tag:blogger.com,1999:blog-66418029431314143432024-02-07T17:10:14.269-08:00Marketing insightsAttract. Engage. Convert. Marketing in the 21st century.Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comBlogger41125tag:blogger.com,1999:blog-6641802943131414343.post-88465898962835726952014-04-12T17:18:00.000-07:002014-04-12T17:25:54.124-07:00Online consumer behavior modeling<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgi_pezoq6dmi27GraNaCbG12IhjCEG7UU7MhWfrlupf7czwtw7PRhwe7VD_iFmqgZOH610Ci1SQPzwf3X1i3gwGzx5e9IHD8CamADPcgf3d_O1vY9OuAuBncWjyW0hT9vioHIVcd8SqxM/s1600/online+consumer.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgi_pezoq6dmi27GraNaCbG12IhjCEG7UU7MhWfrlupf7czwtw7PRhwe7VD_iFmqgZOH610Ci1SQPzwf3X1i3gwGzx5e9IHD8CamADPcgf3d_O1vY9OuAuBncWjyW0hT9vioHIVcd8SqxM/s1600/online+consumer.png" height="424" width="640" /></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">How to attract and win over the consumer in the highly competitive Internet marketplace?</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">What would the best marketer of the world do?</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">What would Sun Tzu do? </span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">What would Alexander the Great do? </span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Well, the answer is not so simple, since o<span style="line-height: 115%;">nline</span><span style="letter-spacing: 2.35pt; line-height: 115%;"> </span><span style="line-height: 115%;">consumer</span><span style="letter-spacing: 2.35pt; line-height: 115%;"> </span><span style="line-height: 115%;">beh<span style="letter-spacing: .05pt;">a</span>vior</span><span style="letter-spacing: 2.35pt; line-height: 115%;"> </span><span style="line-height: 115%;">has</span><span style="letter-spacing: 2.35pt; line-height: 115%;"> </span><span style="line-height: 115%;">bec<span style="letter-spacing: .1pt;">o</span>me</span><span style="letter-spacing: 2.4pt; line-height: 115%;"> </span><span style="line-height: 115%;">an</span><span style="letter-spacing: 2.45pt; line-height: 115%;"> </span><span style="letter-spacing: 0.05pt; line-height: 115%;">e</span><span style="line-height: 115%;">merging</span><span style="letter-spacing: 2.35pt; line-height: 115%;"> </span><span style="line-height: 115%;">re<span style="letter-spacing: .05pt;">s</span>ea<span style="letter-spacing: .05pt;">r</span>ch</span><span style="letter-spacing: 2.35pt; line-height: 115%;"> </span><span style="line-height: 115%;">a<span style="letter-spacing: .1pt;">r</span>ea as well as a key factor for many companies. Digital ecosystems are evolving so rapidly and it seems that even the greatest strategists might face difficulties in consumer behavior modeling and optimizing consumer interactivity with the brand.</span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjw09mw8OEvlgJ0_zSQDIpT43zsMpqZwjVOutD42u1YCPAI1DN3wA4Os4Ijm2vqH9T0dRPrOLq5pE7-9pPqXGVy5viT1ydfIb7vUzOK31HIvqeAvhm-BeGONI5XpFuypvHAOngH6nXqjbE/s1600/online-consumer-behaviour.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjw09mw8OEvlgJ0_zSQDIpT43zsMpqZwjVOutD42u1YCPAI1DN3wA4Os4Ijm2vqH9T0dRPrOLq5pE7-9pPqXGVy5viT1ydfIb7vUzOK31HIvqeAvhm-BeGONI5XpFuypvHAOngH6nXqjbE/s1600/online-consumer-behaviour.jpg" height="200" width="200" /></a><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">But how do we, marketers, approach the construct "online consumer behavior" in the first </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">place? </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 115%;">A</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">su<span style="letter-spacing: .05pt;">g</span>gest<span style="letter-spacing: .05pt;">e</span>d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">by</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">D<span style="letter-spacing: .05pt;">o</span>uglas</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">et</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 115%;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">l.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">(<span style="letter-spacing: .05pt;">1</span>994),</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">str<span style="letter-spacing: .05pt;">o</span>ng</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"> theor<span style="letter-spacing: .05pt;">e</span>tical<span style="letter-spacing: 3.65pt;"> </span>and<span style="letter-spacing: 3.65pt;"> </span>con<span style="letter-spacing: .05pt;">c</span>eptual<span style="letter-spacing: 3.55pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">f</span>ramewor<span style="letter-spacing: .05pt;">k</span>s<span style="letter-spacing: 3.6pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">c</span>an<span style="letter-spacing: 3.65pt;"> </span>be<span style="letter-spacing: 3.6pt;"> </span>devel<span style="letter-spacing: .05pt;">o</span>ped<span style="letter-spacing: 3.65pt;"> </span>through<span style="letter-spacing: 3.6pt;"> </span>an<span style="letter-spacing: 3.65pt;"> </span>integr<span style="letter-spacing: .05pt;">a</span>ti<span style="letter-spacing: .05pt;">o</span>n<span style="letter-spacing: 3.6pt;"> </span>of
constr<span style="letter-spacing: .05pt;">u</span>cts<span style="letter-spacing: 2.5pt;"> </span>from<span style="letter-spacing: 2.4pt;"> </span>dif<span style="letter-spacing: .05pt;">f</span>e<span style="letter-spacing: .05pt;">r</span>ent<span style="letter-spacing: 2.45pt;"> </span>discip<span style="letter-spacing: .05pt;">l</span>ines. It is not coincidental that academic literature on online consumer modeling may be found in Journals like the ones of Electronic Commerce, Marketing Management, Decision Support Systems, Economic Psychology, Interactive Marketing, Management Information Systems and many more. </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 115%;">T</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">heory</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">Reasoned</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">A<span style="letter-spacing: .05pt;">c</span>tion</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 115%;">(</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">TRA)</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">a<span style="letter-spacing: .1pt;">n</span>d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">i<span style="letter-spacing: .05pt;">t</span>s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">family</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"> theories<span style="letter-spacing: .75pt;"> </span>includ<span style="letter-spacing: .05pt;">i</span>ng<span style="letter-spacing: .7pt;">
</span>t<span style="letter-spacing: .05pt;">h</span>e<span style="letter-spacing: .7pt;"> </span>T<span style="letter-spacing: .05pt;">e</span>chnology<span style="letter-spacing: .85pt;"> </span>Acceptance<span style="letter-spacing: .8pt;"> </span>Mo<span style="letter-spacing: .05pt;">d</span>el<span style="letter-spacing: .75pt;">
</span>(T<span style="letter-spacing: .05pt;">A</span>M)<span style="letter-spacing: .8pt;"> </span>and<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">t</span>he<span style="letter-spacing: .75pt;"> </span>The<span style="letter-spacing: .05pt;">o</span>ry<span style="letter-spacing: .75pt;">
</span>of<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">P</span>lann<span style="letter-spacing: .05pt;">e</span>d
Behav<span style="letter-spacing: .05pt;">i</span>or<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">(</span>TPB)<span style="letter-spacing: .4pt;"> </span>are<span style="letter-spacing: .4pt;"> </span>dom<span style="letter-spacing: .05pt;">i</span>nant<span style="letter-spacing: .4pt;"> </span>theo<span style="letter-spacing: .05pt;">r</span>ies<span style="letter-spacing: .4pt;"> </span>in<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: 0.06666667014360428px;">process of explaining online consumer actions</span>.<span style="letter-spacing: 3.4pt;"> </span>Ex<span style="letter-spacing: .05pt;">p</span>ect<span style="letter-spacing: .05pt;">a</span>tio<span style="letter-spacing: .05pt;">n</span>-Co<span style="letter-spacing: .05pt;">n</span>fir<span style="letter-spacing: .05pt;">m</span>ation<span style="letter-spacing: .4pt;"> </span>T<span style="letter-spacing: .05pt;">h</span>eory (ECT)<span style="letter-spacing: 1.85pt;"> </span>a<span style="letter-spacing: .05pt;">n</span>d<span style="letter-spacing: 1.8pt;">
</span>Innovat<span style="letter-spacing: .05pt;">i</span>on<span style="letter-spacing: 1.8pt;"> </span>Diffusion<span style="letter-spacing: 1.85pt;">
</span>Th<span style="letter-spacing: .05pt;">e</span>ory<span style="letter-spacing: 1.8pt;"> </span>(I<span style="letter-spacing: .05pt;">D</span>T)<span style="letter-spacing: 1.8pt;">
</span><span style="letter-spacing: .05pt; mso-font-width: 104%;">h</span>ave<span style="letter-spacing: 1.7pt;"> </span>al<span style="letter-spacing: .05pt;">s</span>o<span style="letter-spacing: 1.8pt;"> </span>been<span style="letter-spacing: 1.85pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 104%;">r</span>epeatedly<span style="letter-spacing: 1.9pt;"> </span>tested<span style="letter-spacing: 1.85pt;"> </span>in<span style="letter-spacing: 1.8pt;"> </span>the
study<span style="letter-spacing: 1.45pt;">
</span><span style="letter-spacing: .05pt; mso-font-width: 104%;">o</span>f<span style="letter-spacing: 1.3pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">o</span>nline<span style="letter-spacing: 1.4pt;"> </span>co<span style="letter-spacing: .05pt;">n</span>sumer<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">b</span>eha<span style="letter-spacing: .05pt;">v</span>ior.</span><br />
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"><br /></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 115%;">However, </span><span style="line-height: 115%;">Cheun<span style="letter-spacing: 0.05pt;">g et al. (2003) tried to approach it by integrating </span></span><span style="line-height: 115%;">the</span><span style="letter-spacing: 2pt; line-height: 115%;"> </span><span style="line-height: 115%;">three</span><span style="letter-spacing: 2.1pt; line-height: 115%;"> </span><span style="line-height: 115%;">k<span style="letter-spacing: -.05pt;">e</span>y</span><span style="line-height: 115%;"> concepts<span style="letter-spacing: 2.0pt;"> </span>of<span style="letter-spacing: 2.0pt;"> </span>intentio<span style="letter-spacing: .05pt;">n</span>,<span style="letter-spacing: 2.0pt;">
</span>adoption,<span style="letter-spacing: 2.0pt;"> </span>and<span style="letter-spacing: 2.0pt;"> </span>conti<span style="letter-spacing: .05pt;">n</span>uance</span><span style="letter-spacing: 0.06666667014360428px; line-height: 115%;">, based on </span><span style="line-height: 115%;">Fishbein<span style="letter-spacing: .1pt;">’</span>s</span><span style="letter-spacing: 2pt; line-height: 115%;"> </span><span style="letter-spacing: 0.05pt; line-height: 115%;">a</span><span style="line-height: 115%;">tti<span style="letter-spacing: .05pt;">t</span>udi<span style="letter-spacing: .05pt;">n</span><span style="letter-spacing: -.05pt;">a</span>l</span><span style="letter-spacing: 2pt; line-height: 115%;"> </span><span style="line-height: 115%;">the<span style="letter-spacing: .05pt;">o</span>retical</span><span style="letter-spacing: 2.1pt; line-height: 115%;"> </span><span style="line-height: 115%;">model</span><span style="line-height: 115%;"> (Fish<span style="letter-spacing: .05pt;">b</span>ein<span style="letter-spacing: 2.15pt;"> </span>1<span style="letter-spacing: -.05pt;">9</span>67)<span style="letter-spacing: 2.1pt;"> </span>a<span style="letter-spacing: .05pt;">n</span>d<span style="letter-spacing: 2.05pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">t</span>he<span style="letter-spacing: 2.05pt;"> </span>ex<span style="letter-spacing: .05pt;">p</span>ecta<span style="letter-spacing: .05pt;">t</span>ion-<span style="letter-spacing: .05pt;">c</span>onfi<span style="letter-spacing: .05pt;">r</span><span style="letter-spacing: -.05pt;">m</span>ation<span style="letter-spacing: 2.1pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 104%;">m</span>odel<span style="letter-spacing: 2.15pt;"> </span>(O<span style="letter-spacing: .05pt;">l</span>iver<span style="letter-spacing: 2.15pt;"> </span>1<span style="letter-spacing: .05pt;">9</span>80). Their M</span><span style="line-height: 115%;">od<span style="letter-spacing: .05pt;">e</span>l</span><span style="letter-spacing: 2.9pt; line-height: 115%;"> </span><span style="line-height: 115%;">of</span><span style="letter-spacing: 2.85pt; line-height: 115%;"> </span><span style="line-height: 115%;">Intent<span style="letter-spacing: .05pt;">i</span>on,</span><span style="line-height: 115%;"> Adop<span style="letter-spacing: .05pt;">t</span>ion,<span style="letter-spacing: .9pt;"> </span>and<span style="letter-spacing: .9pt;"> </span>C<span style="letter-spacing: .05pt;">o</span>ntinuan<span style="letter-spacing: .05pt;">c</span>e<span style="letter-spacing: .9pt;"> </span>(<span style="letter-spacing: .05pt;">M</span>IAC) seems an interesting framework for developing the framework of their theory.</span></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrAJ9JsDpM-kYnss74SqC8yDM5xiEhP7r0AwxKlvd7oWjZ-Ngq37m8ptO_KYkLP0r4vnO_hmDEifbMjX0jlRA03SjJ1zEmNTOY04TAidNAptn-w8wSgzIvUM1eEnqL_nWA_2moKaJg73o/s1600/MIAC.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrAJ9JsDpM-kYnss74SqC8yDM5xiEhP7r0AwxKlvd7oWjZ-Ngq37m8ptO_KYkLP0r4vnO_hmDEifbMjX0jlRA03SjJ1zEmNTOY04TAidNAptn-w8wSgzIvUM1eEnqL_nWA_2moKaJg73o/s1600/MIAC.png" height="283" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">MIAC</span></td></tr>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Thus, the modeling framework proposed, as an extension to <span style="line-height: 115%;">Hoffm<span style="letter-spacing: .05pt;">a</span>n</span><span style="letter-spacing: 2.5pt; line-height: 115%;"> </span><span style="line-height: 115%;">a<span style="letter-spacing: .05pt;">n</span>d</span><span style="letter-spacing: 2.5pt; line-height: 115%;"> </span><span style="line-height: 115%;">N<span style="letter-spacing: .1pt;">o</span>vak</span><span style="letter-spacing: 2.55pt; line-height: 115%;"> </span><span style="letter-spacing: 0.05pt; line-height: 115%;">(</span><span style="line-height: 115%;">199<span style="letter-spacing: .05pt;">6</span>), it the following:</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmP1IpwUKxeAJHYo3b7gkiO5_iaPheTxj0MnBdOC7PEIYuyxkrJ6ME-x7rzZFQYGeKi3lOExcSFYIZSh8sLFHikw3KI6EUTVzueHTdVNII0Lhsn2nzkafhStDSFDaKxELqFiGI28uefyo/s1600/framework.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmP1IpwUKxeAJHYo3b7gkiO5_iaPheTxj0MnBdOC7PEIYuyxkrJ6ME-x7rzZFQYGeKi3lOExcSFYIZSh8sLFHikw3KI6EUTVzueHTdVNII0Lhsn2nzkafhStDSFDaKxELqFiGI28uefyo/s1600/framework.png" height="540" width="640" /></span></a></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">The five domains of consumer, product, medium, intermediary characteristics as well as enviromental influences were integrated in MIAC (intention, adoption, repurchase) in order to provide a cohesive view on online consumer behavior.</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">It seems that a wise marketer may segment the market, target the correct target segment with the correct product, both core and augmented, and position it with the correct marketing mix, in order to win competition. However, medium characteristics should not be ignored; <span style="line-height: 115%;">Trust</span><span style="letter-spacing: 0.5pt; line-height: 115%;"> </span><span style="line-height: 115%;">and</span><span style="letter-spacing: 0.55pt; line-height: 115%;"> </span><span style="line-height: 115%;">percei<span style="letter-spacing: .05pt;">v</span>ed</span><span style="letter-spacing: 0.5pt; line-height: 115%;"> </span><span style="line-height: 115%;">risk</span><span style="letter-spacing: 0.5pt; line-height: 115%;"> </span><span style="letter-spacing: 0.05pt; line-height: 115%;">h</span><span style="line-height: 115%;">ave been</span><span style="letter-spacing: 0.3pt; line-height: 115%;"> </span><span style="line-height: 115%;">wid</span><span style="letter-spacing: 0.05pt; line-height: 115%;">e</span><span style="line-height: 115%;">ly</span><span style="letter-spacing: 0.3pt; line-height: 115%;">
</span><span style="line-height: 115%;">inves</span><span style="letter-spacing: 0.05pt; line-height: 115%;">t</span><span style="line-height: 115%;">igated</span><span style="letter-spacing: 0.3pt; line-height: 115%;"> </span><span style="line-height: 115%;">in</span><span style="letter-spacing: 0.35pt; line-height: 115%;"> </span><span style="line-height: 115%;">the</span><span style="letter-spacing: 0.3pt; line-height: 115%;"> </span><span style="line-height: 115%;">s</span><span style="letter-spacing: 0.05pt; line-height: 115%;">t</span><span style="line-height: 115%;">udy</span><span style="letter-spacing: 0.3pt; line-height: 115%;"> </span><span style="letter-spacing: 0.05pt; line-height: 115%;">o</span><span style="line-height: 115%;">f</span><span style="letter-spacing: 0.3pt; line-height: 115%;"> </span><span style="line-height: 115%;">con</span><span style="letter-spacing: 0.05pt; line-height: 115%;">s</span><span style="line-height: 115%;">u</span><span style="letter-spacing: -0.05pt; line-height: 115%;">m</span><span style="line-height: 115%;">er</span><span style="letter-spacing: 0.3pt; line-height: 115%;"> </span><span style="line-height: 115%;">onli</span><span style="letter-spacing: 0.05pt; line-height: 115%;">n</span><span style="line-height: 115%;">e</span><span style="letter-spacing: 0.3pt; line-height: 115%;"> </span><span style="line-height: 115%;">purchase</span><span style="letter-spacing: 0.25pt; line-height: 115%;"> </span><span style="line-height: 115%;">intention.</span><span style="letter-spacing: 0.35pt; line-height: 115%;">
</span><span style="line-height: 115%;">Some</span><span style="letter-spacing: 0.3pt; line-height: 115%;"> </span><span style="line-height: 115%;">re</span><span style="letter-spacing: 0.05pt; line-height: 115%;">c</span><span style="line-height: 115%;">ent stud</span><span style="letter-spacing: 0.05pt; line-height: 115%;">i</span><span style="line-height: 115%;">es</span><span style="letter-spacing: 0.75pt; line-height: 115%;">
</span><span style="line-height: 115%;">(L</span><span style="letter-spacing: -0.05pt; line-height: 115%;">e</span><span style="line-height: 115%;">e</span><span style="letter-spacing: 0.7pt; line-height: 115%;"> </span><span style="letter-spacing: 0.05pt; line-height: 115%;">a</span><span style="line-height: 115%;">nd</span><span style="letter-spacing: 0.75pt; line-height: 115%;"> </span><span style="line-height: 115%;">Turban</span><span style="letter-spacing: 0.7pt; line-height: 115%;"> </span><span style="line-height: 115%;">2001)</span><span style="letter-spacing: 0.7pt; line-height: 115%;"> </span><span style="line-height: 115%;">foc</span><span style="letter-spacing: 0.05pt; line-height: 115%;">u</span><span style="line-height: 115%;">sed</span><span style="letter-spacing: 0.75pt; line-height: 115%;"> </span><span style="line-height: 115%;">pr</span><span style="letter-spacing: 0.05pt; line-height: 115%;">i</span><span style="letter-spacing: -0.05pt; line-height: 115%;">m</span><span style="line-height: 115%;">arily</span><span style="letter-spacing: 0.75pt; line-height: 115%;"> </span><span style="line-height: 115%;">on</span><span style="letter-spacing: 0.75pt; line-height: 115%;"> </span><span style="line-height: 115%;">the</span><span style="letter-spacing: 0.7pt; line-height: 115%;"> </span><span style="line-height: 115%;">trust
formati</span><span style="letter-spacing: 0.05pt; line-height: 115%;">o</span><span style="line-height: 115%;">n</span><span style="letter-spacing: 3.65pt; line-height: 115%;"> </span><span style="line-height: 115%;">pr</span><span style="letter-spacing: 0.05pt; line-height: 115%;">o</span><span style="line-height: 115%;">cess</span><span style="letter-spacing: 3.7pt; line-height: 115%;"> </span><span style="line-height: 115%;">in</span><span style="letter-spacing: 3.65pt; line-height: 115%;"> </span><span style="letter-spacing: 0.05pt; line-height: 115%;">t</span><span style="line-height: 115%;">he</span><span style="letter-spacing: 3.65pt; line-height: 115%;"> </span><span style="line-height: 115%;">c</span><span style="letter-spacing: 0.05pt; line-height: 115%;">o</span><span style="line-height: 115%;">ntext</span><span style="letter-spacing: 3.7pt; line-height: 115%;"> </span><span style="line-height: 115%;">of</span><span style="letter-spacing: 3.6pt; line-height: 115%;"> </span><span style="line-height: 115%;">I</span><span style="letter-spacing: 0.05pt; line-height: 115%;">n</span><span style="line-height: 115%;">ternet</span><span style="letter-spacing: 3.7pt; line-height: 115%;"> </span><span style="line-height: 115%;">shoppin</span><span style="letter-spacing: 0.06666667014360428px; line-height: 115%;">g. Furthermore, </span><span style="letter-spacing: 0.06666667014360428px; line-height: 18.399999618530273px;">environmental</span><span style="letter-spacing: 0.06666667014360428px; line-height: 115%;"> influences including norms, cultures and cultural contextual sets should also not be underestimated; A consumer behavior pattern, e.g. adoption and success of a fragrance e-shop in Mexico could be totally different in Greece or India.</span></span><br />
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">Electronic</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">comm<span style="letter-spacing: .05pt;">e</span>rce</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 104%;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">r<span style="letter-spacing: .05pt;">a</span>pidly</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">changing</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">t<span style="letter-spacing: .05pt;">h</span>e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">way</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">people</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.8pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">do</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 104%;">b</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">usiness</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.9pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 104%;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">ll</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">over</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt; line-height: 104%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;">the globe</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.9pt; line-height: 104%;">.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%;"> In<span style="letter-spacing: 3.85pt;"> </span>the<span style="letter-spacing: 3.85pt;"> </span><span style="letter-spacing: 0.06666667014360428px;">B2C</span><span style="letter-spacing: 5.133333206176758px;"> </span>se<span style="letter-spacing: .1pt;">g</span>ment,<span style="letter-spacing: 3.9pt;"> </span>Internet sales<span style="letter-spacing: 3.85pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">h</span>ave<span style="letter-spacing: 3.85pt;"> </span>been<span style="letter-spacing: 3.9pt;"> </span>incre<span style="letter-spacing: .05pt;">a</span>si<span style="letter-spacing: .1pt;">n</span>g
dr<span style="letter-spacing: .05pt;">a</span><span style="letter-spacing: -.05pt;">m</span>atically<span style="letter-spacing: 2.45pt;"> </span>over<span style="letter-spacing: 2.4pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">t</span>he<span style="letter-spacing: 2.4pt;"> </span>last<span style="letter-spacing: 2.4pt;"> </span>few<span style="letter-spacing: 2.45pt;"> </span><span style="letter-spacing: .1pt; mso-font-width: 104%;">y</span>ears.<span style="letter-spacing: 2.4pt;"> </span>Cu<span style="letter-spacing: .05pt;">s</span>tom<span style="letter-spacing: .05pt;">e</span>rs,<span style="letter-spacing: 2.4pt;"> </span><span style="letter-spacing: .1pt; mso-font-width: 104%;">n</span><span style="letter-spacing: .05pt; mso-font-width: 104%;">o</span>t<span style="letter-spacing: 2.4pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">o</span>nly<span style="letter-spacing: 2.35pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">t</span>hose<span style="letter-spacing: 2.35pt;"> </span>fr<span style="letter-spacing: .05pt;">o</span>m<span style="letter-spacing: 2.4pt;"> </span>well<span style="letter-spacing: .05pt;">-d</span>ev<span style="letter-spacing: .05pt;">e</span>lop<span style="letter-spacing: .05pt;">e</span>d count<span style="letter-spacing: .05pt;">r</span>ies<span style="letter-spacing: .75pt;"> </span>but<span style="letter-spacing: .7pt;"> </span>also<span style="letter-spacing: .75pt;"> </span>t<span style="letter-spacing: .05pt;">h</span>ose<span style="letter-spacing: .75pt;"> </span>from<span style="letter-spacing: .65pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">d</span>evelo<span style="letter-spacing: .05pt;">p</span>ing<span style="letter-spacing: .75pt;"> </span>cou<span style="letter-spacing: .05pt;">n</span>tries,<span style="letter-spacing: .75pt;"> </span>a<span style="letter-spacing: .05pt;">r</span>e<span style="letter-spacing: .75pt;"> </span>getti<span style="letter-spacing: .05pt;">n</span>g<span style="letter-spacing: .7pt;">
</span><span style="letter-spacing: .05pt; mso-font-width: 104%;">u</span>s<span style="letter-spacing: -.05pt;">e</span>d<span style="letter-spacing: .75pt;"> </span>to<span style="letter-spacing: .75pt;"> </span>the<span style="letter-spacing: .7pt;"> </span>new<span style="letter-spacing: .7pt;"> </span>s<span style="letter-spacing: .05pt;">h</span>opping chan<span style="letter-spacing: .05pt;">n</span>el.<span style="letter-spacing: 2.7pt;"> </span>Und<span style="letter-spacing: .05pt;">e</span>rsta<span style="letter-spacing: .05pt;">n</span>ding<span style="letter-spacing: 2.7pt;"> </span>the<span style="letter-spacing: 2.7pt;"> </span>fac<span style="letter-spacing: .05pt;">t</span>ors<span style="letter-spacing: 2.65pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">t</span>hat<span style="letter-spacing: 2.65pt;"> </span>affe<span style="letter-spacing: .05pt;">c</span>t<span style="letter-spacing: 2.7pt;"> </span>i<span style="letter-spacing: .05pt;">n</span>ten<span style="letter-spacing: .05pt;">t</span>ion,<span style="letter-spacing: 2.7pt;"> </span>ado<span style="letter-spacing: .05pt;">p</span>ti<span style="letter-spacing: -.05pt;">o</span>n<span style="letter-spacing: 2.65pt;"> </span>and<span style="letter-spacing: 2.65pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">r</span>epu<span style="letter-spacing: .05pt;">r</span>cha<span style="letter-spacing: .05pt;">s</span>e<span style="letter-spacing: 2.65pt;"> </span>a<span style="letter-spacing: .1pt;">r</span>e i<span style="letter-spacing: -.05pt;">m</span>portant<span style="letter-spacing: .15pt;"> both </span>for<span style="letter-spacing: .15pt;"> </span>resea<span style="letter-spacing: .05pt;">r</span>chers<span style="letter-spacing: .15pt;"> </span>and<span style="letter-spacing: .15pt;"> </span>pra<span style="letter-spacing: .05pt;">c</span>titione<span style="letter-spacing: .05pt;">r</span>s. MIAC is a nice model to begin with.</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="letter-spacing: 0.05pt; line-height: 115%;">C</span><span style="line-height: 115%;">lassi<span style="letter-spacing: .05pt;">c</span>al</span><span style="letter-spacing: 0.95pt; line-height: 115%;"> </span><span style="letter-spacing: 0.05pt; line-height: 115%;">c</span><span style="line-height: 115%;">onsumer</span><span style="letter-spacing: 1pt; line-height: 115%;"> </span><span style="line-height: 115%;">beha<span style="letter-spacing: .05pt;">v</span>ioral</span><span style="letter-spacing: 1pt; line-height: 115%;"> </span><span style="line-height: 115%;">the<span style="letter-spacing: .05pt;">o</span>ries</span><span style="letter-spacing: 1pt; line-height: 115%;"> </span><span style="line-height: 115%;">pro<span style="letter-spacing: .05pt;">v</span>ide</span><span style="letter-spacing: 1pt; line-height: 115%;"> </span><span style="line-height: 115%;">resea<span style="letter-spacing: .05pt;">r</span>c<span style="letter-spacing: .1pt;">h</span>ers</span><span style="letter-spacing: 1.05pt; line-height: 115%;"> </span><span style="line-height: 115%;">wi<span style="letter-spacing: .1pt;">t</span>h</span><span style="letter-spacing: 1pt; line-height: 115%;"> </span><span style="line-height: 115%;">a</span><span style="letter-spacing: 0.95pt; line-height: 115%;"> </span><span style="letter-spacing: 0.05pt; line-height: 115%;">g</span><span style="line-height: 115%;">ood</span><span style="letter-spacing: 1pt; line-height: 115%;"> </span><span style="line-height: 115%;">start<span style="letter-spacing: .05pt;">i</span>ng</span><span style="letter-spacing: 0.95pt; line-height: 115%;"> </span><span style="letter-spacing: 0.05pt; line-height: 115%;">p</span><span style="line-height: 115%;">oint</span><span style="line-height: 115%;"> in<span style="letter-spacing: 0.85pt;"> </span>u<span style="letter-spacing: 0.05pt;">n</span>der<span style="letter-spacing: 0.05pt;">s</span>tanding<span style="letter-spacing: 0.9pt;"> </span>online<span style="letter-spacing: 0.85pt;"> </span>c<span style="letter-spacing: 0.05pt;">o</span>nsu<span style="letter-spacing: 0.05pt;">m</span>er<span style="letter-spacing: 0.85pt;"> </span><span style="letter-spacing: 0.05pt;">b</span>eha<span style="letter-spacing: 0.05pt;">v</span>ior.<span style="letter-spacing: 0.9pt;"> </span>Ho<span style="letter-spacing: 0.05pt;">w</span>eve<span style="letter-spacing: 0.05pt;">r</span>,<span style="letter-spacing: 0.85pt;"> </span>we<span style="letter-spacing: 0.9pt;"> </span>sho<span style="letter-spacing: 0.05pt;">u</span>ld<span style="letter-spacing: 0.85pt;">
</span>t<span style="letter-spacing: 0.05pt;">a</span>ke<span style="letter-spacing: 0.85pt;"> </span>t<span style="letter-spacing: 0.05pt;">h</span>e<span style="letter-spacing: 0.85pt;">
</span>IT<span style="letter-spacing: 0.9pt;"> </span>co<span style="letter-spacing: -0.05pt;">m</span>pone<span style="letter-spacing: 0.05pt;">n</span>t into<span style="letter-spacing: 1.3pt;"> </span>serio<span style="letter-spacing: 0.05pt;">u</span>s<span style="letter-spacing: 1.25pt;"> </span>c<span style="letter-spacing: 0.05pt;">o</span>nsider<span style="letter-spacing: 0.05pt;">a</span>tion<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: 0.05pt;">w</span>hen<span style="letter-spacing: 1.3pt;"> </span>doing<span style="letter-spacing: 1.3pt;"> </span>rese<span style="letter-spacing: 0.05pt;">ar</span>ch<span style="letter-spacing: 1.25pt;"> </span><span style="letter-spacing: 0.05pt;">i</span>n<span style="letter-spacing: 1.25pt;"> </span>o<span style="letter-spacing: 0.05pt;">n</span>line<span style="letter-spacing: 1.3pt;"> </span>consu<span style="letter-spacing: 0.05pt;">me</span>r<span style="letter-spacing: 1.25pt;">
</span>be<span style="letter-spacing: 0.05pt;">h</span>avior.<span style="letter-spacing: 1.3pt;"> </span>Ins<span style="letter-spacing: 0.05pt;">t</span>ead<span style="letter-spacing: 1.3pt;"> </span>of bl<span style="letter-spacing: 0.05pt;">i</span>ndly<span style="letter-spacing: 0.1pt;"> </span><span style="letter-spacing: 0.05pt;">b</span>orrowing<span style="letter-spacing: 0.15pt;"> </span>th<span style="letter-spacing: 0.05pt;">e</span>o<span style="letter-spacing: 0.05pt;">r</span>ies<span style="letter-spacing: 0.15pt;"> </span><span style="letter-spacing: 0.05pt;">a</span>nd<span style="letter-spacing: 0.15pt;"> </span><span style="letter-spacing: -0.05pt;">m</span>ode<span style="letter-spacing: 0.05pt;">l</span>s<span style="letter-spacing: 0.15pt;">
</span>f<span style="letter-spacing: 0.05pt;">r</span>om<span style="letter-spacing: 0.05pt;"> </span>o<span style="letter-spacing: 0.05pt;">t</span>h<span style="letter-spacing: -0.05pt;">e</span>r<span style="letter-spacing: 0.1pt;"> </span>d<span style="letter-spacing: 0.05pt;">i</span>scip<span style="letter-spacing: 0.05pt;">l</span>ines,<span style="letter-spacing: 0.15pt;"> </span>rese<span style="letter-spacing: 0.05pt;">a</span>rche<span style="letter-spacing: 0.05pt;">r</span>s<span style="letter-spacing: 0.1pt;"> and practitioners </span><span style="letter-spacing: 0.05pt;">s</span>hould test<span style="letter-spacing: 0.55pt;"> </span>their<span style="letter-spacing: 0.5pt;"> </span><span style="letter-spacing: 0.05pt;">o</span>wn<span style="letter-spacing: 0.55pt;"> </span><span style="letter-spacing: 0.05pt;">b</span>eha<span style="letter-spacing: 0.05pt;">v</span>ioral<span style="letter-spacing: 0.6pt;"> </span><span style="letter-spacing: -0.05pt;">m</span>ode<span style="letter-spacing: 0.05pt;">l</span>s<span style="letter-spacing: 0.55pt;">
</span>de<span style="letter-spacing: 0.05pt;">c</span>la<span style="letter-spacing: 0.05pt;">r</span>ing<span style="letter-spacing: 0.5pt;"> </span>what<span style="letter-spacing: 0.6pt;"> </span>is<span style="letter-spacing: 0.55pt;"> </span>uniq<span style="letter-spacing: 0.05pt;">u</span>e<span style="letter-spacing: 0.55pt;">
</span>and<span style="letter-spacing: 0.55pt;"> </span>spe<span style="letter-spacing: 0.05pt;">c</span>ific<span style="letter-spacing: 0.55pt;"> </span>to<span style="letter-spacing: 0.55pt;"> </span><span style="letter-spacing: 0.05pt;">t</span>he<span style="letter-spacing: 0.55pt;"> </span>conte<span style="letter-spacing: 0.05pt;">x</span>t
of<span style="letter-spacing: 0.1pt;"> </span><span style="letter-spacing: 0.05pt;">c</span>onsu<span style="letter-spacing: -0.05pt;">m</span>er-based<span style="letter-spacing: 0.15pt;"> </span>elec<span style="letter-spacing: 0.05pt;">t</span>ronic<span style="letter-spacing: 0.15pt;"> </span>co<span style="letter-spacing: -0.05pt;">mm</span>erce. This may be the only way that marketing can survive in the Digital Age.</span></span></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-868699930116823862014-03-25T18:17:00.004-07:002014-03-26T01:41:58.503-07:00New Brand Assets: Where are we going?<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">"We show that easily accessible digital records of behavior, Facebook Likes, can be used to automatically and accurately predict a range of highly sensitive personal attributes including: sexual orientation, ethnicity, religious and political views, personality traits, intelligence, happiness, use of addictive substances, parental separation, age, and gender. The analysis presented is based on a dataset of over 58,000 volunteers who provided their Facebook Likes, detailed demographic profiles, and the results of several psychometric tests."</span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><span style="color: #444444;"><br /></span>
<span style="color: #444444; font-size: x-small;"><i>Kosinski et al. 2013 (The Psychometrics Centre, University of Cambridge)</i></span></span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><span style="color: #444444;"><br /></span>
<span style="color: #444444;"><b>Like. Comment. Engage.</b> Sponsored post again? Uhm.. Is your behavioral targeting ok? No?It's fine. Don't worry. Numbers are fine.</span></span><br />
<span style="color: #444444;"><span style="background-color: #f9f9f9; font-family: Georgia, Times New Roman, serif; line-height: 26px;">How have brands embraced digital ecosystems like Facebook as a key marketing channel to drive engagement and brand awareness? Let's use FB like waveforms as a metric of brand engagement and let's illustrate some examples of FB like pages:</span></span><span style="font-family: Georgia, Times New Roman, serif;"><span style="background-color: #f9f9f9; color: #444444; line-height: 26px;"><br /></span>
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<span style="background-color: #f9f9f9; color: #444444; font-family: Georgia, Times New Roman, serif; line-height: 26px;">Multinational retail corporation with 35M likes</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEji2SKPKuGJHJGXCx0KDfE_grAiZy61tfwl0soLDlV8wbIacX4eZP_kF6xS7aKayv7EN24zjuOz49HmQIG7omSwt4N6asJpcGEuNkrFsB2Jq69nRDitjKSyqlsZLGkYdll3_mJJrjJMpT8/s1600/wall.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEji2SKPKuGJHJGXCx0KDfE_grAiZy61tfwl0soLDlV8wbIacX4eZP_kF6xS7aKayv7EN24zjuOz49HmQIG7omSwt4N6asJpcGEuNkrFsB2Jq69nRDitjKSyqlsZLGkYdll3_mJJrjJMpT8/s1600/wall.png" height="293" width="640" /></span></a></div>
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<span style="background-color: #f9f9f9; line-height: 26px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Ivy League management magazine:</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwAuzQ6ZzurwCRse9kvFx2BojH1rOCVI1kkHKqjDjQVaVuolDlUuVw3Uvgm2kZwfz0honfc72KcIL-q-Y2LW-PKZAbjdfCzoU08ulBr1xGStDjhFp-CH6imw-TkcOEWzPJ5uUPCAGLVzM/s1600/hr.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwAuzQ6ZzurwCRse9kvFx2BojH1rOCVI1kkHKqjDjQVaVuolDlUuVw3Uvgm2kZwfz0honfc72KcIL-q-Y2LW-PKZAbjdfCzoU08ulBr1xGStDjhFp-CH6imw-TkcOEWzPJ5uUPCAGLVzM/s1600/hr.png" height="304" width="640" /></span></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">A worldwide branded commodity</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7S38lviVgzefxucgqcvtTHfs7nwg9JxS2HMrp8fU4O_-tNMRxCJA8WpwVRwiSc6_WX0DEzVIsoMeOfiVQWsRbChvqY3pRnXA7i1t4Qd-sOoWIE1UgxPfHUK8forGO4IRWBukxuXMGkTs/s1600/ni.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7S38lviVgzefxucgqcvtTHfs7nwg9JxS2HMrp8fU4O_-tNMRxCJA8WpwVRwiSc6_WX0DEzVIsoMeOfiVQWsRbChvqY3pRnXA7i1t4Qd-sOoWIE1UgxPfHUK8forGO4IRWBukxuXMGkTs/s1600/ni.png" height="308" width="640" /></span></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">A multinational sports company</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhABSBbrM9FejRmqvrq3cC1Lh9IESx_F9fVBvWM0teyueBWX2uj4K2S3ncQk2kw3LlRGGOCJnu7sxh41o_WlgPXBn3VIc4LUEgZWK4ks_Wer9At_CnzZe3XoLPKSiwGiuig_xjGsFZyAEg/s1600/hr.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhABSBbrM9FejRmqvrq3cC1Lh9IESx_F9fVBvWM0teyueBWX2uj4K2S3ncQk2kw3LlRGGOCJnu7sxh41o_WlgPXBn3VIc4LUEgZWK4ks_Wer9At_CnzZe3XoLPKSiwGiuig_xjGsFZyAEg/s1600/hr.png" height="304" width="640" /></span></a></div>
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<span style="background-color: #f9f9f9; color: #444444; font-family: Georgia, Times New Roman, serif; line-height: 26px;">Leading Telecommunications company in Greece-edited</span><span style="font-family: Georgia, Times New Roman, serif;"><br /></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9eatVh-gou8hfZlVcEqo-9FG3s1fr94pE4SpfcAcLQ0psUqDntOWoy41TXevTPj_4FbOv_wqGuklz8YoAP62_zHfw0TGCbNoPZFqQesBnEPrv3Ki1dsh0A07Y0kY9SVTgdeCMpbqPb58/s1600/cosm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9eatVh-gou8hfZlVcEqo-9FG3s1fr94pE4SpfcAcLQ0psUqDntOWoy41TXevTPj_4FbOv_wqGuklz8YoAP62_zHfw0TGCbNoPZFqQesBnEPrv3Ki1dsh0A07Y0kY9SVTgdeCMpbqPb58/s1600/cosm.png" height="308" width="640" /></span></a></div>
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<span style="background-color: #f9f9f9; color: #444444; font-family: Georgia, Times New Roman, serif; line-height: 26px;">Leading retail operator in Greece</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQrNQVp6hA8SOjNgvqSNMLLnuM4ff2rMuxNPSdiDmFG_OgW9h9MnmFneBXh-vqj0zlIJQxHY612ArKVw8MmOUD3ooFNet8bnHmCTTDBz4-K8fy0qumCGhtv6Tm5GlWmX27kypDKljlCNk/s1600/pub.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQrNQVp6hA8SOjNgvqSNMLLnuM4ff2rMuxNPSdiDmFG_OgW9h9MnmFneBXh-vqj0zlIJQxHY612ArKVw8MmOUD3ooFNet8bnHmCTTDBz4-K8fy0qumCGhtv6Tm5GlWmX27kypDKljlCNk/s1600/pub.png" height="305" width="640" /></span></a></div>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">It seems that these waveforms are similar to a <b>manipulated oscillograph signal</b> where the peak comes in "Sponsored Campaigns" periods and then to zero, till the next paid campaign. </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNnB8WobKG1wIZ-7JM9LBCes1yupcUCd3p0efNYs1f2_nNlns19RpSW1j7XM1FeywXEy3TGS_O5WmoE9foj-61Pu4gsANF3MlT31anERhx5uxLCJDw7ntMNMx_jPLwLM2FyD1LHBOLjv4/s1600/pub.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNnB8WobKG1wIZ-7JM9LBCes1yupcUCd3p0efNYs1f2_nNlns19RpSW1j7XM1FeywXEy3TGS_O5WmoE9foj-61Pu4gsANF3MlT31anERhx5uxLCJDw7ntMNMx_jPLwLM2FyD1LHBOLjv4/s1600/pub.png" height="234" width="640" /></span></a></div>
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<span style="color: #444444;"><br /></span>
<span style="color: #444444;">There are tons of examples like these. Off course, some of these effects could be explained by deeper analysis of econometric advertising models, mentioned <a href="http://ecognomy.blogspot.gr/2014/01/econometric-models-of-advertising.html">here</a>, but is this the best we can do with these new media? Where is organic traffic? Does paid traffic have a decent ROI in terms of brand engagement?</span></span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><span style="color: #444444;"><br /></span>
<span style="color: #444444;">It depends.</span></span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><span style="color: #444444;"><br /></span>
<span style="color: #444444;">I believe that the virtual digital economies which are developing as we speak will reshape the landscape of marketing as we know it. But do marketers do their best in order to engage with the customer, as brand ambassadors? The images above indicate that apart from the times that we press the button "Boost Post", things do not go very well in terms of brand engagement. Further </span><b style="color: #444444;">KPI's</b><span style="color: #444444;">, like numbers of comments and shares, retweets and favorites, per brand page, analyzed with statistical tools, should easily verify this hypothesis. </span><span style="color: #444444;">I understand that perhaps, the higher the numbers, the higher is the brand perception and other key brand assets, but are the results discrete and measurable? </span></span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><span style="color: #444444;"><br /></span>
<span style="color: #444444;">In the long term, does the world have enough <b>strategists</b> to make optimum use of the new technologies and channels of communication?</span></span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><span style="color: #444444;"><br /></span>
<span style="color: #444444;">For the time being we have:</span></span><br />
<ul style="text-align: left;">
<li><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Google, Facebook, Twitter charging and <b>gaining billions</b> for "awareness" and "engagement".</span></li>
<li><span style="background-color: white; line-height: 22px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Overvalued <b>IPOs</b>, overnight millionaires, questionable business models, startups offering frivolous services, fake engagement tools and similar services.</span></span></li>
<li><span style="line-height: 22px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Marketers trying to deliver actions with <b>ROI</b> but frequently unable to achieve optimum brand engagement, let alone incremental sales or other corporate goals.</span></span></li>
<li><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 22px;"><b>3B</b> customers who are now online but have the same purchasing</span><span style="line-height: 22px;"> power that they would have if digital marketing wouldn't exist in a parallel universe.</span></span></li>
<li><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 22px;"><b>Academics</b> trying to follow up and model consumer behavior</span><span style="line-height: 22px;"> versus both real-life and digital marketing stimuli as technology advances.</span></span></li>
</ul>
<span style="color: #444444;"><span style="font-family: Georgia, Times New Roman, serif; line-height: 22px;">A nice bubble? I think, yes.</span></span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><span style="color: #444444;"><span style="line-height: 22px;"><br /></span></span>
<span style="color: #444444;"><span style="line-height: 22px;">How would Aristotle structure his philosophical pillars if he was writing his "Athenian Constitution" in his free time while working as a Chief Marketing Officer for Facebook or Google?</span></span></span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><span style="color: #444444;"><span style="line-height: 22px;"><br /></span></span>
<span style="color: #444444;"><span style="line-height: 22px;"><b>21st century. Who will pay for the news?</b></span></span></span></div>
Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-84533839505963878902014-03-12T15:35:00.002-07:002014-03-12T15:35:40.278-07:005+1 Latest Viral Commercials<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCQmdIee2AdPJfCK95Vpj41rdtmp1uiJ8ACH3LNWtNciI7eNzn-fr3gBC_E2Ji_spVfViOKjy7YYVORaVkUEmnZaXdV00dAAQYyURw8x1uwpeX30DZRH4GLpfY83BSbprwTtej-4GIswA/s1600/viral22.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCQmdIee2AdPJfCK95Vpj41rdtmp1uiJ8ACH3LNWtNciI7eNzn-fr3gBC_E2Ji_spVfViOKjy7YYVORaVkUEmnZaXdV00dAAQYyURw8x1uwpeX30DZRH4GLpfY83BSbprwTtej-4GIswA/s1600/viral22.png" height="296" width="640" /></a></div>
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<b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">The latest February commercials that went viral!</span></b></div>
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<b style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 14px;"><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;">5. </span></b><span style="background-color: transparent; text-align: left;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: medium;"><b>M&M'S Superbowl Ad</b></span></span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium; line-height: 20px;"><b>4. </b></span><span style="background-color: transparent; line-height: 20px; text-align: left;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: medium;"><b>Jägermeister </b></span></span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: large; line-height: 20px;">UK</b></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;"><b>3. Jerry Ricecake Superbowl Ad</b></span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;"><b>2. U2 "Invisible" & Bank of America</b></span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;"><b>1. Wonderful Pistachios Superbowl Ad</b></span></div>
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<b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;">Lucky Star: </span></b><b style="background-color: transparent;"><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;">SOS Children Villages</span></b></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-33275170347745957652014-03-07T16:19:00.001-08:002014-04-12T18:09:21.390-07:00Win with Adwords Strategic Decisions<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 20.25pt;">I make myself tiring when i say to my friends and colleagues again and again that
what is missing nowadays is not skill, but critical thinking. <b>Strategic
insight and then tactical implementation.</b></span><br />
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 20.25pt;"><b><br /></b></span></div>
<div style="text-align: justify;">
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 20.25pt;">Marketers are not an exception.</span><br />
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 20.25pt;"><br /></span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 20.25pt;">Now, if we think Adwords from a marketer’s holistic
point of view, caution is necessary; otherwise our campaign is doomed to fail.
