AHAA Study: 2012 Hispanic Allocation Impact on Revenue Growth Study Series: Part II - CPG Sector

1
Hispanic Allocation on Revenue Growth, 3/7/2012
Revised April 5, 2012 (Nestle & Appendix)

2
Background
Hispanic Allocation on Revenue Growth
Since 1998, AHAA has been helping its members serve its corporate clients
through breakthrough independent studies that
• increase understanding of what it takes to win the market,
• share new concepts
• and identify best practices of marketing to Latinos.
Most recently, in October 2011, Part 1 of AHAA’s study series on drivers to
growth found a strong positive correlation between allocation of ad resources
and topline growth.
• Hispanic marketing ‘Best-In-Class’ companies have a sustainable competitive
growth advantage over the ‘Laggards’.

3
Hispanic Market Highlights
MARKET SIZE
– 2010 Population 50.7M1
– 2011 Hispanic Share of US 17%2, 1 in 6
GROWTH
– Hispanic Population 2000-2010 CAGR v Non-Hispanic 3.6% v. 0.5%3
– Share of Total US 2000-2010 Growth 56%4
– Share of Labor Force Growth 2010-2020 74%7
ECONOMIC
– 2012 Estimated Buying Power $1.2 Trillion5
– Hispanic Buying Power 2000-2010 CAGR v. Non-Hispanic 7.8% v. 3.4%6

4
Challenge
• Companies challenged by anemic growth more than ever
– Consumers have changed; more fickle today
– Economic downturn will make consumers more frugal and value-
oriented over the long run
– Technology and new media create both opportunities to reach
audiences and complexity as well
– Possible “Reset” of economy could structurally impact certain sectors
and jobs
– Changing demographics (age) and multicultural trends create new
potential sources for growth

5
Challenge
All companies have growing challenge of balancing
competing needs
1. Holding on to ‘General Market’
2. Finding new growth
3. Capturing fair share of growth markets

6
About the Author & Sources
• The study was commissioned by AHAA’s Research Committee and developed and
executed by Santiago Solutions Group (SSG), a growth strategy consultancy.
• Independent methodological review performed by Dr. Cristina Garcia, professor of
mathematics & statistics at USC.
• Financial revenue growth data extracted from companies 10Ks.
• Parent company ad spend data for 2006-2010 Hispanic media and non-Hispanic
media collected from The Nielsen Company.
• Consumer habits, attitudes and values by GfK Roper & GfK MRI syndicated studies
with sample of 53K (sampling details in Appendix E)

7
Hispanic Allocation on Revenue Growth, 3/7/2012Hispanic Allocation on Revenue Growth
Study Objectives
Presented by Carlos Santiago,
President & Chief Strategist,
Santiago Solutions Group
Carlos@SantiagoSolutionsGroup.com
(818) 736 5661

8
Is there a significant difference in the revenue growth rate attained by
CPG companies which designate higher focus and resources to the
Hispanic market and those that focus less?
What do they do differently?
What factors distinguish companies that capture Hispanic growth
successfully from those that underperform with this segment?
Study Objectives

9
Study Variables
Aggregate Hispanic Allocation 2006-
2010: Independent variable
1. The input being changed possibly
impacting Revenue CAGR.
2. The % of total advertisement
dollars spent in TV, Radio, and Print
(per Nielsen tracking) assigned to
Hispanic-centric media channels
throughout 2006 to 2010.
2006-2010 Revenue CAGR: Dependent
variable
1. Revenue CAGR is our dependent
variable which was tested against
different levels of Hispanic
Allocation.
2. Revenue as reflected from topline,
organic US-only consumer demand
per 10Ks.
− may have been adjusted to exclude
extraordinary transactions and
normalize revenue from
acquisitions, if enough clear data
has been stated in corporate
financials.

10
Methodology
A main CPG regression with 39
companies was validated by
three other test regression
models with larger sample
sizes.
Four total regression tests
• All confirmed the same findings at
statistical significance
• Details of statistical analysis will follow
after Q&A section.
Aggregate 06-10 Hispanic
Allocation
N=211
Aggregate Hispanic 06-10
Allocation AND Year by Year
Revenue Growth
N=211
Aggregate Hispanic 06-
10 Allocation, Year by
Year Revenue Growth,
AND Super Categories
N=211
CPGs
N=39

11
CPGs & Retailers in Study

12
Study Significance
All findings discussed in the presentation are statistically significant at a
95% confidence level or better.

13
Study Findings

14
Are CPGs Growth Rates Related to
Hispanic Focus?
There is a direct &
positive
relationship
between CPG’s
Hispanic ad
allocation and their
topline revenue
growth.
Please see Appendix D (Graph 1) for Detailed Graph and Graphical Analysis.

15
Key Findings
• Hispanic Allocation alone explains
about 35% of CPGs change in
topline revenue growth
– The other 65% may include other critical
factors such as brand awareness/equity,
new product development, management
focus, measurement tools, distribution,
sales force, past performance,
community position, organization
structure, talent, overall segmentation
expertise, etc.
– Further analysis is needed to determine
what exactly the other drivers of
revenue growth are.
Hispanic
Marketing
35%
Other
Drivers of
Growth
65%
CPGs & Retailers
Revenue Growth Drivers
For Consumer Packaged Goods and their retailers

16
Key Findings
Organic revenue
growth rates
decline sharply
as Hispanic
share of
budgets
decrease and
vice versa.
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Top Allocation
(≥70th
Percentile)
Middle
Allocation (40th -
70th Percentile)
Low Allocation
(<40th
Percentile)
7.7%
4.7%
0.9%
6.8%
2.2%
0.6%
Allocation Tiers
Average 06-10 Hispanic Allocation Average 06-10 Revenue CAGR

17
Top 30 Percentile Hispanic Marketers
By Allocation And Overall Revenue Growth
Top 30
Percentile
Please see Appendix D (Graph 1) for Detailed Graphical Analysis.

