BP310 BACHELOR OF FASHION (MERCHANDISE MANAGEMENT)

MKTG1170 FASHION & TEXTILES MARKETING

ASSESMENT 1, SEMESTER 1 2017

ANALYTICAL REPORT

STRATEGIES OF A FASHION ORGANISATION

JEAN YEO (S3547282)

 EXECUITIVE SUMMARY

In this report, a fashion organisation that offers fashion and lifestyle product lines, the

Cotton On Group, is examined, along with the possible strategies used to explore the

current and complex fashion retail environment.

An introduction provides a brief overview of the Cotton On Groups historical

timeline, its geographical scope, its brands, products and the markets in which these

operate in, followed by key strengths and weaknesses.

Next, an extensive analysis of the Cotton On Group is carried out. This consists of an

environmental scan, making use of the PESTEL analysis system, in order to identify

the political, economic, social, technological, environmental and legal factors that

may impact the group. Following on from this, a TOWS analysis was conducted to

isolate some external threats and opportunities that the group may face, as well as

some internal weaknesses and strengths. An industry analysis was then carried out,

making use of Porters Five Forces Model, in order to determine market

attractiveness. The five forces used in this analysis are: the threat of entry, threat of

substitutes, bargaining power of buyers, bargaining power of suppliers and extent of

rivalry between competitors. Lastly, the Boston Consulting Group (BCG) Matrix was

used to analyse the groups portfolio, and to determine which of the groups brands

are stars, cash cows, question marks or dogs.

Finally, some recommendations based on the aforementioned analyses were

developed, in order to assist the Cotton On Group to achieve its maximum potential.

2
 CONTENTS

INTRODUCTION 5

1. ANALYSIS 7

1.1. ANALYSIS OF ENVIRONMENT (PESTEL)

1.1.1. POLITICAL

1.1.2. ECONOMIC

1.1.3. SOCIAL 8

1.1.4. TECHNOLOGICAL

1.1.5. ENVIRONMENTAL 9

1.1.6. LEGAL

1.2. TOWS ANALYSIS 10

1.2.1. THREATS

1.2.2. OPPORTUNITIES

1.2.3. WEAKNESSES 11

1.2.4. STRENGTHS

1.3. INDUSTRY ANALYSIS FOR MARKET ATTRACTIVENESS

(PORTERS FIVE FORCES MODEL) 12

1.3.1. THREAT OF ENTRY

1.3.2. THREAT OF SUBSTITUTES

1.3.3. BARGAINING POWER OF BUYERS 13

1.3.4. BARGAINING POWER OF SUPPLIERS

1.3.5. EXTENT OF RIVALRY BETWEEN COMPETITORS 14

1.4. PORTFOLIO ANALYSIS (BCG MATRIX) 15

1.4.1. STARS

3
 1.4.2. CASH COWS

1.4.3. QUESTION MARKS 16

1.4.4. DOGS

2. RECOMMENDATIONS 17

2.1. TOWS ANALYSIS

2.2. RED/BLUE OCEAN STRATEGIES 18

2.3. ANSOFF GROWTH STRATEGIES 19

2.3.1. CURRENT PRODUCTS

2.3.1.1. MARKET PENETRATION STRATEGIES

(CURRENT MARKETS)

2.3.1.2. MARKET DEVELOPMENT STRATEGIES (NEW

MARKETS)

2.3.2. NEW PRODUCTS

2.3.2.1. PRODUCT DEVELOPMENT STRATEGIES

(CURRENT MARKETS)

2.3.2.2. DIVERSIFICATION STRATEGIES (NEW

MARKETS) 20

REFERENCES 21

4
 INTRODUCTION

This report on the Strategies of a Fashion Organisation has been developed in order

to examine the current complex fashion market situation, as well as analyse a

particular fashion organisation that offers both fashion and lifestyle product lines, and

how this organisation fairs within the industry. The organisation selected for this

report is the Cotton On Group, and this document further details the groups market

situation, competitive position and recommended strategies for future growth.

The Cotton On Group consists of several brands: Cotton On, Cotton On Kids, Cotton

On Body, Factorie, Rubi Shoes, Typo and Supre. Founded in 1991 in Geelong,

Australia, by Nigel Austin, the Cotton On Group now has over 1300 stores in 17

countries. (Cotton On Group 2017). A rough timeline of the groups development is

as follows: 1991 first Cotton On store opened in Australia; 2007 first Cotton On

store opened overseas, Cotton On Body and Cotton On Kids established; 2008 Typo

and Rubi Shoes established; 2013 Cotton On Group acquires Supre.

