’ which

can be found at cinemas, shopping complexes and theme parks also being explored to

reach the target market. MingoMingo also prefers to focus on the customers in Klang

Valley, because most of the population in Klang Valley belongs to middle class &

lower class which are highly potential customer.

17


7.0 ALTERNATIVE OF MARKETING STRATEGIES

Study has been done on the four 4P’s, on each category a thorough study has been

conducted in order to determine how it will benefit MingoMingo the most.

a) Products

- How can MingoMingo combine products, offer additional flavor and

toppings in order to create a strong brandname or brand awarenesss?

- How can MingoMingo use various types of packaging and labeling as a

marketing tools?

b) Prices

– How should MingoMingo adapt prices to meet varying circumstances and

opportunities?

- How should MingoMingo respond to a competitors’s price challenge?

c) Distribution Channel/Place

– What is a marketing channel system and value network for MingoMingo?

- What decision do MingoMingo face in managing their channels?

d) Promotion

– What is the communications mix and how should it be set?

- What is an integrated marketing communications program?

18


8.0 RECOMMENDED MARKETING STRATEGIES

Based on the study done for MingoMingo in specific and ice cream or deserts (food)

industry, taking considerations on its current financial status, we have decided to

focus on product and promotion as the marketing strategies. We believe with the

implementation of this, customers will get to know and aware of the existing of

MingoMingo brand. Once the customers are aware of the brand, it will helps to

increase the market growth as well which indirectly will boost the sales target which

indirectly translates to a higher income.

8.1 PRODUCTS

As for the products, first of all, MingoMingo needs to provide more choices in

terms of flavors and toppings such as local fruits flavors like jackfruit, durian,

sweet corn, lemonade and Tropicana.

MingoMingo also should offers more varieties of product such as ice cream,

yogurt drink and smoothies drink in their deserts corner. Basically we have

suggested that instead of operating via events, MingoMingo can also open up

a deserts corner in malls that offers a lot of indoor activities. For example,

those who loves to spend their time watching movies or playing bowling, can

have their plenty of choices from MingoMingo Deserts Corner after the

movies or bowling. As a beginning, we will start to open at 1 or 2 malls first.

In addition, MingoMingo also should provide varieties of packaging and sizes

in order to accommodate different needs and demands. The current serving

that MingoMingo has cones. Moving forward, we would suggest MingoMingo

to provide in cup, or in container and in varieties of sizes.

8.2 PROMOTION

Current promotion is tied up with events such as wedding’s reception or ‘Hari

Kantin’ organized by school. However, we will expand further on the varieties

19


of events such as Family Days (individual or corporate sector), any other

events which supply the coupon as a medium of transaction. Others event that

we look into, such :- Festivals like Hari Raya 1 Malaysia.

There are few marketing communications that MingoMingo could explore

such as :-

i) Sales Promotion – With a certain number of guaranteed order, we will

give a certain rebates, especially those orders associated with the

events. Hence, sales promotion we could also tied up with events.

Since now we will aggressively focusing on varieties types of event,

hopefully it will boost the sales target.

ii) Using the internet as the mass marketing communication such as :-

MingoMingo should grab the opportunity to do mass marketing

communication via the free social network such as Facebook, Twitter

and Google+. For the website, customers would want to experience

more interactive marketing while browsing the website. We would

suggest MingoMingo to add the attractive column such ‘recipe of the

week’ which suggest or provides recipe of what is good to go along

with certain flavor for example. In addition of this, MingoMingo also

could send the mass email to clients on the updates or promotions that

we have. Joint promotion with groups such as Groupon and

Booking.com.

iii) Advertising – advertisement such as posters, insertion in magazines

such as magazine ‘Rasa’, ‘Saji’.

20


9.0 SHORT-TERM AND LONG-TERM PROJECTION

In general, with the implementation of the marketing strategy and activities, we

forecast on the breakeven analysis as well as sales forecast as below. The Break-even

analysis for 2013 indicates that RM7585 will be required in monthly sales revenue to

reach the break-even point. Average Sales per month for 2013 is RM 25000 and

monthly profit is RM17415

21

2013 (Break-Even Analysis)

Item Description Price Calculation Sum

Cost of Each cone (raw material) RM0.50

Sales Price of cone RM1

Total units Sold in 2013 300,000

Revenue [Unit Sale Price 8 Units Sold] RM1x300000 RM300,000

COGS[Unit Sold*Cost of Unit] RM150,000 300000xRM0.5

Other Variable Cost (Tol+Lorry Fuel)RM1,600 RM100+RM1500

Total Variable Cost [COGS+Other VC]RM151,600 RM150000+RM1600

Gross Profit [Revenue-Total VC] RM300000-RM151600 RM148,400

Gross Profit perunit=Total Gross profits/units sold

RM148400/300000 RM0.49

Total Fixed Cost ( 1 unit ice cream machine +Lorry + StaffSalary + Lorry maintenance) RM44,600

1xRM6000+RM30000+

6xRM600+RM5000

Net Profit[Gross Profit-Total Fixed Cost]

RM148400-RM44600 RM103,400

Break-even Units=Fixed Operating Cost/Gross Profit Per Unit

RM44600/RM0.49 RM91,020


Moving forward, for the business expansion and to ensure smooth operation and to

cater the higher demand, MingoMingo will invest in buying one unit ice cream

machine and one unit lorry, and we will hire six part time staffs to assist with the

additional machine and lorry.

