Table of Contents

1. Unilever’s History ................................................................................................................ 3

2. Business Model ................................................................................................................... 3
2.1. Revenue Sources ............................................................................................................. 3
2.2. Value production and Brand Perception ......................................................................... 4
2.3. External Environment ...................................................................................................... 5
3. Corporate Governance ........................................................................................................... 6
3.1 Ownership ........................................................................................................................ 6
3.2 The Board of directors ...................................................................................................... 7
3.3 Executive Compensation .................................................................................................. 7
3.4 Organizational Structure .................................................................................................. 8
4. Financial Performance ....................................................................................................... 8
4.1 Segment Analysis.............................................................................................................. 8
4.2 Financial Ratios ................................................................................................................. 9
5. Macroeconomic Risk- Inflation ........................................................................................ 10
5.1 Background ..................................................................................................................... 10
5.2. Inflation impact on Unilever ......................................................................................... 10
5.3. What can Unilever do to offset the effects of inflation? .............................................. 11
Bibliography: ........................................................................................................................... 13
Finantial statements: ............................................................................................................ 15
1. Unilever’s History
Unilever, a multinational conglomerate, has gone through a lively timeline since its inception in
1930. The origin of Unilever can be traced back to the late 20th century when the merger of
soap manufacturer Lever Brothers, and margarine producer, Margarine Unie (MBA Knowledge
Base) was established.

Lever Brothers and Margarine Unie’s union was not just a merger of companies but a strategic
combination of proficiency in the respective markets. This fusion allowed them to benefit from
technical and managerial economies of scale and market presence. The alliance was a turning
point for the company, diversifying its goods portfolio, shaping the vision of a future consumer
product powerhouse.

Unilever's multitude of mergers and acquisitions have played a significant role in expanding
the company’s product portfolio, market share and product offerings. The acquisition of Lipton
in 1972 ([Link]) marked the company’s strategic entrance into the beverage sector,
demonstrating the firm’s rapid versatility to different markets, and adaptability to evolving
market trends. The Bestfoods and Ben & Jerry’s acquisitions also highlight Unilever’s
readiness to tap into niche markets to profit from evolving consumer preferences.

Unilever's globalization has been a gradual and planned strategy, cautiously diversifying its
influence over many continents, such as Asia and Latin America. The company showed some
of the best tailoring of consumer products to local preferences and cultures from any
organization. Unilever has proven itself adept in managing differing consumer behaviours,
local partnerships, and the general evolution of consumer preferences.

Unilever has positioned itself as an organization at the forefront of innovation. From supply
chain efficiency, and cost optimization, Unilever has seemed to constantly stay competitive in
a highly evolving market. The firm also boasts an exceptional sustainability record, presenting
itself as a very “human” company. The introduction of the Sustainable Living Plan in 2010
(Unilever PLC) highlighted its obligation to social corporate responsibility and environmental
sustainability.

2. Business Model
2.1. Revenue Sources
Unilever is famously known for its large brand portfolio. Initially focusing on this growth, the
company acquired around 500 businesses in 1992 and had over 1600 brands in 1999 (Alonso,
2023). The company’s strategy evolved and around 1200 brands were let go. The remaining
400 companies were responsible for 90% of the company's revenue (Alonso, 2023) and 14 of
these entities achieved billion-euro turnovers in 2022 (Unilever, 2023). The proceeds from
these sales have fuelled Unilever's growth strategy, facilitating acquisitions and the
development of innovative products.
The most important sectors in which Unilever works in
are represented in the following graph (Data from
(Cuofano, 2023)):

Some of the company’s most important acquisitions

have been Frosted Foods, Good Humour, Lipton International, Frigo and National Scratch
(López, 2018).

Acquisitions of diverse companies allow Unilever to have a strong presence in different

markets, reaching different consumers. This diversification has allowed Unilever to dilute its
risk, by spreading it through various markets.
To further specialise their offering, the company has divided its activities into departments and
sub-departments. For example, in the food industry, Unilever is divided between Global Fast
Food, characterized as products for consistent tastes, International Foods, which belong to
one country but are popular worldwide such as Chinese, Indian and Italian food. Lastly,
National foods, characteristic to a specific country. An example of national foods for the United
Kingdom could be pies or pudding.