18
Key Findings
All tests validated the
same findings.
Hispanic Allocation has a
direct & significant
impact on companies
overall revenue growth.
Allocation
N=211
Revenue Growth
N=211
N=211
CPGs
N=39

19
Why Hispanic Consumers Are So Important
Today?

20
Much faster household formation has
exponential impact on continued growth
opportunity
Non-Hispanic Hispanic
2.5%/yr.0.4%/yr.Households
CAGR
6x NH CAGR

21
Much larger Households means heavier
usage
Non-Hispanic Hispanic
Persons
Per
HH1 3.82.5
52% larger HH

22
Hispanic households food at home expenditures will grow at 5.7% annually,
more than twice the rate for Non-Hispanic households of 2.5%.
Which Consumer Is Worth More?
$-
$20
$40
$60
$80
$100
1995 2000 2005 2010 2015 2020
$27
$33
$42
$59
$78
$94
$Billion
Hispanics Food at HH Expenditures
Historic
CAGR: 5.4%
Forecast
CAGR: 5.7%

23
The younger age and larger Hispanic household size contributes to Hispanic
households having the highest consumer spending potential for necessary spending
on Food at Home and Personal Care.
Which Consumer Is Worth More?
Hispanic Personal Care cumulative lifetime
spending is about 33% higher than that of Non-
Hispanic White.
Hispanic Food at Home cumulative lifetime
spending is over 50% higher than that of Non-
Hispanic White.

24
More influenced by strong brands
Hispanics are CPG valuable customers
Source: 2011 Doublebase GfK MRI - Base: All (n= 6.6K Hispanics & 46.5K Non-Hispanics)
Top Box: Agree Completely or Agree Mostly or Very Important Hispanic Index
I am more influenced by what seems hot and what’s not 139
Brand name is the best indication of quality 152
I only buy food items that are name brands, not generic brands 150

25
Less price sensitive
I’d pay extra for products that are consistent with the image
I want to convey
125
I tend to make impulse purchases 117
I know the price I pay for most of the foods & packaged goods
I buy
83

26
Status & Image Conscious
I like to live a lifestyle that impresses others 149
I prefer to buy things that my friends/neighbors would
approve of
167
Seeking the utmost attractive appearance 122

27
See Shopping as Fun
I enjoy wandering the store looking for new products 131
I’m always first of friends to try new products/services 145
Shopping is a great way to relax 147

28
Key Category Influentials
My family/friends often ask for and trust my advice on this
topic
Hispanic Index
Babies/Children 130
Beer 121
Alcoholic Beverages 135
Beauty 138
Cleaning Products 112
New Food Items 126
Food 112
Snacks 123
Dieting 115
Healthy Lifestyle 112

29
Conclusions
& Implications

30
Key Takeaways
For Consumer Packaged Goods
Statistical evidence demonstrates that:
• Consistent/significant Hispanic marketers drive
superior revenue growth.
• Hispanic as a priority drive sustainable growth into
future.

31
Implications for Companies
• Real bottom-line benefits come from consistent
approaches.
• Marketing is only the beginning, corporate-wide
integration and investment is key
– Responding to the most appropriate cultural insights
– Broad use of all elements of marketing
– Developing strategies from communications to customer experience

32
The U.S. Hispanic Consumer
Opportunity
Robert Moskow,
Research Analyst
Marcela Giraldo,
Research Associate
robert.moskow@credit-suisse.com
(212) 538 3095
marcela.giraldo@credit-suisse.com
(212) 325 6764
DISCLOSURE APPENDIX CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, INFORMATION ON TRADE ALERTS,
ANALYST MODEL PORTFOLIOS AND THE STATUS OF NON-U.S ANALYSTS. U.S. Disclosure: Credit Suisse does and seeks to do business with
companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this
report. Investors should consider this report as only a single factor in making their investment decision.
The materials may not be used or relied upon in any way.

33
Top Five Observations
• Wall Street should be paying more attention to the companies that “get
this right”
• Good Hispanic marketing companies attract and retain “best-in-class”
managers
• Commitment from the top and accountability at the bottom are key
• Kraft has engineered a turnaround
• Goya is the premier asset in Hispanic CPG
CREDIT SUISSE (USA), INC.

34
Why Does Wall Street Tend To Overlook
Hispanic Marketing Expertise?
Source: Company information. CS estimates
Tier
Approx. % of
Sales To
Hispanics
Growth Rate
With
Hispanics
Growth Rate
With Non-
Hispanic
U.S.
Division
Growth
Rate Companies
Leaders 18% 7.0% 2.5% 3.3% KO, GIS, NESN.VX, MKC
Followers 13% 5.5% 2.5% 2.9% KFT, K, UN
Laggards 8% 4.0% 2.5% 2.6% HNZ, CPB, HSY, PEP, CAG
High/Low Difference 0.7%
+ Most of these companies have 60% of their sales in North America
+ Therefore, an incremental 0.7% to North America growth rate translates to only 0.4% for total company sales
+ In terms of valuation, 0.4% of incremental growth translates to a valuation differential of only 8%
 Difficult to isolate the impact of Hispanic marketing on growth rates
 Even when you do isolate it, it doesn’t look that meaningful to valuation
 Investors attention has shifted to emerging markets

35
In reality, “Leaders” have outpaced
“Laggards” in North America by 3.1% on
average
Source: Company information. CS estimates
4.4% 4.6%
3.3%
1.4%
0.7%
1.0%
2.3%
2.9%
1.3%
0.5%
1.4%
-0.1%
-3.7%-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Nestle
McCormick
GeneralMills
Colgate
P&G
Coke
Kellogg
Kraft
Unilever
Heinz
ConAgra
Cambpell
Pepsi
(beverages)
HistoricorganicrevenuegrowthNA(3yrs)
Leaders:
Average 2.6% Followers:
Average 2.2% Laggards:
Average -0.5%
- Translates into a much more meaningful 20%+ valuation differential!

