MARKETING PROJECT COKE MARKET ANALYSIS GROUP MEMBERS : MURAD SAQIB MUHAMMAD GHAYAS MUHAMMAD ALI BHATTI SUBMITTED TO: SIR.BILAL RIAZ DATE OF SUBMISSION: 4JUNE, 2012 ARMY PUBLIC COLLEGE OF MANAGEMENT AND SCIENCES KHADIM HUSSAIN ROAD, LALKURTI, RAWALPINDI. 1|Page ACKNOWLWDGEMENT First and fore mostly we would like to thank Almighty Allah who blessed us with knowledge, understanding and ability to do this project. We have discovered that the work of some unknown persons makes our lives easier every day. We believe it's appropriate to acknowledge all of these unknown persons; but it is also necessary to acknowledge those people we know have directly shaped our lives and our work. First of all we would like to thank our teacher Mr. Bilal Riaz Chauhan for his guidance throughout the semester. DEDICATION This project is dedicated to our parents who have enabled us to stand on our own feet and have guided us in all matters of life. May Allah bless them! Ameen Executive Summary We are the students of BBA & Bsc – A/f of Army Public College of Management & Science and we have established this marketing project on Coke after critically examining and thoroughly researching over it. It consists of examining PEST Analysis, SWOT Analysis, and Market Segmentation, Market Environment (Macro & Micro, Market research, Market Strategy, Brand Strategy, Marketing Mix and carefully scrutinizing the soft drink industry and possibilities for Coca Cola in the market. We have carefully analyzed the internal and external business environments and critically examined the industry in general, considering all external threats and opportunities. 2|Page About The Company The Coke Cola was established in 1886 by John S. Pemberton in Columbia, Georgia. In 1889 Coca Cola formula and brand was established by Asa Candler who also incorporated The Coca-Cola Company in 1892. However the bottling business began in 1899. The Coca-Cola Company is a multinational beverage corporation and manufacturer and marketer of non-alcoholic beverage concentrates and syrups which are then sold to various countries throughout the world. Type Manufacturer Founder (s) Country of Origin Introduced Area Served Brands Flavors Employees Servings per Day Website Soft Drink (Cola) The Coca- Cola Company John S. Pemberton United States 1886 Over 200 countries More then 500 Cola, Cola Green Tea, Cola Lemon, Cola Lemon Lime, Cola Lime, Cola Orange and Cola Raspberry. 92,400 1.6 Billion www.coca-cola.com COCA COLA PAKISTAN The Coke Cola company started operating in Pakistan in 1953 which is owned by (CCBP) Coca Cola Beverages Pakistan Limited. Its Plants are in Karachi, Hyderabad, Sialkot, Gujranwala, Faisalabad, Rahimyar Khan, Multan and Lahore. The remaining two plants, independently owned, are in Rawalpindi and Peshawar. The Coca-Cola System in Pakistan serves 70,000 customers/retail outlets. The Coca-Cola System in Pakistan employs 1,800 people. 3|Page Mission Statement Following are the declarations of COKE overall mission and goals, and the values that COKE is guided by as a company and as individuals. To refresh the world - in mind, body and spirit To inspire moments of optimism - through our brands and actions To create value and make a difference everywhere we engage Coca Cola Company Vision To achieve COKE mission, they has developed a set of goals, which they will work with their bottlers to deliver: Profit: Maximizing return to shareholders, while being mindful of our overall responsibilities People: Being a great place to work, where people are inspired to be the best they can be Portfolio: Bringing to the world a portfolio of beverage brands that anticipate and satisfy people's desires and needs Partners: Nurturing a winning network of partners and building mutual loyalty Planet: Being a responsible global citizen that makes a difference Productivity: Be a highly effective, lean and fast-moving organization The Coca Cola Company Values Leadership Passion Integrity Accountability Collaboration Innovation Quality The Coca Cola Company creates value by executing comprehensive business strategy guided by six key beliefs: Consumer demand drives everything we do. Brand Coca Cola is the core of our business We will serve consumers a broad selection of the nonalcoholic ready-to– drink beverages they want to drink throughout the day. We will be the best marketers in the world. We will think and act locally. We will lead as a model corporate citizen. 4|Page MAJOR PRODUCTS OF COCA COLA INTERNATIONAL Product Name Coke Sprite Fanta Diet Coke Minute Maid Minute Maid Juices Kinley Drinking Water 5|Page Image Marketing Analysis This involves the External (Macro & Micro environment) & Internal Environment analysis of Coke. Coca-Cola's External (Macro) environment Political Analysis and Factors Coke comes in the food category under the FDA (Food and Drug Administration).It means that government has a control over Coke manufacturing activates by setting standards of law for Coke to reach. It has created changes in Laws and Regulations like; changes in Accounting Standards, taxation requirements, and environmental laws either in domestic or foreign authorities. Non-Alcoholic business era. These are competitive product and pricing policy pressures, ability