What else could we put emphasis on, apart from grouping the keywords correctly,
using optimized settings and then </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 20.25pt;">sitting back to drink scotch </b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 20.25pt;">(or soda if you prefer),</span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 20.25pt;"> </b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 20.25pt;">thus</span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 20.25pt;"> </b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 20.25pt;">leaving
our account to run without intervention?</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b><span style="font-size: large;">Ignoring
our Unique Selling Proposition</span></b><o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">USP stands for <b>Unique Selling Proposition</b>. The USP states that such campaigns made
unique propositions to the customer that convinced them to prefer or even switch
brands. In
Google Adwords, no part of the marketing campaign needs a USP more than our
ads. If we write the headline, benefits and URLs without strategic insight on
how to sell the offer to a specific customer, our ads will fail. The stimuli
provided by the ad <b>will not cause attention</b> and perceptual selection, causing
CTR and ad position in the search results to go down.</span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;">Instead, before writing any Adwords ads, we should try to
understand and be ready to circulate the benefits of our advertised products or
services. Understand our target customer, the needs and solutions they would
value. Reflect all of these points in our ads and landing pages. Bid on the
brand, not the money. Google may reward us with high quality score (QS) and
customers will reward us with a good Click-Through-Rate (CTR) and, why not, feasible
lead generation. This is the quintessence of marketing, after all. Satisfying customer
needs.</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><strong><span style="font-size: large;">“Highest bid for the highest position” strategy</span></strong><span style="font-size: small; font-weight: normal;"><o:p></o:p></span></span></h2>
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<span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;">“Turnover is
vanity and profit is sanity”.</span><span class="apple-converted-space" style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;"> </span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;">I
will bypass the theory behind the auction computational problem that is called
Google Adwords, even though I strongly recommend deeper digging in publications
of researchers like </span><b style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;">Aranyak Mehta</b><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;"> or </span><b style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;">Nikhil Devanur</b><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;"> as food for thought for the
computational mechanism behind Adwords. The truth is that </span><b style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;">we must be stupid if
we think that we must bid the most to get higher search result positions</b><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;">. This
is a common Google Adwords budgeting mistake that will waste</span><span class="apple-converted-space" style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;"> </span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;">money</span><span class="apple-converted-space" style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;"> </span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;">and leave us with nothing more to
spend very soon.</span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;"> </span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;">It may get us to the top temporarily, but it’s
definitely</span><b style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;"> not</b><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;"> a sustainable strategy for our resources. Especially if our PPC
campaign is the part of our strategic marketing plan and we have limited
budget.</span></div>
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<span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 17.25pt;"><br /></span></div>
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<div style="text-align: justify;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Instead, we
may opt for the long-term, budget-safe solution. Improve the relevancy and
consistency of our ads, ad groups, keywords<span class="apple-converted-space"> </span>and
landing pages, then Google will increase our Quality Score (QS). A good QS may
increase the frequency of our ads at better positions and our CPC may go down.
By improving overall quality in PPC campaigns, we end up to spend less budget for
a higher position in the long-term.<o:p></o:p></span></div>
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<h2 style="margin: 9.6pt 0in 4.8pt; text-align: justify;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;">Forgetting conversion profit margins
& costs p.u.</span><span style="font-size: small; font-weight: normal;"><o:p></o:p></span></span></h2>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh13Fg0VELQT1forCrP-dUfzLenfE3fSJNLnHWFwPd2TrJLrE_BZd2W0ODXwPsk-Yw8ohGQCtwcpVsFJSMy7gRy4U8lF-95oural-z_SrtZ6XccCt3iRETHTnbIFtpPrEiVBJ8S6qJOHso/s1600/conversions+google+adwords.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh13Fg0VELQT1forCrP-dUfzLenfE3fSJNLnHWFwPd2TrJLrE_BZd2W0ODXwPsk-Yw8ohGQCtwcpVsFJSMy7gRy4U8lF-95oural-z_SrtZ6XccCt3iRETHTnbIFtpPrEiVBJ8S6qJOHso/s1600/conversions+google+adwords.jpg" height="212" width="400" /></a></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.2pt;">Not setting up conversions
for sales or enquiries so that ROI of this marketing action can be measured? No
conversion tracking? Not understanding the profit margins and marketing costs
per unit for our products or services so that we can set a price per click?
</span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.2pt;">FAIL.</b></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.2pt;"><br /></span></div>
<div style="text-align: justify;">
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.2pt;">When we spend €10,000
on Google Adwords, this is a cost. Marketing costs need to have a ROI. Wise planning of cost
per conversion/impression/click/unit/day etcetera is highly recommended. Off
course, there is always the </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.2pt;">opportunity cost</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.2pt;">, the cost of the missed
opportunity. Ok, </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.2pt;">it’s time for some critical thinking</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.2pt;">, I guess. But come on, had
we managed the account better and spent our budget in a smarter way, we
may have had more satisfying financial results. Which is why we are paid for, at the end
of the day.</span></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-10478239059184427962014-02-23T09:18:00.000-08:002014-02-23T09:22:38.969-08:00Target markets and ANN<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19px;">Once we, marketers, have determined our business products or services, we must accurately identify our target markets. The target market is the actual customer group, or audience, in which our business will attempt to sell its products and services. Target marketing tailors a marketing mix for one or more segments identified by market segmentation and usually contrasts with mass marketing, depending on the industry, the competition, the marketing budget of the business, NGO vs non-NGO, etcetera. </span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">Many techniques have been used in order to select the target markets, such as </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">statistical regression </b><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">(Bult&Wansbeek, 1995), </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">neural computing</b><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"> (Zahavi&Levin, 1997) and </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">fuzzy clustering </b><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">(Setnes&Kaymak, 2001). </span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19px;">Direct marketing is, off course, a well-known type of marketing, used by businesses, in order to target, call to action and increase profits. </span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">A well-executed direct advertising campaign can have a satisfying Return On Investment, since many potential customers responded to a clear call-to-action. </span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">The growing interest in direct marketing techniques has made it an important application field for marketers and data mining professionals</span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">.</span><br />
<b style="line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><br /></span></b>
<b style="line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">CHAID vs ANN</span></b><br />
<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><br /></b>
<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Artificial neural networks (ANN)</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> are "computational </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">models</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> inspired by animals' </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">central nervous systems</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> that are capable of </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">machine learning</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> and </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">pattern recognition"</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">. They are presented as systems of interconnected </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">neurons</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> that can compute values from inputs by feeding information through the network. </span><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTqz_1sQaaNOYa3h9UusvyMt42kWSmfOUcgblbp6wrzpJJ_1I_sskIJc7GkZkoyYGREpTPx4y2mCFAzMYYLbBrMQyuGU0VBc0pF19dJmz0zZdTiOuTiZqspb1-SQqDdUmuIdfLX860hlk/s1600/Colored_neural_network.svg.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTqz_1sQaaNOYa3h9UusvyMt42kWSmfOUcgblbp6wrzpJJ_1I_sskIJc7GkZkoyYGREpTPx4y2mCFAzMYYLbBrMQyuGU0VBc0pF19dJmz0zZdTiOuTiZqspb1-SQqDdUmuIdfLX860hlk/s1600/Colored_neural_network.svg.png" height="320" width="265" /></a></span></div>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Commonly, a class of statistical models may be called "neural" if they</span><br />
<ol style="background-color: white; line-height: 19.1875px; list-style-image: none; margin: 0.3em 0px 0px 3.2em; padding: 0px;">
<li style="margin-bottom: 0.1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">consist of sets of adaptive weights, i.e. numerical parameters that are tuned by a learning algorithm, and</span></li>
<li style="margin-bottom: 0.1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">are capable of approximating non-linear functions of their inputs.</span></li>
</ol>
<div style="background-color: white; line-height: 19.1875px; margin-bottom: 0.5em; margin-top: 0.4em;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The adaptive weights are conceptually connection strengths between neurons, which are activated during training and prediction.</span></div>
<div style="background-color: white; line-height: 19.1875px; margin-bottom: 0.5em; margin-top: 0.4em;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="background-color: transparent;">As aforementioned, marketers should divide the market into segments. A product offer would then </span><span style="background-color: transparent;">be made to those people who are considered to be in the market segment for which the </span><span style="background-color: transparent;">product was meant. A</span><span style="background-color: transparent;">utomation segmentation techniques have been used to divide the customers into a </span><span style="background-color: transparent;">number of segments, like <b>CHi-squared Automatic Interaction </b></span><span style="background-color: transparent;"><b>Detection (CHAID)</b>. </span><span style="background-color: transparent;">CHAID</span><span style="background-color: transparent;"> is a type of </span><span style="background-color: transparent;">decision tree</span><span style="background-color: transparent;"> technique, that is</span><span style="background-color: transparent;"> used for prediction</span><span style="background-color: transparent;"> as well as classification and detection of interaction between marketing variables. </span><span style="background-color: transparent;">In practice, CHAID is often used in the context of </span><span style="background-color: transparent;">direct marketing</span><span style="background-color: transparent;"> to<b> select groups of consumers and predict how their responses to some variables affect other variables</b>.</span></span></div>
<div style="background-color: white; line-height: 19.1875px; margin-bottom: 0.5em; margin-top: 0.4em;">
<span style="background-color: transparent; color: #444444; font-family: Georgia, 'Times New Roman', serif;">When a segmentation method such as CHAID is used to determine target segments which are more likely to respond to marketing actions</span><span style="background-color: transparent; color: #444444; font-family: Georgia, 'Times New Roman', serif;">, the data set is split into </span><span style="background-color: transparent; color: #444444; font-family: Georgia, 'Times New Roman', serif;">disjoint groups and the groups that are considered to be most likely to respond are targeted through a marketing action, e.g. mailed </span><span style="background-color: transparent; color: #444444; font-family: Georgia, 'Times New Roman', serif;">preferentially. <b>Neural networks, however, do not segment data into disjoint groups. </b>That means, a </span><span style="background-color: transparent; color: #444444; font-family: Georgia, 'Times New Roman', serif;">different approach is needed to develop target selection models by using neural networks. </span><span style="background-color: transparent; color: #444444; font-family: Georgia, 'Times New Roman', serif;">Since target selection models try to differentiate responders from non-responders, marketers could </span><span style="background-color: transparent; color: #444444; font-family: Georgia, 'Times New Roman', serif;">consider formulating the problem as a classification problem and develop a network that </span><span style="background-color: transparent; color: #444444; font-family: Georgia, 'Times New Roman', serif;">classifies each input pattern as a responder or non-responder. </span><span style="background-color: transparent; color: #444444; font-family: Georgia, 'Times New Roman', serif;">However, the classes are not well separated </span><span style="background-color: transparent; color: #444444; font-family: Georgia, 'Times New Roman', serif;">in target selection problems. </span><span style="background-color: transparent; color: #444444; font-family: Georgia, 'Times New Roman', serif;"> </span></div>
<div style="margin-bottom: 0.5em; margin-top: 0.4em;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;">Furthermore, the miss-classification costs </span><span style="line-height: 19.1875px;"> are asymmetric. Miss-classifying a possible responder as a non-responder and not targeting </span><span style="line-height: 19.1875px;">that individual <b>is more costly to the direct marketing company than miss-classifying a non-responder </b></span><span style="line-height: 19.1875px;"><b>as a responder</b>. Therefore, another method than pure classification should be used. </span><span style="line-height: 19.1875px;">One solution could be to define a measure for the "likelihood" of an individual to respond (call-to-action) via</span><span style="line-height: 19.1875px;"> the marketing action, e.g. mailing. The individuals are then ordered according to this measure, and only the ones that </span><span style="line-height: 19.1875px;">score above a given threshold </span>θj <span style="line-height: 19.1875px;">are targeted (target scoring). </span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwxnbCpDW2C9Jtc2YSwxc0zDuvVCrhLLEDX7ImOubVBzKeA1sBuiXmn9JS7PLa8lizgrkI0cmJwON_OrWgF98WGTwGHzpatGpSLLXvb5eV_gLSiq4kfite4SK7CtKHAyDnvCt5JsBh1ac/s1600/ArtificialNeuronModel_target+scoring.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwxnbCpDW2C9Jtc2YSwxc0zDuvVCrhLLEDX7ImOubVBzKeA1sBuiXmn9JS7PLa8lizgrkI0cmJwON_OrWgF98WGTwGHzpatGpSLLXvb5eV_gLSiq4kfite4SK7CtKHAyDnvCt5JsBh1ac/s1600/ArtificialNeuronModel_target+scoring.png" height="190" width="400" /></span></a></div>
<div style="margin-bottom: 0.5em; margin-top: 0.4em;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;">Artificial n</span><span style="line-height: 19.1875px;">eural network models for target selection fall into this category. </span><span style="line-height: 19.1875px;">The output of </span><span style="line-height: 19.1875px;">the neural network is then a <b>measure of likelihood of response</b> (Potharst et al., 2001)<b>.</b> Now, t</span><span style="line-height: 19.1875px;">he goal of determining the </span><span style="line-height: 19.1875px;">neural network would be to <b>determine a correct set of network parameters (weights) such that a </b></span><span style="line-height: 19.1875px;"><b>good indication of the likelihood of response of the supporters is obtained</b>, given the inputs to </span><span style="line-height: 19.1875px;">the network. Naturally, these inputs must convey information about the characteristics of the supporters, including demographic, geographic, or even psychographic and behavioral variables.</span></span></div>
<div style="margin-bottom: 0.5em; margin-top: 0.4em;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><span style="line-height: 19.1875px;"><b>ANN configuration and analysis</b></span></span></div>
<div style="margin-bottom: 0.5em; margin-top: 0.4em;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"></span></div>
<div style="margin-bottom: 0.5em; margin-top: 0.4em;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;">In target selection problems we form the model of the likelihood of response </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">at a single point in time, given various supporter characteristics and/or their past behavior. In real life, </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">feed-forward neural networks are sufficient for target selection </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">problems. The nonlinear activation function of the neurons also has an influence on the final neural </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">network model for a given network structure and the number of neurons. The logistic sigmoid </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">function:</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIQue6e6HTr-hAwxlNcEYe-xRIv4aTsDUZFsm0TxQfvIX0nNPTG_k2taI5P2kNm8zUo-i46gAHr5GztQRPsB6R4v30UGYLM1iXo1SHdNSMIbxXOjBotUEjyLP4_qK2iFDaE_Mp9DJyZDo/s1600/logistic.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIQue6e6HTr-hAwxlNcEYe-xRIv4aTsDUZFsm0TxQfvIX0nNPTG_k2taI5P2kNm8zUo-i46gAHr5GztQRPsB6R4v30UGYLM1iXo1SHdNSMIbxXOjBotUEjyLP4_qK2iFDaE_Mp9DJyZDo/s1600/logistic.png" /></span></a></div>
<div style="margin-bottom: 0.5em; margin-top: 0.4em;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;">is often used since the </span><span style="line-height: 19.1875px;">neural network output is expected to lie in the range [0,1] (likelihood of response). Thus,</span><span style="line-height: 19.1875px;"> the neural network model can be analyzed as a <b>generalized nonlinear </b></span><span style="line-height: 19.1875px;"><b>regression model with the likelihood [0,1] of response to our marketing action as an output</b> .</span></span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">We may visualize our target selection model through a hit probability chart. </span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiIdqjsjO-IjoH5fEsJ74E_WXhUr94tVn-gY_HftqQ5kZaojWs01BNo5kPHwHGrfRtX_yj4eIv1yzU6t1bRgNWrIvjeeFbIf66Nfp-FfJFCSibV8KiwVIriMYYNjd-CvSvzNSoQtknMzI/s1600/Prob+chart.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiIdqjsjO-IjoH5fEsJ74E_WXhUr94tVn-gY_HftqQ5kZaojWs01BNo5kPHwHGrfRtX_yj4eIv1yzU6t1bRgNWrIvjeeFbIf66Nfp-FfJFCSibV8KiwVIriMYYNjd-CvSvzNSoQtknMzI/s1600/Prob+chart.png" height="173" width="320" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="line-height: 19.1875px; text-align: left;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;"><i>Potharst et al. 2001</i></span></span></td></tr>
</tbody></table>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;"></span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">A hit probability chart exposes what percentage of a selected population may respond to our marketing action. The x-axis shows a percentage of the total group selected for targeting and the y-axis shows what percentage of that group is a responder to our call-to-action. The hit probability chart for a successful model starts with high values of hit probability. As the size of the selected group increases, the percentage of responders within the selected group will decrease until the hit percentage is equal to the percentage of responders within the total marketing action eg. mailing considered in the campaign.</span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">In real life, after data preparation and data set selection, marketers may use </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">IBM SPSS Neural Networks </b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">as a modern modelling tool. </span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjw-s-RmkADBvtahMeQDV-tMavVeaV8Jjt6w-jGwv-rDSpC8O1Lm2PsLEJ4sw_U8fRVhhVq7-XtOHjucv8uaIrGHOAncA2sI8BNl9YAHkDUimq-VjBcmATAEoheQB_stki-T6bzkcpIIKs/s1600/IBM+SPSS+NN.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjw-s-RmkADBvtahMeQDV-tMavVeaV8Jjt6w-jGwv-rDSpC8O1Lm2PsLEJ4sw_U8fRVhhVq7-XtOHjucv8uaIrGHOAncA2sI8BNl9YAHkDUimq-VjBcmATAEoheQB_stki-T6bzkcpIIKs/s1600/IBM+SPSS+NN.jpg" height="372" width="640" /></span></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;"><br /></span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">With SPSS Neural Networks, marketers may select either the <b>Multilayer Perceptron (MLP)</b> or<b> Radial Basis Function (RBF)</b> procedure. Both of these are map relationship techniques implied by the data. Both use feedforward architectures, meaning that data moves in only one direction, from the input nodes through the hidden layer of nodes to the output nodes. Prior research has indicated that <b>neural network models may perform better than the CHAID model</b>, while they perform on an equal level with the logistic regression models we aforementioned.</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b><span style="font-size: large;">Conclusion</span></b></span></div>
<div style="line-height: 19.1875px; margin-bottom: 0.5em; margin-top: 0.4em;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">In general, <span style="background-color: white; line-height: 20px;">ANN for Marketing can be viewed as a modelling tool that helps marketers to take decisions.<b> </b></span><span style="background-color: white; line-height: 20px;">ANN can recognize patterns, pick up key information that are not easily identifiable and develop relationships among them</span><span style="background-color: white; line-height: 20px;">. Marketers are expected to fully take advantage of the ANN modeling in order to solve their target selection problem faster and more efficiently.</span></span></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-79347935053229060182014-02-15T11:47:00.000-08:002014-02-15T11:50:33.990-08:00Capitalistic materialism and happiness; an holistic approach<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcVGaFC7mK-tmbf1FebJAtI4nvWGYEHJXtydcI6iP11_tWbxkcb0t0IZrUC5LhLRp2V9hWyZomeZpQz9cKGfGETGKa8Bl0vpn0Kuv6lZnMgo6FhOo4a0Lswiwf3s-qQnthMehoBwYSXxc/s1600/consume2.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcVGaFC7mK-tmbf1FebJAtI4nvWGYEHJXtydcI6iP11_tWbxkcb0t0IZrUC5LhLRp2V9hWyZomeZpQz9cKGfGETGKa8Bl0vpn0Kuv6lZnMgo6FhOo4a0Lswiwf3s-qQnthMehoBwYSXxc/s1600/consume2.jpeg" height="425" width="640" /></a></div>
<span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial; line-height: 115%;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 18px;"><br /></span></span></span>
<span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial; line-height: 115%;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 18px;"><br /></span></span></span>
<span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial; line-height: 115%;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 18px;">“The world says: "You have needs -- satisfy them. You have as much right as the rich and the mighty. Don't hesitate to satisfy your needs; indeed, expand your needs and demand more." This is the worldly doctrine of today. And they believe that this is freedom. The result for the rich is isolation and suicide, for the poor, envy and murder.” </span></span></span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial; line-height: 115%;"><br style="line-height: 18px;" /><span style="line-height: 18px;">― </span></span>Fyodor Dostoyevsky<span style="background-color: white; line-height: 18px;">, </span><i style="background-color: white; line-height: 18px;">Th</i><i style="background-color: white; line-height: 18px;">e Brothers Karamazov: A Novel in Four Parts With Epilogue</i></span><br />
<span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial; line-height: 115%;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></span>
<span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial; line-height: 115%;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b>Materialism, the forgotten child of monist ontology.</b> The nature and
definition of matter have occasioned much philosophical debate, even from
ancient times. </span></span><br />
<span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial; line-height: 115%;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></span>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvtj2gEjmdOaJr4EsPbrwzcmHV2yzk4R0-h5bGQAnvZ1BbO3gZkv56jwhtTPDVs8Ppx1U5-fZOy_TlufrAYuF_8BLFuWfJrZmoNrSTA9rxhC5UoPvuS1GgoAH_BfCseehkKHIJ6aZRi0E/s1600/Jean-Paul_Sartre_FP.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvtj2gEjmdOaJr4EsPbrwzcmHV2yzk4R0-h5bGQAnvZ1BbO3gZkv56jwhtTPDVs8Ppx1U5-fZOy_TlufrAYuF_8BLFuWfJrZmoNrSTA9rxhC5UoPvuS1GgoAH_BfCseehkKHIJ6aZRi0E/s1600/Jean-Paul_Sartre_FP.JPG" height="200" width="196" /></a><span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial; line-height: 115%;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">In ancient Greece, philosophers like <b>Thales, Epicurus
and Democritus </b>prefigure later materialists; their theory mainly suggests that
all that exists is matter and void, and all phenomena result from different
motions of base material particles. During the Middle Ages, Pierre Gassendi
represented the materialist tradition, as opposed to René Descartes' theory,
according to which natural sciences may be explained with dualist foundations. In
the 19th century, Karl <b>Marx </b>extended the concept of materialism to elaborate an
alternative conception of history based on the empirical world of human
activity, thus establishing the dialectical materialism. But, how is
materialism perceived today, in a global playground? There are three ways of
attaining happiness, according to<b> Sartre</b>: by having, doing and being. Over the
next decades, sociologists and psychologists began to train their sights on the
study of gaining external happiness, Sartre's concepts of having and doing had
become the psychosocial ideas of materialism. Materialism may be nowadays
described as a way of thinking that gives much importance to material
possessions rather than intellectual things. That means, materialism is
nowadays considered as a <b>sociological tool in developing an understanding of
modern capitalistic culture </b>via referring to the desire of material needs, rather than a
philosophical argument or a conception of history. But, would materialism and
consumerism be accompanied by greater well-being?</span></span><br />
<span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial; line-height: 115%;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></span>
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<div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Materialism
and wealth are many times perceived as related terms. Actually, wealth may be
an elusive as well as an extrinsic goal. Many people chase money; few achieve
great wealth. Are rich people happier than poor people? In order to answer these
fundamental questions, we will may try to explain materialism as a construct.
Materialism, as the devotion to acquisition and possession, may be described as
a defining characteristic of our age which has been criticized on religious, philosophical, and social grounds.
Materialism as an individual variable has been effectively defined by Richins &
Dawson (1992). <b>Their scale measures three components of materialism:
acquisition as the central goal in human life, including acquisition as the
path to happiness and success in life as defined by possessions. </b>High scorers,
compared to low scorers, are in general less satisfied with life, want more
money, are less likely to share, and seem to suffer from poor adjustment, much
like those who are preoccupied with money. High scorers also value financial
security, while low scorers give priority to interpersonal relationships and a
sense of personal accomplishment. On the same basis, researchers have conceptualized materialism as the
consumption style that results when consumers perceive that value inheres in
consumption rather than in experiences and people. </span></span></div>
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<span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="background-color: white;">Well-being
may be easily correlated with materialism. Well-being may assessed in terms of science as subjective well-being or <b>SWB</b> (Diener 1984), which encompasses the cognitive appraisal of one’s life as satisfactory.
Given strong motives for acquiring money, with its promises of freedom, power,
and even love, the actual impact of income on life satisfaction within a society
seems unaccountably meager. Academic researchers such as Ahuvia and Friedman change the focus from objective wealth to subjective appraisals. For instance,
they report a strong relationship between perception of income and subjective
well-being. SWB increases as income increases from below average to above
average within one’s home community. <b>The subjective approach also helps us
understand why financial goals seem to have an insatiable quality</b>: as people acquire
more, they seem to want even more, with dissatisfaction persisting along with
apparent success. However modest the relationship between income and SWB, once the
poverty threshold is passed, it is still a positive relationship. Money matter
for well-being, but that money’s influence is mediated and limited by
personality buffers (self-esteem, control and optimism). Individuals’ happiness
level is more or less preset, going up a bit when we experience self-esteem,
control, and optimism, and going down a bit when those qualities falter.
Increased income has a positive effect all aforementioned buffers, and therefore
the happiness level moves toward the upper end of the range. </span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="background-color: white;"><b>Materialism and
SWB may be highly correlated.</b> Initial evidence of the relationship between
materialism and well-being was provided by Belk (1985), who associated
materialism with such undesirable traits as non-generosity, envy, and greed and
found that these traits have a significant negative correlation with both
happiness and overall life satisfaction. Subsequent studies using Belk’s scale
have found that materialism is negatively correlated with satisfaction with
personal finances and career accomplishments and positively correlated with
social anxiety, dependency or even self-criticism.</span></span></div>
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<span lang="EN-US" style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">Well-being predictors may be categorized as genetically
determined, circumstantial, or intentional positive behaviors and cognitions</span><span lang="EN-US" style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"><span style="background: white;">.
Genetic factors, such as genes and personality traits, account for a large
percentage of the variation in between-subject well-being, but they are very
difficult, if not impossible, to alter. Circumstantial factors such as income,
marital status, and employment account for only a smaller percentage of the
variance in well-being levels due to the phenomenon of hedonic adaptation. Thus,
positive behaviors offer the best potential route to longitudinal increases in
well-being since people have considerable control over these activities. <b>Hedonic
products</b> are those “whose consumption is primarily characterized by an
affective and sensory experience of aesthetic or sensual pleasure, fantasy, and
fun” (Dhar & Wertenbroch 2000). We may define
hedonic consumption as a consumer's regular expenditures on specific hedonic
products or services. It reflects how much of the hedonic experience consumers
enjoy regularly. Hedonic product usage is positively associated with consumers'
well-being, and experiential purchases may even make people happier than
material purchases. However, as the human race grows richer, the problems
associated with hedonic consumption, <b>may result in negative effects on
consumers' well-being</b>. In general, c</span>onsumers tend to<span style="letter-spacing: .45pt;"> </span>maximi<span style="letter-spacing: .15pt; mso-font-width: 103%;">z</span>e<span style="letter-spacing: .35pt;"> </span>the<span style="letter-spacing: .05pt; mso-font-width: 101%;">i</span>r<span style="letter-spacing: .4pt;"> </span>satisfac<span style="letter-spacing: .1pt; mso-font-width: 101%;">t</span>ion<span style="letter-spacing: .4pt;"> </span>thro<span style="letter-spacing: .1pt;">u</span>gh<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 103%;">e</span>conomic<span style="letter-spacing: .5pt;"> </span>activities
t<span style="letter-spacing: .05pt; mso-font-width: 104%;">h</span><span style="letter-spacing: .15pt; mso-font-width: 103%;">a</span>t<span style="letter-spacing: 4.05pt;"> </span><span style="letter-spacing: .1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: .05pt; mso-font-width: 104%;">on</span><span style="letter-spacing: .1pt; mso-font-width: 103%;">s</span>i<span style="letter-spacing: .1pt; mso-font-width: 103%;">s</span>t<span style="letter-spacing: 4.05pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">o</span>f<span style="letter-spacing: 4.05pt;"> </span><span style="letter-spacing: .1pt; mso-font-width: 101%;">t</span><span style="letter-spacing: .1pt; mso-font-width: 104%;">h</span>e<span style="letter-spacing: 4.1pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 103%;">e</span><span style="letter-spacing: .05pt; mso-font-width: 104%;">x</span><span style="letter-spacing: .1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: .05pt; mso-font-width: 104%;">h</span><span style="letter-spacing: .05pt; mso-font-width: 103%;">a</span><span style="letter-spacing: .1pt; mso-font-width: 104%;">n</span><span style="letter-spacing: .05pt; mso-font-width: 104%;">g</span>e<span style="letter-spacing: 4.05pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 103%;">a</span><span style="letter-spacing: .1pt; mso-font-width: 104%;">n</span>d<span style="letter-spacing: 4.1pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: .05pt; mso-font-width: 104%;">o</span><span style="letter-spacing: .1pt; mso-font-width: 104%;">n</span><span style="letter-spacing: .05pt; mso-font-width: 103%;">s</span><span style="letter-spacing: .1pt; mso-font-width: 104%;">u</span><span style="letter-spacing: .05pt; mso-font-width: 103%;">m</span><span style="letter-spacing: .05pt; mso-font-width: 104%;">p</span><span style="letter-spacing: .1pt; mso-font-width: 101%;">t</span>i<span style="letter-spacing: .1pt; mso-font-width: 104%;">o</span>n<span style="letter-spacing: 4.1pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">o</span>f<span style="letter-spacing: 4.05pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">g</span><span style="letter-spacing: .1pt; mso-font-width: 104%;">o</span><span style="letter-spacing: .05pt; mso-font-width: 104%;">od</span>s.<span style="letter-spacing: 3.1pt;"> </span>Consu<span style="letter-spacing: .1pt; mso-font-width: 103%;">m</span>ers<span style="letter-spacing: .7pt;"> may </span>enhance<span style="letter-spacing: .8pt;"> </span>the<span style="letter-spacing: .05pt; mso-font-width: 101%;">i</span>r<span style="letter-spacing: .7pt;"> </span>well-<span style="letter-spacing: .1pt; mso-font-width: 104%;">b</span>eing<span style="letter-spacing: .75pt;"> </span>by<span style="letter-spacing: .75pt;"> </span>recognizing
their<span style="letter-spacing: .7pt;"> </span>own<span style="letter-spacing: .75pt;"> </span>needs<span style="letter-spacing: .8pt;"> </span>and<span style="letter-spacing: .7pt;"> </span>satisfy<span style="letter-spacing: .15pt; mso-font-width: 101%;">i</span>ng<span style="letter-spacing: .7pt;"> </span>them<span style="letter-spacing: .75pt;"> </span>by<span style="letter-spacing: .7pt;"> </span>engag<span style="letter-spacing: .1pt; mso-font-width: 101%;">i</span>ng<span style="letter-spacing: .7pt;"> </span>in<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 103%;">c</span>onsumption<span style="letter-spacing: .7pt;"> </span>activity<span style="letter-spacing: .8pt;"> </span>and<span style="letter-spacing: .65pt;"> </span>att<span style="letter-spacing: .05pt; mso-font-width: 103%;">a</span>ining<span style="letter-spacing: .75pt;"> </span>consu<span style="letter-spacing: .1pt; mso-font-width: 103%;">m</span>er<span style="letter-spacing: .65pt;"> </span>produc<span style="letter-spacing: .1pt; mso-font-width: 101%;">t</span>s<span style="letter-spacing: .7pt;">. </span>Consu<span style="letter-spacing: .1pt; mso-font-width: 103%;">m</span>ption,<span style="letter-spacing: 3.45pt;"> </span>especial<span style="letter-spacing: .1pt;">l</span>y<span style="letter-spacing: 3.35pt;"> </span>of hedon<span style="letter-spacing: .05pt; mso-font-width: 101%;">i</span>c<span style="letter-spacing: 1.0pt;"> </span>c<span style="letter-spacing: .05pt; mso-font-width: 104%;">o</span>nsumer<span style="letter-spacing: 1.1pt;"> </span>produc<span style="letter-spacing: .1pt; mso-font-width: 101%;">t</span>s,<span style="letter-spacing: .95pt;"> </span>is<span style="letter-spacing: 1.1pt;"> </span>highly<span style="letter-spacing: 1.05pt;"> </span>im<span style="letter-spacing: .1pt; mso-font-width: 104%;">p</span>ortant<span style="letter-spacing: 1.05pt;"> </span>for<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 104%;">h</span>appiness among<span style="letter-spacing: 2.3pt;"> </span>modern<span style="letter-spacing: 2.35pt;"> </span>co<span style="letter-spacing: .05pt;">n</span>sumers<span style="letter-spacing: 2.35pt;">, </span>which
leads<span style="letter-spacing: .5pt;"> </span>highly<span style="letter-spacing: .55pt;"> </span>developed<span style="letter-spacing: .6pt;"> </span>econo<span style="letter-spacing: .05pt; mso-font-width: 103%;">m</span>ies to tend<span style="letter-spacing: .15pt;"> </span>to<span style="letter-spacing: .2pt;"> </span>exhibit<span style="letter-spacing: .25pt;"> </span>an<span style="letter-spacing: .2pt;"> </span>increased<span style="letter-spacing: .25pt;"> </span>emph<span style="letter-spacing: .1pt; mso-font-width: 103%;">a</span>sis<span style="letter-spacing: .2pt;"> </span>on<span style="letter-spacing: .15pt;"> </span>hedon<span style="letter-spacing: .1pt; mso-font-width: 101%;">i</span>c<span style="letter-spacing: .2pt;"> </span>consu<span style="letter-spacing: .1pt; mso-font-width: 103%;">m</span>ption.
Thus,<span style="letter-spacing: 1.25pt;"> </span>consumpt<span style="letter-spacing: .1pt;">i</span>on<span style="letter-spacing: 1.25pt;"> </span>appears<span style="letter-spacing: 1.3pt;"> </span>neces<span style="letter-spacing: .1pt;">s</span>ary for overall and subjective well-being in<span style="letter-spacing: .7pt;"> </span>mode<span style="letter-spacing: .05pt; mso-font-width: 101%;">r</span>n<span style="letter-spacing: .75pt;"> </span>societies.