36
Good Hispanic Marketing Organizations
Attract Best-In-Class Managers
• Good managers want to be on the cutting edge of marketing
• They create shareholder value
Examples
• Coke shifting their mindset to the Latin American point-of-sale
merchandising approach
• General Mills’ leveraging the “Que Rica Vida” platform and
partnering with Univision

37
The trend is to push more of the
responsibility into the brand teams
Stage 1
• Low level of top
management
commitment
• Young brand
managers get
assigned to
monitor the
Hispanic efforts
Stage 2
• Creation of a high
profile
management role
to oversee the
Hispanic efforts
• Creation of a
Center of
Excellence
dedicated to
sharing best
practices
• Support function
with no P&L
responsibility
Stage 3
• Accountability at
the brand level for
Hispanic sales.
• Hispanic
advertising budget
is integrated within
the brands.
• ROI goals for
Hispanic marketing
investment within
the brand teams
- Coke, Wal-Mart, P&G, Unilever are all doing this
- The risk is that upper management lose will some of their control and
visibility
- Maintaining accountability will be the key to success CREDIT SUISSE (USA), INC.

38
2.1% 2.4%
4.4%
13.1%
0%
2%
4%
6%
8%
10%
12%
14%
2008 2009 2010 2011 (E)
Kraft Foods Inc Average group
3X increase in
2011
Kraft has engineered a turnaround
• Strong support from top
management
• The strategy is to increase
Hispanic spending on top 10
brands including Oreo, Kool-
Aid and Kraft Singles.
• Re-established their Latino
Center of Excellence in 2008
Risks
• It’s hard to regain momentum
after several years away
• Spin off of companies may
dilute Hispanic efforts and
impact scale advantage
Kool-Aid, in a first for any Kraft brand, has allocated the majority
of its 2011 marketing budget to reach Hispanics
Source: NY Times
Source: Kantar media. KFT’s management comments
Hispanic Advertising Investment as % of Total

39
Mexican
65.7%
Other
5.1%Central
American
8.3%
Cuban
3.4%
Puerto Rican
9.0%
Dominican
2.8%
South American
5.8%
Goya is the premier asset in the Hispanic
food space
• 75-year-old family-owned
and family-managed
company
• Approximately $1B in
annual revenues
• Best at understanding
food preferences by
country of origin
• Tailor product portfolio by
region in the US
• Relationships with
bodegas are important
asset
US Hispanic Population by Country of Origin
Source: www.goya.com
Source: U.S. Census 2008
Caribbean
Mexican
Central And South
American