to maintain or earn share of sales in worldwide market compared to rivals. Economic Forces Pakistan has recently faced an economic crisis which has forced consumers to cut down their spending. For Coke's off-brand competitors, this could mean an increase in sales. Coca-Cola must begin watching consumer spending habits, as many could be opting to purchase a cheaper alternative cola. Social In Pakistan currently majority of people are exercising healthier lifestyle due to this they are switching to bottled water and diet colas such as Coca-Cola Light or Zero, instead of drinking other beverages. Additionally, time management is quite 43 % of all households, and it has increased. Customers aged from 37 to 55, are concerned with their nutrition. Also, large portion of the population is within the range of baby boomers age. That will continue by increasing the demand in healthier and other beverages. Technological Forces The clever scientists with Coca-Cola are constantly finding new ways to work with technology. For instance, one promotion that I found interesting was the conversion of Coke cans into GPS devices. In 2004, Coke ran a promotion that 120 lucky cola drinkers could find a Coke can with a GPS device attached. This type of technology allowed the can to turn into a mobile phone. 6|Page Coca-Cola's External (Micro) environment Suppliers Coke considers its suppliers as a partner in their business. As coke want its suppliers to maintain the best quality possible because suppliers are linked to customer value. So Coke provides extensive training to suppliers, and also routine inspections In order to build good relations with its suppliers and maintain quality product. Marketing Intermediaries Coke works with its intermediaries to maximize sales. Coke offers a website to solve its intermediary’s problems and to build traffic and strengthen operations, training employees to sell "value meals", and improving server hospitality to foster consumer satisfaction. Coke works directly with its retailers, as they too are partners in business. Customers Customer satisfaction is considered as being the most important and vital things in Coke progress. Coke dedicates a page on their website for customers to share how Coke has shaped their lives. Coke cares about every one of its customers, and strives to reward its customers with great service, and a great product. Competitors Coke’s main rival is PEPSI so Coke’s objective is to deliver a better product to its consumers than PEPSI so far. Coke is successful in doing so; it has created brand awareness in consumers mind with the help of successful advertising, and by constantly developing new products for its customers to enjoy. Competitor Analysis MAJOR COMPETETOR: PEPSI CO. Maintaining its supply chain management to ensure that the customer gets Pepsi exactly when he requires. Mass marketing via advertising Pepsi with customer attraction areas e.g. celebrities (Shahrukh Khan, Junaid Jamshed, Adnan Sami), Sports (Waseem Akram, Shahid khan Afridi), concerts etc. Price Indiscrimination all over the region Focusing on Brand image 7|Page Customer retention schemes such as lucky draw, meeting your favorite celebrity etc. Adding social and ethical benefits to every bottle they sell. Internal Environment Company Coca-Cola prides itself in employing passionate and driven individuals. Its employees are inspired workers who can make a difference. Know the most recognized word on the planet after “OK”! Major Products (Asia) Coca-Cola introduced in Pakistan 1953 Fanta introduced in Pakistan 1965 Sprite was introduced 1972 Diet Coke & Fanta Lemon 2001 Marketing Mix The marketing mix is probably the most crucial stage of the marketing planning process. The marketing mix refers to the combination of the four factors that make up the core of a business’s marketing strategy. a) Product Coca cola is the world’s most favorite brand and is available all over the world. The distribution system of coca cola follows the FMCG (fast moving consumer goods) distribution pattern. The effective distribution network of coke has almost eroded the small and middle level players in the market. The core product is what the consumer is actually buying and the benefits it gives. Coca Cola customers are buying a wide range of soft drinks. 8|Page The actual product is the parts and features, which deliver the core product. Consumers will buy the coke product because of the high standards and high quality of the Coca Cola products. b) Promotion Coca cola adopts various advertising and promotional strategies to create an increased demand in the market by associating with life style and behavior and mainly targeting value based advertising. You are more likely to see a coke ad individualized for a particular festival or in with a general positive message It has many brand ambassadors like Waseem Akram, Shahid Khan Afridi etc. It allows price discounts and allowances to distributors and retailers in order to push more products into the market. It employs both push strategy through promotions and pull strategy through advertisements and campaigns. 