The<span style="letter-spacing: -.15pt;"> </span>posse<span style="letter-spacing: .05pt;">s</span>sion<span style="letter-spacing: -.05pt;"> </span>and<span style="letter-spacing: -.15pt;"> </span>consu<span style="letter-spacing: .05pt; mso-font-width: 103%;">m</span>ption<span style="letter-spacing: -.05pt;"> </span>of<span style="letter-spacing: -.15pt;"> </span>more<span style="letter-spacing: -.1pt;"> </span>hedon<span style="letter-spacing: .05pt; mso-font-width: 101%;">i</span>c<span style="letter-spacing: -.1pt;"> </span>produc<span style="letter-spacing: .05pt; mso-font-width: 101%;">t</span>s represents<span style="letter-spacing: 3.6pt;"> </span>the<span style="letter-spacing: 3.6pt;"> </span>cul<span style="letter-spacing: .1pt;">t</span>ural<span style="letter-spacing: 3.55pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 103%;">a</span>spiration<span style="letter-spacing: 3.65pt;"> </span>towards personal<span style="letter-spacing: 1.05pt;"> </span>happi<span style="letter-spacing: .05pt; mso-font-width: 104%;">n</span>ess<span style="letter-spacing: .7pt;"> </span>and<span style="letter-spacing: 1.0pt;"> </span>well-<span style="letter-spacing: .1pt; mso-font-width: 104%;">b</span>eing.</span></div>
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<span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">We
should also refer to materialism and <b>strategic consumption as a means for
social affiliation</b>. Humans have an innate need to be a part of social relationships
because a social group afforded survival and safety throughout evolutionary
history. It
is not surprising that people have developed psychological mechanisms that help
them ensure that their need to belong is being met. More specifically,
exclusion heightens people’s tendency to form new social connections. Excluded
people are eager to work and play with others, and they tend to view new
sources of social connection in a positive, optimistic light. Consumers use the
symbolic ways of consumption as a way to communicate information about
themselves to others. Such communication attempts are particularly prevalent
when people want to make a good impression on others or facilitate social
interaction. Thus,
self-presentational motives guide consumption decisions, and people may use
consumption as a way to communicate specific information about themselves to
others. <b>Excluded people strategically consume in the service of affiliation. </b>Happiness in
this case, may be correlated with consumption as a way to be socially accepted
and avoid social exclusion.<o:p></o:p></span></span></div>
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<span lang="EN-US" style="background-color: white; background-position: initial initial; background-repeat: initial initial;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Let's take for granted that, for the time being, in Western societies,<b> capitalistic materialism cannot be avoided</b>.<b> Brands need to sell and consumers need to consume, at least for the time being. </b>Academic researchers, brands and marketers, having understood how crucial the situational correlation between materialism and
well-being may be, need to develop a general framework of mechanisms and ethics in order to make </span></span><span lang="EN-US"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">materialistic habits better influence consumers' lifes. For instance, they could provide external stimuli and motivation for emphasizing that materialism may improve social relationships. Actually, financial aspirations are
often egocentrically motivated, to get ahead in life. But they can also be
sociocentrically motivated. Materialism could be actually motivated to satisfy
the need for relatedness. Possessions can be important stores of social
memories, tools of social protection, connection, or production. People may cherish particular possessions for such sociocentric motivations, but they may
also cherish possessions in general for these motivations, and this could
directly improve their social relationships. Both academic research and brand positioning on this possibility <b>would
provide new insights about the virtuous, positive sides of materialism</b>, and it
would contribute to a different, more holistic outlook on people’s material and
social relationships, for a better future.</span><span style="color: #4a442a;"><o:p></o:p></span></span></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-8430781728660958562014-01-22T09:40:00.001-08:002014-01-22T09:49:29.416-08:005+1 January 2014 Top Commercials<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiq3Bn37Q2eSSxXo-l3kDX0sLYNePKBKdn77tSpW1_K_p_8K1xGzLQSGxomtl7erR0faxVkEKbL4L46hmE2R0DiCpkmUvHGjk1gredjauoxnQIbodUEHrYLAQb6kRJcXpD20qC-BOkupm0/s1600/darth_ws_car.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiq3Bn37Q2eSSxXo-l3kDX0sLYNePKBKdn77tSpW1_K_p_8K1xGzLQSGxomtl7erR0faxVkEKbL4L46hmE2R0DiCpkmUvHGjk1gredjauoxnQIbodUEHrYLAQb6kRJcXpD20qC-BOkupm0/s1600/darth_ws_car.jpg" height="360" width="640" /></a></div>
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<b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">The first crazy commercials of 2014 that are going viral as we speak! Enjoy!</span></b></div>
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<b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;">5. King of Shaves "Just Add Water"</span></b></div>
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<iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/AYoPobEzAsc?feature=player_embedded' frameborder='0'></iframe></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;"><b>4. Booking.com "Booking Epic"</b></span></div>
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<iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/DjYUb42X4zE?feature=player_embedded' frameborder='0'></iframe></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;"><b>3. New Zealand "Don't Drive Fast"</b></span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;"><b>2. Bud Light "Arnold Zipper"</b></span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;"><b>1. P&G, "Thank You, Mom"</b></span></div>
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<b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: medium;">Lucky Star: </span></b><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: large;">Bud Light "Don"</b></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-69975019241227294002014-01-16T06:14:00.000-08:002014-01-16T11:56:21.675-08:00Econometric models of advertising<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmExoEmcv75w0r6E1xcM19GCm4NrxBx8re-swWowMR_hDMyL_pzOQ7g180heFuAh8YEqlK3C3jY2_MOunMGrWKyr9sKLjeVMr7fQO9EZUS_sD-mpc5j3LB99R393p1Yys9h79FUH7jj3Q/s1600/awareness-cat.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmExoEmcv75w0r6E1xcM19GCm4NrxBx8re-swWowMR_hDMyL_pzOQ7g180heFuAh8YEqlK3C3jY2_MOunMGrWKyr9sKLjeVMr7fQO9EZUS_sD-mpc5j3LB99R393p1Yys9h79FUH7jj3Q/s1600/awareness-cat.png" height="400" width="387" /></a></div>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b style="background-color: white; line-height: 19.1875px;"><br /></b></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b style="background-color: white; line-height: 19.1875px;">Advertising</b><span style="background-color: white; line-height: 19.1875px;"> is a powerful form of </span>marketing<span style="background-color: white; line-height: 19.1875px;"> </span>communication<span style="background-color: white; line-height: 19.1875px;"> used to "encourage, </span>persuade<span style="background-color: white; line-height: 19.1875px;">, or even manipulate an audience to take or continue to take some action". The final desired result is to drive consumer behavior with respect to a commercial offering, although political and ideological advertising is also common. </span></span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">The marketing mix has been the key concept to advertising. </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">The</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.4pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 115%;">k</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">eting</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.4pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">mix</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">rs to four </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 115%;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">iables (the 4 P's) </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">that</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">a ma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 115%;">k</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">eting</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.45pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">manage</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.5pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">can</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.5pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">cont</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ol in order </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">to</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.5pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">in</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">lue</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ce
a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.75pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">b</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">and</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.5pt; line-height: 115%;">’</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.7pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ale</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.75pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.75pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 115%;">k</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">et</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.7pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ha</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e. </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">The</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> basic </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">que</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">tion</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">th</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 102%; text-align: justify; text-indent: 12pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">manage</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">rs</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">ace</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> nowadays </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">,
</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">w</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">hat</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.55pt; line-height: 102%; text-align: justify; text-indent: 12pt;">
</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 102%; text-align: justify; text-indent: 12pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.15pt; line-height: 102%; text-align: justify; text-indent: 12pt;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">el</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.55pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.55pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">combination</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.6pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.55pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.6pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 102%; text-align: justify; text-indent: 12pt;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">iable</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">
maximize</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.7pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">ale</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.7pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">ma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 102%; text-align: justify; text-indent: 12pt;">k</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">et</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.7pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">ha</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">e,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.7pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.7pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.15pt; line-height: 102%; text-align: justify; text-indent: 12pt;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">it? Or, otherwise, "</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">H</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 102%; text-align: justify; text-indent: 12pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">w</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.8pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">do</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.85pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">ale</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.85pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.85pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">ma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 102%; text-align: justify; text-indent: 12pt;">k</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">et
</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">ha</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">pond</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.05pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">to</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.05pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">pa</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.05pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 102%; text-align: justify; text-indent: 12pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.15pt; line-height: 102%; text-align: justify; text-indent: 12pt;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">el</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.05pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.05pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 102%; text-align: justify; text-indent: 12pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">xpenditu</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">
on</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.2pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt; line-height: 102%; text-align: justify; text-indent: 12pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 102%; text-align: justify; text-indent: 12pt;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">iable</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">s"</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">?</span><br />
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;"><br /></span>
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-align: justify; text-indent: 12pt;">Researchers</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.15pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 115%;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.15pt; line-height: 115%;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e
d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.25pt; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 115%;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">loped</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.55pt; line-height: 115%;">
</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.55pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 115%;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">iety</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.5pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.55pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">economet</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ic</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.55pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">model</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.6pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">
<b>ma</b></span><b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 115%;">k</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">et</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">pon</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">to</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 115%;">k</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">eting</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt; line-height: 115%;"> </span></b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"><b>mix</b>, m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"> the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">which</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.9pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.15pt; line-height: 115%;">av</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.8pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ocu</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ed</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.9pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">on</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 115%;">k</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">et</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">pon</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e to</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.15pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ad</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.15pt; line-height: 115%;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ti</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ing</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 115%;"> or pricing</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.15pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">(</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 115%;">S</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ethu</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">aman,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"> 1991</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">)</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.65pt; line-height: 115%;">
</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">The</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.85pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ea</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">on</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.85pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">may</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.85pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">be</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.85pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">that</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.85pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">xpenditu</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"> on</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 115%;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">iable</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">eem</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">mo</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">di</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">etiona</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.6pt; line-height: 115%;">y</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">, </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.75pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">keting</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.75pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">mana</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 115%;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">rs</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.75pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.75pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">mo</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.8pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">conc</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ned about</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt; line-height: 115%;">
</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 115%;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">w</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">th</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">y</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">manage</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt; line-height: 115%;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 115%;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 115%;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">iable</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">. </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 102%; text-indent: 12pt;">Th</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 102%; text-indent: 12pt;">e<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.1pt;">basi</span>c<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.1pt;">philosoph</span>y<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.1pt;">underlyin</span>g<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.1pt;">th</span>e<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.1pt;">approa</span><span style="letter-spacing: -.15pt;">c</span>h
<span style="letter-spacing: -.1pt;">o</span>f<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">espons</span>e<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.05pt;">m</span><span style="letter-spacing: -.1pt;">odelin</span>g<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.05pt;">i</span>s<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">ha</span>t<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.05pt;">p</span><span style="letter-spacing: -.1pt;">as</span>t<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.05pt;">d</span><span style="letter-spacing: -.1pt;">at</span>a<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.05pt;">o</span>n<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">on</span><span style="letter-spacing: -.1pt;">s</span><span style="letter-spacing: -.1pt;">ume</span>r<span style="letter-spacing: 2.95pt;"> </span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt;">n</span>d<span style="letter-spacing: 2.95pt;"> </span><span style="letter-spacing: -.05pt;">m</span><span style="letter-spacing: -.1pt;">ar</span><span style="letter-spacing: -.2pt;">k</span><span style="letter-spacing: -.1pt;">e</span>t<span style="letter-spacing: 2.95pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.1pt;">pons</span>e<span style="letter-spacing: 2.95pt;"> </span><span style="letter-spacing: -.05pt;">t</span>o<span style="letter-spacing: 2.95pt;"> </span><span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">h</span>e<span style="letter-spacing: 2.95pt;"> </span><span style="letter-spacing: -.05pt;">m</span><span style="letter-spacing: -.1pt;">ar</span><span style="letter-spacing: -.2pt;">k</span><span style="letter-spacing: -.1pt;">et</span><span style="letter-spacing: -.15pt;">i</span><span style="letter-spacing: -.1pt;">n</span>g <span style="letter-spacing: .05pt;">m</span><span style="letter-spacing: .1pt;">i</span>x<span style="letter-spacing: 4.4pt;"> </span><span style="letter-spacing: .1pt;">contai</span>n<span style="letter-spacing: 4.35pt;"> </span><span style="letter-spacing: -.1pt;">v</span><span style="letter-spacing: .05pt;">a</span><span style="letter-spacing: .1pt;">luabl</span>e<span style="letter-spacing: 4.35pt;"> </span><span style="letter-spacing: .1pt;">informatio</span>n<span style="letter-spacing: 4.35pt;"> </span><span style="letter-spacing: .1pt;">tha</span>t<span style="letter-spacing: 4.35pt;"> </span><span style="letter-spacing: .1pt;">ca</span>n
<span style="letter-spacing: -.1pt;">enlighte</span>n<span style="letter-spacing: 1.1pt;"> </span><span style="letter-spacing: -.05pt;">o</span><span style="letter-spacing: -.1pt;">u</span>r<span style="letter-spacing: 1.1pt;"> </span><span style="letter-spacing: -.05pt;">u</span><span style="letter-spacing: -.1pt;">nderstandin</span>g<span style="letter-spacing: 1.1pt;"> </span><span style="letter-spacing: -.05pt;">o</span>f<span style="letter-spacing: 1.1pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">esponse</span>.<span style="letter-spacing: .9pt;"> </span></span><br />
<span style="line-height: 104%; text-align: justify;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 104%; text-align: justify;">Seven response models to advertising are have been already </span><span style="line-height: 13px;">patternalized: <b>C</b></span><b><span style="letter-spacing: -0.1pt; line-height: 115%;">urrent</span><span style="line-height: 115%;">,</span></b><span style="line-height: 115%;"><b> <span style="letter-spacing: -0.1pt;">s</span><span style="letter-spacing: -0.1pt;">hape</span>,<span style="letter-spacing: .55pt;"> </span><span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">ompetit</span><span style="letter-spacing: -.35pt;">i</span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.1pt;">e</span>,<span style="letter-spacing: .55pt;"> </span><span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">arry</span><span style="letter-spacing: -.25pt;">ov</span><span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.5pt; mso-font-width: 99%;">r</span>,<span style="letter-spacing: .5pt;"> </span><span style="letter-spacing: -.05pt;">d</span><span style="letter-spacing: -.1pt;">ynamic</span>,<span style="letter-spacing: .55pt;"> </span><span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">ontent</span> <span style="letter-spacing: -0.1pt;">an</span>d<span style="letter-spacing: .5pt;"> </span><span style="letter-spacing: -.05pt;">m</span><span style="letter-spacing: -.1pt;">edi</span>a<span style="letter-spacing: .5pt;"> </span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.35pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt;">ects of advertising</span>.<span style="letter-spacing: .3pt;"> </span></b><span style="letter-spacing: -.05pt;">T</span><span style="letter-spacing: -.1pt;">h</span>e<span style="letter-spacing: .5pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt;">irs</span>t<span style="letter-spacing: .5pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt;">ou</span>r <span style="letter-spacing: -0.1pt;">ar</span>e<span style="letter-spacing: 2.05pt;"> </span><span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">ommo</span>n<span style="letter-spacing: 2.0pt;"> </span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt;">cros</span>s<span style="letter-spacing: 2.0pt;"> </span><span style="letter-spacing: -.05pt;">p</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">ic</span>e<span style="letter-spacing: 2.0pt;"> </span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt;">nd the </span><span style="letter-spacing: -.05pt;">o</span><span style="letter-spacing: -.1pt;">the</span>r<span style="letter-spacing: 2.0pt;"> </span><span style="letter-spacing: -.05pt;">m</span><span style="letter-spacing: -.1pt;">ar</span><span style="letter-spacing: -.2pt;">k</span><span style="letter-spacing: -.1pt;">etin</span>g
<span style="letter-spacing: -0.3pt;">v</span><span style="letter-spacing: -0.15pt;">a</span><span style="letter-spacing: -0.1pt;">r</span><span style="letter-spacing: -0.1pt;">iables</span>.<span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.1pt;">Th</span>e<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.1pt;">las</span>t<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">thre</span>e<span style="letter-spacing: -.5pt;">
</span><span style="letter-spacing: -.1pt;">ar</span>e<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.1pt;">uniqu</span>e<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">t</span>o<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.1pt;">ad</span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.1pt;">ertising</span>. </span></span><br />
<span style="line-height: 13px; text-align: justify;"><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: left;"><span style="font-size: large;"><br /></span></b></span>
<span style="line-height: 13px; text-align: justify;"><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: left;"><span style="font-size: large;">Cur<span style="letter-spacing: -.2pt;">r</span>ent<span style="letter-spacing: 0.25pt;"> and Carryover </span>Effect</span></b></span><br />
<span style="line-height: 13px; text-align: justify;"><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: left;"><span style="font-size: large;"><br /></span></b></span>
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<span style="line-height: 13px; text-align: justify;"><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: left;"><span style="font-size: large;"><br /></span></b></span>
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt; line-height: 115%;">T</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt; line-height: 115%;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e<span style="letter-spacing: 3.9pt;"> </span><span style="letter-spacing: .15pt;">c</span><span style="letter-spacing: .1pt;">u</span><span style="letter-spacing: .15pt; mso-font-width: 99%;">rr</span><span style="letter-spacing: .15pt;">en</span>t<span style="letter-spacing: 3.85pt;"> </span><span style="letter-spacing: .15pt;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">f</span><span style="letter-spacing: .1pt; mso-font-width: 99%;">f</span><span style="letter-spacing: .15pt;">e</span><span style="letter-spacing: .1pt;">c</span>t<span style="letter-spacing: 3.9pt;"> </span><span style="letter-spacing: .15pt;">o</span>f<span style="letter-spacing: 3.9pt;"> </span><span style="letter-spacing: .15pt;">a</span><span style="letter-spacing: .1pt;">d</span>v<span style="letter-spacing: .15pt;">ert</span><span style="letter-spacing: .1pt;">i</span><span style="letter-spacing: .15pt; mso-font-width: 99%;">s</span><span style="letter-spacing: .15pt;">in</span>g<span style="letter-spacing: 3.9pt;"> </span><span style="letter-spacing: .1pt;">i</span>s<span style="letter-spacing: 5px;"> </span><span style="letter-spacing: .15pt;">th</span>e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"> <b>change<span style="letter-spacing: .1pt;"> </span>in<span style="letter-spacing: .15pt;"> </span>sales<span style="letter-spacing: .15pt;"> </span>caused<span style="letter-spacing: .1pt;"> </span>by<span style="letter-spacing: .15pt;"> </span>an<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.1pt;">e</span>xposure<span style="letter-spacing: 1.7pt;"> </span>of<span style="letter-spacing: 1.7pt;"> </span>ad<span style="letter-spacing: -.1pt;">v</span>ertising<span style="letter-spacing: 1.7pt;"> </span>occurring<span style="letter-spacing: 1.7pt;"> </span>at<span style="letter-spacing: 1.75pt;"> </span>the<span style="letter-spacing: 1.75pt;"> </span>same <span style="letter-spacing: -0.2pt;">tim</span>e<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">perio</span>d<span style="letter-spacing: -.45pt;">
</span><span style="letter-spacing: -.2pt;">a</span>s<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.35pt;">e</span><span style="letter-spacing: -.2pt;">xposure</span></b>. The x-axis here is time</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">, while<span style="letter-spacing: 1.1pt;"> </span>sales<span style="letter-spacing: 1.05pt;"> are </span>on<span style="letter-spacing: 1.05pt;"> </span>the<span style="letter-spacing: 1.05pt;"> </span><i>y</i>-axis</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"> and<span style="letter-spacing: 1.0pt;"> </span>the<span style="letter-spacing: 1.0pt;"> </span>baseline<span style="letter-spacing: 1.0pt;"> </span>sales<span style="letter-spacing: 1.05pt;"> </span>are<span style="letter-spacing: 1.0pt;"> </span>the<span style="letter-spacing: 1.05pt;"> </span>dashed line.<span style="letter-spacing: -.2pt;"> </span>The<span style="letter-spacing: -.05pt;"> </span>current<span style="letter-spacing: -.05pt;"> </span>e<span style="letter-spacing: -.25pt; mso-font-width: 99%;">f</span>fect<span style="letter-spacing: -.05pt;"> </span>of<span style="letter-spacing: -.05pt;"> </span>ad<span style="letter-spacing: -.15pt;">v</span><span style="letter-spacing: -.05pt;">e</span>rtising<span style="letter-spacing: -.05pt;"> </span>is<span style="letter-spacing: -.05pt;"> </span>the
spi<span style="letter-spacing: -.1pt;">k</span>e<span style="letter-spacing: .65pt;"> </span>in<span style="letter-spacing: .7pt;"> </span>sales<span style="letter-spacing: .65pt;"> </span>from<span style="letter-spacing: .7pt;"> </span>the<span style="letter-spacing: .7pt;"> </span>baseline<span style="letter-spacing: .65pt;"> </span>g<span style="letter-spacing: -.2pt;">i</span><span style="letter-spacing: -.15pt;">v</span>en<span style="letter-spacing: .65pt;"> </span>an<span style="letter-spacing: .7pt;"> </span><span style="letter-spacing: -.1pt;">e</span>x<span style="letter-spacing: -.05pt;">p</span>osure<span style="letter-spacing: .15pt;"> </span>of<span style="letter-spacing: .2pt;"> </span>ad<span style="letter-spacing: -.1pt;">v</span>ertising. </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">D</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">ecades</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"> of<span style="letter-spacing: .85pt;"> </span>research<span style="letter-spacing: .85pt;"> </span>indicate<span style="letter-spacing: .9pt;"> </span>that<span style="letter-spacing: .85pt;"> </span>this<span style="letter-spacing: .85pt;"> </span>e<span style="letter-spacing: -.2pt; mso-font-width: 99%;">f</span>fect<span style="letter-spacing: .85pt;"> </span>of<span style="letter-spacing: .85pt;"> </span>ad<span style="letter-spacing: -.1pt;">v</span>ertising<span style="letter-spacing: 1.1pt;"> </span>is<span style="letter-spacing: 1.15pt;"> </span>small<span style="letter-spacing: 1.15pt;"> </span>relat<span style="letter-spacing: -.2pt;">i</span><span style="letter-spacing: -.15pt;">v</span>e<span style="letter-spacing: 1.1pt;"> </span>to<span style="letter-spacing: 1.15pt;"> </span>that<span style="letter-spacing: 1.15pt;"> </span>of<span style="letter-spacing: 1.15pt;"> </span>other<span style="letter-spacing: 1.15pt;"> </span>mar<span style="letter-spacing: -.05pt;">k</span>eting
<span style="letter-spacing: -0.2pt;">v</span><span style="letter-spacing: -0.05pt;">a</span>riables<span style="letter-spacing: 2.6pt;"> </span>and<span style="letter-spacing: 2.7pt;"> </span>quite<span style="letter-spacing: 2.65pt;"> </span>fragile, as it can be </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">easily<span style="letter-spacing: -.4pt;"> </span>dr<span style="letter-spacing: -.25pt;">o</span>wned<span style="letter-spacing: -.35pt;"> </span>out<span style="letter-spacing: -.4pt;"> </span>by<span style="letter-spacing: -.35pt;"> </span>the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"> noise<span style="letter-spacing: .55pt;"> </span>in<span style="letter-spacing: .6pt;"> </span>the<span style="letter-spacing: .55pt;"> </span>data. It can be captured by the model:</span><br />
<span style="line-height: 115%;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><i><span style="line-height: 115%;">Y</span><span style="line-height: 115%; position: relative; top: 2.5pt;">t</span></i><span style="letter-spacing: 1.2pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">=<span style="letter-spacing: .25pt;"> </span>a<span style="letter-spacing: .25pt;"> </span>+<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: 1.8pt; mso-font-width: 91%;">b</span></span><span style="line-height: 115%; position: relative; top: 2.5pt;">1<span style="letter-spacing: 1.25pt;"> </span></span><i><span style="line-height: 115%;">A</span><span style="line-height: 115%; position: relative; top: 2.5pt;">t</span></i><span style="letter-spacing: 1.25pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">+<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: .5pt; mso-font-width: 91%;">b</span></span><span style="line-height: 115%; position: relative; top: 2.5pt;">2</span><i><span style="line-height: 115%;">P</span><span style="line-height: 115%; position: relative; top: 2.5pt;">t</span></i><span style="letter-spacing: 1.25pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">+<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: .5pt; mso-font-width: 91%;">b</span></span><span style="line-height: 115%; position: relative; top: 2.5pt;">3</span><i><span style="line-height: 115%;">R</span><span style="line-height: 115%; position: relative; top: 2.5pt;">t</span></i><span style="letter-spacing: 1.25pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">+<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: .45pt; mso-font-width: 91%;">b</span></span><span style="line-height: 115%; position: relative; top: 2.5pt;">4</span><i><span style="line-height: 115%;">Q</span><span style="line-height: 115%; position: relative; top: 2.5pt;">t</span></i><span style="letter-spacing: 0.15pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">+ <span style="letter-spacing: 0.25pt;"> </span></span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 18px;">e</span><i style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><span style="line-height: 18px; position: relative; top: 2.5pt;">t</span></i><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 115%;"><span style="letter-spacing: 1.05pt;"><i> </i></span></span></span><br />
<span style="line-height: 115%;"><span style="letter-spacing: 1.05pt;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></i></span></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 115%;"><span style="letter-spacing: 1.05pt;">where<i> </i></span></span><i style="text-align: justify; text-indent: 12pt;">Y</i><span style="letter-spacing: 0.05pt; text-align: justify; text-indent: 12pt;"> </span><span style="letter-spacing: -0.2pt; text-align: justify; text-indent: 12pt;">r</span><span style="letter-spacing: -0.25pt; text-align: justify; text-indent: 12pt;">epresent</span><span style="text-align: justify; text-indent: 12pt;">s</span><span style="text-align: justify; text-indent: 12pt;"> <span style="letter-spacing: -.25pt;">th</span>e <span style="letter-spacing: -.2pt;">d</span><span style="letter-spacing: -.25pt;">ependen</span>t
<span style="letter-spacing: -.5pt;">v</span><span style="letter-spacing: -.25pt;">ariabl</span>e <span style="letter-spacing: -.2pt; mso-font-width: 99%;">(</span><span style="letter-spacing: -.25pt;">e.g. </span></span><span style="text-align: justify; text-indent: 12pt;"><span style="letter-spacing: -0.25pt;">s</span><span style="letter-spacing: -0.25pt;">ales)</span>,<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">w</span><span style="letter-spacing: -.25pt;">hil</span>e<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.25pt;">th</span>e<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.25pt;">othe</span>r<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.25pt;">capita</span>l<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.25pt;">letter</span>s<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.25pt;">epresen</span>t<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.5pt;">v</span><span style="letter-spacing: -.25pt;">ari</span><span style="letter-spacing: -.25pt;">able</span>s<span style="letter-spacing: 1.7pt;"> </span><span style="letter-spacing: -.2pt;">o</span>f<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt;">t</span><span style="letter-spacing: -.25pt;">h</span>e<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt;">m</span><span style="letter-spacing: -.25pt;">ar</span><span style="letter-spacing: -.35pt;">k</span><span style="letter-spacing: -.25pt;">etin</span>g<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt;">m</span><span style="letter-spacing: -.25pt;">ix</span>,<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.25pt;">uc</span>h<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt;">a</span>s<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt;">a</span><span style="letter-spacing: -.25pt;">d</span><span style="letter-spacing: -.4pt;">v</span><span style="letter-spacing: -.25pt;">ertisin</span>g
<span style="letter-spacing: -0.25pt;">(</span><i><span style="letter-spacing: -0.25pt;">A</span></i><span style="letter-spacing: -0.25pt;">)</span>,<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.2pt;">p</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.25pt;">ic</span>e<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 99%;">(</span><i><span style="letter-spacing: -.25pt;">P</span></i><span style="letter-spacing: -.25pt; mso-font-width: 99%;">)</span>,<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.25pt;">ale</span>s<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">p</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.25pt;">omotio</span>n<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 99%;">(</span><i><span style="letter-spacing: -.25pt;">R</span></i><span style="letter-spacing: -.25pt; mso-font-width: 99%;">)</span>,<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.2pt;">o</span>r<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">q</span><span style="letter-spacing: -.25pt;">ualit</span>y<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 99%;">(</span><i><span style="letter-spacing: -.25pt; mso-font-width: 99%;">Q</span></i><span style="letter-spacing: -.25pt; mso-font-width: 99%;">)</span>.
<span style="letter-spacing: -0.25pt;">Th</span>e<span style="letter-spacing: .7pt;"> </span><span style="letter-spacing: -.2pt;">p</span><span style="letter-spacing: -.25pt;">arameter</span>s<span style="letter-spacing: .7pt;"> </span></span><span style="text-align: justify; text-indent: 12pt;">a</span><span style="letter-spacing: 2.05pt; text-align: justify; text-indent: 12pt;"> </span><span style="letter-spacing: -0.2pt; text-align: justify; text-indent: 12pt;">a</span><span style="letter-spacing: -0.25pt; text-align: justify; text-indent: 12pt;">n</span><span style="text-align: justify; text-indent: 12pt;">d<span style="letter-spacing: .7pt;"> </span></span><span style="text-align: justify; text-indent: 12pt;">b</span></span><i style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 14px; text-align: justify;"><span style="position: relative; top: 2.5pt;">k</span></i><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="text-align: justify; text-indent: 12pt;"><span style="letter-spacing: 5px;"> </span></span><span style="letter-spacing: -0.2pt; text-align: justify; text-indent: 12pt;">a</span><span style="letter-spacing: -0.25pt; text-align: justify; text-indent: 12pt;">r</span><span style="text-align: justify; text-indent: 12pt;">e<span style="letter-spacing: .7pt;"> </span><span style="letter-spacing: -.2pt;">c</span><span style="letter-spacing: -.25pt;">oe</span><span style="letter-spacing: -.5pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.45pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.25pt;">icient</span>s<span style="letter-spacing: .7pt;"> </span><span style="letter-spacing: -.2pt;">t</span><span style="letter-spacing: -.25pt;">ha</span>t<span style="letter-spacing: .7pt;"> </span><span style="letter-spacing: -.2pt;">t</span><span style="letter-spacing: -.25pt;">he </span></span><span style="letter-spacing: -0.25pt; line-height: 88%; text-align: justify;">r</span><span style="letter-spacing: -0.25pt; line-height: 88%; text-align: justify;">esearche</span><span style="line-height: 88%; text-align: justify;">r</span><span style="letter-spacing: 2.75pt; line-height: 88%; text-align: justify;"> </span><span style="letter-spacing: -0.3pt; line-height: 88%; text-align: justify;">w</span><span style="letter-spacing: -0.25pt; line-height: 88%; text-align: justify;">ant</span><span style="line-height: 88%; text-align: justify;">s</span><span style="letter-spacing: 2.7pt; line-height: 88%; text-align: justify;"> </span><span style="letter-spacing: -0.2pt; line-height: 88%; text-align: justify;">t</span><span style="line-height: 88%; text-align: justify;">o<span style="letter-spacing: 2.7pt;"> </span><span style="letter-spacing: -.2pt;">e</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.25pt;">timate</span>.<span style="letter-spacing: 2.7pt;">
</span></span><span style="letter-spacing: 0.25pt; line-height: 88%; text-align: justify;">b</span><i style="line-height: 88%; text-align: justify;"><span style="line-height: 88%; position: relative; top: 2.5pt;">k</span></i><span style="letter-spacing: 3.9pt; line-height: 88%; position: relative; text-align: justify; top: 2.5pt;"> </span><span style="letter-spacing: -0.2pt; line-height: 88%; text-align: justify;">r</span><span style="letter-spacing: -0.25pt; line-height: 88%; text-align: justify;">e</span><span style="letter-spacing: -0.3pt; line-height: 88%; text-align: justify;">p</span><span style="letter-spacing: -0.25pt; line-height: 88%; text-align: justify;">r</span><span style="letter-spacing: -0.25pt; line-height: 88%; text-align: justify;">esent</span><span style="line-height: 88%; text-align: justify;">s</span><span style="letter-spacing: 2.75pt; line-height: 88%; text-align: justify;"> </span><span style="letter-spacing: -0.2pt; line-height: 88%; text-align: justify;">t</span><span style="letter-spacing: -0.25pt; line-height: 88%; text-align: justify;">h</span><span style="line-height: 88%; text-align: justify;">e</span><span style="line-height: 88%; text-align: justify;"> <span style="letter-spacing: -0.25pt;">e</span><span style="letter-spacing: -0.5pt;">f</span><span style="letter-spacing: -0.25pt;">f</span><span style="letter-spacing: -0.25pt;">ec</span>t<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.2pt;">o</span>f<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.2pt;">t</span><span style="letter-spacing: -.25pt;">h</span>e<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt;">i</span><span style="letter-spacing: -.25pt;">ndependen</span>t<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.4pt;">v</span><span style="letter-spacing: -.3pt;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.25pt;">iable</span>s<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.2pt;">o</span>n<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt;">t</span><span style="letter-spacing: -.25pt;">h</span>e<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.2pt;">d</span><span style="letter-spacing: -.25pt;">epen</span></span><span style="letter-spacing: -0.25pt; line-height: 115%;">den</span><span style="line-height: 115%;">t<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.5pt;">v</span><span style="letter-spacing: -.25pt;">ariable</span>,<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">w</span><span style="letter-spacing: -.25pt;">her</span>e<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.25pt;">th</span>e<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.25pt;">ubscrip</span>t<span style="letter-spacing: -.1pt;"> </span><i>k</i><span style="letter-spacing: -.15pt;">
</span><span style="letter-spacing: -.25pt;">i</span>s<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.25pt;">a</span>n<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.25pt;">ind</span><span style="letter-spacing: -.4pt;">e</span>x<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.25pt;">o</span>r</span><span style="line-height: 115%;"> <span style="letter-spacing: -0.25pt;">th</span>e<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.2pt;">i</span><span style="letter-spacing: -.25pt;">ndepe</span><span style="letter-spacing: -.3pt;">n</span><span style="letter-spacing: -.25pt;">den</span>t<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.45pt;">v</span><span style="letter-spacing: -.25pt;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.25pt;">iables</span>. </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 18px;">e</span><i style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><span style="line-height: 18px; position: relative; top: 2.5pt;">t</span></i><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="letter-spacing: -0.2pt; line-height: 115%;">a</span><span style="letter-spacing: -0.25pt; line-height: 115%;">r</span><span style="line-height: 115%;">e<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.25pt;">error</span>s that can be approached as "white noise".</span></span><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="letter-spacing: -0.05pt; line-height: 115%;">T</span><span style="letter-spacing: -0.1pt; line-height: 115%;">h</span><span style="line-height: 115%;">e<span style="letter-spacing: 2.8pt;"> </span><span style="letter-spacing: -.05pt;">ca</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">y</span><span style="letter-spacing: -.2pt;">o</span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.05pt;">e</span>r<span style="letter-spacing: 2.75pt;"> </span>e<span style="letter-spacing: -.35pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.05pt;">c</span>t<span style="letter-spacing: 2.75pt;"> </span><span style="letter-spacing: -.05pt;">o</span>f<span style="letter-spacing: 2.8pt;"> </span><span style="letter-spacing: -.05pt;">ad</span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.1pt;">i</span><span style="letter-spacing: -.05pt;">n</span>g<span style="letter-spacing: 2.75pt;"> </span><span style="letter-spacing: -.05pt;">i</span>s<span style="letter-spacing: 2.8pt;"> </span><span style="letter-spacing: -.05pt;">th</span><span style="letter-spacing: -.1pt;">a</span>t</span><span style="line-height: 115%;"> <b><span style="letter-spacing: -0.05pt;">p</span><span style="letter-spacing: -0.1pt;">o</span><span style="letter-spacing: -0.05pt;">r</span><span style="letter-spacing: -0.1pt;">t</span><span style="letter-spacing: -0.05pt;">i</span><span style="letter-spacing: -0.1pt;">o</span>n<span style="letter-spacing: 1.1pt;"> </span>of<span style="letter-spacing: 1.1pt;"> </span><span style="letter-spacing: -.05pt;">it</span>s<span style="letter-spacing: 1.05pt;"> </span>e<span style="letter-spacing: -.35pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.05pt;">c</span>t<span style="letter-spacing: 1.1pt;"> </span><span style="letter-spacing: -.05pt;">th</span><span style="letter-spacing: -.1pt;">a</span>t<span style="letter-spacing: 1.1pt;"> </span>o<span style="letter-spacing: -.1pt;">c</span><span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span>s<span style="letter-spacing: 1.05pt;"> </span>in<span style="letter-spacing: 1.1pt;"> </span><span style="letter-spacing: -.05pt;">ti</span><span style="letter-spacing: -.1pt;">m</span>e<span style="letter-spacing: 1.1pt;"> </span>p<span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">io</span><span style="letter-spacing: -.05pt;">d</span>s
<span style="letter-spacing: -0.05pt;">f</span><span style="letter-spacing: -0.1pt;">o</span><span style="letter-spacing: -0.05pt;">l</span><span style="letter-spacing: -0.1pt;">l</span><span style="letter-spacing: -0.3pt;">o</span><span style="letter-spacing: -0.1pt;">w</span><span style="letter-spacing: -0.05pt;">i</span><span style="letter-spacing: -0.1pt;">n</span>g<span style="letter-spacing: 1.45pt;"> </span><span style="letter-spacing: -.05pt;">th</span>e<span style="letter-spacing: 1.45pt;"> </span><span style="letter-spacing: -.05pt;">p</span><span style="letter-spacing: -.1pt;">u</span><span style="letter-spacing: -.05pt;">l</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">s</span>e<span style="letter-spacing: 1.45pt;"> </span><span style="letter-spacing: -.05pt;">o</span>f<span style="letter-spacing: 1.45pt;"> </span>a<span style="letter-spacing: -.1pt;">d</span><span style="letter-spacing: -.2pt;">v</span><span style="letter-spacing: -.1pt;">er</span><span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.1pt;">i</span><span style="letter-spacing: -.05pt;">n</span><span style="letter-spacing: -.1pt;">g</span></b>. <span style="letter-spacing: 1.45pt;"></span></span><span style="letter-spacing: -0.05pt; line-height: 115%;">T</span><span style="letter-spacing: -0.1pt; line-height: 115%;">h</span><span style="line-height: 115%;">e<span style="letter-spacing: .85pt;"> </span>c<span style="letter-spacing: -.1pt;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">y</span><span style="letter-spacing: -.25pt;">o</span><span style="letter-spacing: -.2pt;">v</span><span style="letter-spacing: -.1pt;">e</span>r<span style="letter-spacing: .85pt;"> </span>e<span style="letter-spacing: -.35pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.05pt;">c</span>t<span style="letter-spacing: .85pt;"> </span><span style="letter-spacing: -.05pt;">ma</span>y<span style="letter-spacing: .85pt;"> </span><span style="letter-spacing: -.05pt;">oc</span><span style="letter-spacing: -.1pt;">c</span><span style="letter-spacing: -.05pt;">u</span>r<span style="letter-spacing: .85pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.05pt;">o</span>r<span style="letter-spacing: .85pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.3pt;">e</span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">a</span>l<span style="letter-spacing: .85pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.1pt;">a</span><span style="letter-spacing: -.05pt;">s</span><span style="letter-spacing: -.1pt;">o</span><span style="letter-spacing: -.05pt;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">s</span>,<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.05pt;">u</span><span style="letter-spacing: -.1pt;">c</span>h<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.1pt;">a</span>s<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.1pt;">d</span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.1pt;">l</span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt;">y</span><span style="letter-spacing: -.05pt;">e</span>d<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">e</span><span style="letter-spacing: -.1pt;">x</span><span style="letter-spacing: -.05pt;">p</span><span style="letter-spacing: -.1pt;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.1pt;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span>e<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.1pt;">t</span>o<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.1pt;">t</span><span style="letter-spacing: -.05pt;">h</span>e<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt;">d</span>,<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.1pt;">d</span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.1pt;">l</span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt;">y</span><span style="letter-spacing: -.05pt;">e</span>d </span><span style="letter-spacing: -0.05pt; line-height: 115%;">c</span><span style="letter-spacing: -0.1pt; line-height: 115%;">o</span><span style="letter-spacing: -0.05pt; line-height: 115%;">n</span><span style="letter-spacing: -0.1pt; line-height: 115%;">s</span><span style="letter-spacing: -0.05pt; line-height: 115%;">u</span><span style="letter-spacing: -0.1pt; line-height: 115%;">m</span><span style="letter-spacing: -0.05pt; line-height: 115%;">e</span><span style="line-height: 115%;">r</span><span style="letter-spacing: 3.25pt; line-height: 115%;"> </span><span style="line-height: 115%;">r</span><span style="letter-spacing: -0.1pt; line-height: 115%;">e</span><span style="letter-spacing: -0.05pt; line-height: 115%;">s</span><span style="letter-spacing: -0.1pt; line-height: 115%;">p</span><span style="letter-spacing: -0.05pt; line-height: 115%;">o</span><span style="letter-spacing: -0.1pt; line-height: 115%;">n</span><span style="letter-spacing: -0.05pt; line-height: 115%;">s</span><span style="letter-spacing: -0.1pt; line-height: 115%;">e</span><span style="line-height: 115%;">,<span style="letter-spacing: 3.3pt;"> </span><span style="letter-spacing: -.05pt;">de</span><span style="letter-spacing: -.1pt;">l</span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt;">y</span><span style="letter-spacing: -.05pt;">e</span>d<span style="letter-spacing: 3.25pt;"> </span><span style="letter-spacing: -.05pt;">pu</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">h</span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">s</span>e<span style="letter-spacing: 3.3pt;"> </span><span style="letter-spacing: -.05pt;">du</span>e<span style="letter-spacing: 3.25pt;"> </span>to <span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">o</span><span style="letter-spacing: -.05pt;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.05pt;">u</span><span style="letter-spacing: -.1pt;">m</span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">s</span>’<span style="letter-spacing: .25pt;"> </span>b<span style="letter-spacing: -.1pt;">a</span><span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">k</span><span style="letter-spacing: -.05pt;">u</span>p<span style="letter-spacing: 1.0pt;"> </span><span style="letter-spacing: -.05pt;">i</span><span style="letter-spacing: -.45pt;">n</span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.1pt;">n</span><span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.75pt;">y</span>,<span style="letter-spacing: 1.0pt;"> </span>d<span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.05pt;">l</span><span style="letter-spacing: -.1pt;">a</span><span style="letter-spacing: -.05pt;">y</span><span style="letter-spacing: -.1pt;">e</span>d<span style="letter-spacing: 1.0pt;"> </span>p<span style="letter-spacing: -.1pt;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">ch</span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">s</span>e <span style="letter-spacing: -.05pt;">d</span><span style="letter-spacing: -.1pt;">u</span>e<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.1pt;">t</span>o<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.1pt;">h</span><span style="letter-spacing: -.05pt;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">a</span><span style="letter-spacing: -.05pt;">g</span>e<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.1pt;">o</span>f<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.1pt;">t</span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt;">i</span>l<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.05pt;">i</span><span style="letter-spacing: -.5pt;">n</span><span style="letter-spacing: -.2pt;">v</span><span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.05pt;">n</span><span style="letter-spacing: -.1pt;">t</span><span style="letter-spacing: -.05pt;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.7pt;">y</span>,<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt;">n</span>d<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.05pt;">p</span><span style="letter-spacing: -.1pt;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">c</span><span style="letter-spacing: -.05pt;">h</span><span style="letter-spacing: -.1pt;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.1pt;">e</span>s <span style="letter-spacing: -.05pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">o</span>m<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">o</span><span style="letter-spacing: -.05pt;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.05pt;">u</span><span style="letter-spacing: -.1pt;">m</span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span>s<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">w</span><span style="letter-spacing: -.05pt;">h</span>o<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.05pt;">h</span><span style="letter-spacing: -.3pt;">a</span><span style="letter-spacing: -.2pt;">v</span>e<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.05pt;">h</span><span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span>d<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">o</span>m<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">h</span><span style="letter-spacing: -.05pt;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">s</span>e<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">w</span><span style="letter-spacing: -.05pt;">h</span>o <span style="letter-spacing: -.25pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">s</span>t<span style="letter-spacing: .5pt;"> </span>s<span style="letter-spacing: -.25pt;">a</span>w<span style="letter-spacing: .5pt;"> </span>t<span style="letter-spacing: -.1pt;">h</span>e<span style="letter-spacing: .5pt;"> </span>ad<span style="letter-spacing: .5pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">(</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">w</span><span style="letter-spacing: -.1pt;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span>d<span style="letter-spacing: .5pt;"> </span><span style="letter-spacing: -.05pt;">o</span>f<span style="letter-spacing: .55pt;"> </span><span style="letter-spacing: -.05pt;">m</span><span style="letter-spacing: -.1pt;">o</span><span style="letter-spacing: -.05pt;">u</span><span style="letter-spacing: -.1pt;">t</span><span style="letter-spacing: -.05pt;">h</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">)</span>.<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: -.05pt;">Th</span>e<span style="letter-spacing: .5pt;"> </span><span style="letter-spacing: -.05pt;">ca</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">y</span><span style="letter-spacing: -.2pt;">o</span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.05pt;">e</span>r
<span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.35pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.05pt;">c</span>t<span style="letter-spacing: .6pt;"> </span><span style="letter-spacing: -.05pt;">ma</span>y<span style="letter-spacing: .6pt;"> </span><span style="letter-spacing: -.05pt;">b</span>e<span style="letter-spacing: .6pt;"> </span>as<span style="letter-spacing: .6pt;"> </span><span style="letter-spacing: -.05pt;">la</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">g</span>e<span style="letter-spacing: .6pt;"> </span><span style="letter-spacing: -.05pt;">a</span>s<span style="letter-spacing: .6pt;"> </span>or<span style="letter-spacing: .6pt;"> </span><span style="letter-spacing: -.05pt;">la</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">g</span><span style="letter-spacing: -.05pt;">e</span>r<span style="letter-spacing: .6pt;"> </span><span style="letter-spacing: -.05pt;">th</span><span style="letter-spacing: -.1pt;">a</span>n<span style="letter-spacing: .6pt;"> </span><span style="letter-spacing: -.05pt;">th</span>e<span style="letter-spacing: .6pt;"> </span><span style="letter-spacing: -.05pt;">cu</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span>-<span style="letter-spacing: -.05pt;">r</span><span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.05pt;">n</span>t<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.3pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt;">e</span><span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">t</span>. </span><span style="letter-spacing: -0.8pt; line-height: 115%;">T</span><span style="letter-spacing: -0.1pt; line-height: 115%;">y</span><span style="letter-spacing: -0.05pt; line-height: 115%;">p</span><span style="letter-spacing: -0.1pt; line-height: 115%;">i</span><span style="letter-spacing: -0.05pt; line-height: 115%;">c</span><span style="letter-spacing: -0.1pt; line-height: 115%;">a</span><span style="letter-spacing: -0.05pt; line-height: 115%;">l</span><span style="letter-spacing: -0.1pt; line-height: 115%;">l</span><span style="letter-spacing: -0.7pt; line-height: 115%;">y</span><span style="line-height: 115%;">,<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">h</span>e<span style="letter-spacing: 1.35pt;"> </span><b>c<span style="letter-spacing: -.1pt;">ar</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">y</span><span style="letter-spacing: -.2pt;">o</span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.05pt;">e</span>r<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.3pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.1pt;">c</span>t<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.05pt;">i</span>s<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.05pt;">o</span>f <span style="letter-spacing: -.05pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.1pt;">h</span><span style="letter-spacing: -.05pt;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">r</span>t<span style="letter-spacing: .4pt;"> </span>d<span style="letter-spacing: -.1pt;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">a</span><span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">i</span><span style="letter-spacing: -.05pt;">o</span><span style="letter-spacing: -.1pt;">n</span></b>,<span style="letter-spacing: .4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt;">t</span><span style="letter-spacing: -.05pt;">h</span><span style="letter-spacing: -.1pt;">e</span>r <span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">h</span><span style="letter-spacing: -.05pt;">a</span>n<span style="letter-spacing: .3pt;"> </span>of<span style="letter-spacing: .3pt;"> </span><span style="letter-spacing: -.05pt;">lo</span><span style="letter-spacing: -.1pt;">n</span>g<span style="letter-spacing: .3pt;"> </span>d<span style="letter-spacing: -.1pt;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.1pt;">a</span><span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">i</span><span style="letter-spacing: -.05pt;">o</span><span style="letter-spacing: -.1pt;">n. It can be captured by the multiplicative model:</span></span></span><br />
<span style="line-height: 115%;"><span style="letter-spacing: -.1pt;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></span></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><i><span style="line-height: 115%;">Y</span><span style="line-height: 115%; position: relative; top: 2.5pt;">t</span></i><span style="letter-spacing: 1.2pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">=<span style="letter-spacing: .25pt;"> </span></span><span style="line-height: 115%;">Exp(</span><span style="letter-spacing: 1.35pt; line-height: 115%;">a</span><span style="line-height: 115%;">)</span><span style="letter-spacing: 0.2pt; line-height: 115%;">
</span><i><span style="line-height: 115%;">A</span><span style="line-height: 115%; position: relative; top: 2.5pt;">t</span></i><span style="line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="letter-spacing: 0.25pt; line-height: 115%; position: relative; top: -3.5pt;">b</span><span style="line-height: 115%; position: relative; top: -3.5pt;">1</span><span style="letter-spacing: 0.75pt; line-height: 115%;"> </span><i><span style="line-height: 115%;">P</span><span style="line-height: 115%; position: relative; top: 2.5pt;">t</span></i><span style="line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="letter-spacing: 0.3pt; line-height: 115%; position: relative; top: -3.5pt;">b</span><span style="line-height: 115%; position: relative; top: -3.5pt;">2</span><span style="letter-spacing: 0.75pt; line-height: 115%;"> </span><i><span style="line-height: 115%;">R</span><span style="line-height: 115%; position: relative; top: 2.5pt;">t</span></i><span style="line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="letter-spacing: 0.3pt; line-height: 115%; position: relative; top: -3.5pt;">b</span><span style="line-height: 115%; position: relative; top: -3.5pt;">3<span style="letter-spacing: .15pt;"> </span></span><i><span style="line-height: 115%;">Q</span><span style="line-height: 115%; position: relative; top: 2.5pt;">t</span></i><span style="line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="letter-spacing: 0.3pt; line-height: 115%; position: relative; top: -3.5pt;">b</span><span style="line-height: 115%; position: relative; top: -3.5pt;">4</span><span style="letter-spacing: 0.25pt; line-height: 115%;"> </span><span style="letter-spacing: -0.05pt; line-height: 115%;">e</span><i><span style="line-height: 115%; position: relative; top: 2.5pt;">t</span></i></span><br />
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: justify; text-indent: 16px;"><span style="line-height: 18px;"><br /></span></span>