40
Companies Mentioned (Price as of 06 Mar 12)
Campbell Soup Company (CPB, $33.04, NEUTRAL, TP $33.00)
Clorox Co. (CLX, $67.92, NEUTRAL, TP $72.00)
Colgate-Palmolive (CL, $93.35, NEUTRAL, TP $90.00)
ConAgra Foods, Inc. (CAG, $26.36, NEUTRAL, TP $27.00)
Danone (DANO.PA, Eu50.58, UNDERPERFORM, TP Eu44.00)
General Mills (GIS, $38.60, NEUTRAL, TP $41.00)
H.J. Heinz Company (HNZ, $53.09, NEUTRAL, TP $54.00)
Hormel Foods (HRL, $28.50, NEUTRAL, TP $32.00)
Kellogg Company (K, $52.09, NEUTRAL, TP $56.00)
Kimberly-Clark Corporation (KMB, $72.66)
Kraft Foods, Inc. (KFT, $38.35, OUTPERFORM, TP $45.00)
McCormick & Company (MKC, $50.82, NEUTRAL, TP $50.00)
Nestle (NESN.VX, SFr55.30, NEUTRAL, TP SFr58.00)
PepsiCo, Inc. (PEP, $62.79)
Procter & Gamble Co. (PG, $66.95, OUTPERFORM, TP $70.00)
Ralcorp (RAH, $74.41, NEUTRAL, TP $75.00)
Reckitt Benckiser (RB.L, 3469 p, OUTPERFORM, TP 3,800.00 p)
Sara Lee Corporation (SLE, $21.24, NEUTRAL, TP $20.00)
The Coca-Cola Company (KO, $69.23)
The Hershey Company (HSY, $60.93, OUTPERFORM, TP $68.00)
Disclosure Appendix
Important Global Disclosures
I, Robert Moskow, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and
securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in
this report.
See the Companies Mentioned section for full company names.
3-Year Price, Target Price and Rating Change History Chart for NESN.VX
NESN.VX Closing
Price
Target
Price Initiation/
Date (SFr) (SFr) Rating Assumption
16-Nov-09 47.88 55
11-Feb-10 49.69 60
30-Nov-10 54.55 N
9-Jun-11 53.15 55
11-Jul-11 52.6 R
16-Dec-11 51.2 58 N
55
60
55
58
N
R
N
35
40
45
50
55
60
7-Mar-097-May-09
7-Jul-097-Sep-09
7-Nov-09
7-Jan-107-Mar-107-May-10
7-Jul-10
7-Sep-10
7-Nov-10
7-Jan-117-Mar-117-May-11
7-Jul-117-Sep-11
7-Nov-11
7-Jan-12
Closing Price Target Price Initiation/Assumption Rating
SFr
O=Outperform; N=Neutral; U=Underperform; R=Restricted; NR=Not Rated; NC=Not Covered
3-Year Price, Target Price and Rating Change History Chart for HSY
HSY Closing
Price
Target
Price Initiation/
Date (US$) (US$) Rating Assumption
3/24/09 35.41 30 U
7/8/09 37.01 33
7/24/09 40.97 43 N
12/31/09 35.79 R
2/1/10 36.81 40 N
4/22/10 48.08 50
7/23/10 47.21 52
2/2/11 48.61 55 O
2/28/11 52.32 56
3/18/11 53.87 58
4/26/11 57.27 64
10/21/11 60.26 70
10/27/11 57.46 68
30
33
43
40
50
52
55 56
58
64
70
68
O
NR
N
U
30
35
40
45
50
55
60
65
70
3/7/09
5/7/09
7/7/09
9/7/09
11/7/09
1/7/10
3/7/10
5/7/10
7/7/10
9/7/10
11/7/10
1/7/11
3/7/11
5/7/11
7/7/11
9/7/11
11/7/11
1/7/12
Closing Price Target Price Initiation/Assumption Rating
US$
O=Outperform; N=Neutral; U=Underperform; R=Restricted; NR=Not Rated; NC=Not Covered
The analyst(s) responsible for preparing this research report received compensation that is based upon various factors including Credit Suisse's total
revenues, a portion of which are generated by Credit Suisse's investment banking activities.
Analysts’ stock ratings are defined as follows:
Outperform (O): The stock’s total return is expected to outperform the relevant benchmark* by at least 10-15% (or more, depending on perceived
risk) over the next 12 months.
Neutral (N): The stock’s total return is expected to be in line with the relevant benchmark* (range of ±10-15%) over the next 12 months.
Underperform (U): The stock’s total return is expected to underperform the relevant benchmark* by 10-15% or more over the next 12 months.
*Relevant benchmark by region: As of 29th May 2009, Australia, New Zealand, U.S. and Canadian ratings are based on (1) a stock’s absolute total
return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe**,
with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities.
Some U.S. and Canadian ratings may fall outside the absolute total return ranges defined above, depending on market conditions and industry
factors. For Latin American, Japanese, and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the average total return of
the relevant country or regional benchmark; for European stocks, ratings are based on a stock’s total return relative to the analyst's coverage
universe**. For Australian and New Zealand stocks, 12-month rolling yield is incorporated in the absolute total return calculation and a 15% and a
7.5% threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively. The 15% and 7.5% thresholds
replace the +10-15% and -10-15% levels in the Neutral stock rating definition, respectively.
**An analyst's coverage universe consists of all companies covered by the analyst within the relevant sector.
Restricted (R): In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications,
including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other
circumstances.
Volatility Indicator [V]: A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24
months or the analyst expects significant volatility going forward.
Analysts’ coverage universe weightings are distinct from analysts’ stock ratings and are based on the expected
performance of an analyst’s coverage universe* versus the relevant broad market benchmark**:
Overweight: Industry expected to outperform the relevant broad market benchmark over the next 12 months.
Market Weight: Industry expected to perform in-line with the relevant broad market benchmark over the next 12 months.
Underweight: Industry expected to underperform the relevant broad market benchmark over the next 12 months.
*An analyst’s coverage universe consists of all companies covered by the analyst within the relevant sector.
**The broad market benchmark is based on the expected return of the local market index (e.g., the S&P 500 in the U.S.) over the next 12 months.
Credit Suisse’s distribution of stock ratings (and banking clients) is:
Global Ratings Distribution
Outperform/Buy* 46% (60% banking clients)
Neutral/Hold* 42% (57% banking clients)
Underperform/Sell* 10% (48% banking clients)
Restricted 2%
*For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy,
Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's
decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.
Credit Suisse’s policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the
market that may have a material impact on the research views or opinions stated herein.
Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For moredetail pleaserefer toCredit
Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research:
http://www.csfb.com/research-and-analytics/disclaimer/managing_conflicts_disclaimer.html
Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot
be used, by any taxpayer for the purposes of avoiding any penalties.
Price Target: (12 months) for (NESN.VX)
Method: Our price target is based on our APV (adjusted present value), a hybrid DCF that splits the operating cash flows (discounted at the cost of
equity), and the tax shield (discounted at the cost of debt). A terminal growth rate of 2.5% is assumed
Risks: Significant movements in raw material costs or currency can impact the business, as can irrational behaviour by either competitors or
retailers. Food scares, shortages, or contamination can also impact the business.
Price Target: (12 months) for (HSY)
Method: Our 12-month target price of $68/share implies a 19x P/E multiple against our 2013 estimate. This assumes that stock maintains the 19-
20x P/E multiple which is the range where it is trading today
Risks: The risks that HSY and our $68 target price could face include: 1) execution risk in the growing premium/dark chocolate category; 2) volatile
cocoa, nuts and dairy commodity input costs; and 3) the risk of competitive incursion in chocolate from Mars.
Please refer to the firm's disclosure website at www.credit-suisse.com/researchdisclosures for the definitions of abbreviations typically used in the
target price method and risk sections.
The subject company (NESN.VX) currently is, or was during the 12-month period preceding the date of distribution of this report, a client of Credit
Suisse.
Credit Suisse provided investment banking services to the subject company (NESN.VX) within the past 12 months.