The Cotton On Groups brands product offerings are as follows: Cotton On

womens and mens apparel; Cotton On Body womens underwear, swimwear,

sleepwear and activewear; Cotton On Kids infants and childrens apparel; Factorie

youth apparel; Supre trend-focused womens apparel; Rubi Shoes womens

footwear; Typo boutique stationery.

The Cotton On Group has many strengths and weaknesses that will be mentioned in

detail later on in the report. However, a key strength of the group is its ability to stay

5
up to date with the latest trends in all the markets it operates in, and provides such an

extensive product mix. A key weakness of the group is perhaps its lack of certain

technological features on its brands websites, thereby diminishing the satisfaction

that customers may obtain from shopping with these brands.

The data presented in this report has been obtained through secondary sources such as

peer reviewed academic journals and other relevant online articles. These sources

assist in the analysis of this report as well as provide supporting evidence for the ideas

and information included in this document. However, there were some limitations in

conducting this report, as a university student, not a professional in the industry,

carried it out. Therefore the expertise and knowledge of this report is limited to the

secondary data obtained by the student who wrote the report.

6
1. ANALYSIS

1.1. ANALYSIS OF ENVIRONMENT (PESTEL)

1.1.1. Political

As the Cotton On Group operates in a multitude of countries, the group must ensure

that their operations are in line with the government policies, foreign trade regulations

and taxation changes in these countries. They must fully analyse the political risks of

operating in these foreign markets and be aware of any changes in trade blocks, for

example, Brexit. Failure to do so may result in the group facing political issues on

an international scale, something that may be detrimental to the company and its

reputation.

1.1.2. Economic

The Cotton On group should take into account the roles of macro-economic factors

that may affect the success of their brands. These factors may include the personal

disposable incomes of their target customers, unemployment rates, interest rates as

well as exchange rates. These elements will affect the sales and profits of the group.

An example is that if consumers are unemployed or have a lower disposable income,

they are less likely to spend their money on products that are not necessities in their

daily lives products that the Cotton On Group may offer. Thereby causing a drop in

sales.

7
1.1.3. Social

Social factors such as changing cultures and demographics will also affect the success

of the Cotton On Group. Demographic statistics such as an ageing population, income

distribution, lifestyle changes and consumerism contribute to this issue because it

means that the groups target market may be changing and this also presents an

opportunity for the group to expand to a larger market. For example, in Australia,

there is an estimated one birth every 1 minute and 40 seconds, whereas there is only

one death every 3 minutes and 18 seconds. This suggests an ageing population, which

may mean that the Cotton On Group could potentially extend one of their brands to

cater for a growing older market.

1.1.4. Technological

As technology is constantly developing and evolving, new software as well as

production machinery is created. This may allow the Cotton On Group to carry out

their operations in a more efficient and sustainable manner, as well as better catering

to their customers needs. For example, the establishment of the Click and Collect

system now allows customers to place their orders online and pick up their purchases

from a convenient store location near them, without having to wait for the tedious

process of shipping their package to them. As competing brands are implementing

this technology in their operations, the Cotton On Group may need to follow suit in

order to keep up with its competitors and stay relevant in the industry, as well as

providing customers with the best retail experience possible.

8
1.1.5. Environmental

The fashion and textiles industry is known to be the second largest polluter in the

world (EcoWatch 2015), just behind the oil industry. As many consumers these days

are demanding brands to be more environmentally and ethically conscious, the Cotton

On Group must consider the impact their operations are having on the environment,

and should address any issues relating to production waste disposal and recycling,

climate change and energy efficiency problems.

1.1.6. Legal

Lastly, when operation on such a large international scale, the Cotton On Group may

face legal issues that they must overcome in order to continue their business. Some

legal factors include legislative and regulatory constraints or changes such as

occupational health and safety, intellectual property and employment. In 2016, the

Cotton On Group was taken to court by a small artist who claimed that the Cotton On

brand had copied one of her designs and distributed them without her permission

(Mitchell 2016). This case is an example of when the group has to address the issue of

appropriation and intellectual property rights, which may have affected their

reputation and credibility in the eyes of their customers.