'Coca-Cola' is the most recognized trademark, recognized by 94% of the world's population and is the most widely recognized word after "OK". c) Place The Coca Cola Company has always focused wide scale distribution. Coca Cola sets its own distributions to stores. directly Stores include a wide variety of Supermarket, Marts, Convenience Stores, Retail Stores and Departmental Stores. The channel distribution of Coca Cola Intl is extremely large. Over time, they have produced many products and thus have increased number of warehouses for specific products. 9|Page d) Price Each sub-brand of Coke has different pricing strategy according to the market and its segments. Since Coca Cola Intl faces a major threat from its competitor Pepsi Co, so naturally the Pricing is done keeping in view the increasing rivalry with Pepsi. Pricing is basically standard for all over the world. Price changes occur seldom after a longer period of time say, a year etc. Mostly prices are devoid of governmental and/or political laws and regulations but in Pakistan, due to an ever increasing rate of Inflation, prices have increased in a short span of time. 10 | P a g e SWOT Analysis SWOT analysis is a technique used in general management as well as marketing scenarios. SWOT consists of examining the current activities of the organization- its Strengths and Weaknesses- and then using this and external research data to set out the Opportunities and Threats that exist. Strengths Internal Weaknesses Popularity Word of mouth Well known Lack of popularity of Branding obvious and many Coca Cola’s brands easily recognized Most unknown and rarely A lot of finance seen Customer loyalty Result of low profile or International Trade non-existent advertising Holding a large part of Health issues world culture for a very No Luxury packing long time Brand image, supreme taste quality Threats Opportunities External Changing consciousness health attitude Legal issues Health ministers Competition (Pepsi) Many successful brands to pursue Advertise its less popular products Buy out competition. More Brand recognition Strengths The Coca-Cola image is displayed on T-shirts, hats, and collectible memorabilia. This extremely recognizable branding is one of Coca-Cola's greatest strengths. The bottling companies are locally owned and operated by independent business people who are authorized to sell products of the Coca-Cola Company in Pakistan. They don’t actually differentiate between these two brands in order to their tastes. Coca-Cola Intl has provided their coolers and freezers in the market. They have maximum number of coolers and freezers in the market. They 11 | P a g e provide this infrastructure free of cost just to provide child coke to their customer, which they want to be purchase. Weaknesses Coca-Cola has had some "declines in unit case volumes in the South East Asia due to reduced consumer purchasing power”. Coca-Cola contains caffeine and caramel which has adverse effects on the teeth (if prolonged) which is an issue for health care. It also has got sugar by which continuous drinking of Coca-Cola may cause health problems. Being addicted to Coca-Cola also is a health problem, because drinking of Coca-Cola daily has an effect on your body after few years. Coke’s core product, Coca-Cola, has received many criticisms because of the health issues that arise from its use of caffeine and high fructose corn syrup. Opportunities Brand recognition is an important factor in affecting Coke's competitive position. Coca-Cola's brand name is known well throughout 94% of the world today. The main concern of Coca Cola Marketing Strategies has been just to improvise its system and make it even more recognizable. The bottling system of Coca Cola allows the company to take advantage of its growth opportunities. The coke team has been working strenuously in Pakistan gaining supporters via Mass marketing and Promotional tools. Threats The main threat is Price. A small increase in price, let’s say just 1 rupee will have a drastic effect on sales. Only because people will go for the next available substitute i.e. Pepsi, so price change is a major factor in affecting Sales of coca cola and in marginal profits. Coca Cola can face major losses if it goes for a sudden increase or decrease in price. 12 | P a g e Coke’s Market Summary Marketing Strategy Coke‘s marketing strategy enables them to listen to all the voices around the world asking for beverages that can span the entire spectrum of tastes and occasions. Coke ‘s products are for its customers and provides them what they want in a beverage is a reflection of who they are, where they live, how they work and play, and how they relax and recharge. Whether a student enjoying a refreshing Coke, a child in home asking for a juice drink, or a couple in buying bottled water after a run together, etc. They can all enjoy Coke‘s products. They are determined not only to make great drinks, but also to contribute to communities around the world through our commitments to education, health, wellness, and diversity. Marketing Objectives To increase volume Expand their share of worldwide nonalcoholic ready to drink beverages sale Maximize their long-term cash flows Create economic value added by improving economic profit. Coke aim is to focus on enhancing value for their customers. Major Segments Coke segments its market in a number of ways. Coca Cola's, customer segmentation is mainly by their market demographically based on age, income and family size. Coca Cola’s behavioral segmentation has been a key to the company’s success. Age is one of the most significant parts of the segmentation of Coca Cola. Coca cola customers are mainly teenagers and young adults between the ages of 16 to 35. 