【出版时间及名称】：2010年1月英国消费品行业研究报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：67
        【目录或简介】：
Table of Contents
Investment thesis .............................................................................. 3
Outlook ....................................................................................................................................3
Valuation ..................................................................................................................................3
Risks ........................................................................................................................................4
The Importance of A&P..................................................................... 5
Brands are critical to the economics of consumer staples .......................................................5
Brand power .............................................................................................................................6
Marketers in the European Staples sector ................................................................................7
Investor A&P survey .................................................................................................................8
What is A&P? ................................................................................... 11
Definitions and disclosure.......................................................................................................11
Split of A&P spend..................................................................................................................12
The difference between A and P.............................................................................................12
A&P – from start to finish........................................................................................................14
A&P myths ....................................................................................... 16
A&P ratios are comparable .....................................................................................................16
Holding share of voice ............................................................................................................16
Taking advantage of media deflation.......................................................................................17
A&P investors outperform.............................................................. 19
A&P fuels top-line growth.......................................................................................................19
Profitability benefit outweighs cost savings............................................................................20
Winners coming out of a recession ........................................................................................22
Look out for the lag.................................................................................................................24
The changing nature of A&P........................................................... 26
Media spend shifting online....................................................................................................26
Tracking new media success ..................................................................................................28
Implications and valuations............................................................ 31
Consumer staples in the cycle................................................................................................31
Sector and sub-sector valuations ............................................................................................32
Winners and losers out of the recession ................................................................................34