9
1.2. TOWS ANALYSIS

1.2.1. THREATS

Due to its extension and acquisition of other brands, the Cotton On Group now faces a

larger range of competitors in several different markets. For example, by establishing

Cotton On Kids, the group is now up against other players in the childrenswear

market such as Country Road Kids, Seed Kids, Target and Kmart. This is a threat as

some of these other companies may have already established themselves in this

market and have a better understanding of their customers, something that Cotton On

Kids may need to take more time to develop. Another external threat that the group

may face is that many larger international fashion retailers are entering the Australian

market. This puts the Cotton On Groups fashion brands at risk of losing their market

share to some of these international brands may have products at lower prices due to

their ability to achieve greater economies of scale. International brands may also have

a wider-known reputation and recognition amongst customers as well, compared to

those of the Cotton On Group.

1.2.2. OPPORTUNITIES

As previously stated in the introduction of this report, the Cotton On Group has stores

in 17 countries. However, there is still the possibility for further international

expansion, as there are many markets that the group is yet to enter. The group may

consider setting up stores not necessarily in other countries, but in locations they do

not currently have a physical store presence in. Another opportunity for the group is

the integration of new technologies for their online stores. For example, having a

Click and Collect option to give customers the option to pick up their online order at

10
a store near them, or Afterpay which allows customers to split their transactions into

four fortnightly payments. These technologies create a more integrated shopping

experience for their customers, thereby increasing customer satisfaction and

increasing the likelihood of repeat purchases in the future.

1.2.3. WEAKNESSES

Possible weaknesses of the Cotton On Group may include their brands online

presence, branding and reputation, out-dated technology and lack of human resources.

However, as this information is not publically broadcasted, it is difficult to say exactly

which of these weaknesses the group is experiencing the most. However, any

corporation, including the Cotton On Group, should ensure at all times that these

internal factors are monitored and improved where possible.

1.2.4. STRENGTHS

Some strengths of the Cotton On Group are their store locations, with over 1300

stores in prominent locations, making their outlets easily accessible to many

customers, as well as continually changing their product mix, catering to a large target

market and keeping their customers interested. The Cotton On Group does this well

and this can be seen through the opening of its largest Cotton On flagship store in the

Mall of Africa, in Waterfall, South Africa. The store is 2623sqm, and houses Cotton

On, Cotton On Kids, Cotton On Body, Rubi Shoes and Free by Cotton On.

11
1.3. INDUSTRY ANALYSIS FOR MARKET ATTRACTIVENESS

(PORTERS FIVE FORCES MODEL)

Michael Porters Five Forces Model is used to identify the attractiveness of an

industry in terms of five competitive forces: threat of entry, threat of substitutes,

bargaining power of buyers, bargaining power of suppliers, and the extent of rivalry

between competitors.

1.3.1. THREAT OF ENTRY

The threat of entry of new competitors in a market is low when the barriers to entry

are high. Some examples of these barriers are large economies of scale, difficulty in

accessing supply and distribution channels, and excessive government regulations. As

a large international corporation, the Cotton On Group has brands in several different

markets and therefore constantly faces the threat of new players entering these

markets. The group must ensure that their brands reputations are intact in order to set

themselves apart from these new competitors as an established brand and be prepared

to defend their market share from these new entrants.

1.3.2. THREAT OF SUBSTITUTES

Substitutes are products that offer similar benefits to an industrys product or services,

but are of a different nature. Substitute products are not competitors but customers

will switch to substitutes if the price/performance trade-off of the substitute is

superior, or if there are benefits from innovations that improve the customers

satisfaction. The Cotton On Groups brands cover a large variety of products, from

Typos stationery offering, to Rubi Shoes footwear. This means that there is less of a

chance for the group to lose its customers to substitute products, as chances are that

12
one of the other brands within the group will offer that product. However, there are

still countless substitute products that consumers may choose to spend their money

on, therefore the Cotton On Group may consider creating a marketing strategy that

emphasises how desirable their products are, in order to keep customers interested and

satisfied with their goods.