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: justify; text-indent: 16px;"><span style="line-height: 18px;">with<i> </i></span><span style="font-style: italic; line-height: 14px;">sales (Y), </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: justify; text-indent: 16px;"><i><span style="letter-spacing: -0.2pt;">a</span><span style="letter-spacing: -0.25pt;">d</span><span style="letter-spacing: -0.4pt;">v</span><span style="letter-spacing: -0.25pt;">ertisin</span>g</i></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: justify; text-indent: 16px;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.25pt; text-align: justify; text-indent: 16px;">(</span><i style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: justify; text-indent: 16px;"><span style="letter-spacing: -0.25pt;">A</span></i><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.25pt; text-align: justify; text-indent: 16px;">)</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: justify; text-indent: 16px;">,<span style="letter-spacing: 0.15pt;"> </span><i><span style="letter-spacing: -0.2pt;">p</span><span style="letter-spacing: -0.25pt;">r</span><span style="letter-spacing: -0.25pt;">ic</span>e</i><span style="letter-spacing: 0.1pt;"> </span><span style="letter-spacing: -0.2pt;">(</span><i><span style="letter-spacing: -0.25pt;">P</span></i><span style="letter-spacing: -0.25pt;">)</span>,<span style="letter-spacing: 0.15pt;"> </span><i><span style="letter-spacing: -0.2pt;">s</span><span style="letter-spacing: -0.25pt;">ale</span>s<span style="letter-spacing: 0.1pt;"> </span><span style="letter-spacing: -0.2pt;">p</span><span style="letter-spacing: -0.25pt;">r</span><span style="letter-spacing: -0.25pt;">omotio</span>n</i><span style="letter-spacing: 0.1pt;"> </span><span style="letter-spacing: -0.2pt;">(</span><i><span style="letter-spacing: -0.25pt;">R</span></i><span style="letter-spacing: -0.25pt;">)</span>,<span style="letter-spacing: 0.15pt;"> </span><i><span style="letter-spacing: -0.2pt;">q</span><span style="letter-spacing: -0.25pt;">ualit</span>y</i><span style="letter-spacing: 0.15pt;"> </span><span style="letter-spacing: -0.2pt;">(</span><i><span style="letter-spacing: -0.25pt;">Q</span></i><span style="letter-spacing: -0.25pt;">) </span>inter correlated<span style="letter-spacing: -0.25pt;">. Here, t</span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify; text-indent: 12pt;"><span style="letter-spacing: -.05pt;">h</span>e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify; text-indent: 12pt;"> <span style="letter-spacing: -0.05pt;">independen</span>t<span style="letter-spacing: 1.55pt;"> </span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.05pt;">ariable</span>s<span style="letter-spacing: 1.55pt;"> </span>h<span style="letter-spacing: -.25pt;">a</span><span style="letter-spacing: -.2pt;">v</span>e<span style="letter-spacing: 1.55pt;"> </span>a<span style="letter-spacing: 1.6pt;"> </span>s<span style="letter-spacing: -.05pt;">yne</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">gisti</span>c<span style="letter-spacing: 1.55pt;"> </span>e<span style="letter-spacing: -.3pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">f</span><span style="letter-spacing: -.05pt;">ec</span>t <span style="letter-spacing: -0.05pt;">o</span>n<span style="letter-spacing: 1.0pt;"> </span>t<span style="letter-spacing: -.05pt;">h</span>e<span style="letter-spacing: 1.0pt;"> </span>d<span style="letter-spacing: -.05pt;">ependen</span>t<span style="letter-spacing: .95pt;"> </span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.05pt;">ariable</span>.<span style="letter-spacing: 1.0pt;"> </span>In<span style="letter-spacing: .95pt;"> </span>m<span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.2pt;">n</span>y<span style="letter-spacing: 1.0pt;"> </span>a<span style="letter-spacing: -.05pt;">d</span><span style="letter-spacing: -.2pt;">v</span><span style="letter-spacing: -.05pt;">ertisin</span>g <span style="letter-spacing: -0.05pt;">s</span><span style="letter-spacing: -0.05pt;">ituations</span>,<span style="letter-spacing: .5pt;"> </span>t<span style="letter-spacing: -.05pt;">h</span>e<span style="letter-spacing: .5pt;"> </span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.05pt;">ariable</span>s<span style="letter-spacing: .5pt;"> </span>c<span style="letter-spacing: -.05pt;">oul</span>d<span style="letter-spacing: .5pt;"> </span>i<span style="letter-spacing: -.05pt;">ndee</span>d<span style="letter-spacing: .5pt;"> </span>i<span style="letter-spacing: -.05pt;">nterac</span>t<span style="letter-spacing: .5pt;"> </span>to <span style="letter-spacing: -0.05pt;">h</span><span style="letter-spacing: -0.2pt;">av</span>e<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.05pt;">uc</span>h<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">a</span>n<span style="letter-spacing: -.1pt;"> i</span><span style="letter-spacing: -.05pt;">mpact</span>.<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 99%;">F</span><span style="letter-spacing: -.05pt;">o</span>r<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt;">e</span><span style="letter-spacing: -.05pt;">xample</span>,<span style="letter-spacing: -.15pt;">
</span><span style="letter-spacing: -.05pt;">highe</span>r<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.05pt;">ad</span><span style="letter-spacing: -.2pt;">v</span><span style="letter-spacing: -.05pt;">er</span><span style="letter-spacing: -.05pt;">tisin</span>g<span style="letter-spacing: .6pt;">
</span><i>c<span style="letter-spacing: -.05pt;">ombine</span>d</i><span style="letter-spacing: .55pt;"> </span>w<span style="letter-spacing: -.05pt;">it</span>h<span style="letter-spacing: .6pt;"> </span>a<span style="letter-spacing: .6pt;"> </span>p<span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">ic</span>e<span style="letter-spacing: .6pt;"> decrease</span><span style="letter-spacing: .55pt;"> </span>m<span style="letter-spacing: -.05pt;">a</span>y<span style="letter-spacing: .6pt;"> </span>e<span style="letter-spacing: -.05pt;">nhanc</span>e <span style="letter-spacing: -0.05pt;">s</span><span style="letter-spacing: -0.05pt;">ale</span>s<span style="letter-spacing: 0.15pt;"> </span>m<span style="letter-spacing: -.05pt;">or</span>e<span style="letter-spacing: .15pt;"> </span>t<span style="letter-spacing: -.05pt;">ha</span>n<span style="letter-spacing: .15pt;"> </span>t<span style="letter-spacing: -.05pt;">h</span>e<span style="letter-spacing: .15pt;"> </span><i>s<span style="letter-spacing: -.05pt;">u</span>m</i><span style="letter-spacing: .1pt;"> </span>of<span style="letter-spacing: .15pt;"> </span>h<span style="letter-spacing: -.05pt;">ighe</span>r<span style="letter-spacing: .15pt;"> </span>a<span style="letter-spacing: -.05pt;">d</span><span style="letter-spacing: -.2pt;">v</span><span style="letter-spacing: -.05pt;">ertisin</span>g<span style="letter-spacing: .15pt;"> </span>or
<span style="letter-spacing: -0.05pt;">th</span>e<span style="letter-spacing: .1pt;"> </span>p<span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">ic</span>e<span style="letter-spacing: .1pt;"> </span>d<span style="letter-spacing: -.05pt; mso-font-width: 99%;">r</span><span style="letter-spacing: -.05pt;">o</span>p<span style="letter-spacing: .1pt;"> </span>o<span style="letter-spacing: -.05pt;">ccurrin</span>g<span style="letter-spacing: .1pt;"> </span>a<span style="letter-spacing: -.05pt;">lone</span>.</span><br />
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<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: x-large;">Shape Effect</b><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 115%;">The<span style="letter-spacing: .9pt;"> </span>shape<span style="letter-spacing: .95pt;"> </span>of<span style="letter-spacing: .95pt;"> </span>the<span style="letter-spacing: .95pt;"> </span>e<span style="letter-spacing: -.2pt; mso-font-width: 99%;">f</span>fect<span style="letter-spacing: .9pt;"> </span>refers<span style="letter-spacing: .95pt;"> </span>to<span style="letter-spacing: .9pt;"> </span>the<span style="letter-spacing: .95pt;"> </span><b>change
in<span style="letter-spacing: 1.8pt;"> </span>sales<span style="letter-spacing: 1.85pt;"> </span>in<span style="letter-spacing: 1.85pt;"> </span>response<span style="letter-spacing: 1.8pt;"> </span>to<span style="letter-spacing: 1.85pt;"> </span>increasing<span style="letter-spacing: 1.85pt;"> </span>intensity<span style="letter-spacing: 1.8pt;"> </span>of
ad<span style="letter-spacing: -.15pt;">v</span>ertising<span style="letter-spacing: .7pt;"> </span><i>in</i><span style="letter-spacing: .75pt;">
</span><i>the</i><span style="letter-spacing: .7pt;"> </span><i>same</i><span style="letter-spacing: .75pt;"> </span><i>time</i><span style="letter-spacing: .75pt;"> </span></b><i><b>period</b>.</i><span style="letter-spacing: .55pt;"> </span>The<span style="letter-spacing: .75pt;"> </span>intensity of<span style="letter-spacing: .05pt;"> </span>ad<span style="letter-spacing: -.1pt;">v</span>ertising
could<span style="letter-spacing: .05pt;"> </span>be<span style="letter-spacing: .05pt;"> </span>in<span style="letter-spacing: .05pt;"> </span>the<span style="letter-spacing: .05pt;"> </span>form<span style="letter-spacing: .05pt;"> </span>of<span style="letter-spacing: .05pt;"> </span><span style="letter-spacing: -.1pt;">e</span>xposures<span style="letter-spacing: .55pt;"> </span>per<span style="letter-spacing: .55pt;"> </span>unit<span style="letter-spacing: .55pt;"> </span>time<span style="letter-spacing: .55pt;"> </span>and<span style="letter-spacing: .55pt;"> </span>is<span style="letter-spacing: .55pt;"> </span>also<span style="letter-spacing: .55pt;"> </span>called<span style="letter-spacing: .55pt;"> </span>frequen<span style="letter-spacing: -.1pt;">c</span>y
or<span style="letter-spacing: .15pt;"> </span>weight. T</span><span style="line-height: 115%;">he </span><i style="line-height: 115%;">x</i><span style="line-height: 115%;">-</span><span style="line-height: 115%;">axi</span><span style="line-height: 115%;">s</span><span style="letter-spacing: 1.2pt; line-height: 115%;"> </span><span style="line-height: 115%;">n</span><span style="letter-spacing: -0.2pt; line-height: 115%;">o</span><span style="line-height: 115%;">w</span><span style="letter-spacing: 1.15pt; line-height: 115%;"> </span><span style="line-height: 115%;">i</span><span style="line-height: 115%;">s</span><span style="letter-spacing: 1.2pt; line-height: 115%;"> </span><span style="line-height: 115%;">the</span><span style="letter-spacing: 1.2pt; line-height: 115%;"> </span><span style="line-height: 115%;">inten</span><span style="line-height: 115%;">s</span><span style="line-height: 115%;">ity</span><span style="letter-spacing: 1.2pt; line-height: 115%;"> </span><span style="line-height: 115%;">o</span><span style="line-height: 115%;">f</span><span style="letter-spacing: 1.2pt; line-height: 115%;"> </span><span style="line-height: 115%;">ad</span><span style="letter-spacing: -0.1pt; line-height: 115%;">v</span><span style="line-height: 115%;">e</span><span style="line-height: 115%;">r</span><span style="line-height: 115%;">ti</span><span style="line-height: 115%;">s</span><span style="line-height: 115%;">ing</span><span style="letter-spacing: 1.15pt; line-height: 115%;"> </span><span style="line-height: 115%;">in</span><span style="letter-spacing: 1.2pt; line-height: 115%;"> </span><span style="line-height: 115%;">a pe</span><span style="line-height: 115%;">r</span><span style="line-height: 115%;">iod</span><span style="line-height: 115%;">,</span><span style="letter-spacing: 0.05pt; line-height: 115%;"> </span><span style="line-height: 115%;">w</span><span style="line-height: 115%;">hile</span><span style="letter-spacing: 0.1pt; line-height: 115%;"> </span><span style="line-height: 115%;">the</span><span style="letter-spacing: 0.05pt; line-height: 115%;"> </span><i style="line-height: 115%;">y</i><span style="line-height: 115%;">-</span><span style="line-height: 115%;">axi</span><span style="line-height: 115%;">s</span><span style="letter-spacing: 0.1pt; line-height: 115%;"> </span><span style="line-height: 115%;">i</span><span style="line-height: 115%;">s</span><span style="letter-spacing: 0.1pt; line-height: 115%;"> </span><span style="line-height: 115%;">the</span><span style="letter-spacing: 0.05pt; line-height: 115%;"> </span><span style="line-height: 115%;">r</span><span style="line-height: 115%;">e</span><span style="line-height: 115%;">s</span><span style="line-height: 115%;">pon</span><span style="line-height: 115%;">s</span><span style="line-height: 115%;">e</span><span style="letter-spacing: 0.1pt; line-height: 115%;"> </span><span style="line-height: 115%;">o</span><span style="line-height: 115%;">f</span><span style="letter-spacing: 0.1pt; line-height: 115%;"> </span><span style="line-height: 115%;">s</span><span style="line-height: 115%;">ale</span><span style="line-height: 115%;">s. It can be captured by the exponential attraction model:</span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><i><span style="line-height: 115%;">M</span><span style="line-height: 115%; position: relative; top: 2.5pt;">i</span></i><span style="letter-spacing: 1.2pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">=<span style="letter-spacing: .25pt;"> </span></span><span style="line-height: 115%;">Exp<span style="letter-spacing: .25pt;"> </span>(<i>V</i></span><i><span style="line-height: 115%; position: relative; top: 2.5pt;">i</span></i><span style="letter-spacing: 1.25pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="letter-spacing: 1.5pt; line-height: 115%;">)</span><span style="letter-spacing: 1.5pt; line-height: 115%;">/</span><span style="line-height: 115%;"><i>Σ</i></span><span style="letter-spacing: 1.25pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">Exp<span style="letter-spacing: .25pt;"> </span><i>V</i></span><i><span style="line-height: 115%; position: relative; top: 2.5pt;">j </span></i></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 115%;">w</span><span style="line-height: 115%;">here<span style="letter-spacing: 1.5pt;"> </span><i>M</i></span><i><span style="line-height: 115%; position: relative; top: 2.5pt;">i</span></i><span style="letter-spacing: 2.5pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">is<span style="letter-spacing: 1.5pt;"> </span>the<span style="letter-spacing: 1.5pt;"> </span>mar<span style="letter-spacing: -.05pt;">k</span>et<span style="letter-spacing: 1.45pt;"> </span>share<span style="letter-spacing: 1.5pt;"> </span>of<span style="letter-spacing: 1.5pt;"> </span>the<span style="letter-spacing: 1.5pt;"> </span><i>i</i>th<span style="letter-spacing: 1.5pt;"> </span>brand</span><span style="line-height: 115%;"> (measured<span style="letter-spacing: 2.5pt;"> </span>from<span style="letter-spacing: 2.5pt;"> </span>0<span style="letter-spacing: 2.55pt;"> </span>to<span style="letter-spacing: 2.5pt;"> </span>1),<span style="letter-spacing: 2.55pt;"> </span><i>V</i></span><i><span style="line-height: 115%; position: relative; top: 2.5pt;">j</span></i><span style="letter-spacing: 3.5pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">is<span style="letter-spacing: 2.55pt;"> </span>the<span style="letter-spacing: 2.5pt;"> </span>mar<span style="letter-spacing: -.05pt;">k</span>eting</span><span style="line-height: 115%;"> e<span style="letter-spacing: -.25pt; mso-font-width: 99%;">f</span>fort<span style="letter-spacing: .8pt;"> </span>of<span style="letter-spacing: .85pt;"> </span>the<span style="letter-spacing: .85pt;"> </span><i>j</i>th<span style="letter-spacing: .85pt;"> </span>brand<span style="letter-spacing: .85pt;"> </span>in<span style="letter-spacing: .85pt;"> </span>the<span style="letter-spacing: .85pt;"> </span>mar<span style="letter-spacing: -.05pt;">k</span>et, Σ</span><span style="letter-spacing: 0.8pt; line-height: 14px;"> </span><span style="line-height: 115%;">s</span><span style="line-height: 115%;">tands</span><span style="line-height: 115%;"> for<span style="letter-spacing: .8pt;"> </span>summation<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.1pt;">o</span><span style="letter-spacing: -.15pt;">v</span>er<span style="letter-spacing: .8pt;"> </span>the<span style="letter-spacing: .8pt;"> </span><i>j</i><span style="letter-spacing: .85pt;"> </span>brands<span style="letter-spacing: .8pt;"> </span>in<span style="letter-spacing: .85pt;"> </span>the<span style="letter-spacing: .8pt;"> </span>mar<span style="letter-spacing: -.05pt;">k</span>et, </span><span style="line-height: 115%;">Exp<span style="letter-spacing: -.15pt;"> </span>stands<span style="letter-spacing: -.15pt;"> </span>for<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.15pt;">e</span>xponent,<span style="letter-spacing: -.15pt;">
</span>and<span style="letter-spacing: -.15pt;"> </span><i>V</i></span><i><span style="line-height: 115%; position: relative; top: 2.5pt;">i</span></i><span style="letter-spacing: 0.8pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">is<span style="letter-spacing: -.15pt;"> </span>the<span style="letter-spacing: -.15pt;"> </span>mar<span style="letter-spacing: -.1pt;">k</span>eting</span><span style="line-height: 115%;"> e<span style="letter-spacing: -.25pt; mso-font-width: 99%;">f</span>fort<span style="letter-spacing: 1.4pt;"> </span>of<span style="letter-spacing: 1.45pt;"> </span>the<span style="letter-spacing: 1.5pt;"> </span><i>i</i>th<span style="letter-spacing: 1.45pt;"> </span>brand. </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 14px;">We know that </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">V</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%; position: relative; top: 2.5pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.2pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">=<span style="letter-spacing: .25pt;"> </span>a<span style="letter-spacing: .25pt;"> </span>+<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: 1.8pt; mso-font-width: 91%;">b</span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%; position: relative; top: 2.5pt;">1<span style="letter-spacing: 1.25pt;"> </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">A</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%; position: relative; top: 2.5pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">+<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: .5pt; mso-font-width: 91%;">b</span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%; position: relative; top: 2.5pt;">2</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">P</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%; position: relative; top: 2.5pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">+<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: .5pt; mso-font-width: 91%;">b</span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%; position: relative; top: 2.5pt;">3</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">R</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%; position: relative; top: 2.5pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">+<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: .45pt; mso-font-width: 91%;">b</span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%; position: relative; top: 2.5pt;">4</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">Q</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%; position: relative; top: 2.5pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">+<span style="letter-spacing: .25pt;"> </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%; position: relative; top: 2.5pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">, as aforementioned, thus:</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><i><span style="line-height: 14px;">M</span><span style="line-height: 9px; position: relative; top: 2.5pt;">i</span></i><span style="letter-spacing: 1.2pt; line-height: 9px; position: relative; top: 2.5pt;"> </span><span style="letter-spacing: 1.9pt; line-height: 90%;"> </span><span style="line-height: 90%;">=<span style="letter-spacing: .15pt;"> </span></span><span style="line-height: 90%;">Exp</span><span style="letter-spacing: 0.25pt; line-height: 90%;"> </span><span style="line-height: 90%;">(</span><i style="line-height: 90%;"><span style="letter-spacing: 1.65pt;">V</span></i><i><span style="line-height: 9px; position: relative; top: 2.5pt;">i</span></i><span style="letter-spacing: 1.25pt; line-height: 9px; position: relative; top: 2.5pt;"> </span><span style="letter-spacing: 0.5pt; line-height: 90%;">)</span><span style="letter-spacing: 0.5pt; line-height: 90%;">/Σ </span><span style="line-height: 90%;">Exp<span style="letter-spacing: .2pt;"> </span></span><span style="line-height: 14px;"><i>V</i></span><i><span style="line-height: 9px; position: relative; top: 2.5pt;">j</span></i><span style="line-height: 90%;"><span style="letter-spacing: 1.9pt;"> </span></span><span style="line-height: 90%;">=<span style="letter-spacing: .25pt;"> </span></span><span style="line-height: 90%;">Exp (Σ</span><span style="line-height: 90%;">b</span><i style="line-height: 14px; text-align: justify;"><span style="line-height: 7px; position: relative; top: 2.5pt;">k</span></i><span style="line-height: 7px; position: relative; text-align: justify; top: 2.5pt;"> </span><span style="line-height: 90%;"> </span><span style="line-height: 11px; text-align: justify;"><i>X</i></span><i style="line-height: 14px; text-align: justify;"><span style="line-height: 7px; position: relative; top: 2.5pt;">k</span></i><span style="line-height: 7px; position: relative; text-align: justify; top: 2.5pt;"> </span><span style="line-height: 90%;">+<span style="letter-spacing: .2pt;"> </span></span><i style="line-height: 90%;"><span style="letter-spacing: 1.7pt; line-height: 90%;">e</span></i><span style="line-height: 90%;">)</span><span style="line-height: 90%;">/ Σ</span><span style="font-style: italic; line-height: 115%; position: relative; top: 2.5pt;">j</span><span style="letter-spacing: 1.25pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">Exp(Σ</span><i><span style="line-height: 115%; position: relative; top: 2.5pt;">k</span></i><span style="letter-spacing: 0.5pt; line-height: 115%;">b</span><i><span style="line-height: 115%; position: relative; top: 2.5pt;">k</span></i><span style="line-height: 115%; position: relative; top: 2.5pt;"> </span><i><span style="line-height: 115%;">X</span><span style="line-height: 115%; position: relative; top: 2.5pt;">ik</span></i><span style="letter-spacing: 0.15pt; line-height: 115%; position: relative; top: 2.5pt;"> </span><span style="line-height: 115%;">+<span style="letter-spacing: .25pt;"> </span></span><i><span style="line-height: 115%;">e</span><span style="line-height: 115%; position: relative; top: 2.5pt;">j</span></i><span style="line-height: 115%;">)</span><span style="line-height: 115%;">,</span></span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 90%; text-align: justify;">w</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt; line-height: 90%; text-align: justify;">her</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;">e<span style="letter-spacing: 5px;"> </span><i><span style="letter-spacing: .05pt;">X</span></i></span><i style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;"><span style="line-height: 90%; position: relative; top: 2.5pt;">k </span></i><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;">(</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;">0<span style="letter-spacing: 3.8pt;"> </span><span style="letter-spacing: .05pt;">t</span>o<span style="letter-spacing: 3.8pt;"> </span><i><span style="letter-spacing: .05pt; mso-font-width: 99%;">m</span></i>)<span style="letter-spacing: 3.8pt;"> </span><span style="letter-spacing: .05pt;">ar</span>e<span style="letter-spacing: 3.8pt;"> </span><span style="letter-spacing: .05pt;">th</span>e<span style="letter-spacing: 3.85pt;"> </span><i>m</i><span style="letter-spacing: 3.8pt;"> </span><span style="letter-spacing: .05pt;">indepen</span><span style="letter-spacing: .1pt;">d</span><span style="letter-spacing: .05pt;">en</span>t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;"> <span style="letter-spacing: -0.2pt;">v</span><span style="letter-spacing: -0.05pt;">a</span>riables<span style="letter-spacing: 3.0pt;"> </span>or<span style="letter-spacing: 3.05pt;"> </span>elements<span style="letter-spacing: 3.0pt;"> </span>of<span style="letter-spacing: 3.05pt;"> </span>the<span style="letter-spacing: 3.05pt;"> </span>mar<span style="letter-spacing: -.05pt;">k</span>eting<span style="letter-spacing: 3.0pt;"> </span>mix,<span style="letter-spacing: .9pt;"> </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt; line-height: 90%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;">=<span style="letter-spacing: .9pt;"> </span><span style="letter-spacing: 1.8pt; mso-font-width: 91%;">b</span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; position: relative; text-align: justify; top: 2.5pt;">0<span style="letter-spacing: .55pt;"> </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;">and<span style="letter-spacing: .95pt;"> </span><i>X</i></span><i style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;"><span style="line-height: 90%; position: relative; top: 2.5pt;">i</span></i><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; position: relative; text-align: justify; top: 2.5pt;">0<span style="letter-spacing: 1.9pt;"> </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;">=<span style="letter-spacing: .95pt;">
</span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;">1.<span style="letter-spacing: .75pt;"> </span>The<span style="letter-spacing: .9pt;"> </span>use<span style="letter-spacing: .9pt;"> </span>of<span style="letter-spacing: .95pt;"> </span>the<span style="letter-spacing: .9pt;"> </span>ratio<span style="letter-spacing: .95pt;"> </span>of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 90%; text-align: justify;"> <span style="letter-spacing: -0.15pt;">e</span>xponents<span style="letter-spacing: 3.5pt;"> </span>in the above equations<span style="letter-spacing: 3.5pt;"> </span>ensures </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">that<span style="letter-spacing: 2.3pt;"> </span>mar<span style="letter-spacing: -.05pt;">k</span>et<span style="letter-spacing: 2.3pt;"> </span>share<span style="letter-spacing: 2.3pt;"> </span>is<span style="letter-spacing: 2.35pt;"> </span>an<span style="letter-spacing: 2.3pt;"> </span>S-shaped<span style="letter-spacing: 2.35pt;"> </span>function<span style="letter-spacing: 2.3pt;"> </span>of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;"> share<span style="letter-spacing: .85pt;"> </span>of<span style="letter-spacing: .85pt;"> </span>a<span style="letter-spacing: .85pt;"> </span>brand<span style="letter-spacing: -.5pt; mso-font-width: 99%;">’</span>s<span style="letter-spacing: .8pt;"> </span>mar<span style="letter-spacing: -.05pt;">k</span>eting<span style="letter-spacing: .8pt;"> </span>e<span style="letter-spacing: -.2pt; mso-font-width: 99%;">f</span>fort.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJoFnD-doqjDC3fAkdYCqQnMO9v1yTdPztkqk2aUOzvclKOQ3AKV-EK3hWkOGWuuufYVbsyCdN4sd9IYpPT4SOi2z7EvsVzpjOZ_ao4gOsQetCn23PRSa3UdcoOb4fWX4ax-cJW7f-rds/s1600/S-curve+adv.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJoFnD-doqjDC3fAkdYCqQnMO9v1yTdPztkqk2aUOzvclKOQ3AKV-EK3hWkOGWuuufYVbsyCdN4sd9IYpPT4SOi2z7EvsVzpjOZ_ao4gOsQetCn23PRSa3UdcoOb4fWX4ax-cJW7f-rds/s1600/S-curve+adv.png" height="232" width="400" /></span></a></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">The diagram above s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 115%;">h<span style="letter-spacing: -.2pt;">o</span>ws<span style="letter-spacing: .95pt;"> </span>three<span style="letter-spacing: 1.05pt;"> </span>typical<span style="letter-spacing: 1.0pt;">
</span>shapes:<span style="letter-spacing: 1.0pt;"> </span>linea<span style="letter-spacing: -.4pt; mso-font-width: 99%;">r</span>,<span style="letter-spacing: 1.75pt;"> </span>conc<span style="letter-spacing: -.15pt;">av</span>e and<span style="letter-spacing: .25pt;"> </span>S-shape.<span style="letter-spacing: .25pt;"> </span>Of<span style="letter-spacing: .25pt;"> </span>these<span style="letter-spacing: .25pt;"> </span>three<span style="letter-spacing: .25pt;"> </span>shapes,<span style="letter-spacing: .25pt;"> </span>the<span style="letter-spacing: .25pt;"> </span><b><a href="http://en.wikipedia.org/wiki/Sigmoid_function">S-shape</a> seems<span style="letter-spacing: 1.7pt;"> </span>the<span style="letter-spacing: 1.75pt;"> </span>most<span style="letter-spacing: 1.75pt;"> </span>plausible</b> because<span style="letter-spacing: 2.65pt;"> </span>it
suggests<span style="letter-spacing: -.1pt;"> </span>that<span style="letter-spacing: -.15pt;"> </span>at<span style="letter-spacing: -.1pt;"> </span>some<span style="letter-spacing: -.15pt;"> v</span>ery<span style="letter-spacing: -.15pt;"> </span>l<span style="letter-spacing: -.25pt;">o</span>w<span style="letter-spacing: -.1pt;"> </span>l<span style="letter-spacing: -.25pt;">e</span><span style="letter-spacing: -.15pt;">v</span>el,<span style="letter-spacing: -.15pt;"> </span>ad<span style="letter-spacing: -.15pt;">v</span>ertising might<span style="letter-spacing: 2.65pt;">
</span>not<span style="letter-spacing: 2.7pt;"> </span>be<span style="letter-spacing: 2.7pt;"> </span>e<span style="letter-spacing: -.2pt; mso-font-width: 99%;">f</span>fect<span style="letter-spacing: -.25pt;">i</span><span style="letter-spacing: -.15pt;">v</span>e<span style="letter-spacing: 2.65pt;"> </span>at<span style="letter-spacing: 2.7pt;"> </span>all<span style="letter-spacing: 2.7pt;"> </span>because<span style="letter-spacing: 2.7pt;"> </span>it<span style="letter-spacing: 2.7pt;"> </span>gets
dr<span style="letter-spacing: -.25pt;">o</span>wned<span style="letter-spacing: 1.85pt;"> </span>out<span style="letter-spacing: 1.85pt;"> </span>in<span style="letter-spacing: 1.85pt;"> </span>the<span style="letter-spacing: 1.9pt;"> </span>noise.<span style="letter-spacing: 1.3pt;"> </span>At<span style="letter-spacing: 1.85pt;"> </span>some<span style="letter-spacing: 1.8pt;"> </span>high </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.25pt; line-height: 104%; text-align: justify;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 104%; text-align: justify;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt; line-height: 104%; text-align: justify;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">l,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">it</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">might</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">not</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">inc</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">ea</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">ales (advertising elasticity-->0) </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">becau</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">the ma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 104%; text-align: justify;">k</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">et</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">atu</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">ated</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">con</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">ume</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">rs are insensitive from the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">epetit</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 104%; text-align: justify;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.15pt; line-height: 104%; text-align: justify;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.2pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">ad</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.1pt; line-height: 104%; text-align: justify;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">ti</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">ing.</span></div>
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<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: x-large; line-height: 104%; text-align: justify;">Competitive Effect</b></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-indent: 12pt;">A</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-indent: 12pt;"><span style="line-height: 104%;">d</span><span style="letter-spacing: -0.05pt; line-height: 104%;">v</span><span style="line-height: 104%;">erti</span><span style="letter-spacing: 0.05pt; line-height: 104%;">s</span><span style="line-height: 104%;">i</span><span style="letter-spacing: 0.05pt; line-height: 104%;">n</span><span style="line-height: 104%;">g</span><span style="letter-spacing: 3.75pt; line-height: 104%;"> </span><span style="line-height: 104%;">n</span><span style="letter-spacing: 0.05pt; line-height: 104%;">o</span><span style="line-height: 104%;">r</span><span style="letter-spacing: 0.05pt; line-height: 104%;">m</span><span style="line-height: 104%;">a</span><span style="letter-spacing: 0.05pt; line-height: 104%;">l</span><span style="line-height: 104%;">ly</span><span style="letter-spacing: 3.75pt; line-height: 104%;"> </span><span style="letter-spacing: 0.05pt; line-height: 104%;">t</span><span style="line-height: 104%;">akes</span><span style="letter-spacing: 3.75pt; line-height: 104%;"> </span><span style="line-height: 104%;">pl</span><span style="letter-spacing: 0.05pt; line-height: 104%;">a</span><span style="line-height: 104%;">ce</span><span style="letter-spacing: 3.8pt; line-height: 104%;"> </span><span style="line-height: 104%;">in</span><span style="letter-spacing: 3.75pt; line-height: 104%;"> </span><span style="letter-spacing: 0.05pt; line-height: 104%;">f</span><span style="line-height: 104%;">r</span><span style="letter-spacing: 0.05pt; line-height: 104%;">e</span><span style="line-height: 104%;">e mar</span><span style="letter-spacing: -0.1pt; line-height: 104%;">k</span><span style="line-height: 104%;">ets.</span><span style="letter-spacing: 0.4pt; line-height: 104%;"> </span><span style="line-height: 104%;">When</span><span style="letter-spacing: -0.2pt; line-height: 104%;">e</span><span style="letter-spacing: -0.15pt; line-height: 104%;">v</span><span style="line-height: 104%;">er</span><span style="letter-spacing: 0.7pt; line-height: 104%;"> </span><span style="line-height: 104%;">one</span><span style="letter-spacing: 0.75pt; line-height: 104%;"> </span><span style="line-height: 104%;">brand</span><span style="letter-spacing: 0.7pt; line-height: 104%;"> </span><span style="line-height: 104%;">ad</span><span style="letter-spacing: -0.1pt; line-height: 104%;">v</span><span style="line-height: 104%;">ertises</span><span style="letter-spacing: 0.7pt; line-height: 104%;"> </span><span style="line-height: 104%;">a</span><span style="letter-spacing: 0.75pt; line-height: 104%;"> </span><span style="line-height: 104%;">successful</span><span style="letter-spacing: 1.9pt; line-height: 104%;"> </span><span style="line-height: 104%;">inn</span><span style="letter-spacing: -0.1pt; line-height: 104%;">o</span><span style="letter-spacing: -0.25pt; line-height: 104%;">v</span><span style="line-height: 104%;">ation</span><span style="letter-spacing: 1.9pt; line-height: 104%;"> </span><span style="line-height: 104%;">or</span><span style="letter-spacing: 1.9pt; line-height: 104%;"> </span><span style="line-height: 104%;">successfully</span><span style="letter-spacing: 1.95pt; line-height: 104%;"> </span><span style="line-height: 104%;">uses</span><span style="letter-spacing: 1.9pt; line-height: 104%;"> </span><span style="line-height: 104%;">a</span><span style="letter-spacing: 1.95pt; line-height: 104%;"> </span><span style="line-height: 104%;">n</span><span style="letter-spacing: -0.2pt; line-height: 104%;">e</span><span style="line-height: 104%;">w
ad</span><span style="letter-spacing: -0.15pt; line-height: 104%;">v</span><span style="line-height: 104%;">ertising</span><span style="letter-spacing: 1.65pt; line-height: 104%;"> </span><span style="line-height: 104%;">form,</span><span style="letter-spacing: 1.65pt; line-height: 104%;"> </span><span style="line-height: 104%;">other</span><span style="letter-spacing: 1.65pt; line-height: 104%;"> </span><span style="line-height: 104%;">brands</span><span style="letter-spacing: 1.65pt; line-height: 104%;"> </span><span style="line-height: 104%;">quickly</span><span style="letter-spacing: 1.65pt; line-height: 104%;">
</span><span style="line-height: 104%;">imitate it.</span><span style="letter-spacing: 0.25pt; line-height: 104%;"> </span><b><span style="line-height: 104%;">Competit</span><span style="letter-spacing: -0.2pt; line-height: 104%;">i</span><span style="letter-spacing: -0.15pt; line-height: 104%;">v</span><span style="line-height: 104%;">e</span><span style="letter-spacing: 0.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">ad</span><span style="letter-spacing: -0.1pt; line-height: 104%;">v</span><span style="line-height: 104%;">ertising</span></b><span style="letter-spacing: 0.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">tends</span><span style="letter-spacing: 0.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">to</span><span style="letter-spacing: 0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">increase</span><span style="letter-spacing: 0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">the noise</span><span style="letter-spacing: 1.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">in</span><span style="letter-spacing: 1.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">the</span><span style="letter-spacing: 1.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">mar</span><span style="letter-spacing: -0.05pt; line-height: 104%;">k</span><span style="line-height: 104%;">et</span><span style="letter-spacing: 1.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">and</span><span style="letter-spacing: 1.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">thus</span><span style="letter-spacing: 1.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">reduce</span><span style="letter-spacing: 1.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">the</span><span style="letter-spacing: 1.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">e</span><span style="letter-spacing: -0.2pt; line-height: 104%;">f</span><span style="line-height: 104%;">fect</span><span style="letter-spacing: -0.25pt; line-height: 104%;">i</span><span style="letter-spacing: -0.1pt; line-height: 104%;">v</span><span style="letter-spacing: -0.05pt; line-height: 104%;">e</span><span style="line-height: 104%;">ness</span><span style="letter-spacing: 2.75pt; line-height: 104%;"> </span><span style="line-height: 104%;">of</span><span style="letter-spacing: 2.75pt; line-height: 104%;"> </span><span style="line-height: 104%;">a</span><span style="letter-spacing: -0.1pt; line-height: 104%;">n</span><span style="line-height: 104%;">y</span><span style="letter-spacing: 2.7pt; line-height: 104%;"> </span><span style="line-height: 104%;">one</span><span style="letter-spacing: 2.75pt; line-height: 104%;"> </span><span style="line-height: 104%;">brand</span><span style="letter-spacing: -0.5pt; line-height: 104%;">’</span><span style="line-height: 104%;">s</span><span style="letter-spacing: 2.7pt; line-height: 104%;"> </span><span style="line-height: 104%;">ad</span><span style="letter-spacing: -0.1pt; line-height: 104%;">v</span><span style="line-height: 104%;">ertising.</span><span style="letter-spacing: 2.5pt; line-height: 104%;"> </span><span style="line-height: 104%;">The competit</span><span style="letter-spacing: -0.25pt; line-height: 104%;">i</span><span style="letter-spacing: -0.15pt; line-height: 104%;">v</span><span style="line-height: 104%;">e</span><span style="letter-spacing: -0.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">e</span><span style="letter-spacing: -0.25pt; line-height: 104%;">f</span><span style="line-height: 104%;">fect</span><span style="letter-spacing: -0.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">of</span><span style="letter-spacing: -0.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">a</span><span style="letter-spacing: -0.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">ta</span><span style="letter-spacing: -0.2pt; line-height: 104%;">r</span><span style="line-height: 104%;">get</span><span style="letter-spacing: -0.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">brand</span><span style="letter-spacing: -0.55pt; line-height: 104%;">’</span><span style="line-height: 104%;">s</span><span style="letter-spacing: -0.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">ad</span><span style="letter-spacing: -0.15pt; line-height: 104%;">v</span><span style="line-height: 104%;">ertising is</span><span style="letter-spacing: 1.35pt; line-height: 104%;"> </span><span style="line-height: 104%;">its</span><span style="letter-spacing: 1.35pt; line-height: 104%;"> </span><span style="line-height: 104%;">e</span><span style="letter-spacing: -0.2pt; line-height: 104%;">f</span><span style="line-height: 104%;">fect</span><span style="letter-spacing: -0.25pt; line-height: 104%;">i</span><span style="letter-spacing: -0.15pt; line-height: 104%;">v</span><span style="line-height: 104%;">eness</span><span style="letter-spacing: 1.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">relat</span><span style="letter-spacing: -0.2pt; line-height: 104%;">i</span><span style="letter-spacing: -0.15pt; line-height: 104%;">v</span><span style="line-height: 104%;">e</span><span style="letter-spacing: 1.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">to</span><span style="letter-spacing: 1.35pt; line-height: 104%;"> </span><span style="line-height: 104%;">that</span><span style="letter-spacing: 1.35pt; line-height: 104%;"> </span><span style="line-height: 104%;">of</span><span style="letter-spacing: 1.4pt; line-height: 104%;"> </span><span style="line-height: 104%;">the</span><span style="letter-spacing: 1.35pt; line-height: 104%;"> </span><span style="line-height: 104%;">other
brands</span><span style="letter-spacing: 0.5pt; line-height: 104%;"> </span><span style="line-height: 104%;">in</span><span style="letter-spacing: 0.5pt; line-height: 104%;"> </span><span style="line-height: 104%;">the</span><span style="letter-spacing: 0.55pt; line-height: 104%;"> </span><span style="line-height: 104%;">mar</span><span style="letter-spacing: -0.05pt; line-height: 104%;">k</span><span style="line-height: 104%;">et.</span><span style="letter-spacing: 0.45pt; line-height: 104%;"> </span><span style="letter-spacing: 0.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">The</span><span style="letter-spacing: 0.45pt; line-height: 104%;"> </span><span style="line-height: 104%;">simplest</span><span style="letter-spacing: 0.4pt; line-height: 104%;"> </span><span style="line-height: 104%;">method
of</span><span style="letter-spacing: -0.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">capturing</span><span style="letter-spacing: -0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">ad</span><span style="letter-spacing: -0.15pt; line-height: 104%;">v</span><span style="line-height: 104%;">ertising</span><span style="letter-spacing: -0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">response</span><span style="letter-spacing: -0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">in</span><span style="letter-spacing: -0.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">competition is</span><span style="letter-spacing: -0.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">to</span><span style="letter-spacing: -0.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">measure</span><span style="letter-spacing: -0.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">and</span><span style="letter-spacing: -0.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">model</span><span style="letter-spacing: -0.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">sales</span><span style="letter-spacing: -0.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">and</span><span style="letter-spacing: -0.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">ad</span><span style="letter-spacing: -0.15pt; line-height: 104%;">v</span><span style="letter-spacing: -0.05pt; line-height: 104%;">e</span><span style="line-height: 104%;">rtising</span><span style="letter-spacing: -0.2pt; line-height: 104%;"> </span><span style="line-height: 104%;">of
the</span><span style="letter-spacing: -0.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">ta</span><span style="letter-spacing: -0.2pt; line-height: 104%;">r</span><span style="line-height: 104%;">get</span><span style="letter-spacing: -0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">brand</span><span style="letter-spacing: -0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">relat</span><span style="letter-spacing: -0.25pt; line-height: 104%;">i</span><span style="letter-spacing: -0.15pt; line-height: 104%;">v</span><span style="line-height: 104%;">e</span><span style="letter-spacing: -0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">to</span><span style="letter-spacing: -0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">all</span><span style="letter-spacing: -0.25pt; line-height: 104%;"> </span><span style="line-height: 104%;">other</span><span style="letter-spacing: -0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">brands</span><span style="letter-spacing: -0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">in</span><span style="letter-spacing: -0.3pt; line-height: 104%;"> </span><span style="line-height: 104%;">the
mar</span><span style="letter-spacing: -0.1pt; line-height: 104%;">k</span><span style="line-height: 104%;">et with more complex models, mainly based on the </span><span style="line-height: 13px;">aforementioned</span><span style="line-height: 104%;"> econometric model of the "Shape Effect". These first four models <b>may also apply to "Price" instead of "Sales" dependent variable.</b></span></span></div>
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<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: x-large; line-height: 104%; text-indent: 12pt;">Dynamic, </b><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: x-large; letter-spacing: -0.1pt; line-height: 24px; text-align: justify; text-indent: 12pt;">Contents and </b><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: x-large; line-height: 27px; text-indent: 12pt;">Media</b><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: x-large; line-height: 104%; text-indent: 12pt;"> Effect</b></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="text-align: justify; text-indent: 12pt;"><b>D</b></span><span style="text-align: justify; text-indent: 12pt;"><b>ynamic</b><span style="letter-spacing: -.15pt;"> </span>e<span style="letter-spacing: -.25pt; mso-font-width: 99%;">f</span>fects<span style="letter-spacing: -.15pt;"> </span>are<span style="letter-spacing: -.15pt;"> </span>those<span style="letter-spacing: -.15pt;"> </span>e<span style="letter-spacing: -.25pt; mso-font-width: 99%;">f</span>fects<span style="letter-spacing: -.15pt;"> </span>of<span style="letter-spacing: -.15pt;"> </span>ad<span style="letter-spacing: -.15pt;">v</span>ertising<span style="letter-spacing: 1.15pt;"> </span>that<span style="letter-spacing: 1.15pt;"> </span>change<span style="letter-spacing: 1.15pt;">
</span>with<span style="letter-spacing: 1.15pt;"> </span>time.<span style="letter-spacing: 1.2pt;"> </span>Included<span style="letter-spacing: 1.15pt;"> </span>under<span style="letter-spacing: 1.15pt;"> </span>this </span><span style="line-height: 115%;">te</span><span style="line-height: 115%;">r</span><span style="line-height: 115%;">m</span><span style="letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="line-height: 115%;">a</span><span style="line-height: 115%;">r</span><span style="line-height: 115%;">e</span><span style="letter-spacing: 0.65pt; line-height: 115%;"> </span><span style="line-height: 115%;">ca</span><span style="line-height: 115%;">rr</span><span style="line-height: 115%;">y</span><span style="letter-spacing: -0.15pt; line-height: 115%;">o</span><span style="letter-spacing: -0.1pt; line-height: 115%;">v</span><span style="letter-spacing: -0.05pt; line-height: 115%;">e</span><span style="line-height: 115%;">r</span><span style="letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="line-height: 115%;">e</span><span style="letter-spacing: -0.2pt; line-height: 115%;">f</span><span style="line-height: 115%;">f</span><span style="line-height: 115%;">ect</span><span style="line-height: 115%;">s</span><span style="letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="line-height: 115%;">di</span><span style="line-height: 115%;">s</span><span style="line-height: 115%;">cu</span><span style="line-height: 115%;">ss</span><span style="line-height: 115%;">ed</span><span style="letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="line-height: 115%;">ea</span><span style="line-height: 115%;">r</span><span style="line-height: 115%;">lie</span><span style="line-height: 115%;">r</span><span style="letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="line-height: 115%;">and </span><span style="line-height: 115%;">w</span><span style="line-height: 115%;">ea</span><span style="line-height: 115%;">r</span><span style="line-height: 115%;">in,</span><span style="letter-spacing: 0.6pt; line-height: 115%;"> </span><span style="line-height: 115%;">w</span><span style="line-height: 115%;">ea</span><span style="line-height: 115%;">r</span><span style="line-height: 115%;">out effects</span><span style="line-height: 115%;">. </span><span style="letter-spacing: -0.8pt; line-height: 115%;"><b>W</b></span><span style="line-height: 115%;"><b>earin</b><span style="letter-spacing: -.35pt;"> </span>is<span style="letter-spacing: -.4pt;"> </span>the<span style="letter-spacing: -.35pt;"> </span>increase<span style="letter-spacing: -.4pt;"> </span>in<span style="letter-spacing: -.35pt;"> </span>the<span style="letter-spacing: -.4pt;"> </span>response<span style="letter-spacing: -.4pt;"> </span>of<span style="letter-spacing: -.35pt;"> </span>sales
to<span style="letter-spacing: 2.1pt;"> </span>ad<span style="letter-spacing: -.1pt;">v</span>ertising,<span style="letter-spacing: 2.1pt;"> </span>from<span style="letter-spacing: 2.1pt;"> </span>one<span style="letter-spacing: 2.15pt;"> </span>week<span style="letter-spacing: 2.1pt;"> </span>to<span style="letter-spacing: 2.15pt;"> </span>the<span style="letter-spacing: 2.15pt;"> </span>n<span style="letter-spacing: -.1pt;">e</span>xt<span style="letter-spacing: 2.05pt;"> </span>of
a<span style="letter-spacing: 1.45pt;"> </span><span style="letter-spacing: -.05pt;">c</span><span style="letter-spacing: -.1pt;">ampaign</span>,<span style="letter-spacing: 1.4pt;">
</span><span style="letter-spacing: -.3pt;">e</span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.1pt;">e</span>n<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.05pt;">t</span><span style="letter-spacing: -.1pt;">houg</span>h<span style="letter-spacing: 1.45pt;"> </span><i><span style="letter-spacing: -.05pt;">a</span><span style="letter-spacing: -.1pt;">dverti</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.1pt;">in</span>g</i><span style="letter-spacing: 1.45pt;"> </span><i><span style="letter-spacing: -.05pt;">o</span><span style="letter-spacing: -.1pt;">ccu</span><span style="letter-spacing: -.2pt; mso-font-width: 99%;">r</span>s</i><span style="letter-spacing: 1.4pt;"> </span><i><span style="letter-spacing: -.05pt;">a</span>t</i>
<i><span style="letter-spacing: -.1pt;">th</span>e</i><span style="letter-spacing: 2.95pt;"> </span><i><span style="letter-spacing: -.05pt; mso-font-width: 99%;">s</span><span style="letter-spacing: -.1pt;">am</span>e</i><span style="letter-spacing: 2.95pt;"> </span><i><span style="letter-spacing: -.05pt;">l</span><span style="letter-spacing: -.25pt;">e</span><span style="letter-spacing: -.1pt;">ve</span>l</i><span style="letter-spacing: 2.9pt;"> </span><span style="letter-spacing: -.05pt;">e</span><span style="letter-spacing: -.1pt;">ac</span>h<span style="letter-spacing: 2.95pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">w</span><span style="letter-spacing: -.1pt;">ee</span>k. <span style="letter-spacing: 2.9pt;"></span></span><span style="letter-spacing: -0.8pt; line-height: 115%;"><b>W</b></span><span style="line-height: 115%;"><b>earout</b><span style="letter-spacing: 1.5pt;"> </span>is<span style="letter-spacing: 1.5pt;"> </span>the<span style="letter-spacing: 1.5pt;"> </span>decline<span style="letter-spacing: 1.5pt;">
</span>in<span style="letter-spacing: 1.5pt;"> </span>sales<span style="letter-spacing: 1.55pt;"> </span>response<span style="letter-spacing: 1.5pt;"> </span>of
sales<span style="letter-spacing: 2.25pt;"> </span>to<span style="letter-spacing: 2.3pt;"> </span>ad<span style="letter-spacing: -.1pt;">v</span>ertising<span style="letter-spacing: 2.25pt;"> </span>from<span style="letter-spacing: 2.25pt;"> </span>week<span style="letter-spacing: 2.3pt;"> </span>to<span style="letter-spacing: 2.3pt;"> </span>week<span style="letter-spacing: 2.3pt;"> </span>of<span style="letter-spacing: 2.25pt;"> </span>a campaign,<span style="letter-spacing: -.05pt;"> </span><span style="letter-spacing: -.25pt;">e</span><span style="letter-spacing: -.15pt;">v</span>en<span style="letter-spacing: -.1pt;"> </span>though<span style="letter-spacing: -.05pt;"> </span>ad<span style="letter-spacing: -.15pt;">v</span>ertising<span style="letter-spacing: -.1pt;"> </span>occurs<span style="letter-spacing: -.05pt;"> </span>at<span style="letter-spacing: -.1pt;"> </span>the
same<span style="letter-spacing: .15pt;">
</span>l<span style="letter-spacing: -.2pt;">e</span><span style="letter-spacing: -.15pt;">v</span>el<span style="letter-spacing: .15pt;"> </span>each<span style="letter-spacing: .15pt;"> </span>week.<span style="letter-spacing: -.05pt;"> </span><span style="letter-spacing: -.8pt;">W</span>earout<span style="letter-spacing: .1pt;"> </span>typically<span style="letter-spacing: .2pt;"> </span>occurs
at<span style="letter-spacing: .95pt;"> </span>the<span style="letter-spacing: .95pt;"> </span>end<span style="letter-spacing: .95pt;"> </span>of<span style="letter-spacing: .95pt;"> </span>a<span style="letter-spacing: .95pt;"> </span>campaign<span style="letter-spacing: .95pt;">
</span>because<span style="letter-spacing: .95pt;"> </span>of<span style="letter-spacing: .95pt;"> </span>consumer indifference. </span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 101%; text-indent: 12pt;"><b>Content</b><span style="letter-spacing: .7pt;"> </span>e<span style="letter-spacing: -.2pt; mso-font-width: 99%;">f</span>fects<span style="letter-spacing: .7pt;"> </span>are<span style="letter-spacing: .75pt;"> </span>the<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt;">v</span>ariat<span style="letter-spacing: -.05pt;">i</span>on<span style="letter-spacing: .7pt;"> </span>in<span style="letter-spacing: .75pt;"> </span>response
to<span style="letter-spacing: 2.2pt;"> </span>ad<span style="letter-spacing: -.1pt;">v</span>ertising<span style="letter-spacing: 2.15pt;"> </span>due<span style="letter-spacing: 2.2pt;"> </span>to<span style="letter-spacing: 2.2pt;"> </span><span style="letter-spacing: -.2pt;">v</span>ariation<span style="letter-spacing: 2.15pt;"> </span>in<span style="letter-spacing: 2.25pt;"> </span>the<span style="letter-spacing: 2.2pt;"> </span>content or<span style="letter-spacing: 2.6pt;"> </span>creat<span style="letter-spacing: -.2pt;">i</span><span style="letter-spacing: -.15pt;">v</span>e<span style="letter-spacing: 3px;"> </span>cues<span style="letter-spacing: 2.65pt;"> </span>of<span style="letter-spacing: 2.6pt;"> </span>the<span style="letter-spacing: 2.65pt;"> </span>ad.<span style="letter-spacing: 2.45pt;"> </span>This<span style="letter-spacing: 2.65pt;"> </span>is<span style="letter-spacing: 2.65pt;"> </span>the<span style="letter-spacing: 2.6pt;"> </span>most </span><span style="line-height: 101%; text-indent: 12pt;"><o:p></o:p></span><span style="line-height: 115%; text-indent: 12pt;">impo</span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">tant</span><span style="letter-spacing: 3.75pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="line-height: 115%; text-indent: 12pt;">ou</span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">ce</span><span style="letter-spacing: 3.75pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">o</span><span style="line-height: 115%; text-indent: 12pt;">f</span><span style="letter-spacing: 3.75pt; line-height: 115%; text-indent: 12pt;"> </span><span style="letter-spacing: -0.2pt; line-height: 115%; text-indent: 12pt;">v</span><span style="line-height: 115%; text-indent: 12pt;">a</span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">iation</span><span style="letter-spacing: 3.7pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">in</span><span style="letter-spacing: 3.75pt; line-height: 115%; text-indent: 12pt;"> </span><span style="letter-spacing: 0.05pt; line-height: 115%; text-indent: 12pt;">a</span><span style="line-height: 115%; text-indent: 12pt;">d</span><span style="letter-spacing: -0.1pt; line-height: 115%; text-indent: 12pt;">v</span><span style="line-height: 115%; text-indent: 12pt;">e</span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">ti</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="line-height: 115%; text-indent: 12pt;">ing </span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">e</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="line-height: 115%; text-indent: 12pt;">pon</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="letter-spacing: -0.25pt; line-height: 115%; text-indent: 12pt;">i</span><span style="letter-spacing: -0.15pt; line-height: 115%; text-indent: 12pt;">v</span><span style="line-height: 115%; text-indent: 12pt;">ene</span><span style="line-height: 115%; text-indent: 12pt;">ss</span><span style="letter-spacing: 2.85pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">and</span><span style="letter-spacing: 2.9pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">the</span><span style="letter-spacing: 2.85pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">f</span><span style="line-height: 115%; text-indent: 12pt;">ocu</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="letter-spacing: 2.9pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">o</span><span style="line-height: 115%; text-indent: 12pt;">f</span><span style="letter-spacing: 2.9pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">the</span><span style="letter-spacing: 2.85pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">c</span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">eat</span><span style="letter-spacing: -0.2pt; line-height: 115%; text-indent: 12pt;">i</span><span style="letter-spacing: -0.15pt; line-height: 115%; text-indent: 12pt;">v</span><span style="line-height: 115%; text-indent: 12pt;">e talent</span><span style="letter-spacing: 0.85pt; line-height: 115%; text-indent: 12pt;">
</span><span style="line-height: 115%; text-indent: 12pt;">in</span><span style="letter-spacing: 0.9pt; line-height: 115%; text-indent: 12pt;"> </span><span style="letter-spacing: -0.2pt; line-height: 115%; text-indent: 12pt;">e</span><span style="letter-spacing: -0.15pt; line-height: 115%; text-indent: 12pt;">v</span><span style="line-height: 115%; text-indent: 12pt;">e</span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">y</span><span style="letter-spacing: 0.85pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">agen</span><span style="letter-spacing: -0.15pt; line-height: 115%; text-indent: 12pt;">c</span><span style="letter-spacing: -0.65pt; line-height: 115%; text-indent: 12pt;">y</span><span style="line-height: 115%; text-indent: 12pt;">. Thus, t</span><span style="line-height: 115%; text-indent: 12pt;">he</span><span style="letter-spacing: 1.65pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">challenge</span><span style="letter-spacing: 1.7pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">f</span><span style="line-height: 115%; text-indent: 12pt;">o</span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="letter-spacing: 1.65pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">marketers</span><span style="letter-spacing: 1.7pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">i</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="letter-spacing: 1.65pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">to</span><span style="letter-spacing: 1.7pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">include</span><span style="letter-spacing: 1.7pt; line-height: 115%; text-indent: 12pt;">
</span><span style="line-height: 115%; text-indent: 12pt;">mea</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="line-height: 115%; text-indent: 12pt;">u</span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">e</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="letter-spacing: 0.15pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">o</span><span style="line-height: 115%; text-indent: 12pt;">f</span><span style="letter-spacing: 0.2pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">the</span><span style="letter-spacing: 0.2pt; line-height: 115%; text-indent: 12pt;"> </span><i style="line-height: 115%; text-indent: 12pt;">content</i><span style="letter-spacing: 0.2pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">o</span><span style="line-height: 115%; text-indent: 12pt;">f</span><span style="letter-spacing: 0.2pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">ad</span><span style="letter-spacing: -0.1pt; line-height: 115%; text-indent: 12pt;">v</span><span style="line-height: 115%; text-indent: 12pt;">e</span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">ti</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="line-height: 115%; text-indent: 12pt;">ing</span><span style="letter-spacing: 0.15pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">w</span><span style="line-height: 115%; text-indent: 12pt;">hen</span><span style="letter-spacing: 0.15pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">model</span><span style="line-height: 115%; text-indent: 12pt;">ing</span><span style="letter-spacing: 0.2pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">ad</span><span style="letter-spacing: -0.1pt; line-height: 115%; text-indent: 12pt;">v</span><span style="line-height: 115%; text-indent: 12pt;">e</span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">ti</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="line-height: 115%; text-indent: 12pt;">ing</span><span style="letter-spacing: 0.2pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">e</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="line-height: 115%; text-indent: 12pt;">pon</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="line-height: 115%; text-indent: 12pt;">e</span><span style="letter-spacing: 0.25pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">in</span><span style="letter-spacing: 0.25pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="line-height: 115%; text-indent: 12pt;">eal</span><span style="letter-spacing: 0.25pt; line-height: 115%; text-indent: 12pt;"> </span><span style="line-height: 115%; text-indent: 12pt;">ma</span><span style="line-height: 115%; text-indent: 12pt;">r</span><span style="letter-spacing: -0.05pt; line-height: 115%; text-indent: 12pt;">k</span><span style="line-height: 115%; text-indent: 12pt;">et</span><span style="line-height: 115%; text-indent: 12pt;">s</span><span style="line-height: 115%; text-indent: 12pt;">.</span></span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: justify; text-indent: 12pt;"><b>M</b></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; text-align: justify; text-indent: 12pt;"><b>edia<span style="letter-spacing: .3pt;"> </span>e<span style="letter-spacing: -.2pt; mso-font-width: 99%;">f</span>fects</b><span style="letter-spacing: .25pt;"> </span>are<span style="letter-spacing: .3pt;"> </span>the<span style="letter-spacing: .3pt;"> </span>di<span style="letter-spacing: -.2pt; mso-font-width: 99%;">f</span>ferences<span style="letter-spacing: .25pt;"> </span>in<span style="letter-spacing: .3pt;"> </span>ad<span style="letter-spacing: -.1pt;">v</span>ertising<span style="letter-spacing: .75pt;"> </span>response<span style="letter-spacing: .75pt;"> </span>due<span style="letter-spacing: .75pt;"> </span>to<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt;">v</span>arious<span style="letter-spacing: .7pt;"> </span>media,<span style="letter-spacing: .75pt;"> </span>such<span style="letter-spacing: .75pt;"> </span>as<span style="letter-spacing: .6pt;"> </span>TV, </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.9pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.2pt; line-height: 104%; text-align: justify;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">ws</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">pape</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.4pt; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.9pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">and</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.9pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.95pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">og</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">am</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.9pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">w</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">ithin</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.95pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">them, </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">uch</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">channel</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt; line-height: 104%; text-align: justify;">
</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">T</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">V</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">ection</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">to</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">y</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt; line-height: 104%; text-align: justify;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;"> n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.25pt; line-height: 104%; text-align: justify;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">ws</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">pape</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.55pt; line-height: 104%; text-align: justify;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">.</span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;">The last three effects (dynamic, content, media) may be captured by models similar to the S-shaped response with modeling interactions integrated due to the competitive environment or even competitive distributed <a href="http://en.wikipedia.org/wiki/Distributed_lag">lag Models,</a> however in reality their mathematics can be quite complex (Tellis, 2006). </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 104%; text-align: justify;"> </span></div>
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<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: x-large; line-height: 104%; text-align: justify;">Conclusion</b></div>
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m<span style="letter-spacing: .05pt;">ar</span><span style="letter-spacing: -.05pt;">k</span>e<span style="letter-spacing: .05pt;">t</span>i<span style="letter-spacing: .05pt;">n</span>g<span style="letter-spacing: 3.8pt;"> </span><span style="letter-spacing: .05pt;">m</span>ix<span style="letter-spacing: 3.8pt;"> </span><span style="letter-spacing: .05pt;">i</span>n<span style="letter-spacing: 3.75pt;"> </span><span style="letter-spacing: .05pt;">th</span>e<span style="letter-spacing: 3.75pt;"> </span><span style="letter-spacing: .05pt;">pa</span>s<span style="letter-spacing: .05pt;">t. P</span>ast may predict future<span style="letter-spacing: -.3pt;"> </span>with<span style="letter-spacing: -.3pt;"> relative </span>certainty<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">b</span>ut<span style="letter-spacing: -.35pt;"> </span>it<span style="letter-spacing: -.3pt;"> also </span>contains<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.25pt;">v</span>aluab<span style="letter-spacing: -.05pt;">l</span>e
lessons<span style="letter-spacing: .2pt;"> </span>that<span style="letter-spacing: .25pt;"> </span>might<span style="letter-spacing: .25pt;"> </span>enlighten<span style="letter-spacing: .25pt;"> </span>the<span style="letter-spacing: .25pt;"> </span>future. </span><span style="letter-spacing: 0.15pt; line-height: 104%; text-align: justify; text-indent: 12pt;">The aforementioned </span><span style="line-height: 104%; text-align: justify; text-indent: 12pt;"><span style="letter-spacing: .15pt;">econ</span><span style="letter-spacing: .2pt;">o</span><span style="letter-spacing: .15pt;">metric</span>s<span style="letter-spacing: 3.95pt;"> </span><span style="letter-spacing: .15pt;">o</span>f<span style="letter-spacing: 3.9pt;"> </span><span style="letter-spacing: .15pt; mso-font-width: 99%;">r</span><span style="letter-spacing: .15pt;">esp</span><span style="letter-spacing: .2pt;">o</span><span style="letter-spacing: .15pt;">ns</span>e<span style="letter-spacing: 3.9pt;"> </span><span style="letter-spacing: .15pt;">mode</span><span style="letter-spacing: .2pt;">l</span><span style="letter-spacing: .15pt;">in</span>g</span><span style="line-height: 104%; text-align: justify; text-indent: 12pt;"> <span style="letter-spacing: 0.15pt;">d</span><span style="letter-spacing: 0.2pt;">escribe</span><span style="letter-spacing: 4.55pt;"> </span><span style="letter-spacing: 0.2pt;">h</span>ow<span style="letter-spacing: 4.45pt;"> </span>a<span style="letter-spacing: 4.5pt;"> </span><span style="letter-spacing: .2pt; mso-font-width: 99%;">r</span><span style="letter-spacing: .2pt;">esearche</span>r<span style="letter-spacing: 4.5pt;"> </span><span style="letter-spacing: .2pt; mso-font-width: 99%;">s</span><span style="letter-spacing: .2pt;">houl</span>d<span style="letter-spacing: 4.5pt;"> </span><span style="letter-spacing: .2pt;">mode</span>l
response<span style="letter-spacing: .8pt;"> </span>to<span style="letter-spacing: .8pt;"> </span>the<span style="letter-spacing: 1px;"> </span>mar<span style="letter-spacing: -.05pt;">k</span>eting<span style="letter-spacing: .75pt;"> </span>mix<span style="letter-spacing: .85pt;"> and especially to advertising in order </span>to<span style="letter-spacing: .85pt;"> </span>capture and control the<span style="letter-spacing: .6pt;"> </span>most<span style="letter-spacing: .6pt;"> </span>important </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><span style="line-height: 104%; text-align: justify; text-indent: 12pt;">e<span style="letter-spacing: -.2pt; mso-font-width: 99%;">f</span>fects<span style="letter-spacing: .55pt;"> </span><span style="letter-spacing: -.2pt;">v</span>alidl<span style="letter-spacing: -.65pt;">y</span>. Which may be the</span></span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 16px;"> "r</span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 16px;">aison d'être" for marketing managers, in the first place.</span></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-6338949661160987702014-01-08T10:26:00.002-08:002014-01-16T11:06:10.985-08:00ADV vs WOM: Models for marketers<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b>Word of mouth</b>, or <b>viva voce</b>, is the
passing of information from person to person by oral
communication, which could be as simple as telling someone the time of
day. Interpersonal influence and word-of-mouth (WOM) are ranked as the most
important information source when a consumer is making a purchase decision.