2.2. Value production and Brand Perception

Unilever produces value for its customers by offering them brands they know and relate to.
The company’s mission statement is “To make sustainable living commonplace with high-
performing brands that are a force for good, taking action for a more sustainable and equitable
world.” (Unilever, 2023)

Through acquisitions and constant development of new products through innovation, Unilever
can offer high-performing brands, which create value for their consumers and maintain the
values represented in Unilever’s mission statement. For example, in 1965, Unilever launched
a biodegradable alternative for Tide, a product from one of its main competitors; Procter and
Gamble (Alonso, 2023). The company’s value proposition is mainly based on Innovation and
Research, Sustainable and Responsible Products and Brands for a Better Living (Cuofano,
2023).

The distribution channels employed by Unilever vary across different departments. While their
Beauty and Personal Care, Home Care and Food Brands are found in supermarkets and
grocery stores, other brands focused on water purifying, such as Truliva or Pure can only be
found online (López, 2018). Making the products accessible to their potential customers allows
the company to increase the brand recognition and increase their sales by being found at the
right place at the right time. The main channels employed are hypermarkets, wholesalers,
small convenience stores, and e-commerce (Cuofano, 2023).
Unilever’s strategy has been to differentiate itself by adding specific features to their products,
making them more attractive to customers. This is why they can
charge a slightly higher price than competing products. For
example, their higher-priced soaps focus more on cleaning than
moisturizing (Young, 2023). By focusing on this needed feature,
they stand out to the customer, which is then willing to pay a higher
price. According to the Ansoff Matrix (The Ansoff Matrix), a
decision-making tool which recognizes four strategies based on
the innovation regarding the market and the products, the
company is mainly focused on Market Penetration (Young, 2023). Its sales revenue grows
through customers which they already know and understand. By owning different brands
offering similar products, Unilever can satisfy all the needs of their customers.

Furthermore, Unilever employs Product Development (Young, 2023), by which it introduces

new products which satisfy the changing needs of their current customers. For example,
Unilever constantly introduces variations of their personal care products. Finally, the firm uses
Diversification (Young, 2023) by offering various products to new consumers. Their owned
brands range from ice-cream to cleaning products.

The company’s image can be described through its Marketing Mix (Know Marketing Mix); their
products, which are characterized by the popularity of their brands. The main products fall into
the categories: “food”, “refreshment”, “home care” and “personal care”.
On the other hand, the pricing strategies employed are competitive
pricing, where they set similar products from their competitors (Team,
2023); premium pricing to increase the quality perceived by the
customers, and product bundle pricing strategies, offering several
products in a package deal for a lower price than the single products
(Baldwin & Roose, 2020). These strategies are meant to attract
customers to the products, therefore increase the number of sales and
the inflow of revenue received by the company.

Lastly, their promotion and place vary depending on the brands and the target customer, some
of their main distribution channels have been specified above.

2.3. External Environment

The potential external changes which might affect Unilever can be analysed using the PESTEL
framework. The potential Political changes which might affect the company involve the
regulations surrounding the chemicals employed in their cleaning products, and the ones
imposed by the Food and Drug Administration in the United States (FRUE, 2017). On the other
hand, since Unilever is an international company, regulations regarding the export and import
of goods in the countries where it operates, which include India, Russia and China (FRUE,
2017).

Since a big part of the company’s sales revenue comes from the selling of products to the
public, the state of the Economy has a big impact on Unilever. Especially affected by both
inflation and consumer preferences, which tend to prioritise cheaper and better-quality goods
(FRUE, 2017). At the same time, since Unilever has many brands, they have focused in
creating a strong brand image, concerned about environmental and Social factors through
initiatives such as Dove’s “Real Beauty Pledge”. These strategies make their products more
appealing to consumers concerned with these issues. (Dove, s.f.).

Since Unilever sells a large quantity of products online, Technology has importance to the
company, which must continually update its digital marketing and selling methods. To be able
to supply to store locations quickly, Unilever has a high degree of automatization in comparison
with its competitors (FRUE, 2017). Given the quantity of brands owned by Unilever, the
company is subjected to many copyrights, product safety, health and employee safety laws for
each brand and store, as well as taxes, both international and regional. Therefore, changes in
Legal factors surrounding the company will affect its processes and activities.

Lastly, Unilever promotes sustainable and renewable resources (FRUE, 2017) and is affected
by Environmental factors. The materials employed in the production and packaging of
products should be eco-friendly, as well as safe for consumers.