For 2014 , the projected sales is RM650000 (50% sales increase if to compare against

2013 and there will be additional 1 machine). Meanwhile for 2015, the projected sales

is RM1,200,000.00 (85% sales increase if to compare and there will an additional 2

machines and lorry .)

2014 (Break-Even Analysis)

Item Description Price Calculation SumCost of Each cone (raw material) RM0.50 Sales Price of cone RM1

22

Sales Forecast for 2014 Sales Forecast for 2015

Total Sales RM650,000 Total Sales RM1,200,000

Direct cost of sales Direct cost of sales

Additional 1 machine RM6,000 Additional 2 machine+1 Lorry RM42,000

Cost of Toll & fuel RM1,600 Cost of Toll & fuel RM3,200

Advertising (magazine &

Flyers)

Lorry Maintenance

RM5,000

RM5000

Advertising (magazine &

Flyers)

Lorry Maintenance

RM5,000

RM10000

Staff Salary RM3600 Staff Salary RM3600

Total Cost RM21,200 Total Cost RM63,800


Total units Sold in 2014 650,000 Revenue [Unit Sale Price 8 Units Sold] RM1x650000 RM650,000

COGS[Unit Sold*Cost of Unit] RM325,000 650000xRM0.5 Other Variable Cost (Tol+Lorry Fuel) RM1,600 RM100+RM1500 Total Variable Cost [COGS+Other VC] RM326,600 RM325000+RM1600


Gross Profit perunit=Total Gross profits/units sold RM323400/650000 RM0.47

Total Fixed Cost ( 1 unit ice cream machine +Lorry + StaffSalary + Lorry maintenance+advertising) RM19,600

1xRM6000+

6xRM600+RM5000+

RM5000

Net Profit[Gross Profit-Total Fixed Cost] RM323400-RM19600 RM303,800

Break-even Units=Fixed Operating Cost/Gross Profit Per Unit RM19600/RM0.49 RM40,000

The Break-even analysis indicates that RM 3333 will be required in monthly sales revenue

to reach the break-even point. Average Sales per month for 2013 is RM54166 and Monhtly

Profit is RM36751

Item Description Price Calculation SumCost of Each cone (raw material) RM0.50 Sales Price of cone RM1 Total units Sold in 2015 1,300,000

Revenue [Unit Sale Price 8 Units Sold] RM1x1200000RM1,200,00

0

COGS[Unit Sold*Cost of Unit]RM600,00

0 1200000xRM0.5 Other Variable Cost (Tol+Lorry Fuel) RM3,200 RM200+RM3000

Total Variable Cost [COGS+Other VC]RM603,20

0 RM600000+RM3200


Gross Profit perunit=Total Gross profits/units sold RM596800/1200000 RM0.50

Total Fixed Cost ( 2 unit ice cream machine +Lorry + StaffSalary + Lorry maintenance+advertising) RM58,200

2xRM6000+RM30000

6xRM600+RM10000+

RM5000

23


Net Profit[Gross Profit-Total Fixed Cost] RM596800-RM58200 RM538,600

Break-even Units=Fixed Operating Cost/Gross Profit Per Unit RM58200/RM0.5 RM116,400

The Break-even analysis indicates that RM 9700 will be required in monthly sales revenue to

reach the break-even point. Average Sales per month for 2013 is RM100000 and monthly

profit is RM90300

10.0 CONCLUSION

MyBoss Enterprise which is holding MingoMingo brand is having a financial

difficulty. Immediate action in getting financial assistance need to be taken if the

company is, in the first instance, going to survive competititon from Wafi soft ice

cream and benefit from the opportunities that the company has been giving up to, then

grow. The key area of reform is product and promotion. Management must address

these areas simultaneously if the company is to overcome its present unfortunate

situation.

It must be remembered that the analysis performed is limited. A greater depth of

understanding and evaluation can only occur with utilization of other resources such

24


as comparison with budget forecast and the statement of changes in financial position.

Only after this process can a full appreciation of the company’s current situation and

possible future occur.

At this point the company does not have strong future prospects in the area of

profitability, liquidity or stability if it continues on its current path. The company need

to find the way to get financial support in order to operate at a more effective scale,

besides upgrading its product and being more aggressive in promotions.

11.0 APPENDIX

25

Documents

Mingo Mingo Report