These influences are very important, especially in industries whose intangible products are difficult to evaluate prior to their consumption.
Furthermore, as WOM becomes digital in the 21st century, the large-scale, anonymous nature of the Web induces new ways of capturing, analyzing, interpreting, and managing
the influence that one consumer may have on another.</span></div>
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<span style="color: #444444;"><span style="font-family: Georgia, Times New Roman, serif;">Let's now assume that we are managers who wish to understand<b> the possible effectiveness of traditional
advertising (ADV) vs WOM for promoting a product or service targeting a specific target segment</b>.By comparing ADV and WOM we can better understand the relative effect of these two
methods as well as their effectiveness, which is usually higher for WOM, at least in the short term. For ADV effectiveness, a more
intense advertising effort is most of the times needed to reach the same level of informed people than for WOM. </span><span style="font-family: Georgia, 'Times New Roman', serif;">WOM</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.55pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">is</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.55pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">con</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="font-family: Georgia, 'Times New Roman', serif;">idered</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.55pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">to</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.5pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">be</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.55pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">grow</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="font-family: Georgia, 'Times New Roman', serif;">ng</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.5pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="font-family: Georgia, 'Times New Roman', serif;">n</span><span style="font-family: Georgia, 'Times New Roman', serif;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">imp</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="font-family: Georgia, 'Times New Roman', serif;">rta</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="font-family: Georgia, 'Times New Roman', serif;">ce</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">due</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">to</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="font-family: Georgia, 'Times New Roman', serif;">he</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">i</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">nc</span><span style="font-family: Georgia, 'Times New Roman', serif;">rea</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="font-family: Georgia, 'Times New Roman', serif;">e</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">in</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">dig</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="font-family: Georgia, 'Times New Roman', serif;">tal</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">s</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="font-family: Georgia, 'Times New Roman', serif;">cial</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">n</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="font-family: Georgia, 'Times New Roman', serif;">tw</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="font-family: Georgia, 'Times New Roman', serif;">rki</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="font-family: Georgia, 'Times New Roman', serif;">g.</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">Th</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="font-family: Georgia, 'Times New Roman', serif;">s</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d</span><span style="font-family: Georgia, 'Times New Roman', serif;">ig</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="font-family: Georgia, 'Times New Roman', serif;">tal</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">ve</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="font-family: Georgia, 'Times New Roman', serif;">si</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="font-family: Georgia, 'Times New Roman', serif;">n</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="font-family: Georgia, 'Times New Roman', serif;">f</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">W</span><span style="font-family: Georgia, 'Times New Roman', serif;">OM</span><span style="font-family: Georgia, 'Times New Roman', serif;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">is</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">cons</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="font-family: Georgia, 'Times New Roman', serif;">dered</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">to</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">p</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="font-family: Georgia, 'Times New Roman', serif;">ovide</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.5pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">a</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">w</span><span style="font-family: Georgia, 'Times New Roman', serif;">ealth</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="font-family: Georgia, 'Times New Roman', serif;">f</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="font-family: Georgia, 'Times New Roman', serif;">ew</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">possibi</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">l</span><span style="font-family: Georgia, 'Times New Roman', serif;">it</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="font-family: Georgia, 'Times New Roman', serif;">es</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">to</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">r</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="font-family: Georgia, 'Times New Roman', serif;">ach</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">m</span><span style="font-family: Georgia, 'Times New Roman', serif;">ar</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">k</span><span style="font-family: Georgia, 'Times New Roman', serif;">et</span><span style="font-family: Georgia, 'Times New Roman', serif;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">segm</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="font-family: Georgia, 'Times New Roman', serif;">nts</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">that</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">wou</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">l</span><span style="font-family: Georgia, 'Times New Roman', serif;">d</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">h</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;">a</span><span style="font-family: Georgia, 'Times New Roman', serif;">ve</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">b</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="font-family: Georgia, 'Times New Roman', serif;">en</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> otherwise </span><span style="font-family: Georgia, 'Times New Roman', serif;">h</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="font-family: Georgia, 'Times New Roman', serif;">rd</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="font-family: Georgia, 'Times New Roman', serif;">o</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">ac</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="font-family: Georgia, 'Times New Roman', serif;">ess</span><span style="font-family: Georgia, 'Times New Roman', serif;">.</span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>ADV</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Most<span style="letter-spacing: 2.95pt;"> </span>of<span style="letter-spacing: 2.9pt;"> </span>t<span style="letter-spacing: .05pt;">h</span>e<span style="letter-spacing: 2.9pt;"> </span>mo<span style="letter-spacing: .05pt;">d</span>els<span style="letter-spacing: 2.9pt;"> </span><span style="letter-spacing: 0.05pt;">u</span>sed<span style="letter-spacing: 2.95pt;"> </span>to<span style="letter-spacing: 2.9pt;"> </span>e<span style="letter-spacing: .05pt;">x</span>pla<span style="letter-spacing: .05pt;">i</span>n<span style="letter-spacing: 2.9pt;"> </span>the<span style="letter-spacing: 2.95pt;"> </span>eff<span style="letter-spacing: .05pt;">e</span>cts<span style="letter-spacing: 2.9pt;"> </span>of<span style="letter-spacing: 2.9pt;"> </span>A<span style="letter-spacing: .15pt;">D</span>V </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">camp</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">igns</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ave</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">tem</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ted</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">provide</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">anal</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">y</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">tical mathematical </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">xpre</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">sions</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">or</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">heno</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">enon </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">(Bass,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">2007</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">)</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt;"> T</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">tens</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ty</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">and dura</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ion</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mpa</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">gn</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mory</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">eff</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">cts</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">and</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">umb</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">broa</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">cas</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ed mess</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ges</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">are</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">co</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">sidered</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">as</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">parameter</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">.<span style="letter-spacing: 5px;"> </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">AD</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">V </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">can</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">be</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">esc</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ib</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">d as follows: a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mes</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">age</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.9pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">is</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">bro</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">dca</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.85pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">to</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.9pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">targ</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.9pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">po</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ulat</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">on</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.85pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">indi</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">idu</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ls.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.9pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">T</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.9pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ta</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">gets
rece</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ve</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">essa</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rm</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">an</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">op</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">nio</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">:</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">they</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">can</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ei</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">her</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">acce</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.9pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">in</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">orma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ion
content</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">or</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">igno</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">it</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;">. </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">A</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">umber</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ls
have</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">been</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">opo</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ed</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">x</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">pla</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">or</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">im</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">u</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">late</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">oce</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">op</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">nion</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">fo</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mat</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">on</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">gr</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">up of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.9pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ind</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">vid</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">u</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">als.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.9pt;"> </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">M<span style="letter-spacing: .05pt;">o</span>st<span style="letter-spacing: 1.9pt;"> </span>of<span style="letter-spacing: 1.9pt;"> </span>t<span style="letter-spacing: .05pt;">h</span>ese<span style="letter-spacing: 1.9pt;"> </span>ha<span style="letter-spacing: .05pt;">v</span>e<span style="letter-spacing: 1.95pt;"> </span>be<span style="letter-spacing: .05pt;">e</span>n<span style="letter-spacing: 1.85pt;"> </span><span style="letter-spacing: 0.05pt;">d</span>evi<span style="letter-spacing: .05pt;">s</span>ed<span style="letter-spacing: 1.9pt;"> </span>by<span style="letter-spacing: 1.9pt;"> </span>u<span style="letter-spacing: .05pt;">s</span>ing<span style="letter-spacing: 1.95pt;"> </span>s<span style="letter-spacing: .05pt;">i</span>mpl<span style="letter-spacing: .05pt;">i</span>fied<span style="letter-spacing: 1.9pt;"> </span>v<span style="letter-spacing: .05pt;">e</span>rsi<span style="letter-spacing: .05pt;">o</span>ns<span style="letter-spacing: 1.9pt;"> </span>of<span style="letter-spacing: 1.85pt;"> </span>we<span style="letter-spacing: .05pt;">l</span>l kno<span style="letter-spacing: .05pt;">w</span>n<span style="letter-spacing: 3.8pt;"> </span>p<span style="letter-spacing: .05pt;">h</span>ysi<span style="letter-spacing: .05pt;">c</span>al<span style="letter-spacing: 3.8pt;"> </span><span style="letter-spacing: 0.05pt;">m</span>od<span style="letter-spacing: .05pt;">e</span>ls<span style="letter-spacing: 3.8pt;"> </span>u<span style="letter-spacing: .05pt;">s</span>ed<span style="letter-spacing: 3.8pt;"> </span><span style="letter-spacing: 0.05pt;">t</span>o<span style="letter-spacing: 3.85pt;"> </span><span style="letter-spacing: 0.05pt;">d</span>esc<span style="letter-spacing: .05pt;">r</span>ibe<span style="letter-spacing: 3.85pt;"> </span>ma<span style="letter-spacing: .05pt;">g</span>net<span style="letter-spacing: .05pt;">i</span>c<span style="letter-spacing: 3.8pt;"> </span>p<span style="letter-spacing: .05pt;">r</span>ope<span style="letter-spacing: .05pt;">r</span>ti<span style="letter-spacing: .05pt;">e</span>s<span style="letter-spacing: 3.8pt;"> </span>in<span style="letter-spacing: 3.85pt;"> </span>a<span style="letter-spacing: 3.8pt;"> </span>m<span style="letter-spacing: .05pt;">a</span>ter<span style="letter-spacing: .05pt;">i</span>al</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 5px;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">T</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e
anal</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">gy</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">is</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">due</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">to</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">sim</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">lari</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">y</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">si</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">uatio</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s:</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">agne</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ic</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mate</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ial</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">can</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">be</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">en,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">in</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a rough</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">prox</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mat</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">on,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">as</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">an</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ense</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ble</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">elem</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ntary</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ne</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ea</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ne</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ving</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">one</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of
the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">two</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">po</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">sib</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">agnetiza</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ions</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1px;">, </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">lso</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">cal</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ed</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.2pt;"> </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">spins</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">:</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">siti</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ega</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ive.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">T</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">umb</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">r </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">and</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">di</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">tri</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">b</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">uti</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ins</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">is</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">inf</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">uen</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ed</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">by</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mp</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ra</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ure</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">T</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mat</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rial</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.85pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">and </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">can</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">be</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">in</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">luen</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ed</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">by</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">stre</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">gth</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">an</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">x</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ter</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">al</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mag</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">etic</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">eld</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">H</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">(</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">Fe</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ynm</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">, </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">1963).</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Among<span style="letter-spacing: 4.45pt;"> </span>the<span style="letter-spacing: 4.4pt;"> </span>m<span style="letter-spacing: .05pt;">a</span>ny<span style="letter-spacing: 4.4pt;"> </span>p<span style="letter-spacing: .05pt;">o</span>ssib<span style="letter-spacing: .05pt;">l</span>e<span style="letter-spacing: 4.4pt;"> </span>mod<span style="letter-spacing: .05pt;">e</span>ls<span style="letter-spacing: 4.4pt;"> </span>t<span style="letter-spacing: .05pt;">h</span>e<b>
‘Mag<span style="letter-spacing: .05pt;">n</span>etic<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: 0.05pt;">E</span>den<span style="letter-spacing: 1.05pt;"> </span>M<span style="letter-spacing: .05pt;">o</span>del’<span style="letter-spacing: 1pt;"> </span>(<span style="letter-spacing: .05pt;">M</span>EM)</b><span style="letter-spacing: 1.05pt;"> </span>is a leader, ori<span style="letter-spacing: .05pt;">g</span>inal<span style="letter-spacing: .05pt;">l</span>y<span style="letter-spacing: 1.05pt;"> </span>proposed<span style="letter-spacing: 1.05pt;"> </span>by<span style="letter-spacing: 1.05pt;"> </span>E<span style="letter-spacing: .05pt;">d</span>en,19<span style="letter-spacing: .05pt;">6</span>1.<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: 0.05pt;">L</span>ets<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: 0.05pt;">a</span>ssu<span style="letter-spacing: .05pt;">m</span>e<span style="letter-spacing: 1.05pt;"> </span>that<span style="letter-spacing: 1pt;"> </span>a<span style="letter-spacing: 1.1pt;"> </span>ce<span style="letter-spacing: .05pt;">r</span>tain<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: 0.05pt;">n</span>umber<span style="letter-spacing: 1.05pt;"> </span>N<span style="letter-spacing: 1.1pt;"> </span>of<span style="letter-spacing: 1.05pt;"> </span>ele<span style="letter-spacing: .05pt;">m</span>ents<span style="letter-spacing: 1.05pt;"> </span>in<span style="letter-spacing: 1.1pt;"> </span>a<span style="letter-spacing: 1.05pt;"> </span>mate<span style="letter-spacing: .05pt;">r</span>ial
can<span style="letter-spacing: 2.35pt;"> </span><span style="letter-spacing: 0.05pt;">b</span>e<span style="letter-spacing: 2.35pt;"> </span>m<span style="letter-spacing: .1pt;">a</span>gn<span style="letter-spacing: .05pt;">e</span>tized<span style="letter-spacing: 2.4pt;"> </span>by<span style="letter-spacing: 2.4pt;"> </span>assu<span style="letter-spacing: .05pt;">m</span>ing<span style="letter-spacing: 2.4pt;"> </span>a<span style="letter-spacing: 2.35pt;"> </span>s<span style="letter-spacing: .05pt;">p</span>in<span style="letter-spacing: 2.45pt;"> </span>±1.<span style="letter-spacing: 2.35pt;"> </span>A<span style="letter-spacing: 2.4pt;"> </span>ra<span style="letter-spacing: .05pt;">n</span>dom<span style="letter-spacing: .05pt;">l</span>y<span style="letter-spacing: 2.35pt;"> </span>c<span style="letter-spacing: .05pt;">h</span>osen<span style="letter-spacing: 2.4pt;"> </span>e<span style="letter-spacing: .05pt;">l</span>e<span style="letter-spacing: -.05pt;">m</span>ent<span style="letter-spacing: 2.35pt;"> </span>s<span style="letter-spacing: .05pt;">t</span>arts<span style="letter-spacing: 2.4pt;"> </span>t<span style="letter-spacing: .05pt;">h</span>e proc<span style="letter-spacing: 0.05pt;">e</span>ss.<span style="letter-spacing: 2.7pt;"> </span>At<span style="letter-spacing: 2.6pt;"> </span><span style="letter-spacing: 0.05pt;">e</span>ach<span style="letter-spacing: 2.7pt;"> </span>point<span style="letter-spacing: 2.65pt;"> </span>in<span style="letter-spacing: 2.7pt;"> </span>time<span style="letter-spacing: 2.7pt;"> </span>all<span style="letter-spacing: 2.7pt;"> </span>the<span style="letter-spacing: 2.7pt;"> </span>ne<span style="letter-spacing: 0.05pt;">i</span>ghbors<span style="letter-spacing: 2.65pt;"> </span>(<span style="letter-spacing: 0.05pt;">e</span>lem<span style="letter-spacing: 0.05pt;">e</span>nts<span style="letter-spacing: 2.7pt;"> </span>dir<span style="letter-spacing: 0.05pt;">e</span>ctly<span style="letter-spacing: 2.65pt;"> </span>con<span style="letter-spacing: 0.05pt;">n</span>ect<span style="letter-spacing: 0.05pt;">e</span>d<span style="letter-spacing: 2.65pt;"> </span>to<span style="letter-spacing: 2.65pt;"> </span>a
mag<span style="letter-spacing: 0.05pt;">n</span>eti<span style="letter-spacing: 0.05pt;">z</span>ed<span style="letter-spacing: 0.4pt;"> </span>on<span style="letter-spacing: 0.05pt;">e</span>)<span style="letter-spacing: 0.4pt;"> </span>can<span style="letter-spacing: 0.4pt;"> </span>be<span style="letter-spacing: 0.35pt;"> </span>m<span style="letter-spacing: 0.05pt;">a</span>gne<span style="letter-spacing: 0.05pt;">t</span>ize<span style="letter-spacing: 0.05pt;">d</span>.<span style="letter-spacing: 0.4pt;"> </span>The<span style="letter-spacing: 0.4pt;"> </span>g<span style="letter-spacing: 0.05pt;">l</span>obal<span style="letter-spacing: 0.35pt;"> </span>e<span style="letter-spacing: 0.05pt;">n</span>e<span style="letter-spacing: 0.05pt;">r</span>gy<span style="letter-spacing: 0.4pt;"> </span>E<span style="letter-spacing: 0.35pt;"> </span><span style="letter-spacing: 0.05pt;">o</span>f<span style="letter-spacing: 0.35pt;"> </span>a<span style="letter-spacing: 0.4pt;"> </span><span style="letter-spacing: 0.05pt;">c</span>onfig<span style="letter-spacing: 0.05pt;">u</span>ration<span style="letter-spacing: 0.4pt;"> </span>of<span style="letter-spacing: 0.4pt;"> </span><span style="letter-spacing: 0.05pt;">s</span>pins<span style="letter-spacing: 0.35pt;"> </span>is given<span style="letter-spacing: 0.15pt;"> </span>by:</span></div>
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<span style="color: #444444;"><span style="font-family: Georgia, 'Times New Roman', serif;">where</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt;"> </span><b><span style="font-family: Georgia, 'Times New Roman', serif;">Si</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">=</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">±1</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span></b><span style="font-family: Georgia, 'Times New Roman', serif;">i</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="font-family: Georgia, 'Times New Roman', serif;">dica</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="font-family: Georgia, 'Times New Roman', serif;">es</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">t</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="font-family: Georgia, 'Times New Roman', serif;">e</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">or</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="font-family: Georgia, 'Times New Roman', serif;">entation</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">of</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">the</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="font-family: Georgia, 'Times New Roman', serif;">pin</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">f</span><span style="font-family: Georgia, 'Times New Roman', serif;">or</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> the </span><span style="font-family: Georgia, 'Times New Roman', serif;">m</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="font-family: Georgia, 'Times New Roman', serif;">gne</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="font-family: Georgia, 'Times New Roman', serif;">ized</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="font-family: Georgia, 'Times New Roman', serif;">le</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt;">m</span><span style="font-family: Georgia, 'Times New Roman', serif;">ent, </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><b><span style="font-family: Georgia, 'Times New Roman', serif;">J</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">></span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">0</span></b><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.1pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="font-family: Georgia, 'Times New Roman', serif;">s</span><span style="font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.05pt;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">a </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">cou</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ling</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">onstant</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">(</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rep</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">es</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">nti</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ren</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">th</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ter</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ct</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">on</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">be</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">we</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ne</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ghb</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rs</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">)</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">H</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.35pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">0</span></b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">is</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">xte</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">nal</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ma</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">net</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">iel</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d. </span></div>
<div class="MsoNormal" style="margin: 0in -1pt 0.0001pt 0in;">
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in -1pt 0.0001pt 0in;">
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">T</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">prob</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">bil</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ty</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">for</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ew</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">in</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">to</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">be</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">dded</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">set</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> magne</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ized</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.35pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">el</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ments</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.35pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">is actually </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">pr</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">port</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">onal</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">to</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.35pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">exp</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">(</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">−DE</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">/</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">T), where<span style="letter-spacing: 4px;"> </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><b>DE</b></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 4px;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">en</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rgy </span><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">change involved and<span style="letter-spacing: 1.7pt;"> </span><b>T</b><span style="letter-spacing: 1.65pt;"> </span>is<span style="letter-spacing: 1.65pt;"> </span>the<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: 0.05pt;">a</span>bsol<span style="letter-spacing: .05pt;">u</span>te<span style="letter-spacing: 1.65pt;"> </span>te<span style="letter-spacing: .05pt;">m</span>pera<span style="letter-spacing: .05pt;">t</span>ure<span style="letter-spacing: 1.65pt;"> </span>of<span style="letter-spacing: 1.65pt;"> </span>t<span style="letter-spacing: .05pt;">h</span>e<span style="letter-spacing: 1.65pt;"> </span>mat<span style="letter-spacing: .05pt;">e</span>rial.<span style="letter-spacing: 1.65pt;"> </span>During<span style="letter-spacing: 1.65pt;"> </span>each<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: 0.05pt;">s</span>tep,<span style="letter-spacing: 1.6pt;"> </span>a<span style="letter-spacing: .05pt;">l</span>l </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">per</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">met</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">el</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">men</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">are</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">con</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">id</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">red</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rob</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">bil</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ties</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ad</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ing</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">new</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">pin</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">(</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">it</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">er</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">up </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">or</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">wn)</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">to</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.85pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">each</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">site</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mu</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">be</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">ev</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">al</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">u</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ated.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.8pt;"> </span><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b>Th<span style="letter-spacing: .05pt;">i</span>s<span style="letter-spacing: 1.75pt;"> </span>can<span style="letter-spacing: 1.8pt;"> </span>do<span style="letter-spacing: .05pt;">n</span>e<span style="letter-spacing: 1.75pt;"> </span>by<span style="letter-spacing: 1.8pt;"> </span><span style="letter-spacing: 0.05pt;">e</span>mplo<span style="letter-spacing: .05pt;">y</span>ing<span style="letter-spacing: 1.85pt;"> </span>a<span style="letter-spacing: 1.75pt;"> </span><span style="letter-spacing: 0.05pt;">M</span>onte<span style="letter-spacing: 1.85pt;"> </span>Ca<span style="letter-spacing: .05pt;">r</span>lo </b></span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">simu<span style="letter-spacing: .05pt;">l</span>ation<span style="letter-spacing: 2.1pt;"> </span>me<span style="letter-spacing: .05pt;">t</span>hod</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">:</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">all</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.1pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">pr</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">babi</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ities</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.1pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.1pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rst</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.1pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">computed</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">and</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">nor</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">aliz</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.05pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">en</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">new </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">eleme</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">or</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">entation</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">new</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">spin</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">determined.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">The</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">roce</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ends</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">w</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">hen</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">all</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">elem</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">nts</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ter</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">ia</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ha</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">b</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">een</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">gne</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ized.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">A</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ch</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rac</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">eri</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">tic</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">th</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">del</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">is</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">that </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">once</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">sp</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">is</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">et,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">is</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">‘</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rozen’</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ca</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">not</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ha</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ge.</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Apply<span style="letter-spacing: .05pt;">i</span>ng<span style="letter-spacing: 0.75pt;"> </span>this<span style="letter-spacing: 0.75pt;"> </span><span style="letter-spacing: 0.05pt;">m</span>odel<span style="letter-spacing: 0.75pt;"> </span>to<span style="letter-spacing: 0.7pt;"> </span>an<span style="letter-spacing: 0.75pt;"> </span><span style="letter-spacing: 0.05pt;">a</span>dvert<span style="letter-spacing: .05pt;">i</span>sing<span style="letter-spacing: 0.75pt;"> </span>p<span style="letter-spacing: .05pt;">r</span>ocess,<span style="letter-spacing: 0.75pt;"> </span><span style="letter-spacing: 0.05pt;">i</span>t<span style="letter-spacing: 0.7pt;"> </span><span style="letter-spacing: 0.05pt;">i</span>s<span style="letter-spacing: 0.75pt;"> </span>relatively<span style="letter-spacing: 0.75pt;"> easy</span><span style="letter-spacing: 0.7pt;"> </span>to<span style="letter-spacing: 0.75pt;"> </span>i<span style="letter-spacing: .05pt;">n</span>terpret </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">wh</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">le</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">pr</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">cess</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">as</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ingle</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">amp</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ign</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> -</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">at</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">end</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rta</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">number</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 3.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">tar</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">et </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">indi</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">idu</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ls</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">w</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ll</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ve</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">‘</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">bso</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">bed’</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">essa</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e-</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.5pt;"> </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><span style="letter-spacing: 0.05pt;">m</span>agn<span style="letter-spacing: .05pt;">e</span>tic<span style="letter-spacing: 0.5pt;"> </span><span style="letter-spacing: 0.05pt;">f</span>ield<span style="letter-spacing: 0.55pt;"> </span>H<span style="letter-spacing: 0.5pt;"> </span>is<span style="letter-spacing: 0.55pt;"> </span>a<span style="letter-spacing: 0.45pt;"> </span>mea<span style="letter-spacing: .05pt;">s</span>ure<span style="letter-spacing: 0.5pt;"> </span><span style="letter-spacing: 0.05pt;">o</span>f<span style="letter-spacing: 0.5pt;"> </span>the </b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b>inten<span style="letter-spacing: .05pt;">s</span>ity<span style="letter-spacing: 0.25pt;"> </span><span style="letter-spacing: 0.05pt;">o</span>f<span style="letter-spacing: 0.2pt;"> </span>the<span style="letter-spacing: 0.2pt;"> </span><span style="letter-spacing: 0.05pt;">c</span>ampa<span style="letter-spacing: .05pt;">i</span>gn,<span style="letter-spacing: 0.2pt;"> </span>a<span style="letter-spacing: .05pt;">n</span>d<span style="letter-spacing: 0.25pt;"> </span>the<span style="letter-spacing: 0.25pt;"> </span>temperatu<span style="letter-spacing: .05pt;">r</span>e<span style="letter-spacing: 0.3pt;"> </span>T<span style="letter-spacing: 0.3pt;"> </span>is<span style="letter-spacing: 0.25pt;"> </span>a<span style="letter-spacing: 0.3pt;"> </span>meas<span style="letter-spacing: .05pt;">u</span>re<span style="letter-spacing: 0.25pt;"> </span>of<span style="letter-spacing: 0.3pt;"> </span>the<span style="letter-spacing: 0.25pt;"> </span>soci<span style="letter-spacing: .05pt;">a</span>l<span style="letter-spacing: 0.2pt;"> </span>coh<span style="letter-spacing: .05pt;">e</span>sion<span style="letter-spacing: 0.3pt;"> </span>of </b></span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the<span style="letter-spacing: 0.45pt;"> </span>t<span style="letter-spacing: .05pt;">a</span>rget<span style="letter-spacing: 0.45pt;"> </span><span style="letter-spacing: 0.05pt;">g</span>roup</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">(</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">re</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ponsiven</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ss</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">to</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ver</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ising</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mess</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ges</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">)</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">,</span><b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">spin</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">S</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">=</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">+1</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ans</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">an </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ind</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">vid</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">u</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">al</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">has</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ce</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ted</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ve</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ti</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">es</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">age,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">S</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">=</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">-1</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ans</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">at</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ssa</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">was </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">igno</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ed</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">(</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">or</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">efus</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span></b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><b>d)</b>.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Once</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ca</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">paign</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">is</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ended,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">inions</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: -0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">get</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.25pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">opu</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ati</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">n </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">are</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">set</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">nd</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">we</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">y</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">assume</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.2pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">that</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">th</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">y</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rema</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">stab</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">until</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">next</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.15pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mpaig</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">.</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>WOM</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b><br /></b></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL4v8zoYDfocddxbAh9p7xK4Gair2Cd9Fl9hN8bBHVeCcwRw8MDa9j857ocoOwtuaENQ7VTkD9KM3Vzv4KaWgQvURZUAGNJfxtmCmGhNIcbQz6OhdvekZIvGzhvpl5QTKjZI8shYnhnGU/s1600/graphic-epidemy-model.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL4v8zoYDfocddxbAh9p7xK4Gair2Cd9Fl9hN8bBHVeCcwRw8MDa9j857ocoOwtuaENQ7VTkD9KM3Vzv4KaWgQvURZUAGNJfxtmCmGhNIcbQz6OhdvekZIvGzhvpl5QTKjZI8shYnhnGU/s1600/graphic-epidemy-model.png" height="178" width="400" /></a></div>
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<div class="Section1">
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<span style="color: #444444;"><span style="font-family: Georgia, Times New Roman, serif;"><br /></span></span>
<span style="color: #444444;"><span style="font-family: Georgia, Times New Roman, serif;">WOM<span style="letter-spacing: 0.05pt;"> resembles </span>to<span style="letter-spacing: 4.5pt;"> </span><span style="letter-spacing: 0.05pt;">a</span>n<span style="letter-spacing: 4.5pt;"> </span><b><span style="letter-spacing: 0.05pt;">e</span>pid<span style="letter-spacing: 0.05pt;">e</span>mio<span style="letter-spacing: 0.05pt;">l</span>ogi<span style="letter-spacing: 0.05pt;">c</span>al<span style="letter-spacing: 4.55pt;"> </span>infection pro<span style="letter-spacing: 0.05pt;">c</span>ess</b><span style="letter-spacing: 4.7pt;">.</span>More specifically, a<span style="letter-spacing: 6px;"> </span></span></span><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">pop<span style="letter-spacing: 0.05pt;">u</span>lat<span style="letter-spacing: 0.05pt;">i</span>on of actors<span style="letter-spacing: 4.75pt;"> </span>is sus<span style="letter-spacing: 0.05pt;">c</span>ept<span style="letter-spacing: 0.05pt;">i</span>ble<span style="letter-spacing: 1.1pt;"> </span><span style="letter-spacing: 0.05pt;">t</span>o<span style="letter-spacing: 1.15pt;"> </span><span style="letter-spacing: 0.05pt;">a</span>n<span style="letter-spacing: 1.15pt;"> </span>‘<span style="letter-spacing: 0.05pt;">a</span>dve<span style="letter-spacing: 0.05pt;">r</span>ti<span style="letter-spacing: 0.05pt;">s</span>ing<span style="letter-spacing: 1.2pt;"> </span>infecti<span style="letter-spacing: 0.05pt;">o</span>n’.<span style="letter-spacing: 1.2pt;"> </span></span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Dur<span style="letter-spacing: 0.05pt;">i</span>ng<span style="letter-spacing: 1.2pt;"> </span>the<span style="letter-spacing: 1.2pt;"> </span>unf<span style="letter-spacing: 0.05pt;">o</span>ldi<span style="letter-spacing: 0.05pt;">n</span>g<span style="letter-spacing: 1.1pt;"> </span>of<span style="letter-spacing: 1.2pt;"> </span>the<span style="letter-spacing: 1.2pt;"> </span>p<span style="letter-spacing: 0.05pt;">r</span>oce<span style="letter-spacing: 0.05pt;">s</span>s,<span style="letter-spacing: 1.15pt;"> </span>a<span style="letter-spacing: 1.2pt;"> </span>num<span style="letter-spacing: 0.05pt;">b</span>er<span style="letter-spacing: 5px;"> </span>of<span style="letter-spacing: 3.9pt;"> </span>a<span style="letter-spacing: 0.05pt;">c</span>tors<span style="letter-spacing: 3.85pt;"> </span>become<span style="letter-spacing: 3.75pt;"> </span><span style="letter-spacing: 0.05pt;">i</span>nfe<span style="letter-spacing: 0.05pt;">c</span>ted<span style="letter-spacing: 3.85pt;"> </span>whi<span style="letter-spacing: 0.05pt;">l</span>e<span style="letter-spacing: 3.8pt;"> </span>s<span style="letter-spacing: 0.05pt;">o</span>me<span style="letter-spacing: 3.8pt;"> </span>r<span style="letter-spacing: 0.05pt;">e</span>cov<span style="letter-spacing: 0.05pt;">e</span>r<span style="letter-spacing: 3.85pt;"> </span><span style="letter-spacing: 0.05pt;">a</span>nd<span style="letter-spacing: 3.8pt;"> </span>b<span style="letter-spacing: 0.05pt;">e</span>come<span style="letter-spacing: 3.85pt;"> </span>im<span style="letter-spacing: 0.05pt;">m</span>une<span style="letter-spacing: 3.9pt;"> </span><span style="letter-spacing: 0.05pt;">b</span>y for<span style="letter-spacing: 0.05pt;">g</span>ett<span style="letter-spacing: 0.05pt;">i</span>ng<span style="letter-spacing: 0.8pt;"> </span>t<span style="letter-spacing: 0.05pt;">h</span>e<span style="letter-spacing: 0.8pt;"> </span>i<span style="letter-spacing: 0.05pt;">n</span>for<span style="letter-spacing: 0.05pt;">m</span>ati<span style="letter-spacing: 0.05pt;">o</span>n<span style="letter-spacing: 0.8pt;"> </span>r<span style="letter-spacing: 0.05pt;">e</span>cei<span style="letter-spacing: 0.05pt;">v</span>ed<span style="letter-spacing: 0.05pt;">. </span>The<span style="letter-spacing: 3.4pt;"> </span>ma<span style="letter-spacing: 0.05pt;">t</span>hem<span style="letter-spacing: 0.05pt;">a</span>ti<span style="letter-spacing: 0.1pt;">c</span>al<span style="letter-spacing: 3.45pt;"> </span>m<span style="letter-spacing: 0.05pt;">o</span>dels<span style="letter-spacing: 3.4pt;"> </span>d<span style="letter-spacing: 0.05pt;">e</span>scri<span style="letter-spacing: 0.05pt;">b</span>ing<span style="letter-spacing: 3.35pt;"> </span>an<span style="letter-spacing: 4px;"> </span>e<span style="letter-spacing: 0.05pt;">p</span>ide<span style="letter-spacing: 0.05pt;">m</span>iolo<span style="letter-spacing: 0.05pt;">g</span>ical<span style="letter-spacing: 3.45pt;"> </span><span style="letter-spacing: 0.05pt;">i</span>nfection pro<span style="letter-spacing: 0.05pt;">c</span>ess<span style="letter-spacing: 3.8pt;"> </span><span style="letter-spacing: 0.05pt;">a</span>re<span style="letter-spacing: 3.75pt;"> </span>w<span style="letter-spacing: 0.05pt;">e</span>ll<span style="letter-spacing: 3.8pt;"> </span><span style="letter-spacing: 0.05pt;">k</span>nown<span style="letter-spacing: 3.85pt;"> </span>(Ba<span style="letter-spacing: 0.05pt;">i</span>le<span style="letter-spacing: 0.05pt;">y</span>,<span style="letter-spacing: 3.85pt;"> </span>1<span style="letter-spacing: 0.05pt;">9</span>75).<span style="letter-spacing: 3.85pt;"> </span></span><b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">WOM</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">was</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.1pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">tu</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ied</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">by</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">us</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ng</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">an</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ep</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">dem</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">olo</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ical</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.9pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">di</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">fu</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ion</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">mo</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">el</span></b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.95pt;"><b>.</b> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Th</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">s
was</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">bui</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">by</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">nsi</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">eri</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">g</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.7pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">fec</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ion</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">cyc</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">in</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">an</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">in</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ivi</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ual(a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">tor</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">)</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">T</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">h</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.75pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ctor</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">is</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 1.8pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">fir</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t
cons</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">der</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">d</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">su</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">s</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">cep</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ible</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">(<b>S</b>),</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">i.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">b</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">le</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">and</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ready</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">o</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">re</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">eive</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.65pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">pie</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.55pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">in</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">f</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ormation.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.6pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Th</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">en</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">, if</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">rea</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">hed</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.3pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">b</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">y</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">m</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ss</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ge</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">it</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">becomes</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">‘i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">fected’</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">(<b>I</b>)</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">and</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">is</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">co</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">sid</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">e</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">red</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.35pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">as</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">such</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">for</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">a certa</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">p</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">eriod</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">of</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">me.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Final</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">l</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">y,</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">the</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">indi</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">v</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">idual</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">c</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">n</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.45pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">r</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ecover</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">(</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><b>R</b>)</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">by</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">forge</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ting</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.5pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">wh</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">a</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">t</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 2.4pt;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">he rece</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; letter-spacing: 0.05pt;">i</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ved or even be considered as (<b>D</b>) or "dead" as regards obedience to the advertising message.</span></div>