1.3.3. BARGAINING POWER OF BUYERS

Buyers are an organisations immediate customers, but not necessarily the ultimate

consumer. However, if buyers are powerful, they can demand lower prices or product

improvements that may increase costs for the company. Buyer power is higher when

buyers are concentrated and buyers may have lower switching costs if they are able

supply their own inputs. Therefore, the higher the bargaining power of buyers, the

less attractive an industry is to other potential suppliers. From the perspective of the

Cotton On Group, there are so many other brands in the industry that offer the same

products that the groups brands do, thereby decreasing brand loyalty, which means

that in this situation, the buyers have more power.

1.3.4. BARGAINING POWER OF SUPPLIERS

Suppliers are people or companies who supply a particular organisation with the

resources it needs in order to produce its goods or services. Supplier power is higher

when suppliers are not concentrated, or if the supplier provides a special/rare input for

the manufacturing process. Supplier power is also high if switching costs are greater

as it may be disruptive or expensive to change suppliers. From the perspective of the

Cotton On Group, the company would have more power over their suppliers than vice

versa because it would be extremely detrimental for a supplier to lose a client as large

13
as the Cotton On Group. Therefore the group would be able to exert more power over

its suppliers, possibly obtaining lower costs in the process.

1.3.5. EXTENT OF RIVALRY BETWEEN COMPETITORS

When the level of competition in a particular industry is high, business success if

more difficult. The degree of competitive rivalry increases when competitors are of

similar size and seek dominance, if the market is mature or declining, if there are high

fixed costs, if exit barriers are high, or if product differentiation is low. As previously

stated, the Cotton On Group carries many brands and therefore is in competition with

many other corporations. From the perspective of the Cotton On Group, its Cotton On

brand may face fierce competition from other international fashion retailers such as

H&M and Zara as there is such a high demand in the fashion retail industry for cheap,

fast fashion. As the fashion retailing market is still in the growth stage and there is

low product differentiation amongst these fast fashion brands, it is unlikely that

customers will stay loyal to the one brand as they generally are on the hunt for the

best value for money when it comes to shopping for clothes.

14
1.4. PORTFOLIO ANALYSIS (BCG MATRIX)

HIGH STARS QUESTION MARKS

COTTON ON
COTTON ON BODY
3.8%
RUBI
SHOES

MARKET FACTORIE SUPRE

GROWTH 10%
RATE
TYPO
4.9%

COTTTON ON
KIDS 4.0%

LOW CASH COWS DOGS

10 1 0.1

RELATIVE MARKET SHARE

1.4.1. STARS

According to an IBISWorld report, the Australian fashion apparel retailing industry

has an annual growth rate of 4.0%. The brands under the Cotton On Group that fall

into this market are Cotton On, Factorie, Supre and Cotton On Body. These brands

make up for 3.8% of the industry, thereby suggesting that they are doing well in this

market and providing the company with profit.

1.4.2. CASH COWS

Another report states that the Australian infants and children clothing industry has

an annual growth rate of 3.1%. Cotton On Kids exists in this market and has a market

15
share of 4.0%. This suggests that this is a viable market for the foreseeable future and

that the brand is performing well in the industry, producing a high return on

investment for the Cotton On Group.

1.4.3. QUESTION MARKS

It has been reported that the Australian footwear industry has an annual growth rate of

1.8%. This is a relatively slower growth rate compared to those of the fashion apparel

retailing and childrens clothing industries previously mentioned. Rubi Shoes market

share is not mentioned in this report, as it is not one of the major players in the field.

This suggests that it is unknown as to whether the brand will succeed in the future

because despite the industry continuing to grow, the brand itself might not be able to

keep up with its competitors in this market. Thereby rendering it a question mark.

1.4.4. DOGS

The last brand under the Cotton On Group is Typo, which has a market share of 4.9%

within the stationery retailing industry. However, this market is experiencing a

decline in annual growth of -1.7%. Despite Typos high market share in this industry,

the fact that the industry is in a state of decline means that it is possible that Typo may

no longer be a viable brand in the future as the industry is reducing in size. However,

as the Cotton On Group is a privately listed company, access to the brands annual

profits is unobtainable, and therefore unable to conclusively state if the brand is not

making the group any profit, and as such truly a dog.

16
2. RECOMMENDATIONS

2.1. TOWS ANALYSIS

From the TOWS analysis carried out earlier on in this report, some recommendations

have been developed. Firstly, as the Cotton On Group has many brands in many

different markets, it faces a multitude of competitors, putting its brands at risk of

losing customers to these other corporations. The group must ensure that all its brands

have a point of difference in order to set them above and beyond any potential

opponents. The group must also ensure that its brands have a product offering that

caters to the needs and wants of their target customers in order to satisfy them and

develop brand loyalty amongst these consumers.