41
Credit Suisse provided non-investment banking services, which may include Sales and Trading services, to the subject company (NESN.VX) within
the past 12 months.
Credit Suisse has received investment banking related compensation from the subject company (NESN.VX) within the past 12 months.
Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (NESN.VX, HSY) within the
next 3 months.
Credit Suisse has received compensation for products and services other than investment banking services from the subject company (NESN.VX)
within the past 12 months.
As of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company (HSY).
Credit Suisse has a material conflict of interest with the subject company (NESN.VX). Credit Suisse (Singapore) Limited is advisor to Nestle SA
(NESN.VX) in regards to the scheme of arrangement in regards to Hsu Fu Chi International (HSFU.SI).
Important Regional Disclosures
Singapore recipients should contact a Singapore financial adviser for any matters arising from this research report.
The analyst(s) involved in the preparation of this report have not visited the material operations of the subject company (NESN.VX, HSY) within the
past 12 months.
Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares;
SVS--Subordinate Voting Shares.
Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not
contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report.
For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit
http://www.csfb.com/legal_terms/canada_research_policy.shtml.
The following disclosed European company/ies have estimates that comply with IFRS: DANO.PA, NESN.VX, RB.L.
As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report.
Principal is not guaranteed in the case of equities because equity prices are variable.
Commission is the commission rate or the amount agreed with a customer when setting up an account or at anytime after that.
CS may have issued a Trade Alert regarding this security. Trade Alerts are short term trading opportunities identified by an analyst on the basis of
market events and catalysts, while stock ratings reflect an analyst's investment recommendations based on expected total return over a 12-month
period relative to the relevant coverage universe. Because Trade Alerts and stock ratings reflect different assumptions and analytical methods, Trade
Alerts may differ directionally from the analyst's stock rating.
The author(s) of this report maintains a CS Model Portfolio that he/she regularly adjusts. The security or securities discussed in this report may be a
component of the CS Model Portfolio and subject to such adjustments (which, given the composition of the CS Model Portfolio as a whole, may differ
from the recommendation in this report, as well as opportunities or strategies identified in Trading Alerts concerning the same security). The CS
Model Portfolio and important disclosures about it are available at www.credit-suisse.com/ti.
Taiwanese Disclosures: Reports written by Taiwan-based analysts on non-Taiwan listed companies are not considered recommendations to buy or
sell securities under Taiwan Stock Exchange Operational Regulations Governing Securities Firms Recommending Trades in Securities to
Customers.
To the extent this is a report authored in whole or in part by a non-U.S. analyst and is made available in the U.S., the following are important
disclosures regarding any non-U.S. analyst contributors:
The non-U.S. research analysts listed below (if any) are not registered/qualified as research analysts with FINRA. The non-U.S. research analysts
listed below may not be associated persons of CSSU and therefore may not be subject to the NASD Rule 2711 and NYSE Rule 472 restrictions on
communications with a subject company, public appearances and trading securities held by a research analyst account.
For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at www.credit-
suisse.com/researchdisclosures or call +1 (877) 291-2683.
Disclaimers
This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction
where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Credit Suisse AG, the Swiss bank, or its subsidiaries or its
affiliates (“CS”) to any registration or licensing requirement within such jurisdiction. All material presented in this report, unless specifically indicated otherwise, is under copyright
to CS. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written
permission of CS. All trademarks, service marks and logos used in this report are trademarks or service marks or registered trademarks or service marks of CS or its affiliates.
The information, tools and material presented in this report are provided to you for information purposes only and are not to be used or considered as an offer or the solicitation of
an offer to sell or to buy or subscribe for securities or other financial instruments. CS may not have taken any steps to ensure that the securities referred to in this report are
suitable for any particular investor. CS will not treat recipients as its customers by virtue of their receiving the report. The investments or services contained or referred to in this
report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about such investments or investment services.
Nothing in this report constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual
circumstances or otherwise constitutes a personal recommendation to you. CS does not offer advice on the tax consequences of investment and you are advised to contact an
independent tax adviser. Please note in particular that the bases and levels of taxation may change.
CS believes the information and opinions in the Disclosure Appendix of this report are accurate and complete. Information and opinions presented in the other sections of the report
were obtained or derived from sources CS believes are reliable, but CS makes no representations as to their accuracy or completeness. Additional information is available upon
request. CS accepts no liability for loss arising from the use of the material presented in this report, except that this exclusion of liability does not apply to the extent that liability arises
under specific statutes or regulations applicable to CS. This report is not to be relied upon in substitution for the exercise of independent judgment. CS may have issued, and may in
the future issue, a trading call regarding this security. Trading calls are short term trading opportunities based on market events and catalysts, while stock ratings reflect investment
recommendations based on expected total return over a 12-month period as defined in the disclosure section. Because trading calls and stock ratings reflect different assumptions
and analytical methods, trading calls may differ directionally from the stock rating. In addition, CS may have issued, and may in the future issue, other reports that are inconsistent
with, and reach different conclusions from, the information presented in this report. Those reports reflect the different assumptions, views and analytical methods of the analysts who
prepared them and CS is under no obligation to ensure that such other reports are brought to the attention of any recipient of this report. CS is involved in many businesses that
relate to companies mentioned in this report. These businesses include specialized trading, risk arbitrage, market making, and other proprietary trading.
Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future
performance. Information, opinions and estimates contained in this report reflect a judgement at its original date of publication by CS and are subject to change without notice.
The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments
is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments. Investors in securities such as
ADR’s, the values of which are influenced by currency volatility, effectively assume this risk.
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding
and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to,
spot and forward interest and exchange rates), time to maturity, market conditions and volatility, and the credit quality of any issuer or reference issuer. Any investor interested in
purchasing a structured product should conduct their own investigation and analysis of the product and consult with their own professional advisers as to the risks involved in
making such a purchase.
Some investments discussed in this report have a high level of volatility. High volatility investments may experience sudden and large falls in their value causing losses when that
investment is realised. Those losses may equal your original investment. Indeed, in the case of some investments the potential losses may exceed the amount of initial
investment, in such circumstances you may be required to pay more money to support those losses. Income yields from investments may fluctuate and, in consequence, initial
capital paid to make the investment may be used as part of that income yield. Some investments may not be readily realisable and it may be difficult to sell or realise those
investments, similarly it may prove difficult for you to obtain reliable information about the value, or risks, to which such an investment is exposed.
This report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the report refers to website material of CS, CS has not reviewed the
linked site and takes no responsibility for the content contained therein. Such address or hyperlink (including addresses or hyperlinks to CS’s own website material) is provided
solely for your convenience and information and the content of the linked site does not in any way form part of this document. Accessing such website or following such link
through this report or CS’s website shall be at your own risk.
This report is issued and distributed in Europe (except Switzerland) by Credit Suisse Securities (Europe) Limited, One Cabot Square, London E14 4QJ, England, which is
regulated in the United Kingdom by The Financial Services Authority (“FSA”). This report is being distributed in Germany by Credit Suisse Securities (Europe) Limited
Niederlassung Frankfurt am Main regulated by the Bundesanstalt fuer Finanzdienstleistungsaufsicht ("BaFin"). This report is being distributed in the United States by Credit
Suisse Securities (USA) LLC; in Switzerland by Credit Suisse AG; in Canada by Credit Suisse Securities (Canada), Inc.; in Brazil by Banco de Investimentos Credit Suisse
(Brasil) S.A. or its affiliates; in Mexico by Banco Credit Suisse (México), S.A. (transactions related to the securities mentioned in this report will only be effected in compliance
with applicable regulation); in Japan by Credit Suisse Securities (Japan) Limited, Financial Instrument Firm, Director-General of Kanto Local Finance Bureau (Kinsho) No. 66, a
member of Japan Securities Dealers Association, The Financial Futures Association of Japan, Japan Securities Investment Advisers Association, Type II Financial Instruments
Firms Association; elsewhere in Asia/Pacific by whichever of the following is the appropriately authorised entity in the relevant jurisdiction: Credit Suisse (Hong Kong) Limited,
Credit Suisse Equities (Australia) Limited , Credit Suisse Securities (Thailand) Limited, Credit Suisse Securities (Malaysia) Sdn Bhd, Credit Suisse AG, Singapore Branch, Credit
Suisse Securities (India) Private Limited regulated by the Securities and Exchange Board of India (registration Nos. INB230970637; INF230970637; INB010970631;
INF010970631), having registered address at 9th Floor, Ceejay House,Dr.A.B. Road, Worli, Mumbai - 18, India, T- +91-22 6777 3777, Credit Suisse Securities (Europe) Limited,
Seoul Branch, Credit Suisse AG, Taipei Securities Branch, PT Credit Suisse Securities Indonesia, Credit Suisse Securities (Philippines ) Inc., and elsewhere in the world by the
relevant authorised affiliate of the above. Research on Taiwanese securities produced by Credit Suisse AG, Taipei Securities Branch has been prepared by a registered Senior
Business Person. Research provided to residents of Malaysia is authorised by the Head of Research for Credit Suisse Securities (Malaysia) Sdn. Bhd., to whom they should
direct any queries on +603 2723 2020.
In jurisdictions where CS is not already registered or licensed to trade in securities, transactions will only be effected in accordance with applicable securities legislation, which will
vary from jurisdiction to jurisdiction and may require that the trade be made in accordance with applicable exemptions from registration or licensing requirements. Non-U.S.
customers wishing to effect a transaction should contact a CS entity in their local jurisdiction unless governing law permits otherwise. U.S. customers wishing to effect a
transaction should do so only by contacting a representative at Credit Suisse Securities (USA) LLC in the U.S.
Please note that this report was originally prepared and issued by CS for distribution to their market professional and institutional investor customers. Recipients who are not
market professional or institutional investor customers of CS should seek the advice of their independent financial advisor prior to taking any investment decision based on this
report or for any necessary explanation of its contents. This research may relate to investments or services of a person outside of the UK or to other matters which are not
regulated by the FSA or in respect of which the protections of the FSA for private customers and/or the UK compensation scheme may not be available, and further details as to
where this may be the case are available upon request in respect of this report.
Any Nielsen Media Research material contained in this report represents Nielsen Media Research's estimates and does not represent facts. NMR has neither reviewed nor
approved this report and/or any of the statements made herein.
If this report is being distributed by a financial institution other than Credit Suisse AG, or its affiliates, that financial institution is solely responsible for distribution. Clients of that
institution should contact that institution to effect a transaction in the securities mentioned in this report or require further information. This report does not constitute investment
advice by Credit Suisse to the clients of the distributing financial institution, and neither Credit Suisse AG, its affiliates, and their respective officers, directors and employees
accept any liability whatsoever for any direct or consequential loss arising from their use of this report or its content.
Copyright 2012 CREDIT SUISSE AG and/or its affiliates. All rights reserved.