3. Corporate Governance
3.1 Ownership
Unilever is a British-Dutch multinational company, and its ownership is divided between two
holding companies: Unilever PLC, based in the United Kingdom, and Unilever NV, based in
the Netherlands. Unilever PLC and NV operate as a single economic entity with shared
management and board of directors, but they have separate listings on the London Stock
Exchange and Euronext Amsterdam, respectively. In 2020, the Unilever Group unified its dual-
parent structure, with PLC becoming the single parent company of the Unilever Group, which
is subject to the laws of the United Kingdom, the Netherlands, and the United States. 90.2%
of the company shares are owned by individual investors and the remaining 9.8% of the shares
are owned by institutional investors and mutual funds (Yahoo Finance, 2023); among these
Institutions and funds, those that own the largest share are: the Wellington Management Group
LLP, Vanguard Wellesley Income Fund, Blackrock Inc, BlackRock Equity Dividend Fund,
Fisher Asset Management LLC, and Bank of America Corp (The Wall Street Journal, 2023).
The fact that the company is mostly owned by retailers implies a high volatility in the share
price.
3.2 The Board of directors
Unilever's Board of Directors is composed of 12 members, 9 of which are non-executive and
include the chairman Nils Andersen (Unilever, 2023).

The board is further divided into four committees: the Audit Committee, the Compensation
Committee, the Corporate Directors Responsibility Committee, and the Nominating and
Corporate Governance Committee. In addition, the Board has established the following
Management Committees (which do not qualify as Board Committees): the Disclosure
Committee and the Global Code and Policy Committee. Each of these committees are required
to meet at least four times each year, depending on the circumstances. Moreover, all
committees are composed of a minimum of three Non-Executive Directors, in conformity with
Unilever’s charters for the regulation of each committee and as required by the Sarbanes-
Oxley Act, the UK Corporate Governance Code, and Dutch Corporate Governance Code.

Concerning diversification among board members, which adds cognitive variety in the
decision-making, Unilever seems to be doing a good job as 30% of the board is comprised of
non-Caucasian members and 40% is made up of women (Unilever, 2023). Unilever’s decision
of dividing the role of chairman and CEO between two different people further increases the
board’s independence and ability to protect the interests of shareholders. This empowerment
is also backed up by the fact that the board is mostly composed of independent directors.

3.3 Executive Compensation

Unilever utilizes a mixture of cash and equity-based incentives for the compensation of its
executives because as stated in the company’s charter: ‘‘remuneration arrangements are
aligned to the culture of rewarding performance through annual bonus and long-term incentive
performance measures’’ (Unilever PLC, 2022). By doing so Unilever shows that it believes that
it is a valid instrument to align the interests of the company and those of its executives, by
holding them accountable for business results.

Hein Schumacher, the current Unilever CEO, will take home a base salary of 1.85 million euros,
a nearly 20% increase on the fixed pay of the previous CEO, Alan Jope, from whom
Schumacher took over in July. Furthermore, he could get an annual bonus ranging from 0% to
225% of his fixed salary, with a target of
150% (Unilever PLC, 2022). This concept of
rewarding based on performance is applied
to all the top executives as Graeme Pitkethly,
the CFO, who in 2022 received 3.8 million
euros of total compensation, including 2.58
million euros in bonuses (Speare Cole,
2023).
By being a global leader in responsible business practices, Unilever demonstrates a
commitment to fair and equitable compensation across all the working levels of the
organization. The company recognizes the importance of maintaining reasonable pay ratios
between top executives and other working levels as part of its dedication to social responsibility
and employee well-being.

3.4 Organizational Structure

In early 2022, Unilever announced
huge changes to its organizational
structure to make it a “simpler, more
category-focused business”. The
company announced that it was to
move away from its previous matrix
structure and organize itself around five
Business Groups: Beauty & Wellbeing,
Personal Care, Home Care, Nutrition,
and Ice Cream.

Each group is fully responsible and accountable for its own strategy, growth, and profit delivery
globally. This type of structure is known as a Multidivisional structure, whereby an organization
is divided up according to focus areas. In Unilever’s case, the focus is on the Business Groups
which cover key brand and product areas. Where a function or division doesn’t fall into one of
the Business Groups, it is designated as a corporate team and falls under the responsibility of
a C-level executive. The proposed new organization model will result in a reduction in senior
management roles of around 15% and an additional 5% of junior management roles, resulting
in a decrease in around 1,500 roles globally (Unilever PLC, 2022).