The Cotton On Group is yet to implement new technologies such as Click and

Collect or Afterpay as features on its brands websites, which is something that

they should consider as many other online retailers already have this up and running

on their websites. These technologies give customers the option to simplify their

online purchases as well as providing them with a credit option (i.e. Afterpay),

which may increase the sense of satisfaction they gain from shopping with one of the

groups brands, thus delivering a superior shopping experience and increasing the

likelihood of repeat purchases in the future.

The Cotton On Group does not appear to have many internal weaknesses but should

continually work to improve their operations, be it providing excellent human

resources within their offices, workspaces that allow employees to maximise their

productivity, or maintaining its reputation within the industry.

17
As stated previously, a strength of the Cotton On Group is its prominent store

locations. This enables the groups stores to maximise their potential sales and

therefore should continue to build on this strength by trying to secure as many of

these locations as possible. Lastly, another strength of the Cotton On Group is its

extensive product mix, therefore the group should continue to stay on top of trends

when it comes to developing its products on offer as this allows the groups brands to

cater for the needs and wants of as many customers as possible. This also ensures that

they maintain customers attention as they will not get bored of a brand if its product

offering is constantly changing and up to date, thereby developing customer loyalty.

2.2. RED/BLUE OCEAN STRATEGIES

The suggested strategy for the Cotton On Group to take on board would be the blue

ocean strategy. This has been selected as the group already has numerous brands in

major markets, and therefore should consider expanding to a niche market with fewer

competitors. Due to the groups large size, it will have the resources to start up

another company in one of these niche markets, and with the power of the group

behind the brand, have the potential to become one of the biggest players in these

smaller markets.

18
2.3. ANSOFF GROWTH STRATEGIES

2.3.1. CURRENT PRODUCTS

2.3.1.1. MARKET PENETRATION STRATEGIES (CURRENT MARKETS)

In order to use existing products to penetrate a different market, the Cotton On Group

may choose to develop a new marketing strategy in order to promote their products to

a wider market or to encourage existing customers to purchase more of their products.

The Cotton On Group could also introduce a loyalty program, as this will increase the

likelihood of customers making repeat purchases in the future. Another strategy

would be for the group to acquire another company that may have been a competitor,

as they have done in the past with Supre in order to harvest this competitors market

share as well as further developing it to capture a wider target market.

2.3.1.2. MARKET DEVELOPMENT STRATEGIES (NEW MARKETS)

The aim of these strategies is to target new markets, or new areas of the markets the

Cotton On Group is already operating in. Essentially, the company is trying to sell

more of the same products to a different market. The group may choose to expand

nationally or internationally in order to target different geographical markets. The

Cotton On Group may also utilise different sales channels, such as through agents or

intermediaries as they currently only stock their products in their own stores.

2.3.2. NEW PRODUCTS

2.3.2.1. PRODUCT DEVELOPMENT STRATEGIES (CURRENT MARKETS)

The goal of this strategy is to sell different products to the same customer base. In

order to do this, the Cotton On Group might consider extending its product lines by

19
producing a greater variety of a particular style of product or even repackaging some

of their existing products. The group may also consider developing related products

within the same brands.

2.3.2.2. DIVERSIFICATION STRATEGIES (NEW MARKETS)

This strategy aims to create completely new products that the business does not

already have and market these products to a completely new target market. This is a

high-risk strategy, as the company would be venturing into the unknown. It is not a

recommended strategy for the Cotton On Group as it may put the company at great

risk of losing capital as well as impacting the groups reputation.