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<span style="color: #444444;"><span style="font-family: Georgia, 'Times New Roman', serif;"><br /></span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The<span style="letter-spacing: 0.35pt;"> </span>m<span style="letter-spacing: .1pt;">a</span>the<span style="letter-spacing: .05pt;">m</span>atic<span style="letter-spacing: .05pt;">a</span>l<span style="letter-spacing: 0.3pt;"> </span><span style="letter-spacing: 0.05pt;">t</span>reat<span style="letter-spacing: .05pt;">m</span>ent<span style="letter-spacing: 0.35pt;"> </span>is<span style="letter-spacing: 0.35pt;"> </span>well<span style="letter-spacing: 0.35pt;"> </span>kn<span style="letter-spacing: .05pt;">o</span>wn<span style="letter-spacing: 0.35pt;"> </span>and con<span style="letter-spacing: .05pt;">s</span>ists<span style="letter-spacing: 1.45pt;"> </span>of<span style="letter-spacing: 1.45pt;"> </span>a<span style="letter-spacing: 1.45pt;"> </span>s<span style="letter-spacing: .05pt;">y</span>stem<span style="letter-spacing: 1.5pt;"> </span>of<span style="letter-spacing: 1.55pt;"> </span>di<span style="letter-spacing: .05pt;">f</span>fe<span style="letter-spacing: .05pt;">r</span>ent<span style="letter-spacing: .05pt;">i</span>al<span style="letter-spacing: 1.4pt;"> </span>e<span style="letter-spacing: .05pt;">q</span>ua<span style="letter-spacing: .05pt;">t</span>ions<span style="letter-spacing: 1.5pt;"> </span>that<span style="letter-spacing: 1.45pt;"> </span>c<span style="letter-spacing: .05pt;">a</span>n<span style="letter-spacing: 1.45pt;"> </span>be<span style="letter-spacing: 1.5pt;"> </span>so<span style="letter-spacing: .05pt;">l</span>ved<span style="letter-spacing: 1.5pt;"> </span>and<span style="letter-spacing: 1.5pt;"> </span>pr<span style="letter-spacing: .05pt;">o</span>du<span style="letter-spacing: .05pt;">c</span>e<span style="letter-spacing: 1.45pt;"> </span>c<span style="letter-spacing: .05pt;">u</span>rves
des<span style="letter-spacing: .05pt;">c</span>rib<span style="letter-spacing: .05pt;">i</span>ng<span style="letter-spacing: 0.95pt;"> </span>the<span style="letter-spacing: 0.9pt;"> </span>res<span style="letter-spacing: .05pt;">u</span>lts<span style="letter-spacing: 0.95pt;"> </span>of<span style="letter-spacing: 0.9pt;"> </span>the<span style="letter-spacing: 0.95pt;"> </span>in<span style="letter-spacing: .05pt;">f</span>ect<span style="letter-spacing: .05pt;">i</span>on.<span style="letter-spacing: 0.9pt;"> </span>Th<span style="letter-spacing: .05pt;">e</span>se<span style="letter-spacing: 0.95pt;"> </span>are<span style="letter-spacing: 0.85pt;"> </span><span style="letter-spacing: 0.05pt;">m</span>ost<span style="letter-spacing: .05pt;">l</span>y<span style="letter-spacing: 0.9pt;"> </span><span style="letter-spacing: 0.05pt;">s</span>-sh<span style="letter-spacing: .05pt;">a</span>ped<span style="letter-spacing: 0.95pt;"> </span>c<span style="letter-spacing: .05pt;">u</span>rves<span style="letter-spacing: 0.95pt;"> </span>b<span style="letter-spacing: .05pt;">e</span>lon<span style="letter-spacing: .05pt;">g</span>ing<span style="letter-spacing: 0.9pt;"> </span>to the<span style="letter-spacing: 4.4pt;"> </span>f<span style="letter-spacing: .05pt;">a</span>mily<span style="letter-spacing: 4.4pt;"> </span><span style="letter-spacing: 0.05pt;">o</span>f<span style="letter-spacing: 4.4pt;"> </span>lo<span style="letter-spacing: .05pt;">g</span>istic<span style="letter-spacing: 4.3pt;"> </span>c<span style="letter-spacing: .05pt;">u</span>rves.<span style="letter-spacing: 4.45pt;"> </span>Trad<span style="letter-spacing: .05pt;">i</span>tion<span style="letter-spacing: .05pt;">a</span>lly<span style="letter-spacing: 4.4pt;"> </span>a<span style="letter-spacing: 4.35pt;"> </span><span style="letter-spacing: 0.05pt;">p</span>erfe<span style="letter-spacing: .05pt;">c</span>t<span style="letter-spacing: 4.4pt;"> </span>mi<span style="letter-spacing: .05pt;">x</span>ing<span style="letter-spacing: 4.4pt;"> </span>is<span style="letter-spacing: 4.45pt;"> </span>assu<span style="letter-spacing: .05pt;">m</span>ed:<span style="letter-spacing: 5px;"> </span><span style="letter-spacing: 0.05pt;">a</span>ll
indi<span style="letter-spacing: .05pt;">v</span>idua<span style="letter-spacing: .05pt;">l</span>s<span style="letter-spacing: 0.75pt;"> </span>are<span style="letter-spacing: 0.7pt;"> </span>e<span style="letter-spacing: .05pt;">q</span>ually<span style="letter-spacing: 0.75pt;"> </span>able<span style="letter-spacing: 0.75pt;"> </span>to<span style="letter-spacing: 0.75pt;"> </span><span style="letter-spacing: 0.05pt;">i</span>nfe<span style="letter-spacing: .05pt;">c</span>t<span style="letter-spacing: 0.65pt;"> </span><span style="letter-spacing: 0.05pt;">a</span>ll<span style="letter-spacing: 0.75pt;"> </span>ot<span style="letter-spacing: .05pt;">h</span>ers,<span style="letter-spacing: 0.75pt;"> </span><span style="letter-spacing: 0.05pt;">t</span>he<span style="letter-spacing: 0.7pt;"> </span>co<span style="letter-spacing: .05pt;">n</span>tacts<span style="letter-spacing: 0.75pt;"> </span>between<span style="letter-spacing: 0.75pt;"> </span>th<span style="letter-spacing: .05pt;">e</span>m<span style="letter-spacing: 0.75pt;"> </span>are<span style="letter-spacing: 0.75pt;"> </span><span style="letter-spacing: 0.05pt;">i</span>gnor<span style="letter-spacing: .05pt;">e</span>d or,bet<span style="letter-spacing: .05pt;">t</span>er,<span style="letter-spacing: 3.35pt;"> </span>con<span style="letter-spacing: .05pt;">s</span>ider<span style="letter-spacing: .05pt;">e</span>d<span style="letter-spacing: 3.25pt;"> </span>as<span style="letter-spacing: 3.35pt;"> </span>ha<span style="letter-spacing: .05pt;">v</span>ing<span style="letter-spacing: 3.35pt;"> </span>a<span style="letter-spacing: 3.35pt;"> </span>rand<span style="letter-spacing: .05pt;">o</span>m<span style="letter-spacing: 3.35pt;"> </span><span style="letter-spacing: 0.05pt;">d</span>ist<span style="letter-spacing: .05pt;">r</span>ibut<span style="letter-spacing: .05pt;">i</span>on.<span style="letter-spacing: 3.2pt;"> </span><span style="letter-spacing: 0.05pt;">W</span>hen<span style="letter-spacing: 3.35pt;"> </span>dea<span style="letter-spacing: .05pt;">l</span>ing<span style="letter-spacing: 3.35pt;"> </span>with<span style="letter-spacing: 3.35pt;"> </span>W<span style="letter-spacing: .05pt;">O</span>M, howe<span style="letter-spacing: .05pt;">v</span>er,<span style="letter-spacing: 1.6pt;"> </span>t<span style="letter-spacing: .1pt;">h</span>e<span style="letter-spacing: 1.6pt;"> </span>diff<span style="letter-spacing: .05pt;">u</span>sion<span style="letter-spacing: 1.6pt;"> </span>p<span style="letter-spacing: .05pt;">r</span>oce<span style="letter-spacing: .05pt;">s</span>s<span style="letter-spacing: 1.55pt;"> </span><span style="letter-spacing: 0.05pt;">d</span>eve<span style="letter-spacing: .05pt;">l</span>ops<span style="letter-spacing: 1.6pt;"> </span>by<span style="letter-spacing: 1.65pt;"> </span>usi<span style="letter-spacing: .05pt;">n</span>g<span style="letter-spacing: 1.6pt;"> </span>the<span style="letter-spacing: 1.6pt;"> </span>r<span style="letter-spacing: .05pt;">e</span>lat<span style="letter-spacing: .05pt;">i</span>ons<span style="letter-spacing: .05pt;">h</span>ips<span style="letter-spacing: 1.6pt;"> </span>a<span style="letter-spacing: .05pt;">m</span>ong<span style="letter-spacing: 1.6pt;"> </span>t<span style="letter-spacing: .05pt;">h</span>e<span style="letter-spacing: 1.6pt;"> </span>soc<span style="letter-spacing: .05pt;">i</span>al net<span style="letter-spacing: .05pt;">w</span>ork<span style="letter-spacing: 0.15pt;"> </span><span style="letter-spacing: 0.05pt;">f</span>orm<span style="letter-spacing: .05pt;">e</span>d<span style="letter-spacing: 0.15pt;"> </span>by<span style="letter-spacing: 0.15pt;"> </span>t<span style="letter-spacing: .05pt;">h</span>e<span style="letter-spacing: 0.15pt;"> </span><span style="letter-spacing: 0.05pt;">in</span>di<span style="letter-spacing: .05pt;">v</span>idu<span style="letter-spacing: .05pt;">a</span>ls<span style="letter-spacing: 0.15pt;"> </span>as<span style="letter-spacing: 0.15pt;"> </span>i<span style="letter-spacing: .05pt;">n</span>fection<span style="letter-spacing: 0.15pt;"> </span><span style="letter-spacing: 0.05pt;">c</span>hannels.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>Conclusion</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">A Nielsen Online Global Consumers Research three years ago found out that:</span></div>
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<ol style="text-align: left;">
<li><span style="background-color: white;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b>14%</b> ONLY of consumers trust ads </span></span></li>
<li><span style="background-color: white; line-height: 1.625rem;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b>56%</b> of consumers avoid buying products from companies who
advertise too much</span></span></li>
<li><span style="background-color: white; line-height: 1.625rem;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b>65%</b> of consumers feel they are constantly bombarded with too
much advertising</span></span></li>
<li><span style="background-color: white; line-height: 1.625rem;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b>78%</b> of consumers trust recommendations from other consumers</span></span></li>
</ol>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiabDxgYkqVw0bfXrF2EJkP2bIV1XRFfbCkOtQbTQbgIR_jkRqpAseb6GVrV-Kzi1jyYRPHWkHI880gmfu1Dp2TgP7f_ikND_t8k79DGCpOrdYSlMDzgbeWQ2ZZqduTHCEUVuphEiMousk/s1600/wom+social+media.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiabDxgYkqVw0bfXrF2EJkP2bIV1XRFfbCkOtQbTQbgIR_jkRqpAseb6GVrV-Kzi1jyYRPHWkHI880gmfu1Dp2TgP7f_ikND_t8k79DGCpOrdYSlMDzgbeWQ2ZZqduTHCEUVuphEiMousk/s1600/wom+social+media.jpg" /></a></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 26px;">That means, traditional advertising is </span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 26px;">almost becoming an antiquated way of </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">marketing. </span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 26px;">But don’t despair; </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">social media</span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 26px;"> marketing is here to </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">help</span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 26px;"> make some distinctions. We are in the 21st century and marketing is evolving with relative flexibility.</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="background-color: white; line-height: 20px;">"The only thing we know about the future is that it will be different."</span><br style="line-height: 20px;" /><span class="bodybold" style="background-color: white; font-weight: bold; line-height: 20px;">Peter Drucker</span><span style="background-color: white; line-height: 20px;"> </span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiV4IpAUMMW-nLzeZ71Qu0ALaBNZtaYaRq2hecKhtBxKoUvSZ6DdrCDYuMVzOfaG001KvfHq7BJASAHulHzD0B9KQfZwbgkOVnXFZOiFlAE0pUeJfZr88kXgRqbv_wdrJpq-h5wqMOGvZg/s1600/merry-christmas.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="261" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiV4IpAUMMW-nLzeZ71Qu0ALaBNZtaYaRq2hecKhtBxKoUvSZ6DdrCDYuMVzOfaG001KvfHq7BJASAHulHzD0B9KQfZwbgkOVnXFZOiFlAE0pUeJfZr88kXgRqbv_wdrJpq-h5wqMOGvZg/s400/merry-christmas.jpg" width="400" /></a></div>
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<span style="font-family: Georgia, 'Times New Roman', serif;">Santa Claus, Christmas carols, gifts, endless queues at the malls and the local
post offices, house decorations and more human
externalities! </span><i style="font-family: Georgia, 'Times New Roman', serif;">Christmas is here! Hohoho!! </i><span style="font-family: Georgia, 'Times New Roman', serif;">But, what does Christmas mean for us? Why "Merry Christmas"? Does Santa really exist? How could Christmas decoration both in houses and in retail stores affect our psychology? Marketers and psychologists are actually curious
human beings that have studied almost every aspect of human and consumer behavior, including Christmas psychology!</span></div>
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<b style="font-family: Georgia, 'Times New Roman', serif;"><span style="font-size: large;">Santa Claus really exists?</span></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLZKODU3s4UdvRJMe481HcSNePzlJV2aL1oQuexHrl6dHLye1zHJ1zrwb4fcaReL7ZFwVWORGX1VeU_n-QAxTUWVAfVjpk6lyqpZ7fNEkAiDn119PxlJHl0zmd0QjSyIeT1_px-uKujVs/s1600/santa+claus.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLZKODU3s4UdvRJMe481HcSNePzlJV2aL1oQuexHrl6dHLye1zHJ1zrwb4fcaReL7ZFwVWORGX1VeU_n-QAxTUWVAfVjpk6lyqpZ7fNEkAiDn119PxlJHl0zmd0QjSyIeT1_px-uKujVs/s320/santa+claus.jpg" width="228" /></a></div>
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<span style="font-family: Georgia, 'Times New Roman', serif;">Santa Claus,</span><b style="font-family: Georgia, 'Times New Roman', serif; font-size: x-large;"> </b><span style="font-family: Georgia, 'Times New Roman', serif;">also known as Saint Nicholas, Father Christmas or simply "Santa", is a mythical figure with legendary, historical and folkloric origins who, in many Western cultures, is said to bring gifts to the homes of the good children on December 24, the night before Christmas. </span><span style="font-family: Georgia, 'Times New Roman', serif;">Images of Santa Claus were further popularized through Haddon Sundblom’s depiction of him for </span><b style="font-family: Georgia, 'Times New Roman', serif;">The Coca-Cola Company’s Christmas advertising in the 1930s</b><span style="font-family: Georgia, 'Times New Roman', serif;">. The popularity of the image spawned urban legends that Santa Claus was invented by The Coca-Cola Company or that Santa wears red and white because they are the colors used to promote the Coca-Cola brand. Historically, Coca-Cola was not the first soft drink company to utilize the modern image of Santa Claus in its advertising: White Rock Beverages had already used a red and white Santa to sell mineral water in 1915 and then in advertisements for its ginger ale in 1923.</span></div>
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<b style="font-family: Georgia, 'Times New Roman', serif;">Kids believe in Santa Claus as a function of age.</b><span style="font-family: Georgia, 'Times New Roman', serif;"> Kids are also more likely to believe if their parents encourage them to do so [Anderson & Prentice, 1994]. But it’s not clear that these beliefs are a sign of greater gullibility or even a greater interest in fantasy.</span></div>
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<span style="font-family: Georgia, Times New Roman, serif;">Actually, researchers found that a belief in Santa was unrelated to other measures of a child's interest in fantasy [Prentice, 1978]. And a recent series of experiments conducted at Harvard found that kids make important distinctions between beliefs in folkloric, fantasy characters and beliefs in other unseen, but scientifically-established, entities. Kids who professed to believe in Santa were nonetheless less certain about it than they were about the existence of oxygen or germs. Another set of experiments revealed that<b> 4-year old kids don't invoke magical explanations for things that happen in the real world</b>-not unless those things otherwise seem impossible [Rosengren & Hickling, 1994].<o:p></o:p></span></div>
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<span style="font-family: Georgia, Times New Roman, serif;">What happens when kids finally penetrate the veil and reject our fantasies? </span><span style="font-family: Georgia, 'Times New Roman', serif;">We might feel a little awkward or wistful. But the kids don’t appear to be heartbroken. </span><span style="font-family: Georgia, 'Times New Roman', serif;">When researchers questioned children who had stopped believing in Santa Claus, a milestone they reached around the age of 7, kids reported feeling pleased.</span></div>
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<span style="font-family: Georgia, Times New Roman, serif;"><b>They had figured it out. They were enlightened now.</b><o:p></o:p></span></div>
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<span style="font-family: Georgia, Times New Roman, serif;">According to Anderson , it was <b>THE PARENTS, NOT THE KIDS</b>, who reported feeling a bit sad..</span></div>
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<b style="font-family: Georgia, 'Times New Roman', serif; font-size: x-large;">Why Merry Christmas?</b><br />
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<span style="font-family: Georgia, 'Times New Roman', serif;">Tim Kasser, an American psychologist, known for his work on materialism & Kennon Sheldon, professor of Psychological Sciences, University of Missouri, noticed 10 years ago that "More happiness was reported when family and religious experiences were especially salient, and lower well-being occurred when spending money and receiving gifts predominated. Engaging in environmentally conscious consumption practices also predicted a happier holiday, as did being older and male. In sum, the materialistic aspects of modern Christmas celebrations may undermine well-being, <b>while family and spiritual activities may help people to feel more satisfied</b>". Thus consumerism is not always the answer.</span></div>
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<span style="font-family: Georgia, Times New Roman, serif;"><b><span style="font-size: large;">Christmas decoration</span></b><o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizRxP0rDqulpUjwwH2f5RhBW67RvMVzVs-74QTPP1UpZc7X52OkcExGH-gWh4Eu8RG-ieHJfqgvnXUFDX_9t1TM-lTrwbLl3Yt_vRWuhPW7oHpZlse2In5V6H9C4XR0oY_R1Ndik0HKbo/s1600/christmas-decorations.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizRxP0rDqulpUjwwH2f5RhBW67RvMVzVs-74QTPP1UpZc7X52OkcExGH-gWh4Eu8RG-ieHJfqgvnXUFDX_9t1TM-lTrwbLl3Yt_vRWuhPW7oHpZlse2In5V6H9C4XR0oY_R1Ndik0HKbo/s400/christmas-decorations.jpg" width="400" /></a></div>
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<span style="font-family: Georgia, 'Times New Roman', serif;">Werner & Brown [Journal of
Environmental Psychology, 1989] suggested that most people like
decorating their house for Christmas. One possible reason for this behavior
could be the desire to </span><b style="font-family: Georgia, 'Times New Roman', serif;">communicate friendliness and cohesiveness with
neighbors</b><span style="font-family: Georgia, 'Times New Roman', serif;">. Stimulus homes had been preselected to represent the four cells of a
two by two factorial design crossing the presence/absence of Christmas
decorations with the resident’s self-rated social contact with neighbors
(low/high). As expected, a main effect for the decorated factor indicated that
raters used Christmas decorations as a cue that the residents were friendly and
cohesive. </span><b style="font-family: Georgia, 'Times New Roman', serif;">Decoration interacted with sociability in a complex but interpretable way.</b><span style="font-family: Georgia, 'Times New Roman', serif;"> </span></div>
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<span style="font-family: Georgia, 'Times New Roman', serif;">In the absence of Christmas decorations, raters accurately distinguished
between the homes of sociable and nonsocial residents; in open ended comments,
they attributed their impressions to the relatively more ‘open’ and ‘lived in’
look of the sociable residents’ homes. When Christmas decorations were present,
raters actually attributed greater sociability to the nonsocial residents,
citing a more open appearance as the basis for their judgments. The results
support the idea that residents can use their home’s exterior to communicate
attachment and possibly to integrate themselves into a neighborhood’s social
activities.</span></div>
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<span style="font-family: Georgia, Times New Roman, serif;">As regards retail stores and their Christmas decoration, the
following video, that explores current <b>neuromarketing methods</b> (measuring
stimuli and emotions to retail stores Christmas decoration), might shed light
on unconscious consumer decision-making processes:</span></div>
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<span style="font-family: Georgia, Times New Roman, serif;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/vSUH80O4Na8?feature=player_embedded' frameborder='0'></iframe></span></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-8958476541985138262013-12-13T17:23:00.000-08:002013-12-13T17:25:23.231-08:00Intro to Data Mining for Marketers - Part 2<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBQ0zj2DMXIwHLD8H7bb-31u87APHc1mlX6d5MGzvWcxZ2RYQ0RXwhIHpuX4JDGZTOG_33nz3H01zJRk8AaosPmUzRScrkoubE_lS9fWexdi3N1YofuykucmmZut1qCqgPrbCtxncE4mA/s1600/data+mining+abstract.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="335" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBQ0zj2DMXIwHLD8H7bb-31u87APHc1mlX6d5MGzvWcxZ2RYQ0RXwhIHpuX4JDGZTOG_33nz3H01zJRk8AaosPmUzRScrkoubE_lS9fWexdi3N1YofuykucmmZut1qCqgPrbCtxncE4mA/s1600/data+mining+abstract.png" width="400" /></a></div>
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<b style="font-family: Georgia, 'Times New Roman', serif;"><span style="color: #444444; font-size: large;">Data Preprocessing</span></b></div>
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<span style="color: #444444;"><span style="font-family: Georgia, Times New Roman, serif;">This stage is the most time-consuming stage of the data mining process. Data is never clean
and in a form </span><span style="font-family: Georgia, 'Times New Roman', serif;">suitable for data mining. There are few typical data corruption problems in business databases such as duplication of the records, missing data fields, and presence of outliers. The preprocessing step involves </span><b style="font-family: Georgia, 'Times New Roman', serif;">integrating data from different sources and making
choices about representing or coding certain data fields that serve as inputs
to the data discovery stage</b><span style="font-family: Georgia, 'Times New Roman', serif;">. Such representation choices are needed because
certain fields may contain data at level of details not considered suitable for
the pattern discovery stage. For
example, it may be counterproductive to represent the actual date birth of each
customer to the data discovery stage. Instead, it may be better to group
customers into different age groups
and the chosen age groups should have
some significations for the research goal. </span><span style="font-family: Georgia, 'Times New Roman', serif;">It is important to remember that the preprocessing stage is
a crucial step.</span><span style="font-family: Georgia, 'Times New Roman', serif;"> </span><span style="font-family: Georgia, 'Times New Roman', serif;">The representation choices
made at this stage have a great bearing on the kinds of the patterns that will
be discovered by the next stage of data discovery.</span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><o:p> </o:p><b><span style="font-size: large;">Patterns & Market Segmentation</span></b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Since there are so many ways we, human beings, are
different, it should not be surprising that we would differ in our needs for
automobiles. While there are many factors/variables that contribute to these
differences, we are considering the following factors for presenting our data
mining framework for the aforementioned example: vehicle image (Table 1), customer anticipated feelings (Table
2), and
demographics (such as age, sex, income, occupation, education etc). The
demographic factor plays an important role in the proposed analysis. </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7AZvaPXBQbRPhN5Aj4NUehU763CHJChzsY9HPt5kc6DjGH7ouszL5coXTmn5T3g4_Xin16NmJ9S6KM_Z3QlFutyZrlYNb_omILLHu2gN419QCGOtu75Gbhyphenhyphen-BEHSwi5J1lYAq0MuuVtU/s1600/tables.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444;"><img border="0" height="204" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7AZvaPXBQbRPhN5Aj4NUehU763CHJChzsY9HPt5kc6DjGH7ouszL5coXTmn5T3g4_Xin16NmJ9S6KM_Z3QlFutyZrlYNb_omILLHu2gN419QCGOtu75Gbhyphenhyphen-BEHSwi5J1lYAq0MuuVtU/s1600/tables.png" width="320" /></span></a></div>
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<span style="font-family: Georgia, 'Times New Roman', serif;"><span style="color: #444444;">For example, consider how customer needs and preferences for
an automobile change as one moves demographically from college student to
management trainee; changes in income, occupation, and educational status each
contribute to a changing set of customer needs for a variety of products such
as an automobile. Many other variables can be incorporated as well.</span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">There are mainly three different techniques to perform
market segmentation:<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">• <b>Clustering</b>:
this approach implies data grouping or partitioning<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">• <b>Association</b>:
this approach seeks to establish associative relationships between different
variables in the database<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">• <b>Visualization</b>:
this approach consists of providing the user with an immersive virtual reality
environment so that the user can move through this environment discovering
hidden relationships<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b><span style="font-size: large;">Evaluation, Interpretation & Knowledge Discovery</span></b><o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">To test how well the identified segments perform when
predicting preferences for new customers, two approaches can be considered:
train and test error estimation, and cross validation.<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqP6oYOxr1OQh7MUlt_2xAYJaG4xi1wM3UHkpoqsF9BH82tjB3XT64rAD_vuDLW4sOLRLosrTdHlUSSVRWi0DHX4DkC8nRZi9WjZ5BAnMO0fndMFyB1Afkez2TgwTIqkbm72Dkw0guR3s/s1600/data+process.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444;"><img border="0" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqP6oYOxr1OQh7MUlt_2xAYJaG4xi1wM3UHkpoqsF9BH82tjB3XT64rAD_vuDLW4sOLRLosrTdHlUSSVRWi0DHX4DkC8nRZi9WjZ5BAnMO0fndMFyB1Afkez2TgwTIqkbm72Dkw0guR3s/s1600/data+process.png" width="640" /></span></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">After the prediction accuracy is verified by one of the
above methods, the segments will be evaluated by the business people in order
to determine the usefulness of the segments. The evaluation of usefulness of
the market segments should be made by the business team with respect to the
following characteristics:</span></div>
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<span style="font-family: Georgia, 'Times New Roman', serif;"></span><br />
<ul style="text-align: left;"><span style="font-family: Georgia, 'Times New Roman', serif;"><span style="color: #444444;">
<li><span style="font-weight: bold;"><b>Substantiality</b>: </span>(segment size): The market segments
are large or profitable enough to serve.</li>
<li><span style="font-weight: bold;"><b>Measurability</b>: </span>(segment profile): The market segments can be
identified and measured in terms of data already available. The segment
identification is very important: Segments that are based on meaningful
differences in customer needs but lack clear segment identification will fail
because the segment identity will not be known and an actionable marketing strategy
cannot be developed.</li>
<li><o:p style="font-weight: bold;"> </o:p><b style="font-weight: bold;">Actionability</b><b>: </b>Effective programs can be
designed for attracting and serving the segments. The market attractiveness
depends on market opportunity, competitive environment and market access.</li>
</span></span></ul>
<span style="font-family: Georgia, 'Times New Roman', serif;">
</span>
<div>
<span style="color: #444444;"><span style="font-family: Georgia, 'Times New Roman', serif;">If a segment fits the company’s objectives, </span><b style="font-family: Georgia, 'Times New Roman', serif;">the company must
decide whether it possesses the skills and resources needed to succeed in that
segment</b><span style="font-family: Georgia, 'Times New Roman', serif;">. If the company lacks the strengths needed to compete successfully in a
segment and cannot readily obtain them, it should not enter that segment. Even
if the company possesses the required strengths, it needs to employ skills and
resources </span><b style="font-family: Georgia, 'Times New Roman', serif;">superior</b><span style="font-family: Georgia, 'Times New Roman', serif;"> to those of the competition in order to really win a market
segment. Once the company has decided what segments to enter, it must decide on
its market positioning strategy - on which positions to occupy in its chosen
segments[D. Raicu, DePaul University).</span></span><br />
<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><span style="font-size: large;"><br /></span></b>
<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><span style="font-size: large;">Conclusion</span></b><br />
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><br /></span>
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">A theoretical, qualitative data mining framework for automatic gathering
of relevant and unbiased data was proposed. As a result, the initial investment
of producing a new product vehicle without being certain that it will be
satisfying people’s needs will be eliminated. Discovering a-priori segments of
people being interested in a certain product will also </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">help the managers</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> focus their advertising, promotion, and sales efforts on those categories of
people and thus, the time and costs will be significantly reduced.</span><br />
<br />
<br /></div>
</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQJAT_t30i67ck30f0cpd5dxeIalmUji21cz4cK1wWvjVjuFQkZU4uUUHbQnOcDWvW9bZr2D36YR_nr84aHBLyzcEFlYftxw8qIeuw39_fyKY2NFxWs87dRJXbPJFIm3gd0jPpvBxkCZU/s1600/Data-Mining-Cup.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQJAT_t30i67ck30f0cpd5dxeIalmUji21cz4cK1wWvjVjuFQkZU4uUUHbQnOcDWvW9bZr2D36YR_nr84aHBLyzcEFlYftxw8qIeuw39_fyKY2NFxWs87dRJXbPJFIm3gd0jPpvBxkCZU/s200/Data-Mining-Cup.jpg" width="200" /></a><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="background-color: white; line-height: 21.984375px; text-align: justify;">Data mining can be defined as the process of "discovering patterns, meaning and insights in large datasets by using statistical and computational methods".</span><span style="background-color: white; line-height: 19.1875px;"> Data mining works to analyze data stored in data warehouses that are used to store that data that is being analyzed. <b>That particular data may come from all parts of business, from the production to the management.</b> Managers also use data mining to decide upon marketing strategies for their product. They can use data to compare and contrast among competitors. Data mining interprets its data into real time analysis that can be used to increase sales, promote new product, or delete product that is not value-added to the company.</span></span><br />
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<span style="background-color: white; line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>History</b></span></span><br />
<span style="background-color: white; line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="background-color: white; line-height: 21.984375px; text-align: justify;">Data mining was born in the fields of Statistics and Computer Science (some might say </span>Artificial Intelligence<span style="background-color: white; line-height: 21.984375px; text-align: justify;">) and may also be referred as “</span>Statistical Learning<span style="background-color: white; line-height: 21.984375px; text-align: justify;">”. From a statistical perspective, most early and recent advances coming from Statistics have come from the </span><a href="http://www-stat.stanford.edu/" style="background-color: white; line-height: 21.984375px; margin: 0px; padding: 0px; text-align: justify;">Stanford Statistics department</a><span style="background-color: white; line-height: 21.984375px; text-align: justify;"> school of thoughts like </span><a href="http://en.wikipedia.org/wiki/Bradley_Efron" style="background-color: white; line-height: 21.984375px; margin: 0px; padding: 0px; text-align: justify;"> Bradley Efron</a><span style="background-color: white; line-height: 21.984375px; text-align: justify;">, </span><a href="http://www-stat.stanford.edu/~jhf/" style="background-color: white; line-height: 21.984375px; margin: 0px; padding: 0px; text-align: justify;">Jerome H. Friedman</a><span style="background-color: white; line-height: 21.984375px; text-align: justify;">, </span><a href="http://www.stanford.edu/~hastie/" style="background-color: white; line-height: 21.984375px; margin: 0px; padding: 0px; text-align: justify;">Trevor Hastie</a> and <a href="http://www-stat.stanford.edu/~tibs/" style="background-color: white; line-height: 21.984375px; margin: 0px; padding: 0px; text-align: justify;">Robert Tibshirani</a>.<span style="background-color: white; line-height: 21.984375px; text-align: justify;"> By the way, don’t forget that </span><a href="http://www.stanford.edu/" style="background-color: white; line-height: 21.984375px; margin: 0px; padding: 0px; text-align: justify;">Stanford University</a><span style="background-color: white; line-height: 21.984375px; text-align: justify;"> is only 7 miles away from </span><a href="http://www.google.com/corporate/" style="background-color: white; line-height: 21.984375px; margin: 0px; padding: 0px; text-align: justify;">Google</a><span style="background-color: white; line-height: 21.984375px; text-align: justify;">.</span></span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZkeS0zxktgpQ0dhU-b0wwL3bZ6UUMwBEDU8BMTGW06ivdRu1UPCE1Qlhm74vSOOvbG2RrC4Ry2fo4v_jCHxalrx_MubeOreBU-GpbeoQzUIBwGHHJ2EWpncBulA5mNkEw-YDlx88mQP8/s1600/Stanford-University.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="236" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZkeS0zxktgpQ0dhU-b0wwL3bZ6UUMwBEDU8BMTGW06ivdRu1UPCE1Qlhm74vSOOvbG2RrC4Ry2fo4v_jCHxalrx_MubeOreBU-GpbeoQzUIBwGHHJ2EWpncBulA5mNkEw-YDlx88mQP8/s400/Stanford-University.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Stanford University ©</td></tr>
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<b style="line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><br /></span></b>
<b style="line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Data Mining Framework</span></b><br />
<span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"><br /></span>
<span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">Using data mining techniques, we, marketers, need to master an approach that will provide the decision makers with a-priory knowledge about customers’ preferences and needs. Since there are many different kinds of customers with different kinds of needs and preferences, a simple, solid approach is meant to be a tool for performing market segmentation:<b> divide the total market, choose the best segments, and design strategies for profitability serving the chosen segments better than the company’s competitors do. </b>The example developed below </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">is described for product </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">development in auto industry, but it can be successfully </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">implemented for any other applications where it is </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">necessary to find the <b><a href="http://en.wikipedia.org/wiki/Correlation_and_dependence">correlations</a></b> between the customer </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">feelings or perceptions and the physical characteristics of </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">a product. Yes, correlations, even through our statistics lenses. </span><br />
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"><b><br /></b></span>
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"><b>Yes,arithmophobia is over, my friend!</b></span><br />
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"><br /></span>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqb61Znw8wbUKzFq5DVpbX8-VXVB8y7kw-XfOSP4pebwsH9cfhwRl4SGyPRpVScFcL6vqPZ29pAzcm5SICYe-hd-nGR_Q3Ykmt2u_JxnYuavqszF5NT8WBQxhk3GtIviDpeA8Ch3FJNy0/s1600/correlations.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqb61Znw8wbUKzFq5DVpbX8-VXVB8y7kw-XfOSP4pebwsH9cfhwRl4SGyPRpVScFcL6vqPZ29pAzcm5SICYe-hd-nGR_Q3Ykmt2u_JxnYuavqszF5NT8WBQxhk3GtIviDpeA8Ch3FJNy0/s400/correlations.png" width="400" /></a></div>
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"><br /></span>
<b style="line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Understanding</span></b><br />
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"><br /></span>
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">Any data mining application should start by understanding the business goals of the application since the blind application of data mining techniques without the requisite domain knowledge often leads to the discovery of irrelevant or meaningless patterns. In order to understand the target customers of an automotive company, it would be helpful to examine the relationships between the vehicle image/attributes and the customer emotional benefits that are tied to psychological needs, personality traits, and personal values. Thus, <b>data mining can enable us to understand more completely how product specific characteristics relate to customer needs and the benefits a customer hopes to obtain from them</b>. For instance, for many people, cars, homes, </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">restaurants and vacations provide emotional benefits as </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">well as rational benefits. However, for a wealthy person </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">who has everything, the emotional benefits provided by </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">status, prestige and superiority of an expensive </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">automobile could outweigh </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">rational benefits such as gas economy, lower maintenance </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">and insurance costs, and resale value. </span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="background-color: transparent; line-height: 19.1875px;"><br /></span></span>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1mF13rwvQOSxRdNlrGon1awAuh9r5nttoc0IHUkJYnE8Suykr_yfqECMm8e5KKOlJ79vmJgawE3vrNYSQEI5eWj1Y3GY5xVK1iqRroQcRyHpbI9Bibg_azASzH8dJetd2Ey7M16VxXnk/s1600/car_data_mining.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" height="368" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1mF13rwvQOSxRdNlrGon1awAuh9r5nttoc0IHUkJYnE8Suykr_yfqECMm8e5KKOlJ79vmJgawE3vrNYSQEI5eWj1Y3GY5xVK1iqRroQcRyHpbI9Bibg_azASzH8dJetd2Ey7M16VxXnk/s640/car_data_mining.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;"><i>A target audience perhaps? "Free to do anything, in control, confident, sporty but with family."</i></span></td></tr>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">Therefore, it will be beneficial to have a tool that will help </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">us to respond to questions such as: What and how many of </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">the personality attributes used to describe the customer </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">might be shaped by the vehicle’s image? What kind of </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">vehicle this customer or group of customers will buy?</span><br />
<b style="line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><br /></span></b>
<b style="line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Data selection</span></b><br />
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"><br /></span>
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">This step calls for targeting a </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">database or selecting a subset of fields to be used for the </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">data mining. The following issues should be considered </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">in developing a plan for collecting data efficiently:</span><br />
<br />
<ul style="text-align: left;">
<li><span style="line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Evaluation of existing data sources </span></span></li>
<li><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;">Specification of </span><span style="line-height: 19.1875px;">research approaches </span></span></li>
<li><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;">Data gathering (contact methods, </span><span style="line-height: 19.1875px;">sampling plans and instruments)</span></span></li>
</ul>
<br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;">The survey research is a simple, efficient method to collect </span><span style="line-height: 19.1875px;">data. <b>One of the advantages of the survey research is </b></span><span style="line-height: 19.1875px;"><b>flexibility because it can be used to obtain many different </b></span><span style="line-height: 19.1875px;"><b>kinds of information in many different situations. </b></span><span style="line-height: 19.1875px;">Furthermore, depending on the survey design, it may also </span><span style="line-height: 19.1875px;">provide information quicker at a lower cost compared to </span><span style="line-height: 19.1875px;">manual processing. The survey may be in the form of a </span><span style="line-height: 19.1875px;"><b><a href="http://en.wikipedia.org/wiki/Questionnaire">questionnaire</a></b> that is very flexible as there are many ways </span><span style="line-height: 19.1875px;">to ask questions. In preparing the questionnaire, only the </span><span style="line-height: 19.1875px;">questions contributing to the research objectives will be </span><span style="line-height: 19.1875px;">asked. The questions may be closed-ended, as they include all </span><span style="line-height: 19.1875px;">possible answers. In designing the survey, we also make </span><span style="line-height: 19.1875px;">sure that the questions are simple, direct and arranged in a </span><span style="line-height: 19.1875px;">logical order. The first question should create interest if </span><span style="line-height: 19.1875px;">possible, and difficult or personal questions should be </span><span style="line-height: 19.1875px;">asked last so that respondents do not become defensive.</span></span><br />
<span style="line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></span>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;">Instead of a traditional mail questionnaire, a more modern approach is the <b>computer </b></span><span style="line-height: 19.1875px;"><b>interviewing process</b>, in which respondents sit down at a computer, </span><span style="line-height: 19.1875px;">read questions from a screen, and type their own answers </span><span style="line-height: 19.1875px;">into the computer at their own leisure. The beauty of this </span><span style="line-height: 19.1875px;">approach consists of its multiple benefits. </span><span style="line-height: 19.1875px;">As a first benefit, the respondents’ answers are </span><span style="line-height: 19.1875px;">automatically stored in a database. Furthermore, the survey is </span><span style="line-height: 19.1875px;">posted on the web and it can be accessible by an </span><span style="line-height: 19.1875px;">unlimited number of people. Filling out the survey </span><span style="line-height: 19.1875px;">becomes a non-time consuming task even for a busy </span><span style="line-height: 19.1875px;">person: the survey is on the web and it is accessible for </span><span style="line-height: 19.1875px;">anybody at any time; the submission of the completed </span><span style="line-height: 19.1875px;">survey requires only a ‘click on’ action executed by </span><span style="line-height: 19.1875px;">respondent, action possible through an interactive survey </span><span style="line-height: 19.1875px;">implementation. </span></span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;"><br /></span></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 19.1875px;">Third, the computers might be located at </span><span style="line-height: 19.1875px;">different locations such as auto shows, dealerships, or </span><span style="line-height: 19.1875px;">retail locations. The biggest benefit is the collection of </span><span style="line-height: 19.1875px;">more relevant data since people present at those locations </span><span style="line-height: 19.1875px;">are most likely willing to answer correctly to the </span><span style="line-height: 19.1875px;">questions because they are interested in automobiles. <b>The </b></span><b><span style="line-height: 19.1875px;">approach can be implemented such that the data is </span><span style="line-height: 19.1875px;">gathered from numerous computers at different locations </span></b><span style="line-height: 19.1875px;"><b>and stored in a unique and global database</b>. As a fourth </span><span style="line-height: 19.1875px;">benefit, same survey format will be accessible to different </span><span style="line-height: 19.1875px;">categories of people: expert people (such as car designers) </span><span style="line-height: 19.1875px;">or people less familiar with auto domain characteristics. </span><span style="line-height: 19.1875px;">The large number of respondents and their diversity give </span><span style="line-height: 19.1875px;">more reliability on the results than small samples.</span></span><br />
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<span style="line-height: 19.1875px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"> <span style="font-size: large;"> <b> ...To be continued...</b></span></span></span><br />
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-427333409780573112013-11-24T06:59:00.000-08:002013-11-24T07:39:13.046-08:005+1 Successful Commercials of 2013!<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The most successful commercials that really went viral so far in 2013!</span></b></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">5. GEICO - Hump Day</span></b></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>4. H&M - David Beckham Short Film</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>3. GoPro - Fireman Saves Kitten</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>2. MGM - Telekinetic Coffee Shop Surprise</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>1. Evian - Baby and Me</b></span></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Lucky Star: Sony Playstation Instructional Video</span></b></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-27401908017050902362013-11-16T07:36:00.001-08:002013-11-16T07:47:10.340-08:00International Marketing - A Cultural Metaphor for Greece (Part 2)<div dir="ltr" style="text-align: left;" trbidi="on">
<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;">Agon</span></span></b><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">When it comes to Agon, we refer to the
manner the comedy-like activities are performed in the daily life of the
Greeks. Agon refers to the formal convention according to which the struggle
between the characters should be scripted in order to supply the basis of the
action.<b> Agon is a formal debate</b> which takes place between the chief characters
in a Greek play, protagonist and antagonist, usually with the chorus acting as
judge.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">We can easily spot
the motives suggested by Agon in all aspects of Greek society. Politics,
political actions and debates, social arenas, collectivistic activities, TV programs, etcetera are often organized like Agon.<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGlw4YIcQsIfBHYbdRpq6B_Y2AJGAC_9PClGg6u7jrVDm-OX_uckrgR5lbyD1NZNpS5k7TAK6S27eZlwS3udx826VkLN6UdiZ89KSmuNVTJfzBi_lvjoLLhL068_pQEViHNk-WHQuN2a0/s1600/greek+debate.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="275" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGlw4YIcQsIfBHYbdRpq6B_Y2AJGAC_9PClGg6u7jrVDm-OX_uckrgR5lbyD1NZNpS5k7TAK6S27eZlwS3udx826VkLN6UdiZ89KSmuNVTJfzBi_lvjoLLhL068_pQEViHNk-WHQuN2a0/s400/greek+debate.JPG" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">A modern Greek debate that reminds us of Agon</span></i></td></tr>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Greece is a country
of spectacle, music and discussion and public critic. Greeks revel when
communicating in an expressive manner, while the level of noise tends to be
high in public spaces. People tend to congregate rather than be isolated from
one another. Bystanders do not mind becoming part of the action like the
audience of the ancient theater either. Thus, the externalities of Agon on
everyday Greek life and activities are more than obvious.<o:p></o:p></span></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Chorus</span></b></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The Chorus, though
it no longer told the story, was very important, for it set the atmosphere of
the play. The Chorus also served another purpose. Even today, in extreme
occasions, when the intensity of a situation (perceived as a lifestyle,
political, cultural change etc threat) becomes almost too great for any Greek
to bear, <b>relief is often found in some very comic episode </b>which is introduced
to slacken the tension. The Chorus executed this by a song of purest poetry.<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6nsGUAmtRZyraLxMWfZifGviXUByWh8iHITW0PlgNAzdo6I_tgoBfjLlEzwuX0qMg7ddoAw_31gYELYroSCkAsZCI9wVIr493pXCIpqjQfCdN9rV5o36w7mISPIeXJ9HX05pK4AJL4m4/s1600/chorus.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="307" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6nsGUAmtRZyraLxMWfZifGviXUByWh8iHITW0PlgNAzdo6I_tgoBfjLlEzwuX0qMg7ddoAw_31gYELYroSCkAsZCI9wVIr493pXCIpqjQfCdN9rV5o36w7mISPIeXJ9HX05pK4AJL4m4/s400/chorus.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;"><i>Chorus, Lysistrata</i></span></td></tr>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">In addition, the
mission of the Chorus was to <b>preconceive the audience that the comedy is
acceptable and pleasant, in other terms that it was “safe”</b>. Greeks are not at
all comfortable in ambiguous situations: the unforeseen is always there ready
to “lay an ambush”. In Greece, as in all <b>high uncertainty avoidance societies</b>,
bureaucracy, laws and rules are very important to make the world a safer place
to live in, even though they do not always work.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"></span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Greeks need to have
good and relaxing moments in their everyday life, chatting with colleagues,
enjoying a long meal or dancing with guests and friends. Due to their high
score in this dimension Greeks are very passionate and demonstrative people:
emotions are easily shown in their body language, small group behavior,
greeting behavior, even in their traditions. The Chorus respected these
exteriority characteristics and reproduced them during its actions, as a
micrography of the Greek society.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Last but not least,
in Thesmophoriazusae there are two Choruses. The doubling of the Chorus is a
phenomenon that is repeated both in The Frogs and in Lysistrata, where the two
choruses (Old Men and Old Women), appear on stage together after entering
separately. The interconnection of the two choruses with the direction of the
collective unconscious (as suggested by both Plato and Carl Jung) for both
ancient and modern Greeks is more than obvious.<b> The Greek people still pay
attention to the elders, since they subconsciously form an archetype for wisdom
and respect</b>. Masculinity and femininity social Greek models are also exposed
here; If we try to visualize the double Chorus process, it shows that <b>Greek
women have the dynamics to be equal to men</b> in terms of social activities, even
though, since ancient times, they often tended to stay in the house and define
their social status by satisfying their family needs. A controversy that still
exists in modern society.<o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCJKlIq8DwQlNxSVRLSRxRqTDPSUZFsT9TvyX1vl4KX0SZGo3qjCKDw9WvcgLKrnCxoV4KeZiVux8LIvrQr-UEs7RAjll5LnV2vu-kGEieFiZT1QOaV3mag3FneO93Z_K0eeFcFNAFAnw/s1600/greek+woman.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCJKlIq8DwQlNxSVRLSRxRqTDPSUZFsT9TvyX1vl4KX0SZGo3qjCKDw9WvcgLKrnCxoV4KeZiVux8LIvrQr-UEs7RAjll5LnV2vu-kGEieFiZT1QOaV3mag3FneO93Z_K0eeFcFNAFAnw/s400/greek+woman.jpg" width="301" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;"><i>Does the Greek woman still heterodefine her social role?</i></span></td></tr>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Conclusion</span></b></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">In short, a cultural metaphor represents a way to obtain new and deep insights into a group's or nation's culture. Cultural metaphors also provide a method for discussing cross-cultural issues, differences, and similarities in a collegial rather than a stereotypical and perhaps hostile fashion. In developing such insights, it is critical that the cross-cultural research be taken into consideration, and it is for this reason that both the dimensional perspective and the communication perspective should supplement cultural metaphors. Cultural metaphors represent only a starting point for understanding a culture; they are easy to use, but do require much thought to avoid inaccurate stereotyping; and they can be supplemented by other methods. Most importantly, cultural metaphors <b>allow managers with limited time to gain some understanding of a group or nation's culture</b> that they can apply quickly to the myriad problems that they face daily in international activities.</span></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-73421722065818814312013-11-13T16:03:00.000-08:002013-11-13T16:03:00.939-08:00International Marketing - A Cultural Metaphor for Greece<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Within the field of
international marketing, cross-cultural consumer behavior, organization and management studies, </span><a href="http://www.csusm.edu/coba/about/meet-our-faculty/gannon.html" style="font-family: Georgia, 'Times New Roman', serif;">Prof. Martin J. Gannon</a><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">uses
cultural metaphors to </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">describe, compare, and analyze national cultures
worldwide.</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> In order to explore in-depth the unique cultural characteristics of
a nation, Gannon adopts an emic approach, focusing on the qualitative
examination of cultural symbols, practices, and institutions within their local
context.</span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">For the existing
cross-cultural research into a country or a nation, the most influential one is
the three-dimensional approach developed by Kluckholn, Strodtbeck, Hall and
Hofstede. Their dimensions of culture, such as <b>power distance, uncertainty
avoidance, individualism-collectivism, masculinity, time orientation</b> constitute
a base upon which a majority of more recent studies have been built. Their
works have been invaluable in the area of cross-cultural studies. However,
their works are somewhat incomplete. Gannon noticed that the dimensional
approach had weaknesses like :<o:p></o:p></span></div>
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</div>
<ul style="text-align: left;">
<li><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"> We should not look at a dimension separately,
since culture is a complex whole, and psychological phenomena are multiply
determined.</span></li>
<li><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Can be atheoretical
(i.e., always need theory regarding why dimensions exist).</span></li>
<li><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Research in
cross-cultural psychology tends to examine one dimension</span></li>
<li><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Are extremely broad,
and miss important elements.</span></li>
<li><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Can obfuscate within
culture diversity and dynamics of culture.</span></li>
</ul>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><o:p></o:p></span><br />
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><o:p></o:p></span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Gannon was based on
all four aforementioned dimensional approaches but also on the following
elements, which he suggests that should be <b>carefully examined so that a the
protocol for a cultural metaphor is applied</b>. Usually, three to seven of these
features of the metaphor, that include elements like below, are needed:<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3U7EvIYJcyK6Kdl5ssmspuzQikfrOc9lvLgPxyuSI2cNlLzVvWsOER9_5MuUYQ7EPKOEudQkeZaWmY6zTZ_AOsPqd8KV084rq7vGh2vdnIhyphenhyphenTJX1HDZ_OZjgQtH-h0a3Vjk-GjEH68DQ/s1600/met2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3U7EvIYJcyK6Kdl5ssmspuzQikfrOc9lvLgPxyuSI2cNlLzVvWsOER9_5MuUYQ7EPKOEudQkeZaWmY6zTZ_AOsPqd8KV084rq7vGh2vdnIhyphenhyphenTJX1HDZ_OZjgQtH-h0a3Vjk-GjEH68DQ/s400/met2.png" width="394" /></span></a></div>
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<b><u><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><br /></span></u></b></div>
<div class="MsoBodyText">
<b><u><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: x-large;">The Greek Comedy</span><o:p></o:p></span></u></b></div>
<br />
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Is the Greek Comedy a good cultural metaphor for Greece? Can it meet Gannon's criteria? Let's discover!</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></div>
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<b><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><!--[if gte vml 1]><v:shapetype id="_x0000_t75"
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;">Humor & Komodia</span><o:p></o:p></span></b></div>
<div class="MsoBodyText">
<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></b></div>
<div class="MsoBodyText">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm2nvT8w1IBm7g9F-wVvPlDfRFchrIDwr4r_XKiDnjpDXtdhdHmiW8UySK5LaJBD9zquhDP4VUzTq3z-OvfzLE4KRZAu31OYmVuYAyUK2gMg5kyB6NyRehmDPNtu-vkq1L9a5NBZCWhMQ/s1600/met3.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="174" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm2nvT8w1IBm7g9F-wVvPlDfRFchrIDwr4r_XKiDnjpDXtdhdHmiW8UySK5LaJBD9zquhDP4VUzTq3z-OvfzLE4KRZAu31OYmVuYAyUK2gMg5kyB6NyRehmDPNtu-vkq1L9a5NBZCWhMQ/s200/met3.png" width="200" /></a><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The word komodia
means literally in Greek "party (-komos-) song (-odi-)" and, if this
is any indication of its origin, then comedy stems from revels (komoi) where
partiers (komastai) sang songs (odai) in which they teased, mocked and made
fools of spectators or public figures. <b>Aristophanes used to target and mock
Kleon, a famous Athenian demagogue, through its plays</b>. Satira, the modern word
of comedy, still dominant nowadays, is externalized in small-group discussions,
organized team activities, modern Greek theatres and mass media communication
channels, by teasing politicians, celebrities and in general influencing the
public, social and political behavior in Greece.<o:p></o:p></span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Apart from teasing
politicians and celebrities, in most Aristophanes comedies, Gods and goddesses
were personified abstractions who seldom appeared in his plays. That means,
comedies usually boosted the eternal need of the Greek people till today;
<b>Greeks like to feel free.</b> They do not like to be dictated by superior forces
and dislike the effects of any power mechanisms on their everyday life.</span></div>
<div class="MsoBodyText">
<br /></div>
<div class="MsoBodyText">
<span class="DefaultParagraphFont"><b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;">Prologue & Parodos</span><o:p></o:p></span></b></span></div>
<div class="MsoBodyText">
<span class="DefaultParagraphFont"><b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></b></span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Introduction sets
the mood and gives some idea as to what the audience can expect to occur. In
Prologue - Parodos, the topic of discussion is set between the two debaters and
it is implied to the audience that the debate will be refereed. This part of
the comedy is representative of the ideas and the innovations that democracy
and freedom of speech has established, as a public and politics activity. <b>This
concept is in fact the foundation of western civilization.</b><o:p></o:p></span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b><br /></b></span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Furthermore, the
Parodos process has a direct association with modern Greek entertainment.