4. Financial Performance
4.1 Segment Analysis
Unilever demonstrates financial resilience by strategically navigating and managing the
industry's cyclical impacts on capital investments and supply chain dynamics. This is
demonstrated by a robust 14.5% turnover increase in 2022 (Unilever 2022), signalling a strong
market position amidst diverse performance across its varied portfolio. Each segment within
Unilever has faced unique growth and challenges, indicative of the company's strategic
direction and the industry's inherent cycles.

Although operating margins dropped from 21.1% in 2021 to 17.6% in 2022 in the Beauty &
Wellbeing division, indicating cost pressures or reinvestment phases, revenue increased to
€12.3 billion, an increase of 20.8%. Personal Care experienced growth as well, increasing its
turnover to €13.6 billion by 15.9%, but its margin contracted from 21.3% to 16.6%, raising the
possibility of shifting market dynamics or cost structures.

Home Care's impressive 17.3% turnover growth highlights Unilever's innovation, despite a
decrease in operating margin to 8.6%, which may reflect investment ahead of market returns.
Nutrition maintained a steady turnover at €13.9 billion with a high operating margin of 32.4%,
indicating a commanding presence in a maturing market. Lastly, the Ice Cream segment's
14.8% growth in turnover showcases effective seasonal strategies, despite a slight decline in
profitability.

4.2 Financial Ratios

Ratios 2022 2021 2020 2019 2018
Current Ratio 0.75 0.70 0.78 0.78 0.78
Quick Ratio 0.52 0.42 0.57 0.58 0.55
Working Capital to Sales -10.44% -14.07% -8.74% -8.75% -9.16%
Debt to Equity 2.59 2.80 2.83 3.67 4.04
Interest Coverage 13.64 18.43 11.98 11.10 18.21
ROTA 10.82% 9.28% 9.17% 9.57% 15.89%
ROE 39.90% 35.40% 38.51% 46.35% 74.39%
Asset Turnover 0.79 0.74 0.77 0.83 0.83

In 2022, Unilever reported a net income of approximately €8.2 billion and total assets
amounting to around €77.8 billion, indicating a strong financial position and operational
profitability. Unilever's financial performance from 2018 has been a testament to its robust
management and strategic vision. In a period marked by global economic instability, Unilever's
profitability indicators have shown resilience and an upward trajectory. While the company's
Return on Assets (ROA) and Return on Equity (ROE) show that it can generate profits and
shareholder value, there are certain aspects to consider.

Unilever's ROA has recovered post-pandemic, reaching 10.82% in 2022, indicating good asset
usage. However, the Asset Turnover ratio of 0.79, while consistent, is slightly below the ideal
level, indicating that there is room to increase revenue production from existing assets. The
ROE trajectory has been strong, peaking at 74.39% in 2018 and showing considerable
shareholder returns of 39.90% in 2022 (Unilever, 2019). These numbers demonstrate
Unilever's capacity to generate profitable returns despite market fluctuations.

Unilever's liquidity ratios, notably the current and quick ratios, have stayed below the 1:1 mark,
with current ratios sitting around 0.75 in 2022 and quick ratios at 0.52. Traditionally, this would
indicate potential liquidity risk, implying that Unilever may need to boost liquid assets to better
plan for short-term liabilities. Unilever's strategy decision to run with negative working capital
is shown in the Working Capital to Sales ratio of -10.44% in 2022. While this may imply a very
effective use of working capital, it also indicates possible weaknesses in handling short-term
obligations and the need for careful monitoring.

The debt-to-equity ratio fell from 4.04 in 2018 to 2.59 in 2022, indicating a determined effort to
optimize the capital structure and lower relative debt levels. This implies a purposeful effort to
increase equity and financial leverage. While Unilever's Interest Coverage ratio of 13.64 in
2022 is lower than the peak of 18.21 in 2018, it still demonstrates the company's good capacity
to cover interest expenses, demonstrating sound financial management and stability.

Considering these ratios, Unilever's financial performance reflects a company that has
navigated global economic shifts with a strong profitability profile. While not typically optimal,
the areas of liquidity and asset utilization are part of a larger strategic financial framework that
has allowed Unilever to sustain its market leadership. These measures provide critical insights
into Unilever's financial strategy, demonstrating a corporation that prioritizes long-term growth,
operational efficiency, and shareholder returns, albeit with a need for greater focus on working
capital optimization and liquidity management.