13 | P a g e Coca Cola introduces Coca Cola diet for the people who are suffering from diabetic and for those who are likely to avoid sugar and for the aged people specially 40 plus. Coca cola also segment the market on the income basis by making little pack. They have an awesome price range for all grades of people. They introduce different prices of containers with different size for the people whose income is small. They think about student, poor people, and middle class people economic condition for their pricing. Coca Cola makes a variation in their served bottle size into many ways such as 500ml, 1L, 1.5L, 2L pack. So People can easily choose a suitable pack based on their family size. Major segments are basically those people who take this drink daily and those areas where their demand is higher than the other areas. There are so many people who take this drink daily and those people who take weekly and those who take less often are always there as so, their basic segments are those people who take this drink regularly. Market Positioning of Coca Cola The main theme of coca cola is “open happiness” Coke is trying to influence the new generation and young boys and girls by giving varieties of advertisement and taste. Every year coca cola spends lots of money to make a different creative slogan for targeted people which they want to serve. Recently, coca cola has proven that, it is the highest selling cold drink in the whole country and above the world. Positioning statement for Coca Cola To all, who wants best drinks to quench their thrust, coca cola is one of the best cold drinks, which provides the best quality and taste in an affordable price. Market Needs In coke marketing, main idea is to serve it cold, so we can say that, they focus more on hot areas of the world i.e. middle east etc and there sale increase in summer. The market needs vary with time and Coke has introduced its products over time e.g. Coke Cherry etc. 14 | P a g e Market Behavior The behavior of Pakistani market has always been orientated on “WHATS COLD GETS SOLD”. People normally focus on buying anything that is cold either Pepsi or Coke The market behavior in Pakistan has not changed. A lot of people are not entirely health conscious but over a few years due to increasing awareness of obesity, people have adopted an alienated behavior to soft drinks, which is why Coca Cola Intl. has provided them with the perfect solution. Market Growth Coke also identifies its expansion through the ANSOFF approach. Coca Cola in Pakistan is doing market penetration through selling its products to business buyer, who are huge multinational organizations like McDonalds, Subway, Dunkin Donuts & many more & they are also keeping the local market in focus. Fri Chicks, AFC etc are examples of the buyers in the local market. They are selling the Coca Cola as the only beverage in their restaurants. Market Development It is exploring new markets for the products you are already selling. Many flavors of Coke are not being sold in Pakistan. Coke can develop a new market if they introduce those flavors in Pakistan. Market Size Coca Cola is one of the leading beverage companies in Pakistan. 15 | P a g e It covers the large market segment the market for coca cola as mentioned in the SWOT analysis segment is encouraging. Coke has a great potential in the market they operating in. Coke has a large margin for growth in Pakistan. Following are the major factors which influence the level of demand of a product. Price Price is the major factor that affects the demand of the product. If the price is not suitable to the consumers or customers than they will switch any close substitute. Quality If a company provides the quality services or products then the demand of the product increases. In order to run a successful market flourishment consistency in the quality of the product is very important. Supply Supply and demand of the product are the market forces and played the main role in the product demand. If supply of the product decreased than in some cases the demand of the product increase as well as the price of the product can also increased. Taste Taste of product is the major factor that affects the demand of the product. Like if the product is of good taste than the future demand of the product is likely to increase and vice versa. If customers are not satisfied by the taste of product according to their well, then they will not buy product. Number of users Number of users α Demand Income Income level of the customers had a great impact on the demand of the product. It directly relates to the purchasing power of the customer. Your consumer must be able to purchase your product. 