We are leveraging this superiority to grow markets, and P&G’s share in them, as a way to sustainably build the business. Creating new business is powerful with our retail partners as we work to jointly create value. Superiority is especially critical in an inflationary environment. As consumers face increased pressure on nearly every aspect of their household budgets, we invest to deliver truly superior value through a combination of price and product performance to earn their loyalty every day. We are committed to keep investing to strengthen the superiority of our brands across innovation, supply chains and brand equity to deliver superior value for consumers. Ongoing Productivity The strategic need for investment to strengthen the long-term health and competitiveness of our brands, the short-term need to manage through significant cost increases, and the ongoing need to drive balanced top- and bottom-line growth, including margin expansion, underscore the importance of productivity. We have developed a strong productivity muscle over the last decade as we delivered two $10 billion savings programs. Productivity is part of our DNA now, which will help us address some of the challenges we face. We remain fully committed to cost and cash productivity in all facets of our business. No area of cost is left untouched. For example, as COVID-19 supply chain challenges ease and we reach a better balance of supply and demand, we will have an increased opportunity to implement cost savings projects in our manufacturing operations. As we leverage digital tools and automation, there will be more opportunities to focus employees on the higher-order work of serving consumers. And, as we continue to integrate data and analytics and artificial intelligence, brand teams will be working to make our marketing investments even more efficient and effective to deliver improved demand creation at equal or lower cost. Each business is driving productivity up and down their income statement and across their balance sheet, and we remain fully committed to productivity as a core driver of balanced top- and bottom-line growth and strong cash generation. We cannot let up here. Productivity will remain a significant part of our work, especially now. Measures of Superiority PRODUCT Products so good, consumers recognize the difference. Superior products raise expectations for performance in t he category. PACKAGING Packaging that attracts consumers, conveys brand eq uity, helps consumers select the best product for th eir needs, and delights consumers during use. BRAND COMMUNICATION Product and packaging benefits communicated with exceptional advertising th at makes you think, talk, laugh, cry, smile, act and buy — and that drives category and brand growth. RETAIL EXECUTION In-store: with the right store coverage, product forms, sizes, pr ice points, shelving and merchandising. Online: with the right content, assortment, ratings, reviews, search and subscription offerings. CONSUMER & CUSTOMER VALUE For consumers: all these elements presented in a clear and shoppable way at a compelling price. For customers: margin, penny profit, trip generation, ba sket size, and category growth.