5. Macroeconomic Risk- Inflation

5.1 Background
In recent times, following the exit from the global pandemic in 2021, a combination of an
inflated monetary circulation along with increased consumer spending led to increases in
prices (4.7% in the world and the US, 2.9% in the EU (IMF)). This trend continued through
2022, but was exacerbated by Russia’s invasion of Ukraine, which hit energy prices, leading
to an even further increase in costs (8.7% in the world, 8% in the US, 9.3% in the EU (IMF)).
The real threat of inflation, however, lies in the fact that it can greatly reduce the purchasing
power of consumers whilst increasing the cost of inputs, which is detrimental to all businesses,
as it means higher costs and lower revenue- and Unilever is no exception.
5.2. Inflation impact on Unilever
Unilever, being a Fast-Moving Consumer Goods (FMCG) corporation, is responsible for
providing a large quantity of products, at a low price and at a fast and recurring rate (Kenton).
In addition, Unilever faces fierce competition from other FMCG companies that are all
competing to become the primary supplier of the average consumer’s daily necessities. The
competition drives prices low which results in low profit margins, pushing FMCGs to achieve
high volumes. Due to the high output and low profit margins, Unilever has felt the impact of
inflation and has suffered significant increases in their input costs. In the first quarter of 2022,
Unilever’s chief executive Alan Jope expressed Unilever’s upcoming challenges in battling
against an unprecedented increase in input cost. Furthermore, the company announced that
they expected inflation “to eat into its underlying operating margins” (Evans and Agnew). One
primary way that Unilever is helping fight back against inflation is by increasing the price of
their products across the board. Throughout 2022, Unilever experienced an overall price
growth of 11.3%, along with a volume decline of 2.1% which resulted in a sales growth of 9.0%
(Unilever, Trading Statement Third Quarter 2023).
By analysing the company’s underlying sales growth over time, the effects of inflation become
noticeable. Following a small decline from 2019 to 2020, primarily caused by the slowing down
of the economy due to worldwide lockdowns, Unilever experienced a sharp increase in the
following years.

Although an increase in sales growth could generally be considered a positive change, the
sharp price growth accounts for most of the increase due to the significant increase in input
costs which undermines its positiveness. This lack of profitability can be seen in the company’s
underlying operating profits, which Investopedia defines as an internal calculation made to
more accurately represent the money generated by said company.

By analysing Unilever’s operating profits over time, it has dipped from 2019-2020 and has
remained stagnant after a slight increase from 2020-2021. However, seeing as the reported
profits are nominal and therefore do not account for the large increases in inflation. A more
fitting metric would be to analyse the real underlying operating profit to understand the extent
to which Unilever has been impacted. As of 2023, Unilever has slowly begun tackling price
growth as inflation eases. In the third quarter of 2023, Unilever reported a 5.7% price growth
with a -0.6% decline in volume. However, consumers are better responding to inflation and the
volume in the sectors for Beauty & Wellbeing, Personal Care and Home care have now
become positive (Unilever, Q3 Results and Action Plan). Unilever understands that reducing
investment would negatively impact its long-term growth. Therefore, Unilever will not restrain
itself from investing as confirmed by the chief executive who expressed that “[Unilever is] not
going to dial back any investment” to ensure that it remains at the forefront of the FMCG
industry, even though the company’s margins would be affected (Evans and Agnew). However,
Unilever announced that they would step away from large-scale acquisitions “‘in the
foreseeable future’” (Evans and Agnew). However, it still aims to strengthen their positions in
consumer health and luxury beauty by completing smaller acquisitions.
5.3. What can Unilever do to offset the effects of inflation?
In late 2022, Unilever’s cost inflation (inflation passed on to consumers to compensate for a
rise in the costs of production) was running at more than 11%, which was around 3% higher
than at rivals Nestlé (Naidu), which can also be
seen in the graph on the right. As mentioned
before, Unilever has opted for what can only be
described as an aggressive set of price hikes,
a strategy which it has also opted for during the
2008 financial crisis.
However, this is a potentially risky strategy, as
it could harm relationships with retailers, who are also trying to maintain their margins. For that
reason, it would be advisable for Unilever to also look at other solutions. For example, one of
the main strategies that a firm like Unilever could take would be introducing new product lines,
which could be sold at different price points, maintaining volume sales. An example of such a
product would be a substitute for store owned brands, which are usually cheaper. While
introducing such products may be costly in the beginning, in the long run it could help diversify
risk and further increase Unilever’s presence in the various markets for the varying price points.
This strategy could also further pay dividends in emerging markets and developing economies,
which, as mentioned, have been the most affected by inflation (particularly Latin America), and
where Unilever has a more significant presence compared to its competitors (Naidu).
Introducing such products, which are less expensive, would help Unilever further solidify its
position in such markets. Assuredly, this has been a strategy implemented since 2013, in
markets like Indonesia (Max Nisen) (Richa Naidu), and Unilever should continue doing this in
Latin America to further consolidate their presence there.

