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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Includes a small table calculating potential savings from reducing advertising weeks.",
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      "text": "Darden could see a ~$30 million EBITDA improvement just from picking the right weeks to advertise",
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      "text": "We believe Darden has a fundamental positioning problem when it comes to its advertising strategy. It has not kept up with the media landscape. Innovation will lead to higher traffic and lower advertising spending.",
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      "text": "The key to efficiently using advertising spend is to test new advertising strategies and marketing tactics rigorously, with a focus on measurable correlations with traffic and high ROI.",
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      "text": "Darden, on the other hand, has focused on strategies that allow it to deploy a large amount of money quickly, regardless of ROI. For example, Darden is currently on TV 50 weeks per year, while their competition is on TV fewer weeks.",
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      "text": "EBITDA improvement: $30 million",
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      "text": "First, Darden's advertising strategy must begin with a vision for the brands and enhance that vision to drive traffic.",
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      "text": "While our savings estimate is based on a detailed analysis of Darden's marketing mix and spending versus peers, the fact that Darden could save ~$30 million just by eliminating low ROI weeks (as peers already have) suggests our estimates may be conservative",
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      "text": "Source: Kantar Media & Nation's Restaurant News.",
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      "text": "Estimated savings by reducing advertising weeks on air. Current Olive Garden advertising spend $179. Current # of weeks on TV 50. % of advertising budget spent on television ads 93%. Estimated spend per week $3. Revised # of weeks on TV 42. Savings $27.",
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