Parodos provided entertainment, accomplished with music, dance and extravagant
spectacle, which is still what modern Greeks seek for, as regards their <b>leisure
pursuits and interests</b>. In addition, the high noise levels produced during
Parodos can be characterized as a prelude of the aural space of modern Greeks,
who usually tolerate high noises as part of their routine.<o:p></o:p></span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHz0MsR0a_4xm-TbrZxlXQU5Euh5HP1V9nK8a0F4n-HcGRh14XGmrtPIg-w2GiCBsWd6wuqapTxzHv67SMQ7Bq9AM98l6IKrmr5nFx92TDwqT1JSjYIyPoQC7HdVPv1euBvv7gzWu94bw/s1600/met5.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHz0MsR0a_4xm-TbrZxlXQU5Euh5HP1V9nK8a0F4n-HcGRh14XGmrtPIg-w2GiCBsWd6wuqapTxzHv67SMQ7Bq9AM98l6IKrmr5nFx92TDwqT1JSjYIyPoQC7HdVPv1euBvv7gzWu94bw/s400/met5.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-size: small;">Leisure interests and aural space in Greece.</span></i></td></tr>
</tbody></table>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Last but not least,
Parodos reflects how </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Greek relationships, both professional and private, are
early structured</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">. Greeks tend to convey their feelings and thoughts, at least
partially at the beginning of a relationship, usually the other party has some
understanding of what will unfold, but it is only an imperfect preview, like
Parodos suggested, because the unexpected frequently occurs.</span></div>
<div class="MsoBodyText">
<br /></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></div>
<div class="MsoBodyText">
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"> <span style="font-size: large;"> <b>...To be continued...</b></span></span></div>
<br />
</div>
Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-42509722152914891462013-11-02T16:23:00.000-07:002013-11-02T16:23:37.349-07:005+1 October Top Commercials<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The latest commercials that really went viral last month!</span></b></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><br /></span></b></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">5. Honda Illusions</span></b></div>
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<br /><object width="320" height="266" class="BLOGGER-youtube-video" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0" data-thumbnail-src="http://img.youtube.com/vi/UelJZG_bF98/0.jpg"><param name="movie" value="http://youtube.googleapis.com/v/UelJZG_bF98&source=uds" /><param name="bgcolor" value="#FFFFFF" /><param name="allowFullScreen" value="true" /><embed width="320" height="266" src="http://youtube.googleapis.com/v/UelJZG_bF98&source=uds" type="application/x-shockwave-flash" allowfullscreen="true"></embed></object></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>4. Paul Smith Underwear</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>3. Samsung Galaxy Gear</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>2. Ray-Ban</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>1. Volkswagen Woofwagen</b></span></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Lucky Star: Crest</span></b></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-18744339356966812482013-10-26T05:26:00.002-07:002013-10-26T05:32:06.668-07:00Neuromarketing for Companies: Can it help?<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglpaQhjCPlRY4QmrcP1MydM2oikIONDDtwxvFSUqPzcQB9UgsSk4upvRwBwmqtVfM4EFxYJDgC3V6zMgrB7wR4dfly2ILA9IMxf8RNeznSt4_sffWyKTmYCpLPYWcJATwwYHMfs2y9IYc/s1600/Neuro-Marketing.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: left;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglpaQhjCPlRY4QmrcP1MydM2oikIONDDtwxvFSUqPzcQB9UgsSk4upvRwBwmqtVfM4EFxYJDgC3V6zMgrB7wR4dfly2ILA9IMxf8RNeznSt4_sffWyKTmYCpLPYWcJATwwYHMfs2y9IYc/s1600/Neuro-Marketing.jpeg" /></a></div>
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<b style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">Neuromarketing</b><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"> is a relatively new field of </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">marketing</span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"> research which focuses on consumers'</span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">cognitive</span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"> and </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">affective</span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;"> response to marketing stimuli. </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Neuromarketing is actually a child of the eternal corporate need to sustain a decision by all possible means when the pressure is way over the possibility of a decident to fight failure. Google, Coca-Cola, BMW, Procter & Gamble, Motorola, CBS are a few of the companies who have experimented neuromarketing for the past years. We have previously referred to neuroscience and neuromarketing research </span><a href="http://ecognomy.blogspot.gr/2013/07/neuromarketing-research-for-win-pt1.html" style="font-family: Georgia, 'Times New Roman', serif;">here </a><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">and </span><a href="http://ecognomy.blogspot.gr/2013/08/neuromarketing-research-for-win-pt2.html" style="font-family: Georgia, 'Times New Roman', serif;">here</a><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">, </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">yet academics are still sceptical when it comes to predicting the future of this new marketing method</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">. As a matter of fact, when i asked Prof. </span><a href="http://www.strath.ac.uk/marketing/academicstaff/wilsonalanprofessor/" style="font-family: Georgia, 'Times New Roman', serif;">Alan Wilson</a><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">, University of Strathclyde, about neuromarketing research a couple of weeks ago, his cautious response brought me down to earth: "Well, can neuroscience and neuromarketing provide, in the long term, any unique additional value to marketeers, compared to other marketing methods?" Well, i think it's too early to know the answer, but, at least let's try to discover some opportunities that neuromarketing may provide for marketeers, if any.</span><br />
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<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: x-large;">Trust</b><br />
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Trust is an issue which has been increasing in prominence within marketing. However, while consumer trust in brands and products is off course vital, marketing research has investigated trust on many other levels. Inter-organisational</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> dealings such as joint ventures, strategic alliances and B2B buyer-seller dyads depend on mutual trust between parties. On one hand, consumer trust in marketing claims is crucial if they are to be believed, and ultimately lead to purchase behavior</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> from consumers. The </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">social utility of trust is clear when one considers that firms selling ‘fair trade’, ‘organic’, or other socially beneficial products must rely on consumer trust in their claims for success. Furthermore, <b>in an organisational context, relationships depend on mutual trust between the parties</b>. Without trust, opportunistic behavior</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> dominates interactions, negating the possibility of long-term relationships between parties and again </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">leading to a suboptimal situation for all. Marketing research has commonly conceptualized</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> trust as more than a simple rational economic calculation, and it seems likely that neuroscientific methods can provide considerable insight into the nature and development of trust.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjd_3J_oDKZ0eUvrmfzUFNJ2TMeYpqoSbRQb7AS7pRqvsOwAW4Ph3Ha9UjgmAjVo6G1s1GnZlQgM63zQGc9UJSMHq2SELAaiPugM5Wg0am_DQnV5DAi8-HT4VmN1Q_Pp53GsC_xHS_fbU/s1600/trust.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="242" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjd_3J_oDKZ0eUvrmfzUFNJ2TMeYpqoSbRQb7AS7pRqvsOwAW4Ph3Ha9UjgmAjVo6G1s1GnZlQgM63zQGc9UJSMHq2SELAaiPugM5Wg0am_DQnV5DAi8-HT4VmN1Q_Pp53GsC_xHS_fbU/s400/trust.png" width="400" /></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Neuroeconomic research has begun to investigate concepts of trust beyond rationality in recent times. Neuromarketing research can also be insightful to the investigation of trust. First and foremost, it is clear that, despite the centrality of trust to marketing relationships at a number of levels, controversies over the very nature of trust still exist. <b><a href="http://en.wikipedia.org/wiki/Neuroimaging">Neuroimaging</a></b> is likely to offer considerable insight here. Research suggests that the <a href="http://www.healthline.com/human-body-maps/caudate-nucleus">caudate nucleus</a>, which is often active when learning about stimuli–response relations, is involved in experimental games requiring some kind of trust. <b>Yet is trust a simple response to a repeated positive stimulus, or something more?</b> More interestingly, is the trust a buyer says they have in a seller, or a consumer in a product </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">claim, similar in terms of the nature and location of brain activity to the trust that individual says they have in a close friend or family member? </span><br />
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">In particular, <b>measuring both the spatial and temporal characteristics of neuronal activity may be important</b>. For example does trust in an advertising claim or new business partner require increased information processing effort and time than trust in a long-term friend? This will have </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">important implications as to the nature of trust. Furthermore, is consumer trust in claims relating to a product similar to a purchasing agent's trust in a contract with a supplier, and in turn is this of the same nature as the purchasing agent's trust in the individual sales executive they have negotiated with? Can trust be transferred from an organisation to a representative of that organisation? Finally, does trust evolve throughout the course of an inter-organisational relationship, or with continuing loyalty of a consumer to a single brand? <b>Is trust ever truly existent in short-term marketing relationships?</b> Exploring and understanding such questions about the nature of trust will then lead to greater ability to explore the antecedent factors to trust, and an </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">ability to enhance firms' ability to build trust with customers and collaborators for mutually beneficial outcomes.</span><br />
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<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: x-large;">Pricing</b><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Pricing is a key tool used by organisations in the positioning of their products. Marketing research has investigated the effects of price on consumers. Despite the amount of academic knowledge available, </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">companies appear to use little of it when setting prices, leading to suboptimal situations for both consumers and firms</b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">. Understanding the psychology of pricing is of crucial importance if firms are to make optimal decisions and in fact has considerable utility in a broader sense. Pricing research has implications for how we understand information processing in any decision context where resources and information are scarce and costs must be weighed against benefits. Recent behavioral research for example has explored errors made by consumers when they process prices ending in 0.99 rather than a whole number -suggesting that individuals pay less attention to later numbers in a sequence. At this stage however, almost all pricing research is behavioral in nature, and relies on ‘assumptions’ about what actually occurs when individuals process pricing information.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjodoHO3xWzwoXw1B6EqttdzyyRx807xkDoYMBpLOa14WrzmOzDx0NRHDXMvWIEV_Rr0KP1Y_wIIE6AwV9zEnp1yoGNm8dTSCg6cJS_NzgknH8ezHhsDkc_R-ahm5eS6Wn4ER6VS4WCvpw/s1600/pricing.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="123" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjodoHO3xWzwoXw1B6EqttdzyyRx807xkDoYMBpLOa14WrzmOzDx0NRHDXMvWIEV_Rr0KP1Y_wIIE6AwV9zEnp1yoGNm8dTSCg6cJS_NzgknH8ezHhsDkc_R-ahm5eS6Wn4ER6VS4WCvpw/s200/pricing.jpg" width="200" /></a><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">In fact, pricing seems to <b>lend itself almost perfectly to neuroimaging research</b>. For example, simultaneously exploring the temporal and spatial nature of brain activity may help us understand exactly why prices such as ‘$4.99’ are perceived as significantly cheaper than those such as ‘$5.00’. Do individuals really ignore the final two digits, or are they processed in a different manner or at a later time - for example only when </span><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">detailed comparative decisions must be made? Furthermore, do time or other pressures influence the processing of prices? </span><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Furthermore, <b>neuroimaging looks likely to provide considerable insight into </b></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><b>the nature of price information</b>. Is the price of products a purely rational piece of information, or does it have emotional and/or reward-based connotations? It seems likely that the price of a basic product such as sugar is very different in nature from the price of a conspicuous product such as a Nike sports shoe, or a BMW sports car, which should be evidenced in changes in the location of brain activity when these prices are viewed alongside their associations (Source:UCLA). Research such as this will allow us not only to understand how prices are processed, but will afford insight into all situations where seemingly rational information is processed in decision-making situations.</span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBY_2woPAMbwiUFpAge46BjSRVkOmDB12GwbXufNZa_ZIJFMrNGO97boJrHLRQIDCvFiM7-cv0cUP1fUy8VIwuxYxtQycaCCZ269LtkopCyumFPDCaJN3yl4nCRvV7_30mnMx6MgtW4nA/s1600/starbucks-prices.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="339" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBY_2woPAMbwiUFpAge46BjSRVkOmDB12GwbXufNZa_ZIJFMrNGO97boJrHLRQIDCvFiM7-cv0cUP1fUy8VIwuxYxtQycaCCZ269LtkopCyumFPDCaJN3yl4nCRvV7_30mnMx6MgtW4nA/s640/starbucks-prices.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #444444;"><i>Source: Forbes</i></span></td></tr>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Here is a recent pricing example of neuromarketing research: </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 24px;">Kai-Markus Müller of Stuttgart-based </span><a href="http://www.neuromarketing-labs.com/" style="border: 0px; font-family: Georgia, 'Times New Roman', serif; line-height: 24px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">The Neuromarketing Labs</a><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">, u</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 24px;">sing EEG brain wave measurement, gauged the emotional reaction of consumers to different prices for a small cup of coffee, which costs €1.80 ($2.45) at a Stuttgart Starbucks.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 24px;">The firm claims their results show that our brains reject prices that are too low or too high as being unrealistic, and says that the optimal price point for that small coffee in Stuttgart would be €2.40 ($3.25). </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 24px;">Starbucks shareholders might like the idea that at least some of the firm’s products could be priced higher, but some caution is in order. For commodity items like coffee, lower prices tend to increase sales while higher prices discourage them. It would be quite unexpected for a higher price to increase unit sales for this type of product (Source:Forbes).</span><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>Conclusion</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 24px;">Trust and pricing were just two examples where neuromarketing/neuroimaging tools can assist marketeers and organizations further understand consumers. Neuromarketing research </span><span style="line-height: 24px;">itself is constantly evolving, both in terms of technology as </span><span style="line-height: 24px;">well as insights into exactly what activity and processes in </span><span style="line-height: 24px;">various areas of the brain actually mean. As </span><span style="line-height: 24px;">technology evolves, we will be able to measure frequency, </span><span style="line-height: 24px;">temporal, and spatial characteristics of brain activity more </span><span style="line-height: 24px;">accurately and in a complimentary fashion, potentially leading </span><span style="line-height: 24px;">to new insight into what were previously well-accepted brain </span><span style="line-height: 24px;">functions and areas of activity. I hope that neuromarketing will </span><span style="line-height: 24px;">offer marketeers much insight into how humans behave during </span><span style="line-height: 24px;">what is a large part of our modern lives.</span></span></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-85275994062001392832013-10-17T16:30:00.000-07:002013-10-18T07:51:08.374-07:00Monozukuri for Sustainable Brands in the 21st Century<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsvsIZltDETI0yeIxCIT9mcbIkaYnSTr9jJUw3Ouj2RLtcwzrbOdIKBOee3nG8VDqqmS5QrSsZ_ZIbV8ZxGE4A1-0sEQScZrFx0Jxq7PKAlp1nvv3BAKeN9p0Xdc8AJQg9qjo8rMKCiXY/s1600/monozukuri.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="151" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsvsIZltDETI0yeIxCIT9mcbIkaYnSTr9jJUw3Ouj2RLtcwzrbOdIKBOee3nG8VDqqmS5QrSsZ_ZIbV8ZxGE4A1-0sEQScZrFx0Jxq7PKAlp1nvv3BAKeN9p0Xdc8AJQg9qjo8rMKCiXY/s400/monozukuri.png" width="400" /></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The word <a href="http://www.japanintercultural.com/en/news/default.aspx?newsid=88">Monozukuri</a> has only been in use for almost 15
years. In 1998, the Japanese Prime Minister’s Office set up a "Monozukuri Kondankai", in order to reverse the trend of deindustrialization and hollowing out that Japan was experiencing after the end of the Japanese financial bubble by affirming Japan’s strengths in manufacturing. In general, monozukuri is the "art, science and craft of making things." While monozukuri is used to describe technology and processes integrating sustainable development, production and procurement, it also includes intangible qualities such as <b>unique</b> <b>craftsmanship and dedication to continuous improvement</b>. In the Japanese tradition of Monozukuri, when
an item or human effort is taken into use, there needs to be a benefit for the
society as a result while, at the same time, the balance between production,
resources and the society should be maintained. </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Monozukuri should therefore be
an inspiration for most global organizations in the 21st century in their effort
to </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">create strong, innovative brands</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">, which deliver compelling content through
their media channels, especially then it comes to </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">branding and brand
storytelling</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">.</span></div>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><o:p></o:p></span><br />
<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: x-large;">Toyota and Nissan lead the way</b><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Companies such as Toyota and Nissan have already tried to
elevate their brands or the company’s core interests by creating unique content
that exceeds infomercial-like self reverence. <o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Back in 2011, Toyota chairman Fujio Cho said that Toyota’s
mission is to “<b>preserve the Japanese Monozukuri</b>". What does
"monozukuri" mean here? It probably captures the Toyota perception of
sustainability. According to Toyota monokuzuri,<b> the person doing the making is
de-emphasized and the attention is on the ‘thing’ being made</b>. This subtle
difference reflects the Japanese sense of responsibility for using ‘things’ in
production and their deep respect for the world around them both animate and
inanimate. In its application of Monozukuri to the production of automobiles,
Toyota has pursued a sustainable method of making its cars ever more safe,
environmentally friendly, reliable and comfortable and circulating this
perception to its customers.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">At Nissan, brand storytelling has been dubbed “<b>kotozukuri</b>,”
complementing the Japanese manufacturers’ mantra of “monozukuri”. <b>Brand
agnostic stories, intentionally omitting reference to the parent firm or its
competitors</b>, or in Nissan’s case, look to raise the profile of the people,
products, technologies and relationships as part of <a href="http://en.wikipedia.org/wiki/Infotainment">infotainment</a>. <o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><o:p> </o:p><i style="text-align: center;"><object class="BLOGGER-youtube-video" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0" data-thumbnail-src="http://img.youtube.com/vi/t8BBvU_vCCg/0.jpg" height="266" width="320"><param name="movie" value="http://youtube.googleapis.com/v/t8BBvU_vCCg&source=uds" /><param name="bgcolor" value="#FFFFFF" /><param name="allowFullScreen" value="true" /><embed width="320" height="266" src="http://youtube.googleapis.com/v/t8BBvU_vCCg&source=uds" type="application/x-shockwave-flash" allowfullscreen="true"></embed></object></i></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Why? Actually, it's about Nissan's recognition that traditional
media and consumer engagement face more challenges as well as expense amid a
growing range of choice. Meanwhile, internal communications, often constituting
corporate media or house TV units until now, have expanded from a parochial
approach to include more content for mass distribution. The relationship with broadcasters and print media, who
often have their own on-line presence, has evolved to include video embeds,
undeniably showing return on investment versus the cost of similar paid media
exposure. Use by the blogosphere or consumers also has powered the metrics of
successful marketing, as “shares” and “likes” offer potential for viral
exposure.</span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">It seems that every organization may perceive Monozukuri in a different way. However, </span><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">"Many names now describe the trend such as brand
journalism, corporate narrative or 21st Century Kotozukuri, <b>but all require
more sophisticated storytelling and delivery</b>, making ties to traditional
agencies" (Dan Sloan, Nissan Global Media Chief).<o:p></o:p></span></div>
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<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><span style="font-size: large;">Back to storytelling</span></b><br />
<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><span style="font-size: large;"><br /></span></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnAoYbkrxb7iJxlcMvnYBQeczxTMcfjobOiMa2Br72Coavt1p8BEa8BNd_tXxPiY-gHR2xQputAbrnbmcS3F7PZ5IXKCD0bKWYTN4SsbEkVPOAWoT8ge3bInKqu7B7SPbxr9upLKr8thU/s1600/Brand-Story.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="159" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnAoYbkrxb7iJxlcMvnYBQeczxTMcfjobOiMa2Br72Coavt1p8BEa8BNd_tXxPiY-gHR2xQputAbrnbmcS3F7PZ5IXKCD0bKWYTN4SsbEkVPOAWoT8ge3bInKqu7B7SPbxr9upLKr8thU/s320/Brand-Story.jpg" width="320" /></a></div>
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<o:p><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></o:p></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Storytelling is a well known and ancient art form.
Persona-focused storytelling is essential to branding. When it comes to
creating a powerful brand narrative, the persona – the articulated form of the
brand’s character and personality – comes first, and all other elements unfold
from there. <b>A compelling brand starts with a strong, well-drawn, and quickly
recognized persona, the essential connection between what a company says and
what it does.</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">This brand persona creates a long-lasting emotional bond
with the audience because it is instantly recognizable and memorable, it is something that
people can relate to, and it is consistent. Nike, McDonald’s, FedEx are all examples of
brands with personas that fit these criteria. In each case, there is a clear
personality associated with the brand. These companies understand that it is
their clear articulation of their brand persona and their discipline in placing
that persona into stories that work with and help strengthen that brand persona
is what makes the difference between strong and weak brand associations.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVdg3wtRwLtxWZZH6iXkxIcFgsIMqOVD8RZrMc-A292bA4OyPUbk5Vlj-7ZVa_nqVUbb5hkZDe_D7XFcN7IZXsOTS5LVft7Xv8ON48tMdVWPNK0GEv2Qw2scLL9kpS5Oau95Ewf2jhNL0/s1600/Brands_Nike_Just_do_it.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVdg3wtRwLtxWZZH6iXkxIcFgsIMqOVD8RZrMc-A292bA4OyPUbk5Vlj-7ZVa_nqVUbb5hkZDe_D7XFcN7IZXsOTS5LVft7Xv8ON48tMdVWPNK0GEv2Qw2scLL9kpS5Oau95Ewf2jhNL0/s320/Brands_Nike_Just_do_it.jpg" width="320" /></span></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">That long-lasting and implicit trust is what distinguishes
the great brands from the rest of the pack. It will also protect the brand when
it makes a misstep. <b>Nike</b> has a strong brand persona that is all about
performance and winning. Their long-used tagline, ‘‘<b>Just do it</b>,’’ is instantly
recognizable as is their logo, the swoosh. In 2006, Nike teamed up with skier
Bode Miller, which seemed like a good idea at the time. After all, he had won
two silver medals at the Olympics in 2002, four gold medals and a silver medal
at the World Championship in 2003, and in 2005, he became the first American in
22 years to win the World Cup title. His performance trajectory was clear. If
anything, it seemed that the difficulty would be in finding words to match his
expected performance.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">There was no shortage of words: in TV spots for the 2006
Winter Olympics, Miller was shown talking about performance, talking about his attitude, and
talking some more. But there was not much ‘‘doing’’ – he fell short in all five medal
attempts. Worse, he did not even seem concerned with winning, an attitude that did not match well
with the Nike brand persona. This created a disconnect between the audience and the brand,
since the fit between Bode and Nike clearly was not right. <b>Monozukuri here, as a unique
value proposition for the consumer, through storytelling, went wrong.</b></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b><span style="font-size: large;">Brand my brain</span></b><o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0472EVs15X__wbQXkfy5qDmRxhU7tSxRfWt6H3DxJw8Vd36ahaTQV0evX6bHHpQoVBwjoSVYlrl2cIFvaZ5cudPdgKZEICS_wxuvXwCdEzchcSECezAegDWJ4-LOYsvxncY3dC55vbBc/s1600/coke+vs+pepsi.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0472EVs15X__wbQXkfy5qDmRxhU7tSxRfWt6H3DxJw8Vd36ahaTQV0evX6bHHpQoVBwjoSVYlrl2cIFvaZ5cudPdgKZEICS_wxuvXwCdEzchcSECezAegDWJ4-LOYsvxncY3dC55vbBc/s1600/coke+vs+pepsi.jpg" /></span></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Brain studies have shown dramatic effects of branding. In
one famous study, researchers used<b> functional magnetic resonance imaging (fMRI)
to see how subjects’ brains responded when they were given Coke or Pepsi</b>. Some
of the subjects were given the soda without knowing which brand it was, and
were asked to give their preference on taste alone. Others were given the soda
and then an image of Coke or Pepsi was flashed at them before they took a sip.</span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><br /></span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">The result? The blinded tasting resulted in no preference
for one brand over the other in the </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">group, some preferred Pepsi, others preferred Coke, but they
did not know which was </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">which, so the overall results were what you would expect in
two chemically and physically </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">similar drinks. The unblinded tasting was something else
altogether. While there was no </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">influence of brand knowledge for people who thought they were
drinking Pepsi,</span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> there was a very strong brand influence when they were shown an
image of Coke</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">. Their belief that they were drinking Coke actually altered their
experience to the point where some areas of the brain lit up only when they
believed it was a Coke that they were drinking. Clearly, branding is a real,
measurable effect. </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Coke lit up the hippocampus and the dorsolateral prefrontal
cortex</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">, areas of the brain related to memory, control of action, and
self-image. Our brains love Coke even more than our taste buds do.</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">How is it connected to storytelling? Actually, a lot of it
has to do with the fact that Coke has been telling a good story, using an
exciting yet accessible brand persona that people easily relate to.
Storytelling has been engaging listeners and readers for ages and Coke figured
out how to make that work to their advantage. <b>Researchers have shown that
successful storytelling (as a correct Monozukuri version) strengthens the
connections consumers have to brands to a great extent.</b><o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;"><b>Conclusion</b></span><o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">When it comes to brand development, a unique perception of Monozukuri for each organization may lead our audience in the brand story and
its actions. Marketing strategists should always perceive and apply Monozukuri in the
optimum way to genuinely connect with the audience and ultimately convert them
into loyal customers.</span></div>
</div>
Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-46298709908440874782013-10-08T17:25:00.000-07:002013-10-08T17:39:19.958-07:00Competitive dynamics for marketing strategists<div dir="ltr" style="text-align: left;" trbidi="on">
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXu2IDap-nCXZiPYNJTRBHaX72yLVqUZopd8-odadTZJ-2PeZFsrVC8nD3E3og_ThyphenhyphenS5znh6DD2M6McnD7XqlgexkcuKgpBTLt-2wtfTgjgqn0ado6dwH-Z5zPmDDGVXOqrmNtXStxu08/s1600/strategy+chess.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXu2IDap-nCXZiPYNJTRBHaX72yLVqUZopd8-odadTZJ-2PeZFsrVC8nD3E3og_ThyphenhyphenS5znh6DD2M6McnD7XqlgexkcuKgpBTLt-2wtfTgjgqn0ado6dwH-Z5zPmDDGVXOqrmNtXStxu08/s640/strategy+chess.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Time for strategic decisions.</span></i></td></tr>
</tbody></table>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="background-color: white; font-size: 13px; line-height: 19.1875px;">Strategic marketing primarily revolves around the application of a great deal of common-sense. Dealing with a limited number of factors, in an environment of imperfect information and limited resources complicated by uncertainty and tight timescales. Use of classical marketing techniques, in these circumstances, is inevitably partial and uneven. </span><span style="background-color: white; font-size: 13px; line-height: 19.1875px;">For most of their time, marketing managers use intuition and experience to analyze and handle the complex, and unique, situations being faced, without easy reference to theory. </span><span style="background-color: white; font-size: 13px; line-height: 19.1875px;">A good marketing strategist should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The</span><span style="background-color: white; font-size: 13px; line-height: 19.1875px;"> overall strategy, coupled with the knowledge of the customer which has been absorbed almost by a process of osmosis, will determine the quality of the marketing actions implemented.</span></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUSmVsyrUb9wr1qqhXFquPeLjDvFp6s3J5qjbC2zfHDi-QX9wI95ymp3r9fK6CkMLb_WT6fgOgkk-5l37mIFZXTJ0b6t9TTAr_Evft7IDuuufIdkuiPh4vvp6hGzQ2eEHDkRkycJZs_ic/s1600/Strategic-Marketing.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="275" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUSmVsyrUb9wr1qqhXFquPeLjDvFp6s3J5qjbC2zfHDi-QX9wI95ymp3r9fK6CkMLb_WT6fgOgkk-5l37mIFZXTJ0b6t9TTAr_Evft7IDuuufIdkuiPh4vvp6hGzQ2eEHDkRkycJZs_ic/s320/Strategic-Marketing.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;"><i>Strategic Marketing Planning Process</i></span></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNKhn4IdvoBw2434tHCZY1mYsH_nR9gZjXLPXWDBT0r_LPhhn0haSx_nsdOgXsS6fNl_scxeLl23Kq9rApnhSQSLIq8Mzd3eEcfu0_CxXOLIV4qHOC6GpDF06y9MGEJayjjaajMilhg8E/s1600/strategy+2.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="552" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNKhn4IdvoBw2434tHCZY1mYsH_nR9gZjXLPXWDBT0r_LPhhn0haSx_nsdOgXsS6fNl_scxeLl23Kq9rApnhSQSLIq8Mzd3eEcfu0_CxXOLIV4qHOC6GpDF06y9MGEJayjjaajMilhg8E/s640/strategy+2.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Strategic decisions<br /></span></i></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi15QQuqr3a05KjD2YVGNEazSPptVUDinmQ1wUWE6N4q7dHlKVkmj7MBbMR8DSafXUXcKefJHiKMXiCCIDmHKTPorj-owQ8RdYb_6b3yuvj-iSK3OWDknm5403zvIJtiPdSflfxdGAel8Q/s1600/strategy+3.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi15QQuqr3a05KjD2YVGNEazSPptVUDinmQ1wUWE6N4q7dHlKVkmj7MBbMR8DSafXUXcKefJHiKMXiCCIDmHKTPorj-owQ8RdYb_6b3yuvj-iSK3OWDknm5403zvIJtiPdSflfxdGAel8Q/s1600/strategy+3.png" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;"><i>Directional (sub)strategies<br /></i></span></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvJ1RB_FjIJa5A4SismX9UfUNIHNYY1tntI7xIJkYE_gIzJX6LH1roweLIcUGMjAmDRpECCze3aTIWDcLnY5dQt4JGHNhM48U6y4dElO5Syonny0AN3wmX0xYHGJYBOGRMwSE-f3vrBDw/s1600/strategy+4.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="390" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvJ1RB_FjIJa5A4SismX9UfUNIHNYY1tntI7xIJkYE_gIzJX6LH1roweLIcUGMjAmDRpECCze3aTIWDcLnY5dQt4JGHNhM48U6y4dElO5Syonny0AN3wmX0xYHGJYBOGRMwSE-f3vrBDw/s400/strategy+4.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Portfolio Planning Tool 1<br />BCG Matrix (1970) - Strategic framework for resources allocation</span></i></td></tr>
</tbody></table>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1qkZVLs4asemEP7vhrNV2g8mDcnulnZN5ngvv_LPG2v_IBwrrhUJ6hoMbk28XvzWaMwplwZvG9E7H4NJ49Cjg8NWlTIXuM0dSToa7eYsa-lcC_nXoP8IV7m48LSD6Izb_s0oROaknilY/s1600/strategy+5.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1qkZVLs4asemEP7vhrNV2g8mDcnulnZN5ngvv_LPG2v_IBwrrhUJ6hoMbk28XvzWaMwplwZvG9E7H4NJ49Cjg8NWlTIXuM0dSToa7eYsa-lcC_nXoP8IV7m48LSD6Izb_s0oROaknilY/s1600/strategy+5.png" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Portfolio Planning Tool 2<br />GE model</span></i></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw52zWkQRaxZT2audOpQctXhqJzHnfIFA5-xFqmK8sFl1c0IFGvDBf_-aeP2Ec6RtBr64s7lhyphenhyphenat7-V8mAcQKv7_cYamJ-fIKy9lGB807PJPakoh0I4Dn3ViYi9uZ8HItNFGG1ukPD4jU/s1600/strategy+6.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw52zWkQRaxZT2audOpQctXhqJzHnfIFA5-xFqmK8sFl1c0IFGvDBf_-aeP2Ec6RtBr64s7lhyphenhyphenat7-V8mAcQKv7_cYamJ-fIKy9lGB807PJPakoh0I4Dn3ViYi9uZ8HItNFGG1ukPD4jU/s1600/strategy+6.png" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Portfolio Planning Tool 3<br />Shell/A&H 3*3 Matrix<br /></span></i></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEIYrHL34NSjCMJSOECveApnlgZ9fFeKt0SdjTcl3PQ14Q2CGR71r3zW6ydvNpSYClz_npRjzLu7lTV_8_2g7H4IG88-1CRHGGjtyVxGWczzahCojBEXnsyhQrKVMQ6m3rpdbKaptvlG0/s1600/strategy+7.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEIYrHL34NSjCMJSOECveApnlgZ9fFeKt0SdjTcl3PQ14Q2CGR71r3zW6ydvNpSYClz_npRjzLu7lTV_8_2g7H4IG88-1CRHGGjtyVxGWczzahCojBEXnsyhQrKVMQ6m3rpdbKaptvlG0/s1600/strategy+7.png" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Back to the basics:Porter's competitive strategies</span></i></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH1zeEyZ3m5U8QlcmVpwMNNXRqvZoobqppwogQwtMS1L36XWCe1razRZVGsGlKEbB0WrwZs7lOsnoYkuNrNtUiz7HvnWuXvyDB5OByn0GFwxr2Q0Gv91rZqty-LApcLJXtsRUIqnYF580/s1600/strategy+8.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="497" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH1zeEyZ3m5U8QlcmVpwMNNXRqvZoobqppwogQwtMS1L36XWCe1razRZVGsGlKEbB0WrwZs7lOsnoYkuNrNtUiz7HvnWuXvyDB5OByn0GFwxr2Q0Gv91rZqty-LApcLJXtsRUIqnYF580/s640/strategy+8.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Requirements for generic strategies</span></i></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixMblVJQKOA12WjR_bHdvJsMTH35i4HPwvqTfyodYMn8L-w0WmnhvouzSq6ZvqSZPPdWJNGyLouSbxIixPyUdenMG9EvbB5Y1dp4P6AOGru9CI18yaM2hVwZzECQ8ecx_uj_9KUeSioWw/s1600/strategy+9.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="555" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixMblVJQKOA12WjR_bHdvJsMTH35i4HPwvqTfyodYMn8L-w0WmnhvouzSq6ZvqSZPPdWJNGyLouSbxIixPyUdenMG9EvbB5Y1dp4P6AOGru9CI18yaM2hVwZzECQ8ecx_uj_9KUeSioWw/s640/strategy+9.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-size: small;">Applying the best marketing strategy for every different situation<br /></span></i></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJ7EuBPdVbVX6izNGilpM6UA-IbDQcCx1TbL4xq2c7umSTVPA10huz70K7SvM23uH0QSrQusmmF0iOihSVXCeqc1SXNSn3mDd1Z9kkwPsZHwfc9oBNDPOgGGWdgL-a-s4GyhlGqyNzhmA/s1600/strategy+10.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="278" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJ7EuBPdVbVX6izNGilpM6UA-IbDQcCx1TbL4xq2c7umSTVPA10huz70K7SvM23uH0QSrQusmmF0iOihSVXCeqc1SXNSn3mDd1Z9kkwPsZHwfc9oBNDPOgGGWdgL-a-s4GyhlGqyNzhmA/s400/strategy+10.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Back to the basics again: Ansoff for diversification<br /></span></i></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmXNErYDGeGzPAtTXdcgd1Gge3c6ldsTvGwzxuEh2Ci7P1bsAEli9gdvuGTHunWbdYpF29w9eVkKf5ptiI6mOYSEnTsXtLaKzYEB1gojwm9-uXH3BzZBsn9NC32_gTXc2CJEcNSRecq14/s1600/strategy+11.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="347" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmXNErYDGeGzPAtTXdcgd1Gge3c6ldsTvGwzxuEh2Ci7P1bsAEli9gdvuGTHunWbdYpF29w9eVkKf5ptiI6mOYSEnTsXtLaKzYEB1gojwm9-uXH3BzZBsn9NC32_gTXc2CJEcNSRecq14/s640/strategy+11.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Critical factors for success/KPI's</span></i></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibo_Oh6MKDXtCSeQbcm5hwwWxaAFCcSvhoBiiN0xKPxYYvi1B3cKJnN1EHM3bQco13EDvkPa_z7ywA4yyCfRZLozfI81Tp6L8kxv2ka4j4f4IvGXUl-t1EwuKoeTxoav7lInUjydGev2E/s1600/strategy+12.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="332" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibo_Oh6MKDXtCSeQbcm5hwwWxaAFCcSvhoBiiN0xKPxYYvi1B3cKJnN1EHM3bQco13EDvkPa_z7ywA4yyCfRZLozfI81Tp6L8kxv2ka4j4f4IvGXUl-t1EwuKoeTxoav7lInUjydGev2E/s640/strategy+12.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Timing<br /></span></i></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjb90SF6ikvtZwSVeVz6Ufo-7uLVLe08PbU9cjErJ8oEDE-CyYuoRXfWeTc_yIBSZ8wAc3z4Qnw_3fnr1F2mSsiYeja5ghmWlA6yt4QacXvD2jowgkRiimtd0tQVDoiqAA7RdLYAWi7nvE/s1600/strategy+13.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="470" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjb90SF6ikvtZwSVeVz6Ufo-7uLVLe08PbU9cjErJ8oEDE-CyYuoRXfWeTc_yIBSZ8wAc3z4Qnw_3fnr1F2mSsiYeja5ghmWlA6yt4QacXvD2jowgkRiimtd0tQVDoiqAA7RdLYAWi7nvE/s640/strategy+13.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Competitive position strategy<br /><br /></span></i></td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFThCj5BDwabDfJlqUjWa56uCzJOfWoQWcl9P2CiGAwJ-RXhxShz9iesB-ORmyx58BeCfAkxcQosFaQjF35W1LqAYXrgVwNot6hdpz0J2YytuHPAgt4Wv6uUwoW97tvkfvQ45DECi1Jxw/s1600/strategy+14.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFThCj5BDwabDfJlqUjWa56uCzJOfWoQWcl9P2CiGAwJ-RXhxShz9iesB-ORmyx58BeCfAkxcQosFaQjF35W1LqAYXrgVwNot6hdpz0J2YytuHPAgt4Wv6uUwoW97tvkfvQ45DECi1Jxw/s640/strategy+14.png" width="578" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;"><i>Failure, an unknown word </i></span></td></tr>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-24315460680229276222013-10-03T15:06:00.000-07:002013-10-03T15:10:15.252-07:00May i have your attention, please?<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Georgia, Times New Roman, serif;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/vJG698U2Mvo?feature=player_embedded' frameborder='0'></iframe></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">A long time ago, <a href="http://www.dansimons.com/">Daniel Simons</a> and <a href="http://www.wjh.harvard.edu/~cfc/">Christopher Chabris</a> conducted a famous <b>experiment</b>. The participants watched a video tape of an amateur basketball game and were asked to count the number of times one team took possession of the ball. During the film clip, which lasted for a couple of minutes, a <b>person in a gorilla suit</b> strolled onto the center of the court, turned and faced the audience and did a little jig. The gorilla then slowly walked off. Actually, the subjects who were busy counting the ball passes did not notice the gorilla. However, people who were simply asked to view the tape without being asked to count the ball passes had no trouble noticing the gorilla. The effect was so striking that some of the participants who missed the gorilla refused to accept they were later looking at the same tape.</span><br />
<span style="font-family: Georgia, 'Times New Roman', serif;"><span style="color: #444444;"><br /></span></span>
<span style="font-family: Georgia, 'Times New Roman', serif;"><span style="color: #444444;">This research offers a lesson for anyone who competes for customers' attention. Just because you think something is important and remarkable, does not mean that others will see it that way. At any given moment, our audience is preoccupied with something to the point that their brains filter out anything else that does not relate to their focus of attention.</span></span><br />
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Influence. Creating and changing perceptions. Influence and perception, projecting messages out and taking them in. Two sides of the same coin.</span><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>Emotions, then facts</b></span><br />
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">But, how can we have the customers' attention? How can we influence and shape consumers' perceptions? Let's start from the very beginning. The majority of consumers actually </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">buy on emotions</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> and then justify their decisions with logic. We all know that our mood affects our decisions and behavior. People who receive a small surprise gift and shortly after that are asked about their opinions on home appliances, for instance, are more likely to give a favorable opinion compared to those who did not receive a gift. Why are emotions so powerful when it comes to our perceptions and actions? </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3NfFNtq3Ghpomt7SMTBSYh6Dlv_NJsMlNcfP7EacrwUMSbNhZrqcKH8bP5XhR2Ukk2KruDwGPGHoKWUKkUNd8bV-OkkTj6I_EcaKBrkBDuXVjdHwbOHNpU-8ZQCW_WHT4eKvhZfxIaRc/s1600/customers+emotions.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3NfFNtq3Ghpomt7SMTBSYh6Dlv_NJsMlNcfP7EacrwUMSbNhZrqcKH8bP5XhR2Ukk2KruDwGPGHoKWUKkUNd8bV-OkkTj6I_EcaKBrkBDuXVjdHwbOHNpU-8ZQCW_WHT4eKvhZfxIaRc/s1600/customers+emotions.jpg" /></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Both human and animal emotions begin in the <b>subcortical circuits of the mammalian brain</b>, which is the ancient part of the brain. Through brain stimulation, researchers have been able to isolate seven emotional systems in animals so far: </span><i><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Rage, </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Lust, </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Fear, </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Care, </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Panic, </span></i><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><i>Play and the Search for resources.</i> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Scientists may discover more in the future. Originating in the deep areas of the brain, deep feelings may be more than just an expression after all. </span><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">However, facts should not be ignored. Human brain likes to figure out patterns and make predictions. All our human planning, reasoning, abstract thought and other complex executive functions happen in the cerebral cortex, which forms the largest part of the human brain and is situated above most other brain structures. The<b><a href="http://en.wikipedia.org/wiki/Prefrontal_cortex"> prefrontal cortex</a></b>, the brain region implicated in planning complex cognitive tasks, decision making, and </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">moderating correct social behavior, is easily overwhelmed. We can process just about seven pieces of information in our conscious mind at any given moment. The brain likes to rationalize, but the more data we have to deal with, the harder it becomes to think clearly. <b>Long live the <a href="http://en.wikipedia.org/wiki/Analysis_paralysis">Analysis Paralysis </a>effect.</b></span><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Thus, an <b>emotional wrap</b> during our real-world or even better online communication with the customers, is more than needed, including storytelling to build human connections, including pictures and videos for emotional appeal, showing vulnerability, avoiding defensive language, being authentic or even contrarian, celebrating other people's achievements and, last but not least, engaging in discussions and other activities. </span><br />
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Curiosity</span></b><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEii5uYCoQ9RKImNapPYU5RQIMv3SGQ7wBf-WgTFZcg3JiBBAkaRNp5Zw0vH7mw4bxNqelIuy1Mie9S7v-f03WA2GeUASaQJeEZftp-2gAlZd-1zsyUg4gll3sHD5JZAJXEBrc4Y3MkaW3A/s1600/curiosity-discovery.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEii5uYCoQ9RKImNapPYU5RQIMv3SGQ7wBf-WgTFZcg3JiBBAkaRNp5Zw0vH7mw4bxNqelIuy1Mie9S7v-f03WA2GeUASaQJeEZftp-2gAlZd-1zsyUg4gll3sHD5JZAJXEBrc4Y3MkaW3A/s200/curiosity-discovery.jpg" width="200" /></a><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Stimulation or boredom? Human brain is actually motivated by curiosity and the search for patterns. The brain makes sense of the world around by predicting certain outcomes, comparing these predictions to what actually happens and detecting prediction errors. Based on this information, the brain adjusts the expectations, enabling us to learn from our past experiences. </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">When the brain is busy searching for patterns and making predictions, it produces more </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">dopamine</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">, which is responsible for more pleasurable experience. </span><span style="background-color: white; color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 22px;">The popular myth of dopamine is that the neurotransmitter equals pleasure, that it’s the hedonist chemical responsible for sex, drugs and rock n’ roll. The dopaminergic reality is actually much more complicated. </span><br />
<span style="background-color: white; line-height: 22px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></span>
<span style="background-color: white; line-height: 22px;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Consider <a href="http://www.pdn.cam.ac.uk/staff/schultz/index.shtml">Wolfram Schultz</a>. His experiments followed a simple protocol. <b>He played a loud tone, waited for a few seconds, and then squirted a few drops of apple juice into the mouth of a monkey. </b>While the experiment was unfolding, Schultz was probing the dopamine-rich areas of the monkey brain with a needle that monitored the electrical activity inside individual cells. At first the dopamine neurons did not fire until the juice was delivered; they were responding to the actual reward. However, once the animal learned that the tone preceded the arrival of juice, the same neurons began firing at the sound of the tone instead of the sweet reward. Eventually, if the tone kept on predicting the juice, the cells went silent. They stopped firing altogether. Schultz calls these cells “prediction neurons,” since they are more concerned with predicting rewards than actually receiving them.</span></span><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 22px;">Consumer behavior is not far from there; stimulating human interest and curiosity via engagement with the customers can accelerate the creation of dopamine who are already curious by nature and love unexpected surprises as long as they are </span><span style="line-height: 22px;">pleasant. Social media marketing should involve gradually delivering interesting articles, contest, creative activities, open-ended questions, sharing something about the brand and satisfying customers' curiosity in general.</span></span><br />
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<span style="font-family: Georgia, Times New Roman, serif;"><span style="color: #444444; font-size: large;"><b>“We don’t see things as they are. We see things as we are”</b></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-Jb0sL977C3MaRnG4sD1niC_rgxoH8jG3WGHGR88LNHSv6MqV9Dh1dWTB2RIg1ymQLpDf7kpnQ9sekvjpoRqUJKMGyHUESLjrNNR10yswajRdeeI8yUwtusJqCzqJ2eMQJjTdwg0UrPY/s1600/curious+cat+exp+readers.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-Jb0sL977C3MaRnG4sD1niC_rgxoH8jG3WGHGR88LNHSv6MqV9Dh1dWTB2RIg1ymQLpDf7kpnQ9sekvjpoRqUJKMGyHUESLjrNNR10yswajRdeeI8yUwtusJqCzqJ2eMQJjTdwg0UrPY/s200/curious+cat+exp+readers.jpg" width="132" /></a></div>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="line-height: 22px;">Last but not least, a quotation from </span><b style="line-height: 19.1875px;"><a class="extiw" href="http://en.wikipedia.org/wiki/Ana%C3%AFs_Nin" style="background-image: none;" title="wikipedia:Anaïs Nin">Anaïs Nin</a>. </b><span style="background-color: transparent; line-height: 19.1875px;">Whatever seems real to customers may turn out to be a </span><span style="background-color: transparent; line-height: 19.1875px;">fabrication of their subconscious mind and the senses. How they </span><span style="background-color: transparent; line-height: 19.1875px;">feel and think about the world influences how they actually see it. </span><span style="background-color: transparent; line-height: 19.1875px;">Their interactions can be, in fact, be shaped by the attributes of our </span><span style="background-color: transparent; line-height: 19.1875px;">environment. </span></span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">Using </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; line-height: 19.1875px;">varied sensory language that caters for individual styles of communication (</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><span style="line-height: 19.1875px;">visual, auditory, kinesthetic, etcetera), using negative keywords or bizarre images in order to create different perceptions, inspiring and motivating customers (probably in a chaotic way) can take these customers' illusions and make them reality, our reality, via our engagement and communication with our customers.</span></span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="background-color: transparent;"><span style="line-height: 19.1875px;"><br /></span></span></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="background-color: transparent;"><span style="line-height: 19.1875px;"><i>Because, successful engagement brings satisfying customers and these customers can turn out to be the best business strategy of all.</i></span></span></span><br />
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-58117586200505949722013-09-26T16:52:00.000-07:002013-09-26T17:10:33.145-07:00Smart Brands - Economic Depressions 1-0<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWEegW5Sw1ItQ1ek0UHvZhwfbsjHkTSG6G_ZTzyu-MUE5YFjAnXrsO5cexTMFmsIzB98BMYlpEyRegYFjB2iJi4pJ3GlDLdsMehye2KWlVKaMuV2d6_fotMvk8mLtW40jsjwmRIbrkYkk/s1600/brand.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWEegW5Sw1ItQ1ek0UHvZhwfbsjHkTSG6G_ZTzyu-MUE5YFjAnXrsO5cexTMFmsIzB98BMYlpEyRegYFjB2iJi4pJ3GlDLdsMehye2KWlVKaMuV2d6_fotMvk8mLtW40jsjwmRIbrkYkk/s200/brand.jpg" width="200" /></a><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">An economic depression affects everyone. During the Panic of
1857, the Post World-War I Crisis, the Wall Street Crash of 1929, the Great
Recession of 2008-2009 or even the "Greek Crisis", the basic mechanisms of
consumer attitudes were similar. Both the value perceived by consumers and
shareholder value<b> were heavily influenced by brand.</b> Brand can drive growth in
an up market or protect the company’s value in a down market. But, what really
happens we enter a recession phase and what are the impacts? Actually:<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><i>• Investors become very risk-averse. They are quick to
criticize companies’ performance, resulting in decreasing share prices.<o:p></o:p></i></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><i>• The labor market is easily depressed causing employees to
regard the organizations they work for with a more critical eye.<o:p></o:p></i></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><i>• Falling consumer confidence leads to heralding either
lower prices or sales, but in either case falling profits.</i></span></div>
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<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><span style="font-size: large;"><br /></span></b></div>
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<b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><span style="font-size: large;">Just steal</span></b></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"><br /></span></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Brand development reaches far beyond traditional forms of
consumer advertising. However, most still confuse the discipline of branding
with ad communications. This interpretation ignores that:</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><i>• Brands are strategic assets rather than purely symbolic
tools.<o:p></o:p></i></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><i>• Effective branding is a matter of profit, not just market
share.<o:p></o:p></i></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><i>• Competitive advantage branding is a matter of sustainable
investment rather than cost.</i><o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><i><br /></i></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOLwSZkGAV8qLd-2RCGL7LILvsnwwJUT9LmCOznPlDzVoIXwmTnEEyQTc-8f8NOw0rGj3lbeW77PuB44FkDIXbjMwEwk-_pwjkwSc2VbWL19ZI3znHfKaIBfBg-Q_kUUg5WUQ4sOzbZEg/s1600/Market+Share.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="134" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOLwSZkGAV8qLd-2RCGL7LILvsnwwJUT9LmCOznPlDzVoIXwmTnEEyQTc-8f8NOw0rGj3lbeW77PuB44FkDIXbjMwEwk-_pwjkwSc2VbWL19ZI3znHfKaIBfBg-Q_kUUg5WUQ4sOzbZEg/s320/Market+Share.jpg" width="320" /></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">During a recession, brands that focus on value, rather than
price, can reassure consumers with greater confidence. The moral support that
is provided by brands during a recession helps to <b>rebuild that enduring bond
between brand and former consumer</b>. As consumers begin evaluating their purchases
on a different set of priorities, heritage brands can use the emotional
connections that already exist to regain past consumers that have moved on to
“higher end” brands. A recession can unlock the relevance trapped within the
brands of people’s youth.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The necessity for a<b> clear brand proposition</b> is more
important than ever as consumers recognize the need for new ways to work within
their shrinking budgets. The companies who recognize and seize the opportunity
to <b>steal market share</b> while others are in shutdown mode, will find the benefits
far outweigh the costs.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b><span style="font-size: large;">The Buy Down Effect</span></b><o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">A <b><a href="http://www.comscore.com/">comScore</a> survey</b> revealed that one in five shoppers
converted to less expensive, generally private label brands to save money. The
figures below show the<b> change by market segment </b>after the end of the Great
Recession of 2008-2009.