16 | P a g e Competitors Competitors are the biggest threat to the demand of product. If competitors offer the same products as the company offers then the customers got more alternatives. So increased alternatives, increases the bargaining power of the customers and they can switch to another substitute. Product Life Cycle of Coke Products go through various steps throughout their useful lives. introduced, grow, mature and eventually decline. They are Coke has been in the industry since the nineteenth century, so if they continue with the same marketing strategy, then they will send themselves irrevocably into the decline stage. Coke is in maturity stage but gradually moving towards the declining stage of the product life cycle. Management has to pay special attention to products during this critical stage. The company must now determine whether they will stop producing Coke, change the soda, find new uses for it, seek new markets for the soft drink or if they will maintain their current strategy. Coke knows that they must begin to acknowledge the shift in consumer tastes in order to remain competitive. They have done this successfully many times in the past, as can be seen in the introduction of their popular Diet Coke brand. Coke must break into the non-carbonated drink market in order to acknowledge consumer’s new interest in healthy drinks During the maturity stage, products usually go through a slowdown in sales growth. According to Coke 2001 annual report, sales have increased by 1.02% compared to last year. This percentage has no comparison to the high level of growth Coke enjoyed during its growth stage. 17 | P a g e Brand Development Strategy The brand development strategy of Coke is effective as it has been able to construct, manage as well as maintain its brand image. Due to this Coke gained unanimous acceptance all around the globe by its consumers. Coke believes in selling out the best products to its customers to retain them with their products. The company has also invested in various advertisement campaigns often engaging the services of celebrities around the globe. In addition to the consumers, there is another category of consumers, who increase the consumer base and the constitute collectors of the brand. The collectors usually indulge in collecting old as well as upcoming logos of Coca Cola, bottles and literary matter. With regard to the brand development of Coca Cola Zero, the company came out with an advertisement; this was quite different from the conventional ones. In this regard, (no calorie beverage), it has sold out three types of products. Coca Cola Classic Diet Coke Coca Cola Zero. Brand Equity Brand of Coke has stood the rest of the time over 120 years. In fact Coke has alone is recognized as the most valuable in the world by the respected inter brand corporation. The coca-cola brand (coke) has become effectively a part of modern world culture. Though its advertising campaign has changed over the years, cocacola “THE REAL TASTE” has always stood for a “REAL” COLA DRINK with authenticity. The identity is build by a decade with consistent values and differentiated product features. Many competitors have aim at cokes but the brand continues to command a number one position globally in ranking of brand equity. After all if u stand for the real thing every competitor is an imitator the Coca-Cola bottle design differentiated the identity, the easier it is to protect from infringement. 18 | P a g e Brand image There could be hardly any person around the world that hasn't heard the name Coca Cola ever since it begins as world leading name in cold drinks. Coca Cola has created a strong brand image irrespective of age, sex and geographical locations. Millions of people around the world are consuming cold drinks or soft drinks as part of their daily meal. Coke leader in soft drink market. Brand image is the significant factor affecting Coke’s sale. Coca-Cola’s brand name is very well known all over the world. Packaging changes have also affected sales and industry positioning, but in general, the public has ended not to be affected by new products. CocaCola’s bottling system also allows the company to take advantage of infinite growth opportunities around the world. Brand Positioning The location of a brand in relation to its competitors in some pre-defined space. The space may be defined by criteria used by consumers, such as "value for money" or "age of consumer" etc.” 4 main factors that go into defining a brand position: Brand Attributes Competitor attributes Price Consumer perception. Coke’s main strategies are as follows Strategic Planning • Worldwide volume increased by 4 percent with strong international growth of 5 percent. • Earnings per share grew by 82 percent. • Return on common equity grew from 23 percent to 38 percent this year. • Return on capital increased from 16 percent in 2000 to 27 percent. • The company has generated free cash flow of $3.1 billion, up from $2.8 billion 19 | P a g e The marketing strategy for the future is as follows: • Accelerate carbonated soft-drink growth, led by Coca-Cola. • Selectively broaden the family of beverage brands to drive profitable growth. • Grow system profitability and capability together with our bottling partners. • Serve customers with creativity and consistency to generate growth across all channels. • Direct investments to highest potential areas across markets. • Drive efficiency and cost-effectiveness everywhere. Strategies Of Quality After Micro and macro analysis Brand "coke" is primarily role Enhance competition moments When people watch cricket through commercialization Fun time Expanding Target Market Attractive Brand Name Now the consumers know the Name of Coke, because Coke is the name, which is the most popular after the word "ok". So people can better differentiate brands with each other. Brand Differentiation Now different companies have got different brand names. So, people can distinguish between brands. Two major brands "coke" and "Pepsi" also have brand names. 