42
Q & A Discussion

43
Statistical Detail
& Model Validation
Presented by Dr. Cristina Garcia
Math & Statistics Professor at USC
SSG Methodology Advisor

44
Methodology Highlights
• Started by looking at the Top 500
overall Advertisers (TV, Radio,
Print) by year and in aggregate
between.
• Matched each parent company
to available published financial
revenue data, and calculated
2006-2010 compounded annual
growth rates.
• Companies which did not have
consistent published financials
such as companies which grew
on M&As that weren’t adjustable
rather than organic consumer
driven growth were eliminated
from the final regression set.
Top 500 U.S. Overall Advertisers
2006-2010
(500)
Public
(418)
Consistent
Advertisers
(220)
Publicly Traded
w/ clear Organic US Revenue
(211)
CPGs
(39)
Unadjustable M&As
Inconsistent Data
(-9)
Inconsistent
Advertisers
(-198)
Private
(-82)

45
Test Validations
All models validated the
same findings.
Hispanic Allocation has a
direct & significant
impact on companies
overall revenue growth.
Allocation
N=211
Revenue Growth
N=211
N=211
CPGs
N=39

46
Consumer Packaged Goods Regression
Model
• Hispanic Allocation alone explains
about 35% of changes in revenue
growth over a 5 year period for
Consumer Packaged Goods (R2=0.35)
– An R squared of .35, tells us that roughly
35% of a company’s revenue growth is
driven by changes in Hispanic Allocation.
– The expected range for a 1 percent increase
in Hispanic allocation is an increase of .48%
to 1.28% in overall corporate revenue
growth rate.
Revenue Growth over 5
year period (CAGR 06-10)
Aggregate
Hispanic
Allocation
2006-2010
CPG (N=39)

47
CPG Model Findings
– For every additional percentage point
increase in Hispanic allocation, we would
expect revenue growth of 0.883% over
the 5 years for Consumer Packaged
Goods
– In other words, on average, a 10%
allocation of a CPG company’s ad spend
to Hispanic media over 5 years would
generate revenue growth of 8.83% over
the 5 year period.
Hispanic
Marketing
35%
All Other
Drivers of
Growth
65%
Revenue Growth Drivers for
CPGs & Retailers

48
Test 1: Is Aggregate Hispanic Allocation Important?
YES! Hispanic Allocation directly impacts topline revenue
growth for Top 500 Advertisers
• On average, for every additional
percentage point increase in
Hispanic allocation, we would
expect revenue growth of .40%
over the 5 years.
• In other words, allocating 10%
of the company’s ad spend to
Hispanic media over 5 years
would generate revenue growth
of 4.00% over the 5 year period
Aggregate Growth
CAGR 06-10
Aggregate
Hispanic
Allocation
06-10
TOP ADVERTISERS (N=211)