Housewares realized no net shift for buying less expensive brands, but a
prominent 6 point gain in buying other brands on sale. It is possible that in
the case of durables consumers are more hesitant to try a cheaper brand but are
still looking to save money by buying premium brands when they are on sale.<o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGxvoXx1djQmqSBnArSwerLUrX2rxNp6nWXk3wYXeHiB2qoMOLrxSoB8cbgc-vsn5h9M1r_l4yTxsTguCGU_2K-XSv44GXK3lL3yPN5sfnMxDC1gBRZoM9h6Cycwmmmc2qQce-CNs4-60/s1600/comscore+branding+attitudes.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="247" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGxvoXx1djQmqSBnArSwerLUrX2rxNp6nWXk3wYXeHiB2qoMOLrxSoB8cbgc-vsn5h9M1r_l4yTxsTguCGU_2K-XSv44GXK3lL3yPN5sfnMxDC1gBRZoM9h6Cycwmmmc2qQce-CNs4-60/s640/comscore+branding+attitudes.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Georgia, 'Times New Roman', serif;"><span style="color: #444444;">comScore, SymphonyIRI</span></span></td></tr>
</tbody></table>
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<o:p><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Losing money to other brands? </span></o:p><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Invest in your brand.</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> Decisions should be
focused on spending wisely, but too often companies do nothing at all. A
company’s typical reaction to a slowing economy is to cut back and wait things
out. Ironically, those companies end up damaging their most valuable
assets—their brands. Actually, research concerning economic depressions reveals
some interesting findings:</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">• <i><b>1.5</b> point increase in market share</i> among businesses
increasing ad spending during recessionary periods (Cahners)<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">• <i><b>2.5</b> times increase in market share</i> vs average of all
businesses in post-recession period for those who aggressively increased media
expenditures during last recession (CARR Report)<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">• <i><b>256</b> percent relative sales growth </i>for businesses which
maintained or increased media spend over those who did not (McGraw-Hill
research analysis)<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">In times of recession it is better to tighten the belt and
cut marketing and branding expenditures. However, when companies cut their
outreach, they also begin to cut the ties that bond consumers to those brands.
For smart companies, <b>opportunity beckons</b>. As we see competitors cutting back, we
must now recognize that is the time to strike. If funds are too tight to make
an all-out attack,we should just cut less than the competitors. Remember, in a
recession both our marketing money and our message go further.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b><span style="font-size: large;">Consumers and Cost Control</span></b><o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Recessions usually trap brands between low priced
competition and rising raw material costs.
Faced with narrowing margins, such brands may consider raising their
unit prices, reducing the quantity or size of the product, or reducing the
quality of the ingredients used.
Consumers-respondents in the aforementioned survey by comScore were
asked to choose between these three options.
Specifically, they were asked, "<b>Which action would you most want
your preferred brand within each category to take, if it had to take a cost
controlling action?</b>"<o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhz-UwJt2wFr0ITmQ-CRvL0kUEBBk_rwUUQ7nS8dxp3YvbnP7PNjUT8eDCyxRfiBNiJG9phtmU5FJCA52uh7ylil0HeGTGhBIdoxHU2qJwYS6hrNydkA0uGSs8mZ7QcYVnkiAue0zoVBLo/s1600/consumers+brands+cost.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhz-UwJt2wFr0ITmQ-CRvL0kUEBBk_rwUUQ7nS8dxp3YvbnP7PNjUT8eDCyxRfiBNiJG9phtmU5FJCA52uh7ylil0HeGTGhBIdoxHU2qJwYS6hrNydkA0uGSs8mZ7QcYVnkiAue0zoVBLo/s1600/consumers+brands+cost.png" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Georgia, Times New Roman, serif;"><span style="color: #444444;">Consumers prefer, if necessary</span></span></td></tr>
</tbody></table>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Consumers indicate a preference for </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">quantity reduction</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">
vs the other stated alternatives.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">
</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">However, this strategy is not without risk. One additional question in
the survey explored the reported effect that this downsizing of products had on
consumers‘ buying behavior.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Four out of
five respondents indicated they had noticed product downsizing in the
categories they regularly shop. Perhaps more concerning, more than half of the
respondents reported occasionally changing their behavior.</span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;"> </span><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Thus, while consumers claim to prefer product
downsizing, it does appear to have at least an occasional effect on brand
choice for many shoppers and should be </span><b style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">approached with caution</b><span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">.</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;"><b>Conclusion</b></span><o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Finally, brands can win economic depressions by successfully
<b>differentiating their product versus lower priced competitors</b> in order to
maintain preference and reduce price sensitivity of consumers. Decades of
research on advertising have demonstrated that the use of brand differentiating
messages is highly effective at increasing preference for the brand. Therefore, to optimize the impact of
continued marketing support during hard economic times, advertisers need to make
sure their efforts are effective at differentiating the brand from the
competition. <i>Yes, i know, Porter is always right!</i></span></div>
<br /></div>
Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-80160827470886766922013-09-17T17:09:00.001-07:002013-09-17T17:33:50.761-07:00A Facebook for my Brand : Fan Pages and KPI's<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8ROnSnD7GGBAKEMhMJB6NI04Eg0386-0OSIUFJreWtgnqen2JXw_P5VsIHjUazfV5Mbx-dKLeieQZoAd-xnIrlLpuewyiu9oL_9mTSvC-NV4POHAvcyvCBhsyof2taCNUnao-2igLWDE/s1600/facebook_fans.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" height="111" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8ROnSnD7GGBAKEMhMJB6NI04Eg0386-0OSIUFJreWtgnqen2JXw_P5VsIHjUazfV5Mbx-dKLeieQZoAd-xnIrlLpuewyiu9oL_9mTSvC-NV4POHAvcyvCBhsyof2taCNUnao-2igLWDE/s200/facebook_fans.png" width="200" /></span></a></div>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Facebook fan pages can be regarded as a virtual brand community. They are specialized, non geographically bound communities and they are based on a structured set of social relations among admirers of a brand. Therefore the theoretic explanations for a brand community are also suitable for explaining the fan page phenomenon. Social identity and symbolic interactionism theories show that<b> interaction</b> with members of a reference group can lead to a strong feeling of belonging to this group (in this case the brand community) which in turn can lead to <b>stronger buying behavior</b> and <b>positive brand attitude</b>.</span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">But how can we be sure that being a member of a facebook fan page has an impact on a brand admirer's buying behavior and brand attitude? Researchers from the University of Mannheim actually designed an experiment and assumed that members of the <b><a href="https://www.facebook.com/BMW">BMW fan page</a></b> show stronger buying behavior and brand attitude than non-members and that within members, buying behavior and brand attitude are even stronger for active members than for passive ones.In order to carry out the experiment they conducted an <b>online survey</b> among 840 BMW admirers.</span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span>
<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">The BMW Fan Page Survey</span></b><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Membership and interaction were expected to influence psychographic dependent variables (brand loyalty, brand commitment) and economic dependent variables (purchase intention, willingness to cross-buy and positive word of mouth). <b>Willingness to cross-buy was polled in three categories</b>, which were lifestyle products (e.g. apparel), financial services (e.g. leasing or insurance offers) and original BMW spare parts. <b>Purchase intention was polled in two categories</b>, which were automobiles and BMW car repair services. In order to analyze the influence of membership and interaction, two separate experiments were carried out. In the first study, respondents were split into members (n=210) and non-members (n=630) according to the membership of the German BMW fan page. The non-members became the control group and members became the experimental group.</span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Furthermore, members had to answer questions about their usage of the BMW fan page . Using these responses, a weighted interaction level was determined for each member. A cut-off value was then applied to the weighted interaction level to classify members of the BMW fan page either in passive or active members. While passive members don't or rarely interact with the fan page, active members display a higher level of interaction.</span><br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYD_Zh9dxsNpwtRGftpm8ysKWmpeMluQ7EaF49gipOYR-4qI0Cra97rcpwrf6QF8Zg02qqkV95TxZgnJsrvpetBlG2bre-VoGef8oOyGDMYDA1sjwNw5TxUr5Xy-TJMktyW-8Iv0LDmwo/s1600/BMW1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYD_Zh9dxsNpwtRGftpm8ysKWmpeMluQ7EaF49gipOYR-4qI0Cra97rcpwrf6QF8Zg02qqkV95TxZgnJsrvpetBlG2bre-VoGef8oOyGDMYDA1sjwNw5TxUr5Xy-TJMktyW-8Iv0LDmwo/s1600/BMW1.png" /></span></a></div>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span>
<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Influence of Membership</span></b><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">In order to analyze the influence of membership on the dependent variables, the nonmembers and members of the Facebook fan page were compared with each other. Non-members (n=215) were recruited in BMW internet forums to make sure they are admirers of the brand. In order to be able to analyze variances of members and non-members, the groups need to be about the same size (max factor 1.5). That is why a sample of n=315 was randomly drawn out of the total number of the BMW fan page members (n=630).</span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Then the data was analyzed using a multivariate analysis of variance (<b><a href="http://en.wikipedia.org/wiki/Multivariate_analysis_of_variance">MANOVA</a></b>) in order to examine differences between the responses of the two groups. The mean values were calculated and compared between the groups to evaluate whether membership and interaction do have an influence on the dependant variables. The F-Values of MANOVA indicate that there are differences between the groups. These values ranged from F = 23,608 to 89,195 woth significant values of p=0.00, allowing to proceed with the interpretation of MANOVA.</span><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnMtPUj_Sb-I-F0J6KqExyVmBQfDAqdgjBblggOehJbYPQS1DtxZ69Lwq2UPDvJgAGMMt34r6lZjb0CIDaj39HZBjJVbtd3ZOcJSSajW2K-ewbLMps52YdmOZj4cyzLlgVkg6on2PWwdk/s1600/BMW2.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" height="188" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnMtPUj_Sb-I-F0J6KqExyVmBQfDAqdgjBblggOehJbYPQS1DtxZ69Lwq2UPDvJgAGMMt34r6lZjb0CIDaj39HZBjJVbtd3ZOcJSSajW2K-ewbLMps52YdmOZj4cyzLlgVkg6on2PWwdk/s640/BMW2.png" width="640" /></span></a><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">A comparison of the mean values of the two groups proved that there are significant differences between non-members and members of the BMW fan page for all 10 dependent variables. Specifically, membership has a strong positive influence on the affective variables brand trust, brand loyalty, brand commitment and positive word of mouth (∆ between +0.646 and +0.733, average ∆ = +0.675). <b>Its influence on the conative variables brand satisfaction, purchase intention</b> (for both product and repair services), <b>and willingness to cross-buy</b> (for lifestyle products, financial services and spare parts)<b> is also strong </b>(∆ between +0.395 and +0.985, average ∆ = +0.682). The highest difference of mean values exists for purchase intention (∆ = 0.985) and willingness to cross-buy (∆ = 0.923).</span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b><br /></b>
<b><span style="font-size: large;">Influence of Interaction</span></b></span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b><br /></b>
Having analyzed the influence of membership, the next step was to look more closely at the members of the BMW fan page, with the objective of determining <b>whether the level of interaction on Facebook fan sites has any impact on the dependent variables</b>. For this purpose, the four types of interaction with the fan page (writing posts, clicking the “Like” button, uploading photos or videos and sharing photos or videos with other users) were weighted to determine the level of interaction. Based on this level, members of the BMW fan page with a low level were then classified as passive and with a high level of interaction as active members.</span><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The two groups were also analyzed using a MANOVA. Unlike the first pass, the second one did not deliver significant F-values for all 10 constructs. While most of the constructs had values between F = 4,815 to 23,668, purchase intention (for both product and repair services) and brand satisfaction failed to deliver satisfying p-values (p = 0.065, 0.758 and 0.425).</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNHctKlXWoRhYlAptoRWZ1Tj6rnJ3RDsDBqeFhr8JxaSVYznLMUSkZsqa3laTAlVgq9XJoBGDFID8D4n4mzlYFegZ4zeGDEE-Mc9Mbhy09MM9qieqB1o_Ulzm3N7D2cywxqjsp4d9_Hao/s1600/BMW3.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNHctKlXWoRhYlAptoRWZ1Tj6rnJ3RDsDBqeFhr8JxaSVYznLMUSkZsqa3laTAlVgq9XJoBGDFID8D4n4mzlYFegZ4zeGDEE-Mc9Mbhy09MM9qieqB1o_Ulzm3N7D2cywxqjsp4d9_Hao/s640/BMW3.png" width="640" /></span></a><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The comparison of the mean values of the two groups makes it clear that the significance of the MANOVA F-tests stem from the differences between the groups. <b>Specifically, interaction has a positive influence on the affective constructs brand trust, brand loyalty, brand commitment and positive word of mouth</b> (∆ between +0.160 and +0.316, average ∆ = +0.233). Its influence on the conative variable willingness to cross-buy (for lifestyle products, financial services and spare parts) is also positive (∆ between +0.164 and +0.379, average ∆ = +0.248). <b>An influence on brand satisfaction and purchase intention</b> (for both product and repair Services) <b>was not observable</b> as can be seen from the p-values. Highest mean value differences were seen in willingness to cross-buy for lifestyle products (∆ = 0,379) and brand loyalty (∆ = 0,316).</span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span>
<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">These two KPI's</span></b><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><b><br /></b>
The results show that being a member of a Facebook fan page has a strong influence on both affective and conative variables. Non-members show lower brand attitude and buying intention than members do. Membership as a key performance indicator can thus be used to assess intended buying behavior (conative component) and emotional affinity of customers to the brand (affective component).</span><br />
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Interaction has an influence on the affective dependent variables as well as partly on willingness to cross-buy. But while membership has an influence on all dependent variables, an influence of interaction on purchase intention and brand satisfaction was not observable. Interaction lacks a significant influence on the conative dependent variables. It can be assumed that<b> interacting with a Facebook fan page does not influence such variables like purchase intention and brand satisfaction</b> since there are other factors playing a more important role in buying a car or being satisfied with it. In the case of brand satisfaction, it is likely that whether a customer is satisfied with the brand or not depends on the performance of the brand and not necessarily by how he interacts with the fan page. If the brand performs above the customer's expectation then brand satisfaction will follow. Interaction as a key performance indicator can thus only be used to assess emotional closeness to the brand BMW but not intended buying behavior of members.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-MMT9-1e8a4Zzu6X42fyranDqPv_Ck25L-0EmKJCb9yuPcZErk2mIGcgKkGLLJtk5NYxDn6Di9DEbRjPcikhyphenhyphens2S7xtnt1071H6vJ7jjQebanizl1-NFJzVqJoH-SobHPXpc0LIXckDE/s1600/reach-kpi.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-MMT9-1e8a4Zzu6X42fyranDqPv_Ck25L-0EmKJCb9yuPcZErk2mIGcgKkGLLJtk5NYxDn6Di9DEbRjPcikhyphenhyphens2S7xtnt1071H6vJ7jjQebanizl1-NFJzVqJoH-SobHPXpc0LIXckDE/s200/reach-kpi.png" width="171" /></span></a></div>
<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The findings of this survey also show that membership and interaction do have a strong influence on brand admirers. The <b>number of members of a fan page</b> and the <b>level of their interaction</b> can therefore be considered as <b>key performance indicators</b> which actually have an economic value for the company using them. The findings also have implications for companies wanting to use a fan page on Facebook. <b>Companies need to implement and monitor these two KPIs</b> in order to evaluate whether their efforts on Facebook are successful or not. This means that companies need to follow these two KPIs closely when conducting a marketing campaign on Facebook in order to evaluate whether said campaign was successful or not. Companies should also focus on acquiring new members for their fan pages since it has been shown that membership has an impact on brand attitude and buying behavior.</span><br />
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-2789785910864614922013-09-08T15:22:00.000-07:002013-09-17T17:35:04.902-07:005+1 Latest Viral Video Ads<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBQKyqNgftP-QLBeIaB0AznoeiH9Fvr30BGbHfvkmhlCU-uNR0Gk6_yAsfWwyAgbJUCZWUAfOqou7NzblHPBESeZ3PFICDjZZvENZBT7A-F8y36PtDbMBD_TdH_ubMK3g8Mf-LZf_KzZA/s1600/viral.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBQKyqNgftP-QLBeIaB0AznoeiH9Fvr30BGbHfvkmhlCU-uNR0Gk6_yAsfWwyAgbJUCZWUAfOqou7NzblHPBESeZ3PFICDjZZvENZBT7A-F8y36PtDbMBD_TdH_ubMK3g8Mf-LZf_KzZA/s320/viral.jpg" width="320" /></a></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><br /></span></b></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The latest successful video ads that really went viral!</span></b></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><br /></span></b></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">5. Guinness</span></b></div>
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<span style="color: #444444;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/xwndLOKQTDs?feature=player_embedded' frameborder='0'></iframe></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>4. UGG</b></span></div>
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<span style="color: #444444;"><object class="BLOGGER-youtube-video" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0" data-thumbnail-src="http://img.youtube.com/vi/Ps25AKD-P_w/0.jpg" height="266" width="320"><param name="movie" value="http://youtube.googleapis.com/v/Ps25AKD-P_w&source=uds" /><param name="bgcolor" value="#FFFFFF" /><param name="allowFullScreen" value="true" /><embed width="320" height="266" src="http://youtube.googleapis.com/v/Ps25AKD-P_w&source=uds" type="application/x-shockwave-flash" allowfullscreen="true"></embed></object></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>3. Samsung</b></span></div>
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<span style="color: #444444;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/3wHwKGw0Yno?feature=player_embedded' frameborder='0'></iframe></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>2. Nike</b></span></div>
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<span style="color: #444444;"><span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><br /></span><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/vkusKEeDDqs?feature=player_embedded' frameborder='0'></iframe></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;"><b>1. LG</b></span></div>
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<span style="color: #444444;"> <iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/ynvKWYvyCqw?feature=player_embedded' frameborder='0'></iframe></span></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Lucky Star: Volvo</span></b></div>
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<span style="color: #444444;"><b><span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><br /></span></b><object class="BLOGGER-youtube-video" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0" data-thumbnail-src="http://img.youtube.com/vi/Jf_wKkV5dwQ/0.jpg" height="266" width="320"><param name="movie" value="http://youtube.googleapis.com/v/Jf_wKkV5dwQ&source=uds" /><param name="bgcolor" value="#FFFFFF" /><param name="allowFullScreen" value="true" /><embed width="320" height="266" src="http://youtube.googleapis.com/v/Jf_wKkV5dwQ&source=uds" type="application/x-shockwave-flash" allowfullscreen="true"></embed></object></span></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-74671962800761261162013-09-03T16:48:00.001-07:002013-09-03T17:14:43.808-07:005+1 mistakes B2B marketers should avoid<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH0PqvUF1wTNcYtNMeLTHsUTDD_hRxTnHsokz8aCIoQCMCsAxYPI1FB0Eo14OwKTxmy1k01_j9OsGYSW1gwQfhX2nSdS8-BrRMJwrvr81q0orBuBXGT9QyrfXtFx-EY_xcJvDbLpVjD7s/s1600/B2B.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="108" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH0PqvUF1wTNcYtNMeLTHsUTDD_hRxTnHsokz8aCIoQCMCsAxYPI1FB0Eo14OwKTxmy1k01_j9OsGYSW1gwQfhX2nSdS8-BrRMJwrvr81q0orBuBXGT9QyrfXtFx-EY_xcJvDbLpVjD7s/s400/B2B.jpg" width="400" /></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;">1. TARGETING THE WRONG LEADS</span><span style="font-size: small; font-weight: 400;"><o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Many marketing campaigns are simply targeted at the wrong
people. Completely understandable, given that the companies we are marketing
into may have a hundred thousand employees or more. Being a "data junkie”
is the key here – make sure you’re obsessed by the data the campaign will be
sent out to. Its relevancy and its quality.</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;"><span style="font-weight: 400; line-height: 19.5pt;">In a B2B
company, </span><span style="font-weight: normal; line-height: 26px;">LinkedIn</span><span style="font-weight: 400; line-height: 19.5pt;"> and sometimes Facebook and Twitter are necessary; these
channels are so popular that most people assume a company </span><span style="font-weight: normal; line-height: 26px;">doesn't</span><span style="font-weight: 400; line-height: 19.5pt;"> exist if they
are not on social media.</span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Also, take the time to build a brand strategy. You may be on
all the right channels, but you may not have an identity consistent enough for
people to relate to. A brand strategy will help you decide who your target
audience is and how to best speak to them.</span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;"><br /></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;">2. FORGETTING YOUR BRAND</span><span style="font-size: small; font-weight: 400;"><o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;"><br /></span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">With all the talk about the importance of engagement, many
marketers get so caught up in sharing that they forget to speak
for their own brand. Yes, we need to
engage, but we also need to have an identity. Think of it as a conversation. You want to contribute to the conversation by listening and talking, not just
one or the other. Make sure that you, and every other employee, are clear on
what your brand identity is and start promoting it.<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiW5EuBqvwV6VVUVRxjnHoWmAyFGJYpMuuf8L_tF9mEgD109XAtC7OOFW5Sa1Mq-STwuNKmikVieICn0dOxJafFWAKey7v2E50tB1BtqnsWyj-_G9EKrcSelsxTGJLviDlDEK5hvd-3D6Y/s1600/brand.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="261" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiW5EuBqvwV6VVUVRxjnHoWmAyFGJYpMuuf8L_tF9mEgD109XAtC7OOFW5Sa1Mq-STwuNKmikVieICn0dOxJafFWAKey7v2E50tB1BtqnsWyj-_G9EKrcSelsxTGJLviDlDEK5hvd-3D6Y/s400/brand.png" width="400" /></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;">3. NOT FOLLOWING UP ON LEADS </span><span style="font-size: small; font-weight: 400;"><o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;"><br /></span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Sometimes, the sales team will commit to follow up on your
campaigns themselves. As they get busy, or as other leads turn into bids, the
salespeople can become distracted and drop the lead follow up. We need to have
a plan if this starts happening. Furthermore,develop a strategy for “slow
burners”, also known as the people who have expressed an interest but are not
ready to move forward yet. <i>How will the campaign keep them warm until they are
ready to buy?</i></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;"><br /></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;">4. BUSINESS PEOPLE ALWAYS WANT PERSONALIZED MARKETING</span><span style="font-size: small; font-weight: 400;"><o:p></o:p></span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Personalization has always been a very effective marketing
strategy to nurture and relocate potential customers. If a potential customer
and the brand have a relationship, then personalization is helpful and
thoughtful.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">However, personalization should be voluntary. Making
personalized outreaches to a customer who does not give permission destroys
trust and invades privacy. A recent study shows that before a relationship is
built up, if the dissemination of information of a brand is too personal, it
will do harm to the brand.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><span style="font-size: large;">5. FAILING TO INTEGRATE WITH OTHER ORGANIZATIONAL ENTITIES </span></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Partnerships are marketing gold and yet many businesses fail
to take advantage of them. <i>Let's partner with a charity, a like-minded company
or local businesses and both parties will reap the benefits.</i> With social media,
B2B partnering is easier than ever. Simply create a place on your website that
talks about your partnership and then both parties will use social media to
promote one another. This will lead to greater exposure for everyone and
showcase that our company is committed to helping others succeed.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">6. MISSING OPPORTUNITIES TO RE-ENGINEER CRM</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqX97nKhbH-Acst0DANQiSRmItkUmxr9hCS0Y71nAk9IbUA6clxNsflIQejKZm0wJkPo_dXn_ZPLvmIJRDBX-YTHnrIHB1iDu5dIvf4Pu25WU8FloQW-hX1Q8X_1hpM-8_H4fUDFyWOkU/s1600/CRM.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqX97nKhbH-Acst0DANQiSRmItkUmxr9hCS0Y71nAk9IbUA6clxNsflIQejKZm0wJkPo_dXn_ZPLvmIJRDBX-YTHnrIHB1iDu5dIvf4Pu25WU8FloQW-hX1Q8X_1hpM-8_H4fUDFyWOkU/s400/CRM.jpg" width="400" /></a></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif; font-size: small; line-height: 19.5pt;">The convenience and low cost of social media offer the most
advantageous opportunities for cost-effective, high-performance customer
service and customer relationships since the inventions of the internet and
customer relationship management (CRM) software. Companies can offset the cost
of social media implementation by re-engineering.</span></div>
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Anonymoushttp://www.blogger.com/profile/03416372467985350684noreply@blogger.comtag:blogger.com,1999:blog-6641802943131414343.post-68166413665985866502013-09-01T19:58:00.001-07:002013-09-17T17:34:46.865-07:00Synergistic Marketing Campaigns<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv1eLjZHehk0Yt16TvJt-1A1ncyxVVgKaD9H4ZaZ__aKLZTe5DQXPwCDmLHFkRltePJlFWrcqs8ZmyeHuFPn2_RJYcMb5BCaGF6uvy_temfQYMBQk8ep3Hm8zxoagEhR6CectNAXAJgA4/s1600/strategy+marketing.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="136" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv1eLjZHehk0Yt16TvJt-1A1ncyxVVgKaD9H4ZaZ__aKLZTe5DQXPwCDmLHFkRltePJlFWrcqs8ZmyeHuFPn2_RJYcMb5BCaGF6uvy_temfQYMBQk8ep3Hm8zxoagEhR6CectNAXAJgA4/s640/strategy+marketing.png" width="640" /></a><span style="font-family: Georgia, Times New Roman, serif;"></span></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">There are probably two important developments that helped evolve the media mix concept into what we now think of as multi-channel synergistic marketing campaigns:</span><br />
<span style="color: #444444;"><span style="font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="font-size: large;">•</span><i> <span style="font-family: Georgia, Times New Roman, serif;"><span style="font-family: Georgia, Times New Roman, serif;">A transition by marketing and advertising professionals toward integrated communications. </span></span></i></span><br />
<span style="color: #444444;"><i><span style="font-family: Georgia, Times New Roman, serif;"><span style="font-family: Georgia, Times New Roman, serif;"><br /></span></span></i>
<span style="font-family: Georgia, Times New Roman, serif;"><span style="font-family: Georgia, Times New Roman, serif;">This marked a shift in focus <b>from transactions to customer relationships</b>. Even outside the marketing arena, engineers and statisticians were contributing by following the lead of successful Japanese industries that re-engineered business processes around customers’ needs. Power was then shifting to the consumer and the management of communication processes was being elevated to strategic levels to help build customer relations and drive business results. </span><span style="font-family: Georgia, Times New Roman, serif;">In addition, other market realities continued to fuel the trend toward relationship marketing through </span>expanded communication and sales channels, such as:</span></span><br />
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<li><span style="color: #444444;"><b style="font-family: Georgia, 'Times New Roman', serif;">Competition </b><span style="font-family: Georgia, 'Times New Roman', serif;">increased while the cost to acquire new customers soared, making it increasingly important to establish solid customer relationships, especially with those who projected high lifetime values.</span></span></li>
<li><span style="color: #444444;"><b style="font-family: Georgia, 'Times New Roman', serif;">Customers</b><span style="font-family: Georgia, 'Times New Roman', serif;"> in a satisfied business relationship became clearly recognized as the best source of new business.</span></span></li>
<li><span style="color: #444444;"><b style="font-family: Georgia, 'Times New Roman', serif;">Privacy concerns </b><span style="font-family: Georgia, 'Times New Roman', serif;">and governmental actions placed greater focus on establishing true relationships rather than trying to blindly attract buyers with hit or miss, mass-communication tactics.</span></span></li>
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<span style="color: #444444;"><span style="font-size: large;">•</span> <span style="font-family: Georgia, Times New Roman, serif;"><i>The number of channels available to marketers increased. </i></span></span></div>
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<span style="color: #444444;"><span style="font-family: Georgia, Times New Roman, serif;">Not only was there now recognition of the importance of building customer relationships and integrating communications, but new electronic media such as web sites and e-mail also added channels. What’s more, there was less distinction<b> between pure communication channels and sales channels</b>. Increasingly,the two were becoming one and the same. </span><span style="font-family: Georgia, 'Times New Roman', serif;">What is evident is that consumers prefer personalized communications:</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzXGSDxjbTBSBsRAlxoQJIwBdPh5UmPKS9rW-88mMOXXW2v250r7-X8X2C3MRx03Ge97ECOM56SwN1HygxEHVUb8guwNNyaScoBNCFZt5LP9d4x5v4wcloUoQHsZtpGpMuUvi958F39Lo/s1600/ROI+personalalized+communication.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" height="247" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzXGSDxjbTBSBsRAlxoQJIwBdPh5UmPKS9rW-88mMOXXW2v250r7-X8X2C3MRx03Ge97ECOM56SwN1HygxEHVUb8guwNNyaScoBNCFZt5LP9d4x5v4wcloUoQHsZtpGpMuUvi958F39Lo/s400/ROI+personalalized+communication.png" width="400" /></span></a></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinsgDPjfsYpjaL3gnqDfI78dY1_rZiGlWvQzOmyLzzba501RV1KWrkEsRqFkvNe-n3WGyeXnIKFeU-eJoJkDJlSo0QDgBFZ-C3ANqz8Y1urAFAIkF8qZXTnDaIAXq-oYCa5oPtDmzNtkk/s1600/personalized.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" height="376" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinsgDPjfsYpjaL3gnqDfI78dY1_rZiGlWvQzOmyLzzba501RV1KWrkEsRqFkvNe-n3WGyeXnIKFeU-eJoJkDJlSo0QDgBFZ-C3ANqz8Y1urAFAIkF8qZXTnDaIAXq-oYCa5oPtDmzNtkk/s640/personalized.png" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: xx-small;">CAP VENTURES DATABASE</span></td></tr>
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<span style="font-family: Georgia, Times New Roman, serif; font-size: large;"><b>The New Era of Marketing: Personalization </b><b style="background-color: white; line-height: 19.1875px;">Ü</b><b>ber Alles</b></span></span><br />
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<span style="font-family: Georgia, Times New Roman, serif;">New methods of marketing are emerging that seek to more effectively use prospect and customer data to </span><span style="font-family: Georgia, 'Times New Roman', serif;">filter target lists, construct personalization rules and produce and execute marketing campaigns across and </span><span style="font-family: Georgia, 'Times New Roman', serif;">among the full range of media channels available. The most successful campaigns reach consumers in a </span><span style="font-family: Georgia, 'Times New Roman', serif;">sequenced and extremely consistent manner. </span><b style="font-family: Georgia, 'Times New Roman', serif;">This creates an indirect benefit of enforcing and enhancing corporate branding.</b><span style="font-family: Georgia, 'Times New Roman', serif;">Therefore, organizations that can harness the power of other marketing channels and produce more personalized communications could put themselves in a good position to capture market share from those that don’t. </span><span style="font-family: Georgia, 'Times New Roman', serif;">There are two critical components to effective multi-channel marketing campaigns: </span><i style="font-family: Georgia, 'Times New Roman', serif;">Creating relevant offers via personalization and c</i><i style="font-family: Georgia, 'Times New Roman', serif;">oordination and management of multiple marketing channels.</i></span><br />
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">In a multi-channel marketing context (emails, newsletters, printed brochures, social media, etc.) personalization means using what is known about the recipient to create the offer, customize the messaging and deliver it to them in the form at requested. For channels other than telemarketing, this can include personalized greetings, relevant messages based on demographics and compelling graphics.<b> Actually, response rates increase dramatically with an increase in the number of personalization elements.</b> As the number of personalization elements increases from one to seven ,the click through rate more than triples, increasing from 4. 7% to 14. 8 % .</span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjinbr8bBr9wqIVfNkBaXoihQcG006eMbZ8sxpLakSPRAOcBqfi_DD6cM7IrmRov_Uehyphenhyphenzu3wEivVfN1mV7XgxXONzB6zgixvvyFwZpPbDJc0cH5th3W2zlJR_Oib5KywVwhDrtv-m3Nj0/s1600/personalized+multiplied.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif;"><img border="0" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjinbr8bBr9wqIVfNkBaXoihQcG006eMbZ8sxpLakSPRAOcBqfi_DD6cM7IrmRov_Uehyphenhyphenzu3wEivVfN1mV7XgxXONzB6zgixvvyFwZpPbDJc0cH5th3W2zlJR_Oib5KywVwhDrtv-m3Nj0/s640/personalized+multiplied.png" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: small;">Source:YesMail</span></td></tr>
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<span style="color: #444444;"><span style="font-family: Georgia, Times New Roman, serif;">The other critical element lies in the design and execution of campaigns that coordinate among the full breadth of channels available to reach prospective buyers. Much like personalization, this requires strategic </span><span style="font-family: Georgia, 'Times New Roman', serif;">and tactical planning. </span><b style="font-family: Georgia, 'Times New Roman', serif;">When marketers can sequence communications and “hit” prospective customers with </b><b style="font-family: Georgia, 'Times New Roman', serif;">consistent communications through various media channels, the effectiveness of campaigns increases greatly</b><span style="font-family: Georgia, 'Times New Roman', serif;">.</span></span></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Data and Content Management</span></b></div>
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<span style="color: #444444;"><span style="font-family: Georgia, 'Times New Roman', serif;">More than half the battle in effective marketing campaigns is acquiring and maintaining good prospect and customer data.</span><b style="font-family: Georgia, 'Times New Roman', serif;"> </b><span style="font-family: Georgia, 'Times New Roman', serif;">It is important for sellers</span><b style="font-family: Georgia, 'Times New Roman', serif;"> to build a repository that allows them to effectively utilize unique </b><b style="font-family: Georgia, 'Times New Roman', serif;">attributes to segment prospects and customers.</b><span style="font-family: Georgia, 'Times New Roman', serif;"> Using these attributes, marketing managers can build the personalization rules and determine which prospects should receive proscribed offers, and more specifically, which messages. Once the campaign is designed, in many cases the seller (and often a third-party service provider such as an advertising agency) creates the content to support the marketing campaign.</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkqXZviQC_pp9hmVik5bLXB85RJ0wNvp336HTxkG8bWvA8sTVMEfgLSwzGmYMKQWMOLoRRh8uSQx9ptVL3l6kyiBo_GMq0vo_A7p7wHIfpVo7kXJvdRUcZUHA4Uj1oIkUIRMANbgEtfeI/s1600/Marketing+Channels.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444;"><img border="0" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkqXZviQC_pp9hmVik5bLXB85RJ0wNvp336HTxkG8bWvA8sTVMEfgLSwzGmYMKQWMOLoRRh8uSQx9ptVL3l6kyiBo_GMq0vo_A7p7wHIfpVo7kXJvdRUcZUHA4Uj1oIkUIRMANbgEtfeI/s320/Marketing+Channels.jpg" width="320" /></span></a></div>
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<span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Traditionally, sellers have created content specifically for each campaign in a tactical fashion, failing to leverage the messaging and graphical elements for other channels. Sellers are increasingly developing and managing content in a more strategic, collaborative fashion that enables content to be shared not only among media channels, but also across campaigns.</span></div>
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<b><span style="color: #444444; font-family: Georgia, Times New Roman, serif; font-size: large;">Strategies for Synergistic Marketing Campaigns</span></b></div>
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<i><b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">The Customer is King </span></b></i></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Just as an oil company would not blindly drill small holes in the earth in search of oil, your organization shouldn’t contact millions of consumers blindly, banking on a very small portion accepting your offer. Rather, seek out or build a repository that identifies which consumers are more likely to find your offer compelling.</span></div>
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<i><b><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Get Customers to Opt-in </span></b></i></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Companies that can build their own opt-in lists, or use qualified industry opt-in resources, are in a better position to communicate and market to both consumers and businesses. Explore methods, such as periodic e-mail newsletters, that provide valuable information and purchase opportunities simultaneously.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy6pMbKUEEP5z9dLPpf7oNgnabUsXPDAwkRpZFgyA5lYxz9EX7hAmUp4758Vm8JlYNzv9roie1U9ZhFAjAXvt8tUMZ48_ALKAcg8jpwdIXl87RrvxbHdHWLx_sfBPthAAkae_7MtB8i-4/s1600/straaategy.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #444444;"><img border="0" height="229" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy6pMbKUEEP5z9dLPpf7oNgnabUsXPDAwkRpZFgyA5lYxz9EX7hAmUp4758Vm8JlYNzv9roie1U9ZhFAjAXvt8tUMZ48_ALKAcg8jpwdIXl87RrvxbHdHWLx_sfBPthAAkae_7MtB8i-4/s320/straaategy.jpg" width="320" /></span></a></div>
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<b><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Invest in Personalizing Communications</span></i></b></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">The overwhelming response to the “do not call” registry underscores consumer frustration with intrusive, irrelevant communications. Research shows that by a ratio of over 3:1, recipients prefer personalized communications. Research also shows that the more personalized an offer is, the higher likelihood of response. It will require an increased investment in creating content and designing campaigns, but you can expect double-digit response rates.</span></div>
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<b><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Leverage More Effective Customer Channels </span></i></b></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Design and execute new marketing campaigns that leverage the full spectrum of marketing channels. Personalized direct mail, permission-based e-mail and Int e r n e t technologies can be employed to dramatically increase the returns on the marketing dollar. Coordinate marketing campaigns using multiple channels and take advantage of the “multiplier effect.”</span></div>
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<b><i><span style="color: #444444; font-family: Georgia, Times New Roman, serif;">Simplify the Transition by Using Service Providers </span></i></b></div>
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<span style="color: #444444; font-family: Georgia, 'Times New Roman', serif;">Personalizing communications and running multi-channel campaigns can be a challenge for those selling organizations that do not currently have the technology or process infrastructure to develop multi-channel strategies, manage customer data, manage marketing content and execute integrated campaigns. Sellers will find that there are several service providers that can help them transition from their current practices to leverage more effective marketing practices.</span></div>
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