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  "documentTitle": "Kao Corporation (4452.JP)",
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      "text": "Given its product mix, Oasis believes Kao should over time be spending closer to 15-20% of Consumer Goods revenue on marketing.",
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      "text": "Marketing has been underinvested. Oasis believes Kao's marketing budget is being spent ineffectively and in an uncoordinated manner across brands. Kao also substantially under-invests in marketing both in absolute terms, and relative to revenue.",
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      "text": "Competitors haven't succeeded because they make better products. They have succeeded because they are better at understanding the needs and aspirations of their customers.",
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      "text": "Competitors haven't succeeded because they make better products than Kao. They have succeeded because they are better at understanding the needs and aspirations of their customers, then selling and marketing those needs and aspirations to their customers through their products. — Oasis",
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      "text": "Source: Bloomberg, Company Filings",
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      "text": "2. Lackluster Marketing Strategy",
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