{
  "docId": "019dd923-622c-750b-8b9c-dad126beff94",
  "docSlug": "416ab93b6285",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-09-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 139,
  "pageCount": 294,
  "prevPage": 138,
  "nextPage": 140,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "Includes a small table calculating potential savings from reducing advertising weeks.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "kpi_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-dad126beff94/139",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94#slide-139",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.42,
        "x": 0.54,
        "y": 0.69
      },
      "kind": "callout",
      "text": "Darden could see a ~$30 million EBITDA improvement just from picking the right weeks to advertise",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7119c713-1067-47dc-bec6-3f4997c5c72f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.42
      },
      "kind": "list",
      "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.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "394e015a-cf4b-437c-ab9a-36d13b28931f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.35
      },
      "kind": "list",
      "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.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a8571ca-a0d6-445b-bf76-7c0396e7d9f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "list",
      "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.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5d40e6d-8243-4bc7-af9d-125d2345e817",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA improvement: $30 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb95-7708-ad4b-90b12350a50d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "First, Darden's advertising strategy must begin with a vision for the brands and enhance that vision to drive traffic.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "752cecfa-f540-4c6c-9295-f37cdadec997",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.82
      },
      "kind": "paragraph",
      "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",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9dfe0a1b-4018-41ba-b4ad-cc37edc346fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Kantar Media & Nation's Restaurant News.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f0c87ee-2c1f-42d1-aebe-e5f6dcc84d51",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.45,
        "x": 0.07,
        "y": 0.61
      },
      "kind": "table",
      "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.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af464c90-4d03-4ee8-9c84-52884c26f8b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "There are many ways to realize the advertising and marketing opportunity",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7465882b-e34e-4211-9a7a-c7a7859167cb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Audience Definition",
      "slug": "audience-definition",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "b54a6fc8-78e9-49db-af6b-5ec078371238",
      "evidence": "The slide components mention 'Darden's marketing mix and spending versus peers' implying an audience calibration.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 150,
      "from": 61,
      "beatId": "7f4dff44-8750-44a5-80e9-2077a7cdbc5c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The document presents Starboard's plan for victory, including operational improvements and leadership changes.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}