20
 REFERENCES

Brookins, M, 2017, Examples of Weaknesses in SWOT Analysis, Small Business, viewed 5 April

2017 <http://smallbusiness.chron.com/examples-weaknesses-swot-analysis-11963.html>

Magner, L, 2016, IBISWorld Industry Report OD5471 May 2016 Infants' and Children's Clothing

Retailing in Australia, IBISWorld, viewed 6 April 2017

<http://clients1.ibisworld.com.au.ezproxy.lib.rmit.edu.au/reports/au/industry/majorcompanies.aspx?ent

id=5471>

Magner, L, 2017, IBISWorld Industry Report G4251 February 2017 Clothing Retailing in

Australia, IBISWorld, viewed 6 April 2017

<http://clients1.ibisworld.com.au.ezproxy.lib.rmit.edu.au/reports/au/industry/default.aspx?entid=407>

Magner, L, 2016, IBISWorld Industry Report G4252 December 2016 Footwear Retailing in

Australia, IBISWorld, viewed 6 April 2017

<http://clients1.ibisworld.com.au.ezproxy.lib.rmit.edu.au/reports/au/industry/default.aspx?entid=408>

Mitchell, S, 2016, Cotton On Group sued over 'knock off' claims, Australian Financial Review,

viewed 7 April 2017 <http://www.afr.com/business/retail/cotton-on-group-sued-over-knock-off-

claims-20160517-gowu3y>

Phillips, C, 2013, Cotton On Acquires Supr to Strengthen Store Footprint and Online, Power Retail,

viewed 2 April 2017 <http://www.powerretail.com.au/news/cotton-on-acquires-supre/>

Richardson, A, 2016, IBISWorld Industry Report G4272 November 2016 Stationery Goods Retailing

in Australia, IBISWorld, viewed 6 April 2017

<http://clients1.ibisworld.com.au.ezproxy.lib.rmit.edu.au/reports/au/industry/majorcompanies.aspx?ent

id=5029>

21
Smith, K, 2016, 4 Things You Should Know About Australian Retailer Cotton On (and Its Plan to

Take Over the World), Edited.com, viewed 4 April 2017 <https://edited.com/blog/2016/03/4-things-

you-need-to-know-about-cotton-on/>

Unknown, 2017, Population Clock, Australian Bureau of Statistics, viewed 7 April 2017

<http://www.abs.gov.au/ausstats/abs%40.nsf/94713ad445ff1425ca25682000192af2/1647509ef7e25faa

ca2568a900154b63?OpenDocument>

Unknown, 2016, Cotton On opens biggest flagship store, Insider Retail, viewed 7 April 2017

<https://www.insideretail.com.au/blog/2016/05/13/cotton-on-opens-biggest-flagship-store/>

Unknown, 2016, The Ansoff Matrix, Mind Tools, viewed 7 April 2017

<https://www.mindtools.com/pages/article/newTMC_90.htm>

Unknown, 2016, Our History, Cotton On, viewed 3 April 2017

<http://cottonongroup.com.au/about_us/our-history>

Unknown, 2016, Us In Numbers, Cotton On, viewed 3 April 2017

<http://cottonongroup.com.au/about_us/us-in-numbers>

NOTES FROM TUTORIALS/SEMINARS HAVE BEEN USED IN THIS REPORT

- TARUN PANWAR

22
Assessment 1
ORIGINALITY REPORT

12 %
SIMILARIT Y INDEX
7%
INT ERNET SOURCES
1%
PUBLICAT IONS
11%
ST UDENT PAPERS

PRIMARY SOURCES

1
Submitted to RMIT University
St udent Paper 4%
2
www.ftms.edu.my
Int ernet Source 1%
3
Submitted to Coventry University
St udent Paper 1%
4
Submitted to Auckland University of
Technology
1%
St udent Paper

5
Submitted to Napier University
St udent Paper 1%
6
Submitted to University of Cumbria
St udent Paper 1%
7
Submitted to Kingston University
St udent Paper 1%
8
Submitted to University of Durham
St udent Paper <1%
9
Submitted to Australian International
Academy, Kellyville
<1%
St udent Paper
10
Submitted to eCollege London
St udent Paper <1%
11
Submitted to Harper Adams University
College
<1%
St udent Paper

12
Submitted to Herzing University
St udent Paper <1%
13
www.slideshare.net
Int ernet Source <1%
14
"Bionematicides Market for Cotton, Corn,
Soybean, Fruits & Vegetables, and Other
<1%
Crops - Global Indus", PR Newswire, Sept 2
2015 Issue
Publicat ion

15
Submitted to Anglia Ruskin University
St udent Paper <1%
16
www.vectorstudy.com
Int ernet Source <1%
17
www.academia.edu
Int ernet Source <1%
18
competitiveness.in
Int ernet Source <1%

EXCLUDE QUOT ES ON EXCLUDE MAT CHES < 5 WORDS

EXCLUDE ON