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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
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  "presentationDate": "2017-09-01 00:00:00",
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  "notes": "Uses a quote from a 2016 earnings call to highlight management's complacency.",
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      "text": "As small and mid-size brands develop enough brand awareness through social media, digital marketing and online / “as a service” channels, they are making a push to enter P&G’s traditional retail channels. While management has been dismissive of this threat, we believe P&G must go on the offensive with digital capabilities to stay ahead of these small but growing brands – especially in categories at higher risk",
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      "text": "While some of P&G’s categories have been threatened by subscription models and digital marketing, there is no standard “global” approach for P&G to compete online. We believe the Company must go category-by-category to develop industry leading e-commerce / digital strategies. We further believe this process can be facilitated by our proposed structure with more autonomous GBUs",
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      "text": "First of all, direct to consumer sales in our product category globally currently represents 0.3% of sales. I'm not saying that to indicate that it's not a potentially important tool for us. I believe it is...I do not want this to be taken wrong way but I don't see a mass move",
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