49
TEST 2: Individual Years Growth and Aggregate Hispanic Allocation
Revalidated! Both directly impact topline revenue growth
Revenue Growth over 5
year period
Aggregate
Hispanic
Allocation
06-10
CAGR
06-07, 07-08,
08-09, 09-10
• Of course, each year’s CAGR most significantly
affects the company’s revenue growth over 5
years
• R-square 0.608 In other words, 60.8% of the
variation in growth over the 5 years (CAGR 06-
10) is explained by the ad spend in Hispanic
media over the 5 years and each year’s annual
growth.
• On average, for every additional percentage
point increase in Hispanic allocation, we would
expect revenue growth of .34% over the 5 years.
• In other words, allocating 10% of the company’s
ad spend to Hispanic media over 5 years would
generate revenue growth of 3.44% over the 5
year period.TOP ADVERTISERS (N=211)

50
Test 3: Hispanic Allocation, Super Categories and Revenue CAGR
Revalidated Again! Hispanic Allocation Is Relevant to Revenue Growth!
Revenue Growth over 5 year
period
Categories:
Auto, Tech &
Entertainme
nt, Retail,
CPG,
Finance/Insu
rance
CAGR:
06-07, 07-08, 08-
09, 09-10
Hispanic
Allocation:
06-10
• R-square .64, in other words, 64% of
the variation in growth over the 5 years
(CAGR 06-10) is explained by the ad
spend in Hispanic media over the 5
years and each annual year’s growth.
• On average, for every additional
percentage point increase in Hispanic
allocation, we would expect revenue
growth of 0.29% over the 5 years.
• In other words, allocating 10% of the
company’s ad spend to Hispanic media
over 5 years would generate revenue
growth of 2.89% over the 5 year period
TOP ADVERTISERS (N=211)

51
1
Conclusions of Tests
• In all tests, Hispanic Allocation consistently comes up as a
statistically significant variable positively affecting revenue
growth rates.
– Along with showing the importance of investing in the Hispanic market,
our model also shows that performance during the turn into the
recession 2007 to 2008 and recovery from the recession 2009 to 2010
time periods serve as good indicators for relative long term
performance (06-10).

52
Appendix

53
Sectors/Super Categories
Breakdown
Top 500
Advertisers
Super-
Categories
Included
Auto
Packaged
Goods
Omitted Advertisers
(Reasons)
Private
Gov’t
Non-
Profits

54
Appendix A
Ranking By Hispanic Allocation
Company
2006-2010 Hispanic
Allocation Percentage
Rank Percentile
2006-2010 Revenue
Growth Rate
WALGREEN CO 10.05% 1 100.00% 9.20%
WAL-MART STORES INC 9.70% 2 97.30% 5.12%
COCA-COLA CO 8.79% 3 94.70% 12.39%
CLOROX CO 8.09% 4 92.10% 3.30%
RALCORP HOLDINGS 8.08% 5 89.40% 11.82%
GROUPE DANONE 7.81% 6 86.80% 11.82%
KIMBERLY-CLARK CORP 7.09% 7 84.20% 2.74%
UNILEVER 6.92% 8 81.50% 1.39%
TARGET CORP 6.68% 9 78.90% 3.25%
GENERAL MILLS INC 6.27% 10 76.30% 6.50%
NESTLE SA 6.25% 11 73.60% 7.45%
LOREAL SA 6.20% 12 71.00% 3.86%
PROCTER & GAMBLE CO 6.13% 13 68.40% 2.30%
HERSHEY CO 5.72% 14 65.70% 2.22%
TYSON FOODS INC 5.71% 15 63.10% 3.70%
BROWN-FORMAN CORP 5.09% 16 60.50% 1.62%
CVS/CAREMARK CORP 5.01% 17 57.80% 5.03%
JM SMUCKER CO 4.90% 18 55.20% 3.44%
BEIERSDORF AG 4.11% 19 52.60% -1.34%

55
Ranking By Hispanic Allocation Cont.
Company
2006-2010 Hispanic
Allocation Percentage
Rank Percentile
2006-2010 Revenue
Growth Rate
PEPSICO INC 3.80% 20 50.00% -0.21%
KRAFT FOODS INC 3.77% 21 47.30% 0.90%
DIAGEO PLC 3.53% 22 44.70% 2.73%
KELLOGG CO 3.42% 23 42.10% 3.40%
ESTEE LAUDER COS 2.80% 24 39.40% -0.03%
BIG LOTS INC 2.33% 25 36.80% 1.08%
CONAGRA FOODS INC 2.24% 26 34.20% 1.06%
HORMEL FOODS CORP 1.97% 27 31.50% 5.60%
PERNOD RICARD SA 1.57% 28 28.90% 3.06%
LVMH MOET HENNESSY LOUIS
VUITTON SA 0.64% 29 26.30% 3.91%
MCCORMICK & CO INC 0.55% 30 23.60% 5.01%
SARA LEE CORP 0.53% 31 21.00% -9.25%
FORTUNE BRANDS INC 0.53% 32 18.40% -4.32%
HENKEL KGAA 0.48% 33 15.70% -0.78%
CHURCH & DWIGHT CO 0.26% 34 13.10% 7.40%
DEAN FOODS CO 0.20% 35 10.50% 4.67%
CAMPBELL SOUP CO 0.15% 36 7.80% 2.98%
KAO CORP 0.13% 37 5.20% -4.50%
NEWELL RUBBERMAID 0.04% 38 2.60% -3.76%
NUTRI/SYSTEM INC 0.01% 39 0.00% -2.59%