While the previously mentioned strategy certainly has its upsides, cheaper products mean
cheaper materials, which could clash with Unilever’s mission of sustainability, towards which it
has invested massively ever since 2010 (Unilever PLC). Thus, to still be able to use sustainable
materials, and charge lower prices, Unilever would have to cut costs elsewhere-one possible
way of achieving this would be cutting down on advertisements and marketing. A tighter
marketing budget would mean Unilever would be able to focus on investing in its brands and
helping them stay afloat. Unsurprisingly, this is a strategy that Unilever has pursued since 2017,
when it reduced the frequency of ads shown in emerging markets by 10% (MarketingWeek)
and cutting the number of overall ads created by 30% (MarketingWeek). Moreover, in line with
the conglomerate’s mission of sustainability, Unilever recently announced that they would stop
marketing food and drink to under-16’s by 2023 (MarketingWeek), imposing stricter restrictions
on collection of data upon themselves. According to Unilever’s president of ice cream, it is one
of the company’s missions to “raise the bar” on responsible marketing.

By implementing measures such as decreasing advertising costs coupled with the production
of cheaper alternatives, Unilever can hope to reinforce their positions in Europe and North
America whilst seizing market share in emerging markets, like Latin America.
Bibliography

Wire, Business. [Link] .

2023. image .
IMF. “Infation rate, end of period consumer prices (annual percent change).” 2023. IMF
Website. 19 November 2023.
Naidu, Richa. Reuters. 14 November 2022. 19 November 2023.
<[Link]
consumer-goods-industry-squeezed-2022-11-14/>.
Unilever PLC. “Unilever Sustainable Living Plan 2010 to 2020, Summary of 10 years'
progress.” Performance Report. 2021.
MarketingWeek. MarketingWeek. 6 April 2017. 17 November 2023.
<[Link]
—. MarketingWeek. 21 April 2022. 15 November 2023.
<[Link]
under-16s-by-2023/>.
Alonso, Tefi. How Unilever Went From Soap Manufacturer To Multinational Giant. 15
February 2023. <[Link]
to-multinational-giant>.
Unilever. Our Company. 13 October 2023. <[Link]
company/>.
López, Arnau, et al. “CASE STUDY: UNILEVER.” 2018.
Cuofano, Gennaro. Unilever Direct-To-Consumers Business Model. 6 November 2023.
<[Link]
Young, Justin. Unilever’s Generic Competitive Strategy & Growth Strategies. 10 July
2023. <[Link]
“AQA .” n.d. TEaching guide: Ansoff Matrix Model.
<[Link]
7132/teach/teaching-guide-ansoff-matrix-model>.
Team, Indeed Editorial. What Is Market Pricing? Definition, Advantages and Tips. 4
February 2023. <[Link]
pricing>.
Baldwin, Grace and Sander Roose. What is Bundle Pricing? 15 August 2020.
<[Link]
Dove. n.d. <[Link]
[Link]>.
FRUE, KIESHA. PESTLE Analysis of Unilever. 11 April 2017.
<[Link]
Richa Naidu. Unilever CEO's strategy plan fails to excite investors. 26 October 2023. 19
November 2023.
Max Nisen. Business Insider- "How Unilever Is Using Incredibly Simple Strategies To Win
In Emerging Markets". 3 January 2013. 19 November 2023.
<[Link]
1?r=US&IR=T>.
“The Ansoff Matrix.” 2023. mindtools. 2023.
“Know Marketing Mix.” n.d. ondemandcmo. 2023.
Kenton, Will. Investopedia. 2 June 2022. 24 November 2023.
Evans, Judith and Harriet Agnew. Financial Times. 10 February 2022. 24 Novemner 2023.
Unilever. Q3 Results and Action Plan. 26 October 2023. 24 November 2023.
—. Trading Statement Third Quarter 2023. 2022. 24 November 2023.
MBA Knowledge Base. History and Background of The Unilever Company. n.d. 17
November 2023. <[Link]
of-the-unilever-company/>.
[Link]. Lipton overview. n.d. 19 November 2023.
<[Link]
Unilever PLC. Unilever Sustainable Living Plan. Plan of Action. London: Unilever PLC,
2010.
Financial statements