20 | P a g e Strategies Of Getting Goals Some major ways are as follows. • Volume can be increased • Interest level of consumers • To take part in energetic festivals Price Strategy Trade Promotion Coca cola company gives incentives to middle men or retailers in such a way that they offer them free samples and free empty bottles, by this these retailers and middle man push their product in the market following "Seen as sold". Promotion Strategies Getting shelves They get or purchase shelves in big departmental stores and display their products in those shelves in attractive style. Eye Catching Position Salesman of the coca cola company positions their freezers and their products in eye-catching positions. Normally they keep their freezers near the entrance of the stores. Sale Promotion Company also do sponsorships with different college and school's cafes and sponsor their sports events and other extra curriculum activities for getting market share. Distribution Channels Coca Cola Company makes two types of selling: Direct Selling In direct selling they supply their products in shops by using their own transports. They have almost 450 vehicles to supply their bottles. In this type of selling company have more profit margin. 21 | P a g e Indirect Selling They provide coke in bulks to wholesalers and agencies to cover all area. Because it is very difficult for them to cover all area of Pakistan by their own so they have so many wholesalers and agencies to assure their customers for availability of coca cola products. For providing their product in good manner company has provided infrastructure which inclides. • Vizi cooler • Freezers • Display racks • Free empty bottles and shells for bottles Advertisement Coca Cola Company use different mediums • Print media holdings • Electronic media • TV commercial • Billboards and Sales Volume Coke determines its yearly budget through the sales volume. They first concentrate on the thing is "what is the condition of their sales?" if the condition is good of their sales then they definitely increase their production and sales volume. Profitability Product differentiation and no compromise over the quality of product is the key factor in getting high economic profit. Whoever they compromised over the quality of the product the consumer will shift towards other available options Target Volume To run the business every industry increases volume in specific time period. If industry achieves those goals in that period then for the coming year it increases the volume of the target. Coke did the same. 22 | P a g e Sales Promotion Activities Coca-Cola Cricket Coca-Cola Concerts Coca-Cola Food Mela Coca-Cola Basant Festival Coca-Cola GO-RED Coca-Cola Party in a Park Coca-Cola Shopping Festival Coca-Cola Pet Promotion Coca-Cola Ramzan Campaign Coca-Cola Wonder of the World Promotion Coca Cola TV Mazza Coca-Cola & Mc Donald's Fanta & Sprite Launched 23 | P a g e Recommendations Following are the recommendations which we came up with fro Coca Cola after completing our project: Currently in Pakistan there are only two flavor of Coke available, company can extend their portfolio by introducing new flavors. According to the survey conducted by an international firm Pakistani people like less sweet cola drink. So the Coca-Cola Company should think about bringing innovations in their products for example new diet flavors or maybe more juices so as to fulfill the need of local market. Marketing team should try to increase the availability of Coke in rural areas. Coca Cola Company should think about producing Coke Can locally. Because currently coke Cans are only smuggled from abroad and sold at high prices. The Coca Cola Company can capitalize on this factor. Coca Cola Company should try to emphasis more on providing their infrastructure in the market to facilitate their customers. According to the survey, conducted by the international firm Pakistani people like little bit sweeter cola drink. So for this coca cola company should produce their product according to the local demand. Marketing team should try to increase the availability of Coke in rural areas. Now young generation has a trend to drink coke 2 regular bottles at same time, so providing more satisfaction to them company should introduce new disposable bottles They should also introduce 3 litres family pack coke and other fruit juices in the market. 24 | P a g e References www.cocacola.com www.thecocacolacompany.com www.wikipedia.com www.coca-cola.com Principles of Marketing by Philip Kotler Strategic Marketing by David W. Cravens Local Newspapers: Dawn, The Nation and The News ***Success without Effort Is A Impossible*** 25 | P a g e