56
Appendix B
Ranking By Growth Rate
Company
2006-2010 Revenue
Growth Rate
Rank Percentile
2006-2010 Hispanic
Allocation
COCA-COLA CO 12.39% 1 100.00% 8.79%
RALCORP HOLDINGS 11.82% 2 97.30% 8.08%
GROUPE DANONE 11.82% 3 94.70% 7.81%
WALGREEN CO 9.20% 4 92.10% 10.05%
NESTLE SA 7.45% 5 89.40% 6.25%
CHURCH & DWIGHT CO INC 7.40% 6 86.80% 0.26%
GENERAL MILLS INC 6.50% 7 84.20% 6.27%
HORMEL FOODS CORP 5.60% 8 81.50% 1.97%
WAL-MART STORES INC 5.12% 9 78.90% 9.70%
CVS/CAREMARK CORP 5.03% 10 76.30% 5.01%
MCCORMICK & CO INC 5.01% 11 73.60% 0.55%
DEAN FOODS CO 4.67% 12 71.00% 0.20%
LVMH MOET HENNESSY LOUIS
VUITTON SA 3.91% 13 68.40% 0.64%
LOREAL SA 3.86% 14 65.70% 6.20%
TYSON FOODS INC 3.70% 15 63.10% 5.71%
JM SMUCKER CO 3.44% 16 60.50% 4.90%
KELLOGG CO 3.40% 17 57.80% 3.42%
CLOROX CO 3.30% 18 55.20% 8.09%
TARGET CORP 3.25% 19 52.60% 6.68%

57
Ranking By Growth Rate Cont.
Company
2006-2010 Revenue
Growth Rate
Rank Percentile
2006-2010 Hispanic
Allocation
PERNOD RICARD SA 3.06% 20 50.00% 1.57%
CAMPBELL SOUP CO 2.98% 21 47.30% 0.15%
KIMBERLY-CLARK CORP 2.74% 22 44.70% 7.09%
DIAGEO PLC 2.73% 23 42.10% 3.53%
PROCTER & GAMBLE CO 2.30% 24 39.40% 6.13%
HERSHEY CO 2.22% 25 36.80% 5.72%
BROWN-FORMAN CORP 1.62% 26 34.20% 5.09%
UNILEVER 1.39% 27 31.50% 6.92%
BIG LOTS INC 1.08% 28 28.90% 2.33%
CONAGRA FOODS INC 1.06% 29 26.30% 2.24%
KRAFT FOODS INC 0.90% 30 23.60% 3.77%
ESTEE LAUDER COS INC -0.03% 31 21.00% 2.80%
PEPSICO INC -0.21% 32 18.40% 3.80%
HENKEL KGAA -0.78% 33 15.70% 0.48%
BEIERSDORF AG -1.34% 34 13.10% 4.11%
NUTRI/SYSTEM INC -2.59% 35 10.50% 0.01%
NEWELL RUBBERMAID INC -3.76% 36 7.80% 0.04%
FORTUNE BRANDS INC -4.32% 37 5.20% 0.53%
KAO CORP -4.50% 38 2.60% 0.13%
SARA LEE CORP -9.25% 39 0.00% 0.53%

58
Appendix C
Regression Analysis Results
Test 1 Test 2 Test 3 CPG Model
Variable in Model Unstandarized Beta
Standardized Beta
(Significance)
Unstandarized Beta
Standardized Beta
(Significance)
Unstandarized Beta
Standardized Beta
(Significance)
Unstandarized
Beta
Standardized Beta
(Significance)
CAGR 06-07 NA .038
.189
(.000)
.039
.195
(.000)
NA
CAGR 07-08 NA .291
.511
(.000)
.269
.472
(.000)
NA
CAGR 08-09 NA .019
.202
(.000)
.016
.176
(.000)
NA
CAGR 09-10 NA .435
.581
(.000)
.448
.598
(.000)
NA
Hispanic Allocation
06-10
.396
.143
(.037)
.344
.125
(.005)
.288
.104
(.018)
.883
.592
(.000)
Auto NA NA -5.458
-.128
(.007)
NA
Insurance/Finance NA NA 2.229
.042
(.385)
NA
Technology NA NA 4.095
.112
(.026)
NA
Retail NA NA 1.226
.037
(.459)
NA
CPG NA NA 2.399
.068
(.168)
NA
R-Square .021 .608 .644 .350
N = 211 211 211 39
Dependent Variable CAGR 06-10

59
Appendix D
Graphical Analysis
Graph 1

60
Appendix D
Graphical Analysis
Chart 1

61
Appendix D
Graphical Analysis
Chart 2

62
Appendix E
GfK MRI Hispanic Data Notes
• GfK MRI has measured Hispanics within its National Study (Survey of the American
Consumer).
• Since 2003, GfK MRI began translating all survey materials into Spanish and hiring
bilingual interviewers to capture the Spanish dominant Hispanic.
• Other enhancements to data sampling since then include:
– Hispanic language capability sample balanced against Nielsen Language estimates
– Additional Hispanic specific demographics (language capability outside the home, language
capability inside the home, country of origin, foreign born, length of time in the U.S., additional
Hispanic adults in the home, how well do you speak English)
– Hispanic specific media (3 Magazines, 135+ Television Programs, 2 Cable stations, 3 Radio
formats, 3 websites)
– Hispanic specific segmentations (Geoscape Hispanicity, Hispanic Cohorts, Hispanic PersonicX)
– Hispanic Networks/Programs available in NPM Fusion database

AHAA Study: 2012 Hispanic Allocation Impact on Revenue Growth Study Series: Part II - CPG Sector

Recomendados

Recomendados

Más contenido relacionado

La actualidad más candente

La actualidad más candente (20)

Similar a AHAA Study: 2012 Hispanic Allocation Impact on Revenue Growth Study Series: Part II - CPG Sector

Similar a AHAA Study: 2012 Hispanic Allocation Impact on Revenue Growth Study Series: Part II - CPG Sector (20)

Más de AHAA: The Voice of Hispanic Marketing

Más de AHAA: The Voice of Hispanic Marketing (7)

Último

Último (20)

AHAA Study: 2012 Hispanic Allocation Impact on Revenue Growth Study Series